FIVE YEAR CREDIT AGREEMENT
by and among
CVS HEALTH CORPORATION,
THE LENDERS PARTY HERETO,
BARCLAYS BANK PLC and JPMORGAN CHASE BANK, N.A.,
as Co-Syndication Agents,
GOLDMAN SACHS BANK USA and
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Co-Documentation Agents,
and
BANK OF AMERICA, N.A.,
as Administrative Agent
______________________________
Dated as of May 16, 2022
______________________________
BOFA SECURITIES, INC.,
BARCLAYS BANK PLC, GOLDMAN SACHS BANK USA,
JPMORGAN CHASE BANK, N.A.
and
WELLS FARGO SECURITIES, LLC,
as Joint Lead Arrangers and Joint Bookrunners
CHAR1\1889946v5
TABLE OF CONTENTS
1.
DEFINITIONS AND PRINCIPLES OF CONSTRUCTION...............................................
1
1.1
Definitions.................................................................................................................
1
1.2
Principles of Construction.........................................................................................
21
2.
AMOUNT AND TERMS OF LOANS.................................................................................
23
2.1
Revolving Credit Loans............................................................................................
23
2.2
Swing Line Loans.....................................................................................................
23
2.3
Notice of Borrowing Revolving Credit Loans and Swing Line Loans.....................
25
2.4
Competitive Bid Loans and Procedure.....................................................................
25
2.5
Use of Proceeds.........................................................................................................
28
2.6
Termination, Reduction or Increase of Commitments..............................................
28
2.7
Prepayments of Loans...............................................................................................
30
2.8
Letter of Credit Sub-facility......................................................................................
30
2.9
Letter of Credit Participation....................................................................................
32
2.10
Absolute Obligation with respect to Letter of Credit Payments...............................
33
2.11
Notes..........................................................................................................................
33
2.12
Extension of Commitment Termination Date...........................................................
33
2.13
Defaulting Lenders....................................................................................................
34
3.
PROCEEDS, PAYMENTS, CONVERSIONS, INTEREST, YIELD PROTECTION
AND FEES.............................................................................................................................
37
3.1
Disbursement of the Proceeds of the Loans..............................................................
37
3.2
Payments...................................................................................................................
38
3.3
Conversions; Other Matters......................................................................................
39
3.4
Interest Rates and Payment Dates.............................................................................
40
3.5
Indemnification for Loss...........................................................................................
42
3.6
Reimbursement for Costs, Etc..................................................................................
43
3.7
Illegality of Funding.................................................................................................
43
3.8
Option to Fund; Substituted Interest Rate.................................................................
44
3.9
Certificates of Payment and Reimbursement............................................................
46
3.10
Taxes; Net Payments................................................................................................
47
3.11
Facility Fees..............................................................................................................
50
3.12
Letter of Credit Participation Fee..............................................................................
51
3.13
Replacement of Lender.............................................................................................
51
4.
REPRESENTATIONS AND WARRANTIES.....................................................................
52
4.1
Existence and Power.................................................................................................
52
4.2
Authority; Affected Financial Institution..................................................................
52
4.3
Binding Agreement...................................................................................................
52
4.4
Litigation...................................................................................................................
52
4.5
No Conflicting Agreements......................................................................................
53
4.6
[Reserved].................................................................................................................
53
4.7
[Reserved].................................................................................................................
53
4.8
Governmental Regulations........................................................................................
53
4.9
Federal Reserve Regulations; Use of Proceeds.........................................................
53
4.10
No Misrepresentation................................................................................................
53
4.11
[Reserved].................................................................................................................
54
4.12
[Reserved]..................................................................................................................
54
4.13
Financial Statements.................................................................................................
54
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4.14
Anti-Corruption Laws and Sanctions........................................................................
54
5.
CONDITIONS TO EFFECTIVENESS................................................................................
54
5.1
Agreement.................................................................................................................
55
5.2
Notes.........................................................................................................................
55
5.3
Corporate Action.......................................................................................................
55
5.4
Opinion of Counsel to the Borrower.........................................................................
55
5.5
Termination of Existing 2018 Credit Agreement.....................................................
55
5.6
No Default and Representations and Warranties......................................................
55
5.7
Fees...........................................................................................................................
56
5.8
Due Diligence; “Know Your Customer”..................................................................
56
6.
CONDITIONS OF LENDING - ALL LOANS AND LETTERS OF CREDIT..................
56
6.1
Compliance...............................................................................................................
56
6.2
Requests....................................................................................................................
56
7.
AFFIRMATIVE COVENANTS..........................................................................................
57
7.1
Legal Existence.........................................................................................................
57
7.2
Taxes.........................................................................................................................
57
7.3
[Reserved].................................................................................................................
57
7.4
[Reserved].................................................................................................................
57
7.5
[Reserved].................................................................................................................
57
7.6
Observance of Legal Requirements..........................................................................
57
7.7
Financial Statements and Other Information............................................................
58
7.8
Records.....................................................................................................................
59
8.
NEGATIVE COVENANTS.....................................................................................
59
8.1
[Reserved].................................................................................................................
59
8.2
Liens..........................................................................................................................
59
8.3
Dispositions...............................................................................................................
60
8.4
Merger or Consolidation, Etc....................................................................................
60
8.5
[Reserved].................................................................................................................
61
8.6
[Reserved].................................................................................................................
61
8.7
Limitation on Upstream Dividends by Subsidiaries..................................................
61
8.8
[Reserved].................................................................................................................
61
8.9
Ratio of Consolidated Indebtedness to Total Capitalization.....................................
61
9.
DEFAULT............................................................................................................................
62
9.1
Events of Default......................................................................................................
62
9.2
Remedies...................................................................................................................
64
10.
AGENT.................................................................................................................................
65
10.1
Appointment and Authority......................................................................................
65
10.2
Rights as a Lender.....................................................................................................
65
10.3
Exculpatory Provisions.............................................................................................
65
10.4
Reliance by Administrative Agent............................................................................
66
10.5
Delegation of Duties.................................................................................................
67
10.6
Resignation of Administrative Agent.......................................................................
67
10.7
Non-Reliance on Administrative Agent and Other Credit Parties............................
68
10.8
No Other Duties, Etc.................................................................................................
68
10.8
Recovery of Erroneous Payments.............................................................................
68
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11.
OTHER PROVISIONS.........................................................................................................
69
11.1
Amendments, Waivers, Etc.......................................................................................
69
11.2
Notices......................................................................................................................
70
11.3
No Waiver; Cumulative Remedies................................................................
73
11.4
Survival of Representations and Warranties..................................................
73
11.5
Payment of Expenses; Indemnified Liabilities..............................................
73
11.6
Lending Offices........................................................................................................
74
11.7
Successors and Assigns..................................................................................
74
11.8
Counterparts; Electronic Execution...............................................................
80
11.9
Set-off and Sharing of Payments..............................................................................
81
11.10
Indemnity .......................................................................................................
82
11.11
Governing Law .......................................................................................................
84
11.12
Severability .......................................................................................................
84
11.13
Integration .......................................................................................................
84
11.14
Treatment of Certain Information.............................................................................
85
11.15
Acknowledgments.....................................................................................................
86
11.16
Consent to Jurisdiction..............................................................................................
86
11.17
Service of Process.....................................................................................................
86
11.18
No Limitation on Service or Suit..............................................................................
86
11.19
WAIVER OF TRIAL BY JURY..............................................................................
86
11.20
Patriot Act Notice.....................................................................................................
87
11.21
No Fiduciary Duty....................................................................................................
87
11.22
Acknowledgement and Consent to Bail-In of Affected Financial
Institutions .............................................................................................................
87
11.23
Certain ERISA Matters..............................................................................................
87
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EXHIBITS
Exhibit A
List of Commitments
Exhibit B
Form of Note
Exhibit C
Form of Borrowing Request
Exhibit D-1
Form of Opinion of Counsel to the Borrower
Exhibit D-2
Form of Opinion of Special Counsel to the Borrower
Exhibit E
Form of Assignment and Assumption
Exhibit F
Form of Competitive Bid Request
Exhibit G
Form of Invitation to Bid
Exhibit H
Form of Competitive Bid
Exhibit I
Form of Competitive Bid Accept/Reject Letter
Exhibit J
Form of Letter of Credit Request
Exhibit K
Form of Commitment Increase Supplement
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CHAR1\1889946v5
FIVE YEAR CREDIT AGREEMENT
, dated as of May 16, 2022, by and among
CVS
HEALTH CORPORATION
, a Delaware corporation (the
“Borrower”
), the lenders party hereto from
time to time (each a
“Lender”
and, collectively, the
“Lenders”
),
BARCLAYS BANK PLC
(
“Barclays”
)
and
JPMORGAN CHASE BANK, N.A
.
(
“JPMC”
), as co-syndication agents (in such
capacity, each a
“Co-Syndication Agent”
and, collectively, the
“Co-Syndication Agents”
),
GOLDMAN SACHS BANK USA
(“
GS
”),
and
WELLS FARGO BANK, NATIONAL ASSOCIATION
(
“Wells Fargo”
)
, as codocumentation agents (in such capacity, each a
“
Co-Documentation Agent
”
and, collectively, the
“
Co-Documentation Agents
”
), and
BANK OF AMERICA, N.A.
, as
administrative agent for the Lenders (in such capacity, together with its successors and assigns, the
“
Administrative Agent
”
).
1.DEFINITIONS AND PRINCIPLES OF CONSTRUCTION
1.1Definitions.
When used in any Loan Document (as defined below), each of the following terms shall have
the meaning ascribed thereto unless the context otherwise specifically requires:
“ABR Advances”
: the Revolving Credit Loans (or any portions thereof) at such time as they
(or such portions) are made or are being maintained at a rate of interest based upon the Alternate Base
Rate.
“
Acquisition Debt
”: any Indebtedness incurred by the Borrower or any of its Subsidiaries for
the purpose of financing, in whole or in part, a Material Acquisition and any related transactions or
series of related transactions (including for the purpose of refinancing or replacing all or a portion of
any pre-existing Indebtedness of the Person(s) or assets to be acquired), which Indebtedness is
redeemable or prepayable if such Material Acquisition is not consummated.
“Accumulated Funding Deficiency”
: as defined in Section 304 of ERISA.
“Administrative Agent”
: as defined in the preamble.
“
Administrative Agent’s Office
”: the Administrative Agent’s address and, as appropriate,
account as set forth in Section 11.2, or such other address or account as the Administrative Agent may
from time to time notify to the Borrower and the Lenders.
“Administrative Questionnaire”
: an Administrative Questionnaire in a form supplied by the
Administrative Agent.
“Advances”
:
ABR Advances or Term SOFR Advances.
“
Affected Financial Institution
”
: (a) any EEA Financial Institution or (b) any UK Financial
Institution.
“Affiliate”
: with respect to any Person at any time and from time to time, any other Person
(other than a wholly-owned subsidiary of such Person) which, at such time (a) controls such Person, (b)
is controlled by such Person or (c) is under common control with such Person. The term
“
control
”
, as
used in this definition with respect to any Person, means the power, whether direct or indirect through
one or more intermediaries, to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities or other interests, by contract or otherwise.
“Agent Parties”
: as defined in Section 11.2(d).
CHAR1\1889946v5
“Aggregate Commitment Amount”
: at any time, the sum of the Commitment Amounts of the
Lenders at such time under this Agreement. The Aggregate Commitment Amount on the Effective Date
is $2,000,000,000.
“Aggregate Credit Exposure”
: at any time, the sum of (a) the aggregate Committed Credit
Exposure of the Lenders at such time and (b) the aggregate outstanding principal balance of all
Competitive Bid Loans at such time.
“Aggregate Letter of Credit Commitment”
:
at any time, the sum of the Letter of Credit
Commitments of the Issuers at such time. The Aggregate Letter of Credit Commitment on the Effective
Date is $150,000,000.
“Agreement”
: this Five Year Credit Agreement, as the same may be amended, amended and
restated, supplemented or otherwise modified from time to time.
“Alternate Base Rate”
: for any day, a fluctuating rate per annum equal to the highest of (a) the
Federal Funds Effective Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly
announced from time to time by BofA as its “prime rate”, and (c) the One Month SOFR Rate in effect
on such day plus 1.00%. The “prime rate” is a rate set by BofA based upon various factors including
BofA’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 BofA shall take effect at the opening of business on the
day specified in the public announcement of such change. If the Alternate Base Rate is being used as
an alternate rate of interest pursuant to Section 3.8 hereof, then the Alternate Base Rate shall be the
greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.
“Anti-Corruption Laws”
: all laws, rules, and regulations of any jurisdiction applicable to the
Borrower or the Subsidiaries from time to time concerning or relating to bribery or corruption.
“Applicable Margin”
: (i) with respect to the unpaid principal balance of ABR Advances, the
applicable percentage set forth below in the column entitled “ABR Advances”, (ii) with respect to the
unpaid principal balance of Term SOFR Advances and Swing Line Loans bearing interest at the Term
SOFR Daily Floating Rate, the applicable percentage set forth below in the column entitled “Term
SOFR Advances/Swing Line Loans”, (iii) with respect to the Facility Fee, the applicable percentage set
forth below in the column entitled “Facility Fee”, (iv) with respect to the Letter of Credit Participation
Fee payable in respect of standby Letters of Credit, the applicable percentage set forth below in the
column entitled “Participation Fee - Standby”, and (v) with respect to the Letter of Credit Participation
Fee payable in respect of commercial Letters of Credit, the applicable percentage set forth below in the
column entitled “Participation Fee - Commercial”, in each case opposite the applicable Pricing Level:
Pricing Level
ABR
Advances
Term SOFR
Advances/
Swing Line
Loans
Facility Fee
Participation
Fee - Standby
Participation
Fee –
Commercial
Pricing Level I
0.000%
0.700%
0.050%
0.700%
0.3500%
Pricing Level II
0.000%
0.815%
0.060%
0.815%
0.4075%
Pricing Level III
0.000%
0.920%
0.080%
0.920%
0.4600%
Pricing Level IV
0.025%
1.025%
0.100%
1.025%
0.5125%
Pricing Level V
0.125%
1.125%
0.125%
1.125%
0.5625%
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CHAR1\1889946v5
Pricing Level VI
0.275%
1.275%
0.225%
1.275%
0.6375%
Decreases in the Applicable Margin resulting from a change in Pricing Level shall become effective
upon the delivery by the Borrower to the Administrative Agent of notice upon the Borrower becoming
aware of any change in the applicability of a Pricing Level. Increases in the Applicable Margin resulting
from a change in Pricing Level shall become effective on the effective date of any downgrade or
withdrawal in the rating by Moody’s or S&P of the senior unsecured long term debt rating of the
Borrower.
“Approved Fund”
: any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit
in the ordinary course of its business 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.
“Assignment and Assumption”
: an assignment and assumption entered into by a Lender and
an assignee (with the consent of any party whose consent is required by Section 11.7(b)), and accepted
by the Administrative Agent, substantially in the form of Exhibit E or any other form (including
electronic documentation generated by use of an electronic platform) approved by the Administrative
Agent.
“
Authorized Officer
”: (a) the chief executive officer, president, chief financial officer,
treasurer, assistant treasurer or controller of the Borrower, (b) solely for purposes of the delivery of
incumbency certificates pursuant to Section 5.3, the secretary or any assistant secretary of the Borrower,
and (c) solely for purposes of notices given pursuant to Sections 2.3 and 3.3, any other officer or
employee of the Borrower so designated by any of the foregoing officers in a notice to the
Administrative Agent. Any document delivered hereunder that is signed by an Authorized Officer shall
be conclusively presumed to have been authorized by all necessary corporate and/or other action on the
part of the Borrower and such Authorized Officer shall be conclusively presumed to have acted on
behalf of the Borrower.
“Bail-In Action”
:
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”
: (a) with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
implementing law, rule, regulation or requirement for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,
Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law,
regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing
banks, investment firms or other financial institutions or their affiliates (other than through liquidation,
administration or other insolvency proceedings).
“Barclays”
: as defined in the preamble.
“BAS”
: BofA Securities, Inc.
“
Beneficial Ownership Certification
”: a certification regarding beneficial ownership required
by the Beneficial Ownership Regulation.
“
Beneficial Ownership Regulation
”: 31 C.F.R. § 1010.230.
“Benefit Plan”
: as defined in Section 11.23(c).
“BofA”
: means Bank of America, N.A. and its successors.
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CHAR1\1889946v5
“Borrower”
: as defined in the preamble.
“Borrower Materials”
: as defined in Section 7.7.
“Borrowing Date”
: (i) in respect of Revolving Credit Loans, any Domestic Business Day on
which the Lenders shall make Revolving Credit Loans pursuant to a Borrowing Request or pursuant to
a Mandatory Borrowing, (ii) in respect of Competitive Bid Loans, any Domestic Business Day on which
a Lender shall make a Competitive Bid Loan pursuant to a Competitive Bid Request, (iii) in respect of
Swing Line Loans, any Domestic Business Day on which the Swing Line Lender shall make a Swing
Line Loan pursuant to a Borrowing Request and (iv) in respect of Letters of Credit, any Domestic
Business Day on which an Issuer shall issue a Letter of Credit pursuant to a Letter of Credit Request.
“Borrowing Request”
: a request for Revolving Credit Loans or Swing Line Loans substantially
in the form of Exhibit C 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 an Authorized Officer of the Borrower.
“Change of Control”
: any of the following:
(i)
any Person or group (as such term is used in Section 13(d)(3) of the Securities Exchange Act
of 1934, as amended), (a) shall have or acquire beneficial ownership of securities having 35% or more
of the ordinary voting power of the Borrower or (b) shall possess, directly or indirectly, the power to
direct or cause the direction of the management and policies of the Borrower, whether through the
ownership of voting securities, by contract or otherwise; or
(ii)
the Continuing Directors shall cease for any reason to constitute a majority of the board of
directors of the Borrower then in office.
“CME”
: CME Group Benchmark Administration Limited.
“Co-Documentation Agent”
and
“Co-Documentation Agents”
: as defined in the preamble.
“Co-Syndication Agent”
and
“Co-Syndication Agents”
: as defined in the preamble.
“Commercial Letter of Credit Commitment”
: at any time with respect to any Issuer, the
commitment of such Issuer to issue commercial Letters of Credit in accordance with the terms hereof
in an aggregate outstanding face amount not exceeding the lesser of (a) the amount set forth adjacent to
such Issuer’s name under the heading “Commercial Letter of Credit Commitment” in Exhibit A at such
time or, if not listed on Exhibit A, the “Commercial Letter of Credit Commitment” which such Issuer
shall have assumed from another Issuer in accordance with Section 11.7 on or prior to such time, as the
same may be adjusted from time to time pursuant to Section 2.6 and Section 11.7, or (b) 6.0% of the
Aggregate Commitment Amount as in effect at such time.
“Commercial Letter of Credit Exposure”
: at any time in respect of any Issuer, an amount equal
to such Issuer’s Letter of Credit Exposure in respect of commercial Letters of Credit.
“Commitment”
: in respect of any Lender, such Lender’s undertaking to make Revolving Credit
Loans, subject to the terms and conditions hereof, in an aggregate outstanding principal amount not to
exceed the Commitment Amount of such Lender.
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CHAR1\1889946v5
“Commitment Amount”
: at any time and with respect to any Lender, the amount set forth
adjacent to such Lender’s name under the heading
“
Commitment Amount
”
in Exhibit A at such time
or, in the event that such Lender is not listed on Exhibit A, the
“
Commitment Amount
”
which such
Lender shall have assumed from another Lender in accordance with Section 11.7 on or prior to such
time, as the same may be adjusted from time to time pursuant to Section 2.6 and Section 11.7.
“Commitment Increase Supplement”
: a Commitment Increase Supplement substantially in the
form of Exhibit K.
“Commitment Percentage”
: at any time and with respect to any Lender, a fraction (expressed
as a percentage carried out to the ninth decimal place) the numerator of which is such Lender’s
Commitment Amount at such time, and the denominator of which is the Aggregate Commitment
Amount at such time;
provided
that in the event the Commitments shall have expired or otherwise
terminated or been terminated, then Commitment Percentage shall be determined immediately prior
thereto.
“Commitment Period”
: the period commencing on the Effective Date and ending on the
Commitment Termination Date or on such earlier date as all of the Commitments shall have been
terminated in accordance with the terms hereof.
“Commitment Termination Date”
: the earlier of (i) May 16, 2027 (subject to extension as
provided in Section 2.12) and (ii) the date on which the Loans shall become due and payable in
accordance with the terms hereof, whether by acceleration, notice of intention to prepay or otherwise.
“Committed Credit Exposure”
: with respect to any Lender at any time, the sum at such time
of (a) the outstanding principal balance of such Lender’s Revolving Credit Loans, (b) the Swing Line
Exposure of such Lender and (c) the Letter of Credit Exposure of such Lender.
“Communication”
: as defined in Section 11.8(b).
“Compensatory Interest Payment”
: as defined in Section 3.4(c).
“Competitive Bid”
: an offer by a Lender, substantially in the form of Exhibit H, to make one
or more Competitive Bid Loans.
“Competitive Bid Accept/Reject Letter”
: a notification made by the Borrower pursuant to
Section 2.4(d) substantially in the form of Exhibit I.
“Competitive Bid Loan”
: as defined in Section 2.4(a).
“Competitive Bid Rate”
: as to any Competitive Bid made by a Lender pursuant to Section
2.4(b), the fixed rate of interest (which shall be expressed in the form of a decimal to no more than four
decimal places) offered by such Lender with respect thereto.
“Competitive Bid Request”
: a request by the Borrower, substantially in the form of Exhibit F,
for Competitive Bids.
“Competitive Interest Period”
: as to any Competitive Bid Loan, the period commencing on the
date of such Competitive Bid Loan and ending on the date requested in the Competitive Bid Request
with respect thereto, which shall not be earlier than 3 days after the date of such Competitive Bid Loan
or later than 180 days after the date of such Competitive Bid Loan;
provided
that if any Competitive
Interest Period would end on a day other than a Domestic Business Day, such Competitive Interest
Period shall be extended
5
CHAR1\1889946v5
to the next succeeding Domestic Business Day, unless such next succeeding Domestic Business Day
would be a date on or after the Commitment Termination Date, in which case such Competitive Interest
Period shall end on the next preceding Domestic Business Day. Interest shall accrue from and including
the first day of a Competitive Interest Period to but excluding the last day of such Competitive Interest
Period.
“Conforming Changes”
: with respect to the use, administration of or any conventions
associated with SOFR or any proposed Successor Rate or Term SOFR, as applicable, any conforming
changes to the definitions of “Alternate Base Rate”, “SOFR”, “Term SOFR”, “Term SOFR Daily
Floating Rate”, “One Month SOFR Rate” and “Term SOFR Interest Period”, the 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 definitions of “Domestic Business Day” and “U.S.
Government Securities Business Day”, timing of borrowing requests or prepayment, conversion or
continuation notices and length of lookback periods) as may be appropriate, in the discretion of the
Administrative Agent, in consultation with the Borrower, to reflect the adoption and implementation of
such applicable rate(s) and to permit the administration thereof by the Administrative Agent in a manner
substantially consistent with market practice (or, if the Administrative Agent, in consultation with the
Borrower, determines that adoption of any portion of such market practice is not administratively
feasible or that no market practice for the administration of such rate exists, in such other manner of
administration as the Administrative Agent, in consultation with the Borrower, determines is reasonably
necessary in connection with the administration of this Agreement and any other Loan Document).
“Consolidated”
: the Borrower and the Subsidiaries on a consolidated basis in accordance with
GAAP.
“Contingent Obligation”
: as to any Person (the
“
secondary obligor
”
), any obligation of such
secondary obligor (a) guaranteeing or in effect guaranteeing any return on any investment made by
another Person, or (b) guaranteeing or in effect guaranteeing any Indebtedness, lease, dividend or other
obligation (
“
primary obligation
”
) of any other Person (the
“
primary obligor
”
) in any manner, whether
directly or indirectly, including any obligation of such secondary obligor, whether or not contingent, (i)
to purchase any such primary obligation or any Property constituting direct or indirect security therefor,
(ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B)
to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net
worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for
the purpose of assuring the beneficiary of any such primary obligation of the ability of the primary
obligor to make payment of such primary obligation, (iv) otherwise to assure or hold harmless the
beneficiary of such primary obligation against loss in respect thereof, and (v) in respect of the
Indebtedness of any partnership in which such secondary obligor is a general partner, except to the
extent that such Indebtedness of such partnership is nonrecourse to such secondary obligor and its
separate Property;
provided
that the term
“
Contingent Obligation
”
shall not include the indorsement
of instruments for deposit or collection in the ordinary course of business.
“Continuing Director”
: any member of the board of directors of the Borrower (i) who is a
member of that board of directors on the Effective Date, (ii) who was nominated for election by the
board of directors a majority of whom were directors on the Effective Date, or (iii) whose election or
nomination for election was approved by one or more of such directors.
“Control Person”
: as defined in Section 3.6.
“Convert”
,
“Conversion”
and
“Converted”
: each, a reference to a conversion pursuant to
Section 3.3 of one Type of Revolving Credit Loan into the other Type of Revolving Credit Loan.
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CHAR1\1889946v5
“Costs”
: as defined in Section 3.6.
“Credit Exposure”
: with respect to any Lender at any time, the sum of (a) the Committed Credit
Exposure of such Lender at such time and (b) the outstanding principal balance of all Competitive Bid
Loans of such Lender at such time.
“Credit Parties”
: the Administrative Agent, the Swing Line Lender, the Issuers and the
Lenders.
“Daily Simple SOFR”
: with respect to any applicable determination date, SOFR published on
such date on the Federal Reserve Bank of New York’s website (or any successor source).
“Default”
: any of the events specified in Section 9.1, whether or not any requirement for the
giving of notice, the lapse of time, or both, or any other condition, has been satisfied.
“
Defaulting Lender
”
: any Lender, as reasonably determined by the Administrative Agent, that
has (a) failed to fund any portion of its Loans or participations in Letters of Credit or Swing Line Loans
within two Domestic Business Days of the date required to be funded by it hereunder, unless such
Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of
such Lender’s determination that one or more conditions precedent to funding (each of which conditions
precedent, together with any applicable default, shall be specifically identified in such writing) has not
been satisfied, (b) notified the Borrower or any Credit Party in writing that it does not intend to comply
with any of its funding obligations under this Agreement or has made a public statement to the effect
that it does not intend to comply with its funding obligations under this Agreement or generally under
other agreements in which it commits to extend credit, unless such writing or public statement relates
to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such
Lender’s 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) failed, two Domestic Business Days after written request by the Administrative Agent
(based on the reasonable belief that it may not fulfill its funding obligation), to confirm that it will
comply with the terms of this Agreement relating to its obligations to fund prospective Loans and
participations in then outstanding Letters of Credit and Swing Line Loans;
provided
that such Lender
shall cease to be a Defaulting Lender under this clause (c) upon receipt by the Administrative Agent of
such confirmation, (d) otherwise failed to pay over to the Administrative Agent or any other Lender
any other amount required to be paid by it hereunder within two Domestic Business Days of the date
when due, unless the subject of a good faith dispute, or (e) (i) becomes or is insolvent or has a parent
company that has become or is insolvent, (ii) becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, interim receiver, receiver and manager, administrator, liquidator,
conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating
its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent
company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
interim receiver, receiver and manager, administrator, liquidator, conservator, trustee or custodian
appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or
acquiescence in any such proceeding or appointment, or (iii) becomes, or has a parent company that
becomes, the subject of a Bail-in Action;
provided
that a Lender shall not qualify as a Defaulting Lender
solely as a result of the acquisition or maintenance of an ownership interest in such Lender or its parent
company, or of the exercise of control over such Lender or any Person controlling such Lender, by a
Governmental Authority or instrumentality thereof 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 of
America 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 agreements
made by such Lender.
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CHAR1\1889946v5
“Disposition”
: with respect to any Person, any sale, assignment, transfer or other disposition
by such Person by any means, of:
(a)
the stock of, or other equity interests of, any other Person,
(b)
any business, operating entity, division or segment thereof, or
(c)
any other Property of such Person, other than (i) the sale of inventory (other than in
connection with bulk transfers), (ii) the disposition of equipment and (iii) the sale of cash investments.
“
Disqualified Institutions
”: those Persons that are (a) competitors of the Borrower or its
Subsidiaries, identified in writing by the Borrower to the Administrative Agent and the Lenders from
time to time (by posting such notice to the Platform) not less than one (1) Domestic Business Day prior
to the date of determination (it being understood that, notwithstanding anything herein to the contrary,
in no event shall a supplement apply retroactively to disqualify any Person that has previously acquired
an assignment or participation interest hereunder that is otherwise an Eligible Assignee, but upon the
effectiveness of such designation, any such Person may not acquire any additional Commitments,
Advances or participations), (b) such other Persons identified in writing by the Borrower to the
Administrative Agent prior to the Effective Date and (c) Affiliates of the Persons identified pursuant to
clause (a) or (b) that are either clearly identifiable by name or identified in writing by the Borrower to
the Administrative Agent; provided that “Disqualified Institutions” shall exclude any Person that the
Borrower has designated as no longer being a “Disqualified Institution” by written notice delivered to
the Administrative Agent and the Lenders from time to time.
“Dividend Restrictions”
: as defined in Section 8.7.
“Dollar”
or
“$”
: lawful currency of the United States of America.
“Domestic Business Day”
: any day other than a Saturday, Sunday or a day which in New York
City is a legal holiday or a day on which banking institutions are authorized or required by law or other
governmental action to close.
“EEA Financial Institution”
: (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 clause (a) or (b) of this definition and is subject to consolidated
supervision with its parent.
“EEA Member Country”
: any of the member states of the European Union, Iceland,
Liechtenstein, and Norway.
“EEA Resolution Authority”
: 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”
: as defined in Section 5.
“Electronic Copy”
: as defined in Section 11.8(b).
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CHAR1\1889946v5
“Electronic Record”
: as defined in Section 11.8(b).
“Electronic Signature”
: as defined in Section 11.8(b).
“
Eligible Assignee
”
: a Person that is a permitted assignee under Section 11.7(b) that has
received the consent of each party whose consent is required under Section 11.7(b). For the avoidance
of doubt, any Disqualified Institution is subject to Section 11.7(h).
“Employee Benefit Plan”
: an employee benefit plan, within the meaning of Section 3(3) of
ERISA, maintained, sponsored or contributed to by the Borrower, any Subsidiary or any ERISA
Affiliate.
“Environmental Laws”
: all laws, rules, regulations, codes, ordinances, orders, decrees,
judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any
Governmental Authority, relating in any way to the environment, preservation or reclamation of natural
resources, the management, release or threatened release of any Hazardous Material or, as such relate
to exposure to Hazardous Materials, to health and safety matters.
“Environmental Liability”
: as to any Person, any statutory, common law or equitable liability,
contingent or otherwise (including any liability for damages, costs of environmental investigation,
sampling or remediation, fines, penalties or indemnities), of such Person directly or indirectly resulting
from or based upon (i) violation of any Environmental Law, (ii) the generation, use, handling,
transportation, storage, treatment, discharge or disposal of any Hazardous Materials, (iii) exposure to
any Hazardous Materials, (iv) the release or threatened release of any Hazardous Materials into the
environment or (v) any contract, agreement or other consensual arrangement pursuant to which liability
is assumed or imposed with respect to any of the foregoing.
“
Equity Interests
”: shares of capital stock, partnership interests, membership interests,
beneficial interests or other ownership interests, whether voting or nonvoting, in, or interests in the
income or profits of, a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any of the foregoing.
“ERISA”
: the Employee Retirement Income Security Act of 1974, as amended from time to
time, or any successor thereto, and the rules and regulations issued thereunder, as from time to time in
effect.
“ERISA Affiliate”
: when used with respect to an Employee Benefit Plan, ERISA, the PBGC
or a provision of the Internal Revenue Code pertaining to employee benefit plans, any Person that is a
member of any group of organizations within the meaning of Sections 414(b) or (c) of the Internal
Revenue Code or, solely with respect to the applicable provisions of the Internal Revenue Code, Section
414(m) or (o) of the Internal Revenue Code, of which the Borrower or any Subsidiary is a member.
“
ERISA Event”
: (a) any “reportable event”, as defined in Section 4043 of ERISA with respect
to a Pension Plan (other than an event for which the 30-day notice period is waived); (b) the
determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical
status within the meaning of Sections 430, 431 or 432 of the Internal Revenue Code or Sections 303,
304 or 305 of ERISA; (c) the filing pursuant to the Internal Revenue Code or ERISA of an application
for a waiver of the minimum funding standard with respect to any Pension Plan; (d) the incurrence by
the Borrower, any Subsidiary or an ERISA Affiliate of any liability under Title IV of ERISA with
respect to the termination of any Pension Plan, other than for PBGC premiums due but not delinquent
under Section 4007 of ERISA, upon the Borrower, any Subsidiary or an ERISA Affiliate; (e) the receipt
by the Borrower, any Subsidiary or an ERISA Affiliate from the PBGC or a plan administrator of any
notice relating to an intention to terminate any Pension Plan or to appoint a trustee to administer any
Pension Plan; (f) the incurrence by the Borrower,
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CHAR1\1889946v5
any Subsidiary or an ERISA Affiliate of any liability with respect to the withdrawal or partial
withdrawal from any Pension Plan or Multiemployer Plan; (g) any limits under Section 436 of the
Internal Revenue Code become applicable; or (h) any failure to make any payment required by Section
430(j) of the Internal Revenue Code.
“ESG”
: as defined in Section 2.14(a).
“ESG Amendment”
: as defined in Section 2.14(a).
“ESG Applicable Margin Adjustments”
: as defined in Section 2.14(a).
“ESG Pricing Provisions”
: as defined in Section 2.14(a).
“EU Bail-In Legislation Schedule”
: the EU Bail-In Legislation Schedule published by the
Loan Market Association (or any successor person), as in effect from time to time.
“Event of Default”
: any of the events specified in Section 9.1;
provided
that any requirement
for the giving of notice, the lapse of time, or both, or any other condition has been satisfied.
“Excluded Taxes”
: with respect to the Administrative Agent, any Lender, any Issuer or any
other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder
or any other Loan Document, (a) Taxes imposed on or measured by its net income (however
denominated) or overall gross receipts, and franchise Taxes, in each case, (i) imposed on it by the
jurisdiction (or any political subdivision thereof) under the laws of which it is organized or in which its
principal office is located or, in the case of any Lender, in which its applicable lending office is located,
or (ii) that are Other Connection Taxes, (b) any branch profits Taxes imposed by the United States of
America or that are Other Connection Taxes, (c) in the case of a Lender, any withholding Tax that is
imposed on amounts payable to such Lender at the time such Lender becomes a party hereto (other than
an assignee pursuant to a request by the Borrower under Section 3.13) or designates a new lending
office, except, in each case, to the extent that such Lender (or its assignor, if any) was entitled, at the
time of designation of a new lending office (or assignment), to receive additional amounts from the
Borrower with respect to such withholding Tax pursuant to Section 3.10, (d) any Tax attributable to
such recipient’s failure or inability to comply with Section 3.10(f), and (e) any Taxes imposed under
FATCA.
“Existing Commitment Termination Date”
: as defined in Section 2.12(a).
“Existing 2018 Credit Agreement”
: the Five Year Credit Agreement, dated as of May 17, 2018,
by and among the Borrower, the lenders party thereto from time to time, Barclays and JPMC, as co-
syndication agents, BofA, GS and Wells Fargo, as co-documentation agents, and The Bank of New
York Mellon, as administrative agent, as amended by Amendment No. 1 to Five Year Credit Agreement,
dated as of May 16, 2019, and as the same may be amended, amended and restated, supplemented,
replaced or otherwise modified from time to time.
“Existing 2019 Credit Agreement”
: the Five Year Credit Agreement, dated as of May 16, 2019,
by and among the Borrower, the lenders party thereto from time to time, Barclays and JPMC, as co-
syndication agents, GS and Wells Fargo, as co-documentation agents, and BofA, as administrative
agent, as the same may be amended, amended and restated, supplemented, replaced or otherwise
modified from time to time.
“Existing 2021 Credit Agreement”
: the Five Year Credit Agreement, dated as of May 11, 2021,
by and among the Borrower, the lenders party thereto from time to time, Barclays and JPMC, as co-
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CHAR1\1889946v5
syndication agents, GS and Wells Fargo, as co-documentation agents, and BofA, as administrative
agent, as the same may be amended, amended and restated, supplemented, replaced or otherwise
modified from time to time.
“Expiration Date”
: the first date, occurring on or after the date the Commitments shall have
terminated or been terminated in accordance herewith, upon which there shall be no Loans,
Reimbursement Obligations or Letters of Credit outstanding.
“Extension Date”
: as defined in Section 2.12(a).
“Extension Request”
: as defined in Section 2.12(a).
“Facility Fee”
: as defined in Section 3.11.
“FATCA”
: Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially
more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code, any applicable
intergovernmental agreements with respect thereto, and any treaty, law, regulations, or other official
guidance enacted in any other jurisdiction relating to such intergovernmental agreement.
“Federal Funds Effective Rate”
: 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 Domestic Business Day by the Federal
Reserve Bank of New York as the federal funds effective rate;
provided
that if the Federal Funds
Effective Rate as so determined would be less than zero, the “
Federal Funds Effective Rate
” shall be
deemed to be zero for purposes of this Agreement and the other Loan Documents.
“Fees”
: as defined in Section 3.2(a).
“Financial Statements”
: as defined in Section 4.13.
“Foreign Lender”
: any Lender or any Issuer that is not a United States person within the
meaning of Section 7701(a)(30) of the Internal Revenue Code.
“GAAP”
: subject to Section 1.2(b), generally accepted accounting principles 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 or such other principles as may be approved by a significant segment of the accounting
profession, which are applicable to the circumstances as of the date of determination, consistently
applied.
“
Governmental Authority”
: any foreign, federal, state, municipal or other government, or any
department, commission, board, bureau, agency, public authority or instrumentality thereof, or any
court, arbitrator, regulatory body or central bank (including any supra-national bodies such as the
European Union or the European Central Bank).
“GS”
: as defined in the preamble.
“
Hazardous Materials”
: all ignitable, explosive, reactive, corrosive or radioactive substances
or wastes and all hazardous or toxic materials, substances, chemicals, wastes or other pollutants,
including but
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CHAR1\1889946v5
not limited to petroleum or petroleum distillates, asbestos or asbestos containing materials,
polychlorinated biphenyls, radon gas, toxic mold, infectious or medical wastes, hazardous biological
agents, hazardous pharmaceutical substances and all other materials, substances, chemicals, wastes,
contaminants or pollutants of any nature that are now or hereafter regulated pursuant to any
Environmental Law, or are now or hereafter defined, listed or classified as a hazardous or toxic material,
substance, chemical, waste, contaminant or pollutant in any Environmental Law.
“Highest Lawful Rate”
: as to any Lender, the maximum rate of interest, if any, which at any
time or from time to time may be contracted for, taken, charged or received on the Loans or the Notes
or which may be owing to such Lender pursuant to this Agreement under the laws applicable to such
Lender and this Agreement and the other Loan Documents.
“Increasing Lender”
: as defined in Section 2.6(d).
“Indebtedness”
: as to any Person at a particular time, all items of such Person which constitute,
without duplication, (a) indebtedness for borrowed money or the deferred purchase price of Property
(other than trade payables and accrued expenses incurred in the ordinary course of business), (b)
indebtedness evidenced by notes, bonds, debentures or similar instruments, (c) indebtedness with
respect to any conditional sale or other title retention agreement, (d) indebtedness arising under
acceptance facilities and the amount available to be drawn under all letters of credit (excluding, for
purposes of Section 8.9, letters of credit obtained in the ordinary course of business by the Borrower or
any Subsidiary) issued for the account of such Person and, without duplication, all drafts drawn
thereunder to the extent such Person shall not have reimbursed the issuer thereof in respect of such
issuer’s payment of such drafts, (e) that portion of any obligation of such Person, as lessee, which in
accordance with GAAP is required to be capitalized on a balance sheet of such Person, (f) all
indebtedness described in clauses (a) through (e) above secured by any Lien on any Property owned by
such Person even though such Person shall not have assumed or otherwise become liable for the
payment thereof (other than carriers’, warehousemen’s, mechanics’, repairmen’s or other like non-
consensual Liens arising in the ordinary course of business), and (g) Contingent Obligations in respect
of any indebtedness described in clauses (a) through (f) above;
provided
that, for purposes of this
definition, Indebtedness shall not include Intercompany Debt and obligations in respect of interest rate
caps, collars, exchanges, swaps or other, similar agreements.
“Indebtedness for Borrowed Money”
: as to any Person at a particular time, all items of such
Person which constitute, without duplication, (a) indebtedness for borrowed money or the deferred
purchase price of Property (other than trade payables and accrued expenses incurred in the ordinary
course of business), (b) indebtedness evidenced by notes, bonds, debentures or similar instruments, (c)
that portion of any obligation of such Person, as lessee, which in accordance with GAAP is required to
be capitalized on a balance sheet of such Person, and (d) Contingent Obligations in respect of any
indebtedness described in clauses (a) through (c) above;
provided
that, for purposes of this definition,
Indebtedness for Borrowed Money shall not include Intercompany Debt and obligations in respect of
interest rate caps, collars, exchanges, swaps or other, similar agreements.
“Indemnified Amount”
: as defined in Section 11.10(b).
“
Indemnified Liabilities”
: as defined in Section 11.5(a).
“Indemnified Person”
: as defined in Section 11.10(a).
“Indemnified Taxes”
: (a) Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of the Borrower under any Loan Document and (b)
to the extent not otherwise described in clause (a), Other Taxes.
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CHAR1\1889946v5
“Information”
: as defined in Section 11.14(b).
“Insurance Subsidiary”
:
any Subsidiary subject to regulation by the commissioner of
insurance, the commissioner of health or any equivalent Governmental Authority in any applicable
jurisdiction.
“Intangible Assets”
: at any date, the value, as shown on the most recent Consolidated balance
sheet of the Borrower and the Subsidiaries as at the end of the fiscal quarter ending not more than 135
days prior to such date, prepared in accordance with GAAP, of: (i) all trade names, trademarks, licenses,
patents, copyrights, service marks, goodwill and other like intangibles, (ii) organizational and
development costs, (iii) deferred charges (other than prepaid items, such as insurance, taxes, interest,
commissions, rents, pensions, compensation and similar items and tangible assets being amortized), and
(iv) unamortized debt discount and expense, less unamortized premium.
“Intercompany Debt”
: (i) Indebtedness of the Borrower to one or more of the Subsidiaries of
the Borrower and (ii) Indebtedness of one or more of the Subsidiaries of the Borrower to the Borrower
or any one or more of the other Subsidiaries of the Borrower.
“Interest Payment Date”
: (i) as to any ABR Advance, the last day of each March, June,
September and December, commencing on the first of such days to occur after such ABR Advance is
made or any Term SOFR Advance is converted to an ABR Advance, (ii) as to any Swing Line Loan,
the day on which the outstanding principal balance of such Swing Line Loan shall become due and
payable in accordance with Section 2.2(a), (iii) as to any Term SOFR Advance in respect of which the
Borrower has selected a Term SOFR Interest Period of one or three months, the last day of such Term
SOFR Interest Period, (iv) as to any Competitive Bid Loan in respect of which the Borrower has selected
a Competitive Interest Period of 90 days or less, the last day of such Competitive Interest Period and
(v) as to any Term SOFR Advance or Competitive Bid Loan in respect of which the Borrower has
selected an Interest Period greater than three months or 90 days, as the case may be, the last day of the
third month or the 90th day, as the case may be, of such Interest Period and the last day of such Interest
Period.
“Interest Period”
: a Term SOFR Interest Period or a Competitive Interest Period, as the case
may be.
“Internal Revenue Code”
: the Internal Revenue Code of 1986, as amended from time to time,
or any successor thereto, and the rules and regulations issued thereunder, as from time to time in effect.
“issue”
or
“issuance”
: when used with respect to a Letter of Credit, shall be deemed to include
any increase in the amount of such Letter of Credit.
“Issuers”
: Barclays, BofA, GS, JPMC and Wells Fargo; each an
“Issuer”
.
“Joint Lead Arrangers”
:
BAS, Barclays, GS, JPMC and WFS.
“JPMC”
: as defined in the preamble.
“KPIs”
: as defined in Section 2.14(a).
“Lender”
and
“Lenders”
: as defined in the preamble; such term to also include the Swing Line
Lender and each Issuer where the context hereof requires or permits such inclusion.
“Lender Party”
: as defined in Section 10.9.
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CHAR1\1889946v5
“Letter of Credit”
and
“Letters of Credit”
: as defined in Section 2.8(a).
“Letter of Credit Application”
: 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 Issuer.
“Letter of Credit Commitment”
: at any time with respect to any Issuer, the commitment of
such Issuer to issue Letters of Credit (which, for the avoidance of doubt, shall include all standby letters
of credit and all commercial letters of credit issued by such Issuer) in accordance with the terms hereof
in an aggregate outstanding face amount not exceeding the lesser of (a) the amount set forth adjacent to
such Issuer’s name under the heading “Letter of Credit Commitment” in Exhibit A at such time or, if
not listed on Exhibit A, the “Letter of Credit Commitment” which such Issuer shall have assumed from
another Issuer in accordance with Section 11.7 on or prior to such time, as the same may be adjusted
from time to time pursuant to Section 2.6 and Section 11.7, and (b) the amount equal to the Aggregate
Commitment Amount as in effect at such time multiplied by a percentage equal to a fraction, the
numerator of which is one and the denominator of which is five.
“Letter of Credit Exposure”
: at any time, (a) in respect of all Lenders, the sum, without
duplication, of (i) the maximum aggregate amount which may be drawn under all unexpired Letters of
Credit at such time (whether or not the conditions for drawing thereunder have or may be satisfied), (ii)
the aggregate amount, at such time, of all unpaid drafts (which have not been dishonored) drawn under
all Letters of Credit, and (iii) the aggregate unpaid principal amount of the Reimbursement Obligations
at such time, (b) in respect of any Lender, an amount equal to such Lender’s Commitment Percentage
at such time multiplied by the amount determined under clause (a) of this definition, and (c) in respect
of any Issuer, the amount determined under clause (a) of this definition in respect of a Letter of Credit
issued by such Issuer.
“Letter of Credit Participation Fee”
: as defined in Section 3.12.
“Letter of Credit Request”
: a request substantially in the form of Exhibit J.
“Lien”
: any mortgage, pledge, hypothecation, assignment, lien, deposit arrangement, charge,
encumbrance or other security arrangement or security interest of any kind, or the interest of a vendor
or lessor under any conditional sale agreement, capital lease or other title retention agreement;
provided
,
that in no event shall an operating lease or license of Intangible Assets be deemed to constitute a Lien.
“Loan”
: a Revolving Credit Loan, a Competitive Bid Loan or a Swing Line Loan, as the case
may be.
“Loan Documents”
: this Agreement and, upon the execution and delivery thereof, the Notes,
if any, and the Reimbursement Agreements, if any.
“Loans”
: the Revolving Credit Loans, the Competitive Bid Loans and the Swing Line Loans.
“Mandatory Borrowing”
: as defined in Section 2.2(b).
“Margin Stock”
: any
“
margin stock
”
, as said term is defined in Regulation U of the Board of
Governors of the Federal Reserve System, as the same may be amended or supplemented from time to
time.
“
Material Acquisition
”: any acquisition of (a) Equity Interests in any Person if, after giving
effect thereto, such Person will become a Subsidiary or (b) assets comprising all or substantially all the
assets of (or all or substantially all the assets constituting a business unit, division, product line or line
of business of) any Person; provided that the aggregate consideration therefor (including Indebtedness
assumed in
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CHAR1\1889946v5
connection therewith, all obligations in respect of the deferred purchase price therefor (including
obligations under any purchase price adjustment but excluding earn-out or similar payments) and all
other consideration payable in connection therewith (including payment obligations in respect of
noncompetition agreements or other arrangements representing acquisition consideration)) equals or
exceeds $500,000,000.
“Material Adverse”
: with respect to any change or effect, a material adverse change in, or effect
on, as the case may be, (i) the financial condition, operations, business, or Property of the Borrower and
the Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform its obligations under the
Loan Documents, or (iii) the ability of the Administrative Agent, any Issuer or any Lender to enforce
the Loan Documents.
“
Material Subsidiary
”: a Subsidiary of the Borrower with respect to which (i) the Borrower’s
and its other Subsidiaries’ investments in, and advances to, such Subsidiary exceed ten percent (10%)
of the total assets of the Borrower and its Consolidated Subsidiaries as of the end of the most recently
completed fiscal year, (ii) the Borrower’s and its other Subsidiaries’ proportionate share of the total
assets (after intercompany eliminations) of such Subsidiary exceeds 10 percent (10%) of the total assets
of the Borrower and its Consolidated Subsidiaries as of the end of the most recently completed fiscal
year, or (iii) the Borrower’s and its other Subsidiaries’ equity in the income from continuing operations
before income taxes of such Subsidiary exclusive of amounts attributable to any non-controlling
interests exceeds ten percent (10%) of such income of the Borrower and its Consolidated Subsidiaries
for the most recently completed fiscal year.
“Moody’s”
: Moody’s Investors Service, Inc., or any successor thereto.
“Multiemployer Plan”
: a Pension Plan which is a multiemployer plan as defined in Section
4001(a)(3) of ERISA.
“
Negotiated Rate
”: with respect to each Swing Line Loan, the rate per annum agreed to in
writing by the Borrower and the Swing Line Lender as the interest rate which such Swing Line Loan
shall bear.
“Net Tangible Assets”
: at any date, the total assets as shown on the most recent Consolidated
balance sheet of the Borrower and the Subsidiaries as at the end of the fiscal quarter ending not more
than 135 days prior to such date, prepared in accordance with GAAP, less, without duplication (i) all
current liabilities (due within one year) as shown on such balance sheet and (ii) Intangible Assets and
liabilities relating thereto.
“New Lender”
: as defined in Section 2.6(d).
“Non-Extending Lender”
: as defined in Section 2.12(b).
“Note”
: with respect to each Lender that has requested one in accordance with Section 2.11, a
promissory note evidencing such Lender’s Loans payable to such Lender (or, if required by such
Lender, to such Lender and its registered assigns), substantially in the form of Exhibit B.
“One Month SOFR Rate”
: for any interest calculation with respect to an ABR Advance on
any date, the rate per annum equal to the Term SOFR Screen Rate with a term of one month
commencing that day,
provided
that in the event that the
“
One Month SOFR Rate
”
would otherwise
be less than zero, such
“
One Month SOFR Rate
”
shall be deemed to be zero for purposes of this
Agreement and the other Loan Documents.
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CHAR1\1889946v5
“
Other Connection Taxes
”
: with respect to the Administrative Agent, any Lender, any Issuer
or any other recipient of any payment to be made by or on account of any obligation of the Borrower
hereunder or any other Loan Document, 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, enforced any Loan Document, or sold or assigned an interest in any Loan or Loan
Document).
“Other Taxes”
: all present or future stamp, court or documentary Taxes or any other excise or
property Taxes, charges or similar levies arising from any payment made hereunder or under any other
Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this
Agreement or any other 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 3.13).
“Participant”
: as defined in Section 11.7(d).
“Participant Register”
: as defined in Section 11.7(d).
“Patriot Act”
: as defined in Section 11.20.
“PBGC”
: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title
IV of ERISA, or any Governmental Authority succeeding to the functions thereof.
“Pension Plan”
: at any time, any Employee Benefit Plan (including a Multiemployer Plan)
subject to Section 302 of ERISA or Section 412 of the Internal Revenue Code, the funding requirements
of which are, or at any time within the six years immediately preceding the time in question were, in
whole or in part, the responsibility of the Borrower, any Subsidiary or an ERISA Affiliate.
“Person”
: any individual, firm, partnership, limited liability company, joint venture,
corporation, association, business trust, joint stock company, unincorporated association, trust,
Governmental Authority or any other entity, whether acting in an individual, fiduciary, or other
capacity, and for the purpose of the definition of
“
ERISA Affiliate
”
, a trade or business.
“Plan of Reorganization”
: as defined in Section 11.7(h)(iii).
“Platform”
: as defined in Section 7.7.
“Pricing Level”
: Pricing Level I, Pricing Level II, Pricing Level III, Pricing Level IV, Pricing
Level V or Pricing Level VI, as the case may be.
“Pricing Level I”
: any time when the senior unsecured long term debt rating of the Borrower
by (x) S&P is A or higher or (y) Moody’s is A2 or higher.
“Pricing Level II”
: any time when (i) the senior unsecured long term debt rating of the
Borrower by (x) S&P is A- or higher or (y) Moody’s is A3 or higher and (ii) Pricing Level I does not
apply.
“Pricing Level III”
: any time when (i) the senior unsecured long term debt rating of the
Borrower by (x) S&P is BBB+ or higher or (y) Moody’s is Baa1 or higher and (ii) neither Pricing Level
I nor Pricing Level II applies.
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CHAR1\1889946v5
“Pricing Level IV”
: any time when (i) the senior unsecured long term debt rating of the
Borrower by (x) S&P is BBB or higher or (y) Moody’s is Baa2 or higher and (ii) none of Pricing Level
I, Pricing Level II or Pricing Level III applies.
“Pricing Level V”
: any time when (i) the senior unsecured long term debt rating of the
Borrower by (x) S&P is BBB- or higher or (y) Moody’s is Baa3 or higher and (ii) none of Pricing Level
I, Pricing Level II, Pricing Level III or Pricing Level IV applies.
“Pricing Level VI”
: any time when none of Pricing Level I, Pricing Level II, Pricing Level III,
Pricing Level IV or Pricing Level V applies.
Notwithstanding each definition of Pricing Level set forth above, if at any time the senior unsecured
long term debt ratings of the Borrower by S&P and Moody’s differ by more than one equivalent rating
level, then the applicable Pricing Level shall be determined based upon the lower such rating adjusted
upwards to the next higher rating level.
“Proceeding”
:
as defined in Section 11.10(d).
“
Prohibited Transaction”
: a transaction that is prohibited under Section 4975 of the Internal
Revenue Code or Section 406 of ERISA and not exempt under Section 4975 of the Internal Revenue
Code, Section 408 of ERISA or any applicable administrative exemptions.
“Property”
: in respect of any Person, all types of real, personal or mixed property and all types
of tangible or intangible property owned or leased by such Person.
“PTE”
: as defined in Section 11.23(c).
“Regulatory Change”
:
the occurrence, after the date hereof, of any of the following: (a) the
adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation
or treaty or in the administration, implementation, interpretation or application thereof by any
Governmental Authority or (c) the making or issuance of any request, 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 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, in the case of each of clauses (i) and
(ii), shall be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted or issued,
but only if any such requirements are generally applicable to (and for which reimbursement is generally
being sought by the Lenders in respect of) credit transactions similar to this transaction from similarly
situated borrowers (which are parties to credit or loan documentation containing a provision similar to
this definition), as determined by the Lenders in their respective reasonable discretion.
“Register”
: as defined in Section 11.7(c).
“Reimbursement Agreement”
: as defined in Section 2.8(b) and, as the context requires, shall
include the Letter of Credit Application related to the applicable Letter of Credit.
“Reimbursement Obligations”
: all obligations and liabilities of the Borrower due and to
become due (a) under the Reimbursement Agreements and (b) hereunder in respect of Letters of Credit.
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CHAR1\1889946v5
“Related Parties”
: with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors of such Person and such Person’s
Affiliates.
“Replaced Lender”
: as defined in Section 3.13.
“Replacement Lender”
: as defined in Section 3.13.
“Required Lenders”
: (a) at any time prior to the Commitment Termination Date or such earlier
date as all of the Commitments shall have terminated or been terminated in accordance herewith,
Lenders having Commitment Amounts greater than 50% of the Aggregate Commitment Amount, and
(b) at all other times, Lenders having Credit Exposure greater than 50% of the Aggregate Credit
Exposure.
“Rescindable Amount”
: as defined in Section 3.2(c).
“
Resolution Authority
”
: an EEA Resolution Authority or, with respect to any UK Financial
Institution, a UK Resolution Authority.
“Restrictive Agreement”
: as defined in Section 8.7.
“Revolving Credit Loan”
and
“Revolving Credit Loans”
:
as defined in Section 2.1(a).
“S&P”
: Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., or any
successor thereto.
“Sanctioned Country”
: at any time, a country or territory which is the subject or target of any
Sanctions.
“Sanctioned Person”
: at any time, (a) any Person listed in any Sanctions-related list of
designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the
Treasury or the U.S. Department of State, (b) any Person operating, organized or resident in a
Sanctioned Country or (c) any Person controlled by any such Person.
“Sanctions”
: economic or financial sanctions or trade embargoes imposed, administered or
enforced from time to time by the U.S. government, including those administered by the Office of
Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.
“
Scheduled Unavailability Date
”: as defined in Section 3.8(c)(2).
“
SEC Reports
”: the Borrower’s 2021 Annual Report on Form 10-K, the Borrower’s quarterly
report on Form 10-Q for the quarterly period ending March 31, 2022, and any 8-K filings made by the
Borrower subsequent to March 31, 2022 and prior to the Effective Date.
“
SOFR
”:
the Secured Overnight Financing Rate as administered by the Federal Reserve Bank
of New York (or a successor administrator).
“SOFR Adjustment”
with respect to Daily Simple SOFR and any Term SOFR Interest Period,
0.10% (10.0 basis points).
“Special Counsel”
: such counsel as the Administrative Agent may engage from time to time.
“Subsidiary”
: at any time and from time to time, any corporation, partnership, limited liability
company, joint venture or other business entity of which the Borrower and/or any Subsidiary of the
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CHAR1\1889946v5
Borrower, directly or indirectly at such time, either (a) in respect of a corporation, owns or controls
more than 50% of the outstanding stock having ordinary voting power to elect a majority of the board
of directors or similar managing body, irrespective of whether a class or classes shall or might have
voting power by reason of the happening of any contingency, or (b) in respect of a partnership, limited
liability company, joint venture or other business entity, is entitled to share in more than 50% of the
profits and losses, however determined.
“
Successor Rate
”: as defined in Section 3.8(c).
“Sustainability Coordinator”
: BofA Securities, Inc., in its capacity as the sustainability
coordinator.
“Sustainability Linked Loan Principles”
: the Sustainability-Linked Loan Principles (as
published in March 2022 by the Loan Market Association, Asia Pacific Loan Market Association and
Loan Syndications & Trading Association).
“Swing Line Commitment”
: the commitment of the Swing Line Lender to make Swing Line
Loans in accordance with the terms hereof in an aggregate outstanding principal amount not exceeding
$100,000,000 (or, if less, the Aggregate Commitment Amount) at any time, as the same may be reduced
pursuant to Section 2.6.
“Swing Line Commitment Period”
: the period from the Effective Date to, but excluding, the
Swing Line Termination Date.
“Swing Line Exposure”
: at any time, in respect of any Lender, an amount equal to the
aggregate principal balance of such Lender’s Swing Line Participation Amount.
“Swing Line Lender”
: BofA.
“Swing Line Loan”
and
“Swing Line Loans”
: as defined in Section 2.2(a).
“Swing Line Maturity Date”
: as defined in Section 2.2(a).
“Swing Line Participation Amount”
: as defined in Section 2.2(c).
“Swing Line Termination Date”
: the date which is 7 Domestic Business Days prior to the
Commitment Termination Date.
“Taxes”
: all present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges in the nature of a tax imposed by any Governmental Authority,
including any interest, additions to tax or penalties applicable thereto.
“
Term SOFR
”: for any Term SOFR Interest Period with respect to a Term SOFR Advance, the
rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities Business Days
prior to the commencement of such Term SOFR Interest Period with a term equivalent to such Term
SOFR Interest Period; provided that if the rate is not published prior to 11:00 A.M. on such
determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government
Securities Business Day immediately prior thereto, in each case,
plus
the SOFR Adjustment for such
Term SOFR Interest Period;
provided
, further, that if Term SOFR determined pursuant to the above
would be less than zero, Term SOFR shall be deemed zero for purposes of this Agreement and the other
Loan Documents.
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CHAR1\1889946v5
“Term SOFR Advance”
: a portion of the Revolving Credit Loans selected by the Borrower to
bear interest during a Term SOFR Interest Period selected by the Borrower at a rate based upon Term
SOFR, all pursuant to and in accordance with Section 2.1 or Section 3.3.
“Term SOFR Daily Floating Rate”
: for any interest calculation with respect to a Term SOFR
Daily Floating Rate Loan on any date, a fluctuating rate of interest, which can change on each Domestic
Business Day, equal to the Term SOFR Screen Rate, two U.S. Government Securities Business Days
prior to such day, with a term equivalent to one month beginning on that date; provided, that if the rate
is not published prior to 11:00 A.M. on such determination date
then the Term SOFR Daily Floating
Rate means the Term SOFR Screen Rate on the first U.S. Government Securities Business Day
immediately prior thereto, in each case, plus the SOFR Adjustment for Term SOFR for a one-month
Interest Period; provided, further, that, (i) to the extent a comparable or successor rate is approved by
the Swing Line Lender in connection herewith, the approved rate shall be applied in a manner consistent
with market practice; provided, further that to the extent such market practice is not administratively
feasible for the Swing Line Lender, such approved rate shall be applied in a manner as otherwise
reasonably determined by the Swing Line Lender in consultation with the Borrower, (ii) if the Term
SOFR Daily Floating Rate determined pursuant to the above would be less than zero, such rate shall be
deemed zero for purposes of this Agreement and the other Loan Documents, and (iii) if such rate is not
available at such time for any reason, then the rate will be determined by such alternate method as
reasonably selected by the Swing Line Lender.
“Term SOFR Interest Period”
: as to each Term SOFR Advance, the period commencing on
the date such Term SOFR Advance is disbursed or converted to or continued as a Term SOFR Advance
and ending on the date one, three or six months thereafter, as selected by the Borrower in its Borrowing
Request; provided that:
(a)any Term SOFR Interest Period that would otherwise end on a day that is not a Domestic
Business Day shall be extended to the next succeeding Domestic Business Day unless such Domestic
Business Day falls in another calendar month, in which case such Term SOFR Interest Period shall end
on the next preceding Domestic Business Day; and
(b)any Term SOFR Interest Period that begins on the last Domestic 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 Term SOFR Interest Period) shall end on the last Domestic Business Day of the calendar
month at the end of such Term SOFR Interest Period.
“Term SOFR Replacement Date”
: as defined in Section 3.8(c).
“Term SOFR Screen Rate”
: the forward-looking SOFR term rate administered by CME (or
any successor administrator reasonably satisfactory to the Administrative Agent) and published on the
applicable Reuters screen page (or such other commercially available source providing such quotations
as may be designated by the Administrative Agent from time to time in its reasonable discretion).
“Termination Event”
: with respect to any Pension Plan, (a) an ERISA Event, (b) the
termination of a Pension Plan under Section 4041(c) of ERISA, or the filing of a notice of intent to
terminate a Pension Plan under Section 4041(c) of ERISA, or the treatment of a Pension Plan
amendment as a termination under Section 4041(e) of ERISA (except an amendment made after such
Pension Plan satisfies the requirement for a standard termination under Section 4041(b) of ERISA), (c)
the institution of proceedings by the PBGC to terminate a Pension Plan under Section 4042 of ERISA,
or (d) the appointment of a trustee to administer any Pension Plan under Section 4042 of ERISA.
“Threshold Amount”
: $300,000,000.
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CHAR1\1889946v5
“Total Capitalization”
: at any date, the sum of the Borrower’s Consolidated Indebtedness and
shareholders’ equity on such date, determined in accordance with GAAP.
“Trade Date”
: as defined in Section 11.7(h).
“Type”
: with respect to any Revolving Credit Loan, the characteristic of such Loan as an ABR
Advance or a Term SOFR Advance, each of which constitutes a Type of Revolving Credit Loan.
“
UK Financial Institution
”
: any BRRD Undertaking (as such term is defined under the PRA
Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation
Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time)
promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit
institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“
UK Resolution Authority
”
: the Bank of England or any other public administrative authority
having responsibility for the resolution of any UK Financial Institution.
“Unqualified Amount”
: as defined in Section 3.4(c).
“Upstream Dividends”
: as defined in Section 8.7.
“U.S. Government Securities Business Day”
: any Domestic Business Day, except any
Domestic Business Day on which any of the Securities Industry and Financial Markets Association, the
New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because
such day is a legal holiday under the federal laws of the United States or the laws of the State of New
York, as applicable.
“U.S. Lender”
: as defined in Section 3.10(f).
“United States Tax Compliance Certificate”
: as defined in Section 3.10(f)(iii).
“Wells Fargo”
: as defined in the preamble.
“
WFS
”: Wells Fargo Securities, LLC.
“Write-Down and Conversion Powers”
: (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.
1.2Principles of Construction
(a)All capitalized terms defined in this Agreement shall have the meanings given to such
capitalized terms herein when used in the other Loan Documents or in any certificate, opinion or other
document made or delivered pursuant hereto or thereto, unless otherwise expressly provided therein.
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CHAR1\1889946v5
(b)Unless otherwise expressly provided herein, the word
“fiscal”
when used herein shall refer
to the relevant fiscal period of the Borrower. As used in the Loan Documents and in any certificate,
opinion or other document made or delivered pursuant thereto, accounting terms not defined in Section
1.1, and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the
respective meanings given to them under GAAP as in effect from time to time;
provided
that, if the
Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the
Required Lenders request an amendment to any provision hereof for such purpose), regardless of
whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of, and any accounting term related thereto shall
have the respective meaning given to it under, GAAP as in effect and applied immediately before such
change shall have become effective until such notice shall have been withdrawn or such provision
amended in accordance herewith. Any lease that is characterized as an operating lease in accordance
with GAAP after the Borrower’s adoption of ASC 842 (regardless of the date on which such lease has
been entered into) shall not be a capital or finance lease, and any such lease shall be, for all purposes of
this Agreement, treated as though it were reflected on the Borrower’s consolidated financial statements
in the same manner as an operating lease would have been reflected prior to Borrower’s adoption of
ASC 842.
(c)The words
“hereof”
,
“herein”
,
“hereto”
and
“hereunder”
and similar words when used in
each Loan Document shall refer to such Loan Document as a whole and not to any particular provision
of such Loan Document, and Section, schedule and exhibit references contained therein shall refer to
Sections thereof or schedules or exhibits thereto unless otherwise expressly provided therein.
(d)All references herein to a time of day shall mean the then-applicable time in New York, New
York, unless otherwise expressly provided herein.
(e)Section headings have been inserted in the Loan Documents for convenience only and shall
not be construed to be a part thereof. Unless the context otherwise requires, words in the singular
number include the plural, and words in the plural include the singular.
(f)Whenever in any Loan Document or in any certificate or other document made or delivered
pursuant thereto, the terms thereof require that a Person sign or execute the same or refer to the same
as having been so signed or executed, such terms shall mean that the same shall be, or was, duly signed
or executed by (i) in respect of any Person that is a corporation, any duly authorized officer thereof, and
(ii) in respect of any other Person (other than an individual), any analogous counterpart thereof.
(g)The words
“include”
and
“including”
, when used in each Loan Document, shall mean that
the same shall be included
“without limitation”
, unless otherwise specifically provided.
(h)All references to “knowledge” or “awareness” of the Borrower or any Subsidiary means the
actual knowledge of an Authorized Officer of the Borrower or such Subsidiary.
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CHAR1\1889946v5
2.AMOUNT AND TERMS OF LOANS
2.1Revolving Credit Loans
(a)Subject to the terms and conditions hereof, each Lender severally (and not jointly) agrees to
make loans in Dollars under this Agreement (each a
“Revolving Credit Loan”
and, collectively with
each other Revolving Credit Loan of such Lender and/or with each Revolving Credit Loan of each other
Lender, the
“Revolving Credit Loans”
) to the Borrower from time to time during the Commitment
Period, during which period the Borrower may borrow, prepay and reborrow in accordance with the
provisions hereof. Immediately after making each Revolving Credit Loan and after giving effect to all
Swing Line Loans and Competitive Bid Loans repaid and all Reimbursement Obligations paid on the
same date, the Aggregate Credit Exposure will not exceed the Aggregate Commitment Amount. With
respect to each Lender, at the time of the making of any Revolving Credit Loan, the sum of (I) the
principal amount of such Lender’s Revolving Credit Loan constituting a part of the Revolving Credit
Loans to be made, (II) the aggregate principal balance of all other Revolving Credit Loans (exclusive
of Revolving Credit Loans which are repaid with the proceeds of, and simultaneously with the
incurrence of, the Revolving Credit Loans to be made) then outstanding from such Lender and (III) the
product of (A) such Lender’s Commitment Percentage and (B) the sum of (1) the aggregate principal
balance of all Swing Line Loans (exclusive of Swing Line Loans which are repaid with the proceeds
of, and simultaneously with the incurrence of, the Revolving Credit Loans to be made) then outstanding
and (2) the Letter of Credit Exposure of all Lenders, will not exceed the Commitment of such Lender
at such time. At the option of the Borrower, indicated in a Borrowing Request, Revolving Credit Loans
may be made as ABR Advances or Term SOFR Advances.
(b)The aggregate outstanding principal balance of all Revolving Credit Loans shall be due and
payable on the Commitment Termination Date or on such earlier date upon which all of the
Commitments shall have been terminated in accordance with Section 2.6.
2.2Swing Line Loans
(a)Subject to the terms and conditions hereof and in reliance upon the agreements of the other
Lenders set forth in this Section 2.2, the Swing Line Lender agrees to make loans in Dollars under this
Agreement (each a
“Swing Line Loan”
and, collectively, the
“Swing Line Loans”
) to the Borrower
from time to time during the Swing Line Commitment Period. Swing Line Loans (i) may be repaid and
reborrowed in accordance with the provisions hereof, (ii) shall not, immediately after giving effect
thereto, result in the Aggregate Credit Exposure exceeding the Aggregate Commitment Amount, and
(iii) shall not, immediately after giving effect thereto, result in the aggregate outstanding principal
balance of all Swing Line Loans exceeding the Swing Line Commitment. The Swing Line Lender shall
not be obligated to make any Swing Line Loan at a time when any Lender is a Defaulting Lender unless
the Swing Line Lender has entered into arrangements satisfactory to it and the Borrower to eliminate
the Swing Line Lender’s risk with respect to such Defaulting Lender’s participation in such Swing Line
Loan. The Swing Line Lender will not make a Swing Line Loan if the Administrative Agent or any
Lender, by notice to the Swing Line Lender and the Borrower no later than one Domestic Business Day
prior to the Borrowing Date with respect to such Swing Line Loan, shall have determined that the
conditions set forth in Section 6 have not been satisfied or waived and such conditions remain
unsatisfied as of the requested time of the making of such Loan. Each Swing Line Loan shall be due
and payable on the day (the
“Swing Line Maturity Date”
) being the earliest of the tenth Domestic
Business Day after such Swing Line Loan is made, the date on which the Swing Line Commitment
shall have been terminated in accordance with Section 2.6, and the date on which the Loans shall
become due and
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CHAR1\1889946v5
payable pursuant to the provisions hereof, whether by acceleration or otherwise. Each Swing Line Loan
shall bear interest at the Negotiated Rate (or, if the Negotiated Rate is not available, the Term SOFR
Daily Floating Rate
plus
the Applicable Margin). The Swing Line Lender shall disburse the proceeds
of Swing Line Loans at its office designated in Section 11.2 by crediting such proceeds to an account
of the Borrower maintained with the Swing Line Lender.
(b)On any Domestic Business Day, the Swing Line Lender may, in its sole discretion, give
notice to the Lenders and the Borrower that such outstanding Swing Line Loan shall be funded with a
borrowing of Revolving Credit Loans (
provided
that such notice shall be deemed to have been
automatically given upon the occurrence of a Default or an Event of Default under Section 9.1(h), (i)
or (j)), in which case a borrowing of Revolving Credit Loans made as ABR Advances (each such
borrowing, a
“Mandatory Borrowing”
) shall be made by all Lenders
pro rata
based on each such
Lender’s Commitment Percentage on the Domestic Business Day immediately succeeding the giving
of such notice. The proceeds of each Mandatory Borrowing shall be remitted directly to the Swing Line
Lender to repay such outstanding Swing Line Loan. Each Lender irrevocably agrees to make a
Revolving Credit Loan pursuant to each Mandatory Borrowing in the amount and in the manner
specified in the preceding sentence and on the date specified in writing by the Swing Line Lender
notwithstanding: (i) whether the amount of such Mandatory Borrowing complies with the minimum
amount for Loans otherwise required hereunder, (ii) whether any condition specified in Section 6 is
then unsatisfied, (iii) whether a Default then exists, (iv) the Borrowing Date of such Mandatory
Borrowing, (v) the aggregate principal amount of all Loans then outstanding, (vi) the Aggregate Credit
Exposure at such time and (vii) the amount of the Commitments at such time.
(c)Upon each receipt by a Lender of a notice from the Administrative Agent, such Lender shall
purchase unconditionally, irrevocably, and severally (and not jointly) from the Swing Line Lender a
participation in the outstanding Swing Line Loans (including accrued interest thereon) in an amount
equal to the product of its Commitment Percentage and the outstanding balance of the Swing Line Loans
(each, a
“Swing Line Participation Amount”
). Each Lender shall also be liable for an amount equal to
the product of its Commitment Percentage and any amounts paid by the Borrower pursuant to this
Section 2.2 that are subsequently rescinded or avoided, or must otherwise be restored or returned. Such
liabilities shall be unconditional and without regard to the occurrence of any Default or the compliance
by the Borrower with any of its obligations under the Loan Documents.
(d)In furtherance of Section 2.2(c), upon each receipt by a Lender of a notice from the
Administrative Agent, such Lender shall promptly (and, in any event, no later than the Domestic
Business Day immediately succeeding the giving of such notice) make available to the Administrative
Agent for the account of the Swing Line Lender its Swing Line Participation Amount at the office of
the Administrative Agent specified in Section 11.2, in Dollars and in immediately available funds. The
Administrative Agent shall deliver the payments made by each Lender pursuant to the immediately
preceding sentence to the Swing Line Lender promptly upon receipt thereof in like funds as received.
Each Lender hereby indemnifies and agrees to hold harmless the Administrative Agent and the Swing
Line Lender from and against any and all losses, liabilities (including liabilities for penalties), actions,
suits, judgments, demands, costs and expenses resulting from any failure on the part of such Lender to
pay, or from any delay in paying, the Administrative Agent any amount such Lender is required by
notice from the Administrative Agent to pay in accordance with this Section 2.2 (except in respect of
losses, liabilities or other obligations suffered by the Administrative Agent or the Swing Line Lender,
as the case may be, resulting from the gross negligence or willful misconduct of the Administrative
Agent or the Swing Line Lender, as the case may be), and such Lender shall pay interest to the
Administrative Agent
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CHAR1\1889946v5
for the account of the Swing Line Lender from the date such amount was due until paid in full, on the
unpaid portion thereof, at a rate of interest per annum, whether before or after judgment, equal to (i)
from the date such amount was due until the third day therefrom, the Federal Funds Effective Rate, and
(ii) thereafter, the Federal Funds Effective Rate
plus
2%, payable upon demand by the Swing Line
Lender. The Administrative Agent shall distribute such interest payments to the Swing Line Lender
upon receipt thereof in like funds as received.
(e)Whenever the Administrative Agent is reimbursed by the Borrower for the account of the
Swing Line Lender for any payment in connection with Swing Line Loans and such payment relates to
an amount previously paid by a Lender pursuant to this Section 2.2, the Administrative Agent will
promptly remit such payment to such Lender.
2.3Notice of Borrowing Revolving Credit Loans and Swing Line Loans
The Borrower agrees to notify the Administrative Agent (and with respect to a Swing Line
Loan, the Swing Line Lender), which notification shall be irrevocable, no later than (a) 2:00 P.M., on
the proposed Borrowing Date in the case of Swing Line Loans, (b) 12:00 Noon on the proposed
Borrowing Date in the case of Revolving Credit Loans to consist of ABR Advances and (c) 12:00 Noon
at least two Domestic Business Days prior to the proposed Borrowing Date in the case of Revolving
Credit Loans to consist of Term SOFR Advances. Each such notice shall specify (i) the aggregate
amount requested to be borrowed under the Commitments or the Swing Line Commitment, (ii) the
proposed Borrowing Date, (iii) whether a borrowing of Revolving Credit Loans is to be made as an
ABR Advance, one or more Term SOFR Advances, or both, and the amount of each thereof, (iv) the
Term SOFR Interest Period for each such Term SOFR Advance and (v) the amount of each Swing Line
Loan. Each such notice shall be promptly confirmed by delivery to the Administrative Agent (and, with
respect to a Swing Line Loan, the Swing Line Lender) of a Borrowing Request. Each Term SOFR
Advance to be made on a Borrowing Date, when aggregated with all amounts to be Converted to Term
SOFR Advances on such date and having the same Interest Period as such Term SOFR Advance, shall
equal no less than $10,000,000, or an integral multiple of $1,000,000 in excess thereof. Each ABR
Advance made on each Borrowing Date shall equal no less than $5,000,000 or an integral multiple of
$500,000 in excess thereof. Each Swing Line Loan made on each Borrowing Date shall equal no less
than $1,000,000 or an integral multiple of $500,000 in excess thereof. The Administrative Agent shall
promptly notify each Lender (by telephone or otherwise, such notification to be confirmed by fax, email
or other writing) of each such Borrowing Request. Subject to its receipt of each such notice from the
Administrative Agent and subject to the terms and conditions hereof, (A) each Lender shall make
immediately available funds available to the Administrative Agent at the address therefor set forth in
Section 11.2 not later than 1:00 P.M. on each Borrowing Date in an amount equal to such Lender’s
Commitment Percentage of the Revolving Credit Loans requested by the Borrower on such Borrowing
Date and/or (B) the Swing Line Lender shall make immediately available funds available to the
Borrower on such Borrowing Date in an amount equal to the Swing Line Loan requested by the
Borrower.
2.4Competitive Bid Loans and Procedure
(a)Subject to the terms and conditions hereof, the Borrower may request competitive bid loans
in Dollars under this Agreement (each a
“Competitive Bid Loan”
) during the Commitment Period. In
order to request Competitive Bids, the Borrower shall deliver by hand, fax or email to the
Administrative Agent a duly completed and executed Competitive Bid Request not later than 12:00
Noon, one Domestic Business Day before the proposed Borrowing Date therefor. A Competitive Bid
Request that does not conform substantially to the format of Exhibit F may be rejected by the
Administrative Agent in the Administrative Agent’s reasonable discretion, and the Administrative
Agent shall promptly notify the Borrower of such rejection by fax or email and by telephone. Each
Competitive Bid Request shall specify (x) the proposed Borrowing Date for the
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CHAR1\1889946v5
Competitive Bid Loans then being requested (which shall be a Domestic Business Day) and the
aggregate principal amount thereof and (y) the Competitive Interest Period or Competitive Interest
Periods (which shall not exceed ten different Interest Periods in a single Competitive Bid Request), with
respect thereto (which may not end after the Domestic Business Day immediately preceding the
Commitment Termination Date). Promptly after its receipt of each Competitive Bid Request that is not
rejected as aforesaid, the Administrative Agent shall invite by fax or email (substantially in the form of
Exhibit G) the Lenders (other than any Defaulting Lender) to bid, on the terms and conditions of this
Agreement, to make Competitive Bid Loans pursuant to such Competitive Bid Request.
(b)Each Lender (other than any Defaulting Lender), in its sole and absolute discretion, may
make one or more Competitive Bids to the Borrower responsive to a Competitive Bid Request. Each
Competitive Bid by a Lender must be received by the Administrative Agent not later than 10:00 A.M.
on the proposed Borrowing Date for the relevant Competitive Bid Loan. Multiple bids will be accepted
by the Administrative Agent. Bids to make Competitive Bid Loans that, in the reasonable judgment of
the Administrative Agent, do not conform to the Competitive Bids solicited by the related Competitive
Bid Request shall be rejected by the Administrative Agent. Competitive Bids that do not conform
substantially to the format of Exhibit H may be rejected by the Administrative Agent after conferring
with, and upon the instruction of, the Borrower, and the Administrative Agent shall notify the Lender
making such nonconforming bid of such rejection as soon as practicable. Each Competitive Bid shall
be irrevocable and shall specify (x) the principal amount (which (1) shall be in a minimum principal
amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof, and (2) may equal the
entire principal amount requested by the Borrower) of the Competitive Bid Loan or Competitive Bid
Loans that the Lender is willing to make to the Borrower, (y) the Competitive Bid Rate or Competitive
Bid Rates at which the Lender is prepared to make such Competitive Bid Loan or Competitive Bid
Loans, and (z) the Competitive Interest Period with respect to each such Competitive Bid Loan and the
last day thereof. If any Lender shall elect not to make a Competitive Bid, such Lender shall so notify
the Administrative Agent by fax or email not later than 10:00 A.M. on the proposed Borrowing Date
therefor;
provided
that the failure by any Lender to give any such notice shall not obligate such Lender
to make any Competitive Bid Loan in connection with the relevant Competitive Bid Request.
(c)With respect to each Competitive Bid Request, the Administrative Agent shall (i) notify the
Borrower by fax or email by 11:00 A.M. on the proposed Borrowing Date with respect thereto of each
Competitive Bid made, the Competitive Bid Rate applicable thereto and the identity of the Lender that
made such Competitive Bid, and (ii) send a list of all Competitive Bids to the Borrower for its records
as soon as practicable after completion of the bidding process. Each notice and list sent by the
Administrative Agent pursuant to this Section 2.4(c) shall list the Competitive Bids in ascending yield
order.
(d)The Borrower may, in its sole and absolute discretion, subject only to the provisions of this
Section 2.4(d), accept or reject any Competitive Bid made in accordance with the procedures set forth
in this Section 2.4, and the Borrower shall notify the Administrative Agent by telephone, confirmed by
fax or email in the form of a duly completed and executed Competitive Bid Accept/Reject Letter,
whether and to what extent it has decided to accept or reject any or all of such Competitive Bids not
later than 12:00 Noon on the proposed Borrowing Date therefor;
provided
that the failure by the
Borrower to give such notice shall be deemed to be a rejection of all such Competitive Bids. In
connection with each acceptance of one or more Competitive Bids by the Borrower:
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CHAR1\1889946v5
(1)the Borrower shall not accept a Competitive Bid of a given tenor made at a particular
Competitive Bid Rate if the Borrower has decided to reject a Competitive Bid having the same tenor
made at a lower Competitive Bid Rate unless the acceptance of such Competitive Bid made at a lower
Competitive Bid Rate would subject the Borrower to any requirement to withhold any taxes or deduct
any amount from any amounts payable under the Loan Documents, in which case the Borrower may
reject such Competitive Bid made at a lower Competitive Bid Rate,
(2)the aggregate amount of the Competitive Bids accepted by the Borrower shall not exceed
the principal amount specified in the Competitive Bid Request therefor,
(3)if the Borrower shall desire to accept a Competitive Bid made at a particular Competitive
Bid Rate, it must accept all other Competitive Bids at such Competitive Bid Rate, except for any such
Competitive Bid the acceptance of which would subject the Borrower to any requirement to withhold
any taxes or deduct any amount from any amounts payable under the Loan Documents;
provided
that
if the acceptance of all such other Competitive Bids would cause the aggregate amount of all such
accepted Competitive Bids to exceed the amount requested, then such acceptance shall be made pro
rata in accordance with the amount of each such Competitive Bid at such Competitive Bid Rate,
(4)except pursuant to clause (3) above, no Competitive Bid shall be accepted unless the
Competitive Bid Loan with respect thereto shall be in a minimum principal amount of $10,000,000 or
an integral multiple of $1,000,000 in excess thereof, and
(5)no Competitive Bid shall be accepted and no Competitive Bid Loan shall be made, if
immediately after giving effect thereto, the Aggregate Credit Exposure would exceed the Aggregate
Commitment Amount.
(e)The Administrative Agent shall promptly fax or email to each bidding Lender (with a copy
to the Borrower) a Competitive Bid Accept/Reject Letter advising such Lender whether its Competitive
Bid has been accepted (and if accepted, in what amount and at what Competitive Bid Rate), and each
successful bidder so notified will thereupon become bound, subject to the applicable conditions hereof,
to make the Competitive Bid Loan in respect of which each of its Competitive Bids has been accepted
by making immediately available funds available to the Administrative Agent at its address set forth in
Section 11.2 not later than 1:00 P.M. on the Borrowing Date for such Competitive Bid Loan in the
amount thereof.
(f)Anything herein to the contrary notwithstanding, if the Administrative Agent shall elect to
submit a Competitive Bid in its capacity as a Lender, it shall submit such bid directly to the Borrower
not later than 9:30 A.M. on the relevant proposed Borrowing Date.
(g)All notices required by this Section 2.4 shall be given in accordance with Section 11.2.
(h)Each Competitive Bid Loan shall be due and payable on the last day of the Competitive
Interest Period applicable thereto or on such earlier date upon which the Loans shall become due and
payable pursuant to the provisions hereof, whether by acceleration or otherwise.
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CHAR1\1889946v5
2.5Use of Proceeds
The Borrower agrees that the proceeds of the Loans and Letters of Credit shall be used solely
for its general corporate purposes, but not inconsistent with this Section 2.5 or any other provision of
this Agreement, including, without limitation, the provisions of Section 4.9, and not in contravention
of any applicable law, rule or regulation.
2.6Termination, Reduction or Increase of Commitments
(a)Termination on Commitment Termination Date. Unless previously terminated, the
Commitments and the Letter of Credit Commitment shall terminate on the Commitment Termination
Date and the Swing Line Commitment shall terminate on the Swing Line Termination Date.
(b)Voluntary Termination or Reductions. At the Borrower’s option in its sole and absolute
discretion and upon at least one Domestic Business Day’s prior irrevocable notice to the Administrative
Agent, the Borrower may (i) terminate the Commitments, the Swing Line Commitment and the Letter
of Credit Commitment, at any time, or (ii) permanently reduce the Aggregate Commitment Amount,
the Swing Line Commitment or the Letter of Credit Commitment, in part at any time and from time to
time;
provided
that (1) each such partial reduction shall be in an amount equal to at least $5,000,000 or
an integral multiple of $1,000,000 in excess thereof and (2) immediately after giving effect to each such
reduction, (A) the Aggregate Commitment Amount shall equal or exceed the Aggregate Credit
Exposure, (B) the Swing Line Commitment shall equal or exceed the aggregate outstanding principal
balance of all Swing Line Loans and (C) the Letter of Credit Commitment shall equal or exceed the
Letter of Credit Exposure of all Lenders;
provided
,
further
that, notwithstanding the foregoing, a notice
of termination of the Commitments, the Swing Line Commitment and the Letter of Credit Commitment
delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other
credit facilities or transactions (such notice to specify the proposed effective date), in which case such
notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to such
specified effective date) if such condition is not satisfied and the Borrower shall indemnify the Lenders
in accordance with Section 3.5, if applicable.
(c)In General. Each reduction of the Aggregate Commitment Amount shall be made by
reducing each Lender’s Commitment Amount by an amount equal to the product of such Lender’s
Commitment Percentage and the amount of such reduction.
(d)Increase in Aggregate Commitment Amount
.
The Borrower may at any time and from time
to time prior to the 90
th
day prior to the then-applicable Commitment Termination Date, at its sole cost
and expense, request any one or more of the Lenders having a Commitment to increase its Commitment
Amount (the decision to increase the Commitment Amount of a Lender to be within the sole and
absolute discretion of such Lender), or any Eligible Assignee to provide a new Commitment, by
submitting to the Administrative Agent a Commitment Increase Supplement, duly executed and
delivered by the Borrower and each such Lender increasing its Commitment Amount or Eligible
Assignee providing a new Commitment, as the case may be. Upon receipt of any such Commitment
Increase Supplement, the Administrative Agent, the Swing Line Lender and each Issuer shall promptly
execute and deliver such Commitment Increase Supplement and the Administrative Agent shall deliver
a copy thereof to the Borrower and each such Lender or Eligible Assignee, as the case may be. Upon
execution and delivery of such Commitment Increase Supplement by the Administrative Agent, the
Swing Line Lender and each Issuer, (i) in the case of each such Lender increasing its Commitment
Amount (an
“
Increasing
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CHAR1\1889946v5
Lender
”
), its Commitment Amount shall be increased to the amount set forth in such Commitment
Increase Supplement, and (ii) in the case of each such Eligible Assignee providing a new Commitment
(a
“
New Lender
”
), such New Lender shall become a party hereto and have the rights and obligations
of a Lender under the Loan Documents and its Commitment shall be as set forth in such Commitment
Increase Supplement;
provided
that:
(1)immediately after giving effect thereto, the sum of all increases in the Aggregate
Commitment Amount made pursuant to this Section 2.6(d) shall not exceed $500,000,000;
(2)each such increase of the Aggregate Commitment Amount shall be in an amount not less
than $25,000,000 or such amount plus an integral multiple of $5,000,000;
provided
that an increase
may be in a lesser amount if such increase is an increase of the entire remaining amount available under
clause (1) above;
(3)no Default shall have occurred or be continuing on the effective date of the increase;
(4)the representations and warranties contained in this Agreement shall be true and correct in
all material respects with the same effect as though such representations and warranties had been made
on the effective date of such increase (
provided
that any representation and warranty that is qualified as
to “materiality”, “Material Adverse” or similar language shall be true and correct (after giving effect to
any qualification therein) in all respects on such effective date), except those which are expressly
specified to be made as of an earlier date;
(5)in the case of each New Lender, the Commitment Amount assumed by such New Lender
shall not be less than $25,000,000;
(6)if Revolving Credit Loans would be outstanding immediately after giving effect to any such
increase, then simultaneously with such increase (A) each such Increasing Lender, each such New
Lender and each other Lender shall be deemed to have entered into a master assignment and assumption,
in form and substance substantially similar to Exhibit E, pursuant to which each such other Lender shall
have assigned to each such Increasing Lender and each such New Lender a portion of its Revolving
Credit Loans necessary to reflect proportionately the Commitments as increased in accordance with this
Section 2.6(d), and (B) in connection with such assignment, each such Increasing Lender and each such
New Lender shall pay to the Administrative Agent, for the account of each such other Lender, such
amount as shall be necessary to reflect the assignment to it of such Revolving Credit Loans, and in
connection with such master assignment each such other Lender may treat the assignment of Term
SOFR Advances as a prepayment of such Term SOFR Advances for purposes of Section 3.5;
(7)each such New Lender shall have delivered to the Administrative Agent an Administrative
Questionnaire and to the Administrative Agent and the Borrower all forms, if any, that are required to
be delivered by such New Lender pursuant to Section 3.10;
(8)at least five Domestic Business Days prior to the effectiveness of such increase, if the
Borrower qualifies as a “legal entity customer” under the Beneficial
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CHAR1\1889946v5
Ownership Regulation, it shall have delivered, to each Lender that so requests, a Beneficial Ownership
Certification; and
(9)the Administrative Agent shall have received such other customary certificates, resolutions
and opinions as the Administrative Agent shall have reasonably requested.
2.7Prepayments of Loans
(a)Voluntary Prepayments. The Borrower may, in its sole and absolute discretion, prepay
Revolving Credit Loans, Competitive Bid Loans or Swing Line Loans, in whole or in part, without
premium or penalty, but subject to Section 3.5, at any time and from time to time, by notifying the
Administrative Agent (which notice shall be in a form reasonably acceptable to the Administrative
Agent) at least two Domestic Business Days, in the case of a prepayment of Term SOFR Advances,
two Domestic Business Days, in the case of a prepayment of Competitive Bid Loans, or one Domestic
Business Day, in the case of a prepayment of Swing Line Loans or ABR Advances, prior to the proposed
prepayment date specifying (i) the Loans to be prepaid, (ii) the amount to be prepaid, and (iii) the date
of prepayment. Upon receipt of each such notice, the Administrative Agent shall promptly notify each
Lender thereof. Each such notice given by the Borrower pursuant to this Section 2.7 shall be irrevocable,
provided
that, if a notice of prepayment is given in connection with a conditional notice of termination
of the Commitments, the Swing Line Commitment and the Letter of Credit Commitment as
contemplated by Section 2.6, then such notice of prepayment may be revoked if such notice of
termination is revoked in accordance with Section 2.6, and the Borrower shall indemnify the Lenders
in accordance with Section 3.5, if applicable. Each partial prepayment under this Section 2.7 shall be
(A) in the case of Term SOFR Advances, in a minimum amount of $5,000,000 or an integral multiple
of $1,000,000 in excess thereof or the entire remaining amount of Term SOFR Advances, (B) in the
case of ABR Advances, in a minimum amount of $1,000,000 or an integral multiple of $100,000 in
excess thereof or the entire remaining amount of ABR Advances, (C) in the case of Swing Line Loans,
in a minimum amount of $500,000 or an integral multiple of $100,000 in excess thereof or the entire
remaining amount of Swing Line Loans, and (D) in the case of Competitive Bid Loans, in a minimum
amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof or the entire remaining
amount of Competitive Bid Loans.
(b)In General. Simultaneously with each prepayment hereunder, the Borrower shall prepay all
accrued and unpaid interest on the amount prepaid through the date of prepayment and indemnify the
Lenders in accordance with Section 3.5, if applicable.
2.8Letter of Credit Sub-facility
(a)Subject to the terms and conditions hereof and the payment by the Borrower to each Issuer
of such fees as the Borrower and such Issuer shall have agreed in writing, each Issuer severally (and
not jointly) agrees, in reliance on the agreement of the other Lenders set forth in Section 2.9, to issue
standby or commercial letters of credit (each a
“Letter of Credit”
and, collectively, the
“Letters of
Credit”
) during the Commitment Period for the account of the Borrower;
provided
that immediately
after the issuance of each Letter of Credit (i) the Letter of Credit Exposure of all Lenders shall not
exceed the Aggregate Letter of Credit Commitment, (ii) the Aggregate Credit Exposure shall not exceed
the Aggregate Commitment Amount, (iii) the Letter of Credit Exposure of such Issuer shall not exceed
the Letter of Credit Commitment of such Issuer, and (iv) the Commercial Letter of Credit Exposure of
such Issuer shall not exceed the Commercial Letter of Credit Commitment of such Issuer. Each Letter
of Credit shall have an
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CHAR1\1889946v5
expiration date which shall be not later than, in the case of standby Letters of Credit, the earlier to occur
of one year from the date of issuance thereof or 5 days prior to the Commitment Termination Date and,
in the case of commercial Letters of Credit, the earlier to occur of 180 days from the date of issuance
thereof or 5 days prior to the Commitment Termination Date. No Letter of Credit shall be issued if the
Administrative Agent, or any Lender by notice to the Administrative Agent, and the proposed Issuer
shall have determined, no later than 3:00 P.M. one Domestic Business Day prior to the requested date
of issuance of such Letter of Credit, that the conditions set forth in Section 6 have not been satisfied or
waived.
(b)Each Letter of Credit shall be issued at the request of the Borrower in support of an obligation
of the Borrower or any Subsidiary in favor of a beneficiary who has requested the issuance of such
Letter of Credit. The Borrower shall give the Administrative Agent a Letter of Credit Request for the
issuance of each Letter of Credit by 12:00 Noon at least two Domestic Business Days prior to the
requested date of issuance. Such Letter of Credit Request shall specify (i) whether such Letter of Credit
is a standby or commercial Letter of Credit, (ii) the beneficiary of such Letter of Credit and the
obligations of the Borrower or the Subsidiary in respect of which such Letter of Credit is to be issued,
(iii) the Borrower’s proposal as to the conditions under which a drawing may be made under such Letter
of Credit and the documentation to be required in respect thereof, (iv) the maximum amount to be
available under such Letter of Credit, (v) the requested date of issuance, and (vi) the name of the
proposed Issuer thereof. Upon receipt of such Letter of Credit Request from the Borrower, the
Administrative Agent shall promptly notify the applicable Issuer and each Lender thereof. Such Issuer
shall, on the proposed date of issuance and subject to the terms and conditions of this Agreement, issue
the requested Letter of Credit;
provided
that in the event such Issuer fails to issue such Letter of Credit
or is a Defaulting Lender, any other Issuer may (in its sole and absolute discretion, and notwithstanding
that its Letter of Credit Exposure may exceed its Letter of Credit Commitment, but with (x) the consent
of the Borrower and (y) notice to the Administrative Agent) issue such Letter of Credit otherwise in
accordance with the terms hereof;
provided further
that immediately after the issuance thereof (A) the
Letter of Credit Exposure of all Lenders shall not exceed the Aggregate Letter of Credit Commitment,
and (B) the Aggregate Credit Exposure shall not exceed the Aggregate Commitment Amount. Each
Letter of Credit shall be in form and substance reasonably satisfactory to the Issuer thereof, with such
provisions with respect to the conditions under which a drawing may be made thereunder and the
documentation required in respect of such drawing as such Issuer shall reasonably require. Each Letter
of Credit shall be used solely for the purposes described therein. Each Letter of Credit Request and each
Letter of Credit shall be subject to the standard terms and conditions for letters of credit of the Issuer
thereof (each as amended, supplemented or replaced from time to time, a
“Reimbursement
Agreement”
) executed by the Borrower and delivered to such Issuer.
(c)Each payment by an Issuer of a drawing under a Letter of Credit issued thereby shall give
rise to the obligation of the Borrower to promptly (and in any event within one Domestic Business Day)
reimburse such Issuer for the amount thereof (together with any interest). Such Issuer shall promptly
notify the Borrower of such payment by such Issuer of a drawing under a Letter of Credit. In lieu of
such notice, if the Borrower has not made reimbursement prior to the end of the Domestic Business
Day following the day during which such Issuer made such payment of such drawing, the Borrower
hereby authorizes such Issuer to deduct the amount of any such reimbursement from such account(s) as
the Borrower may from time to time designate in writing to such Issuer, upon which such Issuer shall
apply the amount of such deduction to such reimbursement. If all or any portion of any Reimbursement
Obligation in respect of a Letter of Credit shall not be paid on the date that the Issuer thereof shall have
made payment of a drawing under such Letter of Credit, the amount of such Reimbursement Obligation
shall bear interest, at a rate per annum equal to the Alternate Base Rate
plus
the Applicable Margin
applicable to ABR
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CHAR1\1889946v5
Advances, from the date such Issuer made such payment of such drawing until the end of the Domestic
Business Day following the day during which such Issuer made such payment of such drawing (whether
at the stated maturity thereof, by acceleration or otherwise), and from and after such Domestic Business
Day (whether at the stated maturity thereof, by acceleration or otherwise), such Reimbursement
Obligation shall bear interest, payable upon demand, at a rate per annum equal to the Alternate Base
Rate
plus
the Applicable Margin applicable to ABR Advances
plus
2%, from such due date until paid
in full (whether before or after the entry of a judgment thereon).
(d)In the event of any conflict between the terms hereof and the terms of any Reimbursement
Agreement or Letter of Credit Application, the terms hereof shall control.
2.9Letter of Credit Participation
(a)Each Lender hereby unconditionally and irrevocably, severally (and not jointly) takes an
undivided participating interest in the obligations of each Issuer under and in connection with each
Letter of Credit issued thereby in an amount equal to such Lender’s Commitment Percentage (as in
effect from time to time) of the amount of such Letter of Credit. Each Lender shall be liable to each
Issuer for its Commitment Percentage of the unreimbursed amount of any drawing honored under each
Letter of Credit issued thereby. Each Lender shall also be liable for an amount equal to the product of
its Commitment Percentage and any amounts paid by the Borrower pursuant to Section 2.8 that are
subsequently rescinded or avoided, or must otherwise be restored or returned. Such liabilities shall be
unconditional and without regard to the occurrence of any Default or the compliance by the Borrower
with any of its obligations under the Loan Documents.
(b)Each Issuer shall promptly notify the Administrative Agent, and the Administrative Agent
shall promptly notify each Lender (which notice shall be promptly confirmed in writing), of the date
and the amount of each drawing paid under each Letter of Credit issued by such Issuer with respect to
which full reimbursement payment shall not have been made by the Borrower as provided in Section
2.8(c), and forthwith upon receipt of such notice, such Lender shall promptly make available to the
Administrative Agent for the account of such Issuer its Commitment Percentage of the amount of such
unreimbursed drawing at the office of the Administrative Agent specified in Section 11.2 in Dollars and
in immediately available funds. The Administrative Agent shall distribute the payments made by each
Lender pursuant to the immediately preceding sentence to such Issuer promptly upon receipt thereof in
like funds as received. Each Lender shall indemnify and hold harmless the Administrative Agent and
each Issuer from and against any and all losses, liabilities (including liabilities for penalties), actions,
suits, judgments, demands, costs and expenses (including, without limitation, reasonable attorneys’ fees
and expenses) resulting from any failure on the part of such Lender to provide, or from any delay in
providing, the Administrative Agent with such Lender’s Commitment Percentage of the amount of any
payment made by such Issuer under a Letter of Credit issued by such Issuer in accordance with this
clause (b) (except in respect of losses, liabilities or other obligations suffered by the Administrative
Agent or such Issuer, as the case may be, resulting from the gross negligence or willful misconduct of
the Administrative Agent or such Issuer, as the case may be). If a Lender does not make available to
the Administrative Agent when due an amount equal to such Lender’s Commitment Percentage of any
unreimbursed payment made by an Issuer under a Letter of Credit issued thereby, such Lender shall be
required to pay interest to the Administrative Agent for the account of such Issuer on the unpaid portion
of such amount at a rate of interest per annum equal to (i) from the date such Lender should have made
such amount available until the third day therefrom, the Federal Funds Effective Rate, and (ii) thereafter,
the Federal Funds Effective Rate
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CHAR1\1889946v5
plus
2%, in each case payable upon demand by such Issuer. The Administrative Agent shall distribute
such interest payments to such Issuer upon receipt thereof in like funds as received.
(c)Whenever the Administrative Agent is reimbursed by the Borrower, for the account of an
Issuer, for any payment under a Letter of Credit issued thereby and such payment relates to an amount
previously paid by a Lender in respect of its Commitment Percentage of the amount of such payment
under such Letter of Credit, the Administrative Agent (or such Issuer, if such payment by a Lender was
paid by the Administrative Agent to such Issuer) will promptly pay over such payment to such Lender.
2.10Absolute Obligation with respect to Letter of Credit Payments
The Borrower’s obligation to reimburse the Administrative Agent for the account of an Issuer
for each payment under or in respect of each Letter of Credit issued thereby shall be absolute and
unconditional under any and all circumstances and irrespective of any set-off, counterclaim or defense
to payment which the Borrower may have or have had against the beneficiary of such Letter of Credit,
the Administrative Agent, such Issuer, the Swing Line Lender, any Lender or any other Person,
including, without limitation, any defense based on the failure of any drawing to conform to the terms
of such Letter of Credit, any drawing document proving to be forged, fraudulent or invalid, or the
legality, validity, regularity or enforceability of such Letter of Credit;
provided
that, with respect to any
Letter of Credit, the foregoing shall not relieve the Issuer thereof of any liability it may have to the
Borrower for any actual damages sustained by the Borrower arising from a wrongful payment (or failure
to pay) under such Letter of Credit made as a result of such Issuer’s gross negligence or willful
misconduct.
2.11Notes
Any Lender may request that the Loans made by it be evidenced by a Note. In such event, the
Borrower shall prepare, execute and deliver to such Lender a Note payable to such Person or, if
requested by such Person, such Person and its registered assigns.
2.12Extension of Commitment Termination Date
(a)Request for Extension. The Borrower may, in its sole and absolute discretion, by notice to
the Administrative Agent (which shall promptly notify the Lenders) not more than 90 days and not less
than 30 days prior to each of the first, second, third, fourth, fifth and, if the Borrower shall have
exercised one such right to extend the Commitment Termination Date, sixth anniversary of the Effective
Date (each such anniversary date, an
“
Extension Date
”
), request (each, an
“
Extension Request
”
) that
the Lenders extend the Commitment Termination Date then in effect (the
“
Existing Commitment
Termination Date
”
) for an additional one-year period,
provided
that the Borrower may only effect two
such extensions of the Commitment Termination Date. Each Lender, acting in its sole discretion, shall,
by notice to the Borrower and the Administrative Agent given not later than the 20th day (or such later
day as shall be acceptable to the Borrower) following the date of the Borrower’s notice, advise the
Borrower and the Administrative Agent whether or not such Lender agrees to such extension;
provided
that any Lender (which includes each Issuer and the Swing Line Lender) that does not so advise the
Borrower and the Administrative Agent shall be deemed to have rejected such Extension Request. The
election of any Lender to agree to such extension shall not obligate any other Lender to so agree.
(b)Replacement of Non-Extending Lenders. The Borrower shall have the right at any time on
or prior to the relevant Extension Date to replace any Lender which has not consented to the Extension
Request (each, a
“Non-Extending Lender”
) pursuant to Section 3.13.
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CHAR1\1889946v5
(c)Conditions to Effectiveness of Extension. Notwithstanding anything in this Agreement to
the contrary, the extension of the Existing Commitment Termination Date on any Extension Date shall
not be effective unless, immediately before and immediately after giving effect to such extension on
such Extension Date: (i) no Default shall have occurred and be continuing on such Extension Date and
the representations and warranties contained in this Agreement shall be true and correct in all material
respects with the same effect as though such representations and warranties had been made on such
Extension Date (
provided
that any representation and warranty that is qualified as to “materiality”,
“Material Adverse” or similar language shall be true and correct (after giving effect to any qualification
therein) in all respects on such Extension Date), except those which are expressly specified to be made
as of an earlier date, and the Administrative Agent shall have received a certificate, in form and
substance reasonably satisfactory to the Administrative Agent, to such effect from an Authorized
Officer of the Borrower (or such other financial officer reasonably acceptable to the Administrative
Agent), and (ii) the Administrative Agent shall have received such other customary certificates,
resolutions and opinions as the Administrative Agent may reasonably request.
(d)Effectiveness of Extension. If (and only if) the conditions specified in Section 2.12(c) shall
have been satisfied or waived with respect to the extension of the Existing Commitment Termination
Date on the applicable Extension Date, then, effective as of such Extension Date, the Commitment
Termination Date, with respect to the Commitment of each Lender that has agreed to so extend its
Commitment and of each Replacement Lender that has assumed a Commitment of a Non-Extending
Lender in connection with such Extension Request, shall be extended to the date falling one year after
the Existing Commitment Termination Date (or, if such date is not a Domestic Business Day, the
immediately preceding Domestic Business Day), and each such Replacement Lender shall thereupon
become a “Lender” for all purposes of this Agreement. Notwithstanding anything herein to the contrary,
(i) with respect to any portion of the Commitment of any Non-Extending Lender that has not been fully
assumed by one or more Replacement Lenders, the Commitment Termination Date for such Lender
with respect to such non-assumed portion of its Commitment shall remain unchanged, and (ii) with
respect to any Loans of such Lender that have not been purchased by one or more Replacement Lenders,
the applicable maturity date with respect to such non-purchased Loans shall remain unchanged and shall
be repayable by the Borrower on such applicable maturity date without there being any requirement
that any such repayment be shared with other Lenders. In addition, on the Extension Date, the Borrower
agrees to pay all accrued and unpaid interest, fees and other amounts then due under this Agreement
from the Borrower to each Lender consenting to the Extension Request, each Non-Extending Lender
and each Replacement Lender. Solely for the purpose of calculating break funding payments under
Section 3.5, the assignment by any Non-Extending Lender of any Term SOFR Advance prior to the last
day of the Interest Period applicable thereto in accordance with this Section 2.12 shall be deemed to
constitute a prepayment by the Borrower of such Term SOFR Advance.
2.13Defaulting Lenders
Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a
Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting
Lender:
(a)Facility Fees shall cease to accrue, and shall not be payable, on the unfunded portion of the
Commitment of such Defaulting Lender pursuant to Section 3.11;
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CHAR1\1889946v5
(b)the Commitment and Credit Exposure of such Defaulting Lender shall not be included in
determining whether all Lenders or the Required Lenders have taken or may take any action hereunder
(including any consent to any amendment or waiver pursuant to Section 11.1);
provided
that,
notwithstanding the foregoing, any waiver, amendment or modification with respect to the following
shall require the consent of such Defaulting Lender: (i) any waiver, amendment or modification
requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender in a
manner that is materially adverse in comparison to the other affected Lenders, (ii) any waiver,
amendment or modification increasing the Commitment of such Defaulting Lender, (iii) any waiver,
amendment or modification extending the Commitment Period with respect to such Defaulting Lender,
(iv) any waiver, amendment or modification reducing the principal amount owed under the Loan
Documents to such Defaulting Lender (other than by payment thereof), or (v) any waiver, amendment
or modification extending the final maturity of sums owed to such Defaulting Lender, or (vi) a
modification of this Section 2.13(b);
(c)if any Swing Line Exposure or Letter of Credit Exposure exists at the time a Lender becomes
a Defaulting Lender then:
(1)all or any part of such Defaulting Lender’s Swing Line Exposure and Letter of Credit
Exposure shall be reallocated among the non-Defaulting Lenders in accordance with their respective
Commitment Percentages but only to the extent that (A) the sum of all non-Defaulting Lenders’
Committed Credit Exposures plus, without duplication, the amount of such Defaulting Lender’s Swing
Line Exposure and Letter of Credit Exposure reallocated to such non-Defaulting Lenders, does not
exceed the total of all non-Defaulting Lenders’ Commitments and (B) with respect to each non-
Defaulting Lender, the sum of such non-Defaulting Lender’s Committed Credit Exposure plus, without
duplication, the amount of such Defaulting Lender’s Swing Line Exposure and Letter of Credit
Exposure reallocated to such non-Defaulting Lender, does not exceed such non-Defaulting Lender’s
Commitment;
(2)if the reallocation described in clause (1) above cannot, or can only partially, be effected, the
Borrower shall within one Domestic Business Day following notice by the Administrative Agent (A)
first, prepay such Swing Line Exposure and (B) second, cash collateralize such Defaulting Lender’s
Letter of Credit Exposure (after giving effect to any partial reallocation pursuant to clause (1) above) in
a manner reasonably satisfactory to the Administrative Agent and the Issuers of the Letters of Credit of
which shall be outstanding at such time for so long as such Letter of Credit Exposure is outstanding;
(3)if the Borrower cash collateralizes any portion of such Defaulting Lender’s Letter of Credit
Exposure pursuant to this Section 2.13(c), the Borrower shall not be required to pay any Letter of Credit
Participation Fees to such Defaulting Lender pursuant to Section 3.12 with respect to such Defaulting
Lender’s Letter of Credit Exposure during the period such Defaulting Lender’s Letter of Credit
Exposure is cash collateralized; and
(4)if the Swing Line Exposure or Letter of Credit Exposure of such Defaulting Lender is
reallocated pursuant to this Section 2.13(c), then the fees payable to the Lenders pursuant to Section
3.11 and Section 3.12 shall be adjusted to give effect to such reallocation, and the Administrative Agent
shall promptly notify the Lenders of any reallocation described in this Section 2.13(c);
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CHAR1\1889946v5
(d)so long as any Lender is a Defaulting Lender, the Swing Line Lender shall not be required
to fund any Swing Line Loan and no Issuer shall be required to issue, amend, extend or increase any
Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the
Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower
in accordance with Section 2.13(c), and participating interests in any such newly issued, amended,
extended or increased Letter of Credit or newly funded Swing Line Loan shall be allocated among non-
Defaulting Lenders in a manner consistent with Section 2.13(c)(1) (and Defaulting Lenders shall not
participate therein);
(e)any amount payable to such Defaulting Lender hereunder (whether on account of principal,
interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting
Lender pursuant to Section 11.9 but excluding Section 3.13 and other than any amount constituting
Facilities Fees or Letter of Credit Participation Fees which are not payable to such Defaulting Lender
in accordance with Sections 2.13(a) and 2.13(c)(3)) shall, in lieu of being distributed to such Defaulting
Lender, be retained by the Administrative Agent in a segregated account and, subject to any applicable
requirements of law, be applied at such time or times as may be determined by the Administrative Agent
(i) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent
hereunder, (ii) second, pro rata, to the payment of any amounts owing by such Defaulting Lender to the
Issuers and the Swing Line Lender hereunder, (iii) third, if so determined by the Administrative Agent
and the Borrower or if requested by any Issuer or the Swing Line Lender, held in such account as cash
collateral for future funding obligations of the Defaulting Lender in respect of any existing or future
participating interest in any Swing Line Loan or Letter of Credit, (iv) fourth, to the funding of any
Revolving Credit Loan (including any Mandatory Borrowing) 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, (v) fifth, if so determined by the Administrative Agent and the Borrower, held
in such account as cash collateral for future funding obligations of the Defaulting Lender in respect of
any Revolving Credit Loans (including any Mandatory Borrowings) under this Agreement, (vi) sixth,
to the payment of any amounts owing to the Lenders, the Issuers or the Swing Line Lender as a result
of any final and non-appealable judgment of a court of competent jurisdiction obtained by any Lender,
any Issuer or the Swing Line Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement, (vii) seventh, to the payment of any amounts
owing to the Borrower as a result of any final and non-appealable 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 (viii) eighth, to such Defaulting Lender or
as otherwise directed by a court of competent jurisdiction;
provided
that if such payment is (x) a
prepayment of the principal amount of any Revolving Credit Loan (including any Mandatory
Borrowing) or Reimbursement Obligations in respect of drawings under Letters of Credit paid by an
Issuer with respect to which a Defaulting Lender has funded its participation obligations and (y) made
at a time when the conditions set forth in Section 6 are satisfied or waived, such payment shall be
applied solely to prepay the Revolving Credit Loans (including Mandatory Borrowings) of, and
Reimbursement Obligations owed to, all non-Defaulting Lenders pro rata prior to being applied to the
prepayment of any Loans, or Reimbursement Obligations owed to, any Defaulting Lender;
(f)the Borrower shall have the right at any time during which a Lender is a Defaulting Lender
to replace such Defaulting Lender pursuant to Section 3.13; and
(g)subject to Section 11.22, no reallocation pursuant to Section 2.13(c) shall constitute a waiver
or release of any claim of any party hereunder against a Defaulting Lender
36
CHAR1\1889946v5
arising from a 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.
2.14 ESG Adjustments
(a)The Borrower, in consultation with the Sustainability Coordinator, shall be entitled, in its
sole discretion, to establish specified key performance indicators (“KPIs”) with respect to certain
environmental, social and governance (“ESG”) targets of the Borrower and its Subsidiaries. The
Sustainability Coordinator and the Borrower, with the consent of the Required Lenders, may amend
this Agreement (such amendment, an “ESG Amendment”) solely for the purpose of incorporating the
KPIs and other related provisions (the “ESG Pricing Provisions”) into this Agreement. Upon the
effectiveness of any such ESG Amendment, based on the Borrower’s performance against the KPIs,
certain adjustments (increase, decrease or no adjustment) (such adjustments, the “ESG Applicable
Margin Adjustments”) to the otherwise applicable Applicable Margin for Term SOFR Advances, ABR
Advances, Letter of Credit Participation Fees, and the Facility Fee may be made; provided, that the
amount of such adjustments shall not exceed (i) in the case of the Applicable Margin for the Facility
Fee, an increase and/or decrease of 0.005% for any one KPI, or 0.01% in the aggregate for all KPIs and
(ii) in the case of the Applicable Margin for Term SOFR Advances, ABR Advances, and Letter of
Credit Participation Fees, an increase and/or decrease of 0.02% for any one KPI, or 0.04% in the
aggregate for all KPIs; provided, that, in no event shall the Applicable Margin for Term SOFR
Advances, ABR Advances, Letter of Credit Participation Fees, or the Facility Fee be less than zero. The
KPIs, the Borrower’s performance against the KPIs, and any related ESG Applicable Margin
Adjustments resulting therefrom, will be determined based on certain certificates, reports and other
documents, in each case, setting forth the calculation and measurement of the KPIs in a manner that is
aligned with the Sustainability Linked Loan Principles and to be mutually agreed between the Borrower
and the Sustainability Coordinator (each acting reasonably). Following the effectiveness of an ESG
Amendment, any modification to the ESG Pricing Provisions shall be subject only to the consent of the
Required Lenders so long as such modification does not have the effect of reducing the Applicable
Margin for Term SOFR Advances, ABR Advances, Letter of Credit Participation Fees, or the Facility
Fee to a level not otherwise permitted by this Section 2.14(a).
(b)The Sustainability Coordinator will (i) assist the Borrower in determining the ESG Pricing
Provisions in connection with the ESG Amendment and (ii) assist the Borrower in preparing
informational materials focused on ESG to be used in connection with the ESG Amendment.
(c)This Section 2.14 shall supersede any provisions in Section 11.1 to the contrary.
3.PROCEEDS, PAYMENTS, CONVERSIONS, INTEREST, YIELD PROTECTION AND FEES
3.1Disbursement of the Proceeds of the Loans
The Administrative Agent shall disburse the proceeds of the Loans (other than the Swing Line
Loans) at its office specified in Section 11.2 by crediting to the Borrower’s general deposit account
with the Administrative Agent the funds received from each Lender. Unless the Administrative Agent
shall have received prior notice from a Lender (by telephone or otherwise, such notice to be confirmed
by fax, email or other writing) that such Lender will not make available to the Administrative Agent
such Lender’s Commitment Percentage of the Revolving Credit Loans, or the amount of any
Competitive Bid Loan, to be made by it on a Borrowing Date, the Administrative Agent may assume
that such Lender has made such amount available to the Administrative Agent on such Borrowing Date
in accordance with this Section 3.1;
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CHAR1\1889946v5
provided
that, in the case of a Revolving Credit Loan, such Lender received notice thereof from the
Administrative Agent in accordance with the terms hereof, and the Administrative Agent may, in
reliance upon such assumption, make available to the Borrower on such Borrowing Date a
corresponding amount. If and to the extent that such Lender shall not have so made such amount
available to the Administrative Agent, such Lender and the Borrower severally agree to pay to the
Administrative Agent, forthwith on demand, such corresponding amount (to the extent not previously
paid by the other), together with interest thereon for each day from the date such amount is made
available to the Borrower until the date such amount is paid to the Administrative Agent, at a rate per
annum equal to, in the case of the Borrower, the applicable interest rate set forth in Section 3.4(a) and,
in the case of such Lender, the Federal Funds Effective Rate from the date such payment is due until
the third day after such date and, thereafter, at the Federal Funds Effective Rate
plus
2%. Any such
payment by the Borrower shall be without prejudice to its rights against such Lender. If such Lender
shall pay to the Administrative Agent such corresponding amount, such amount so paid shall constitute
such Lender’s Loan as part of such Loans for purposes of this Agreement, which Loan shall be deemed
to have been made by such Lender on the Borrowing Date applicable to such Loans.
3.2Payments
(a)Each payment, including each prepayment, of principal and interest on the Loans and of the
Facility Fee and the Letter of Credit Participation Fee (collectively, together with all of the other fees
to be paid to the Administrative Agent, the Lenders, the Issuers and the Swing Line Lender in
connection with, and pursuant to the terms of, the Loan Documents, the
“Fees”
), and of all of the other
amounts to be paid to the Administrative Agent and the Lenders in connection with, and pursuant to the
terms of, the Loan Documents (other than amounts payable to a Lender under Section 3.5, Section 3.6,
Section 3.10, Section 11.5 and Section 11.10) shall be made by the Borrower to the Administrative
Agent at its office specified in Section 11.2 without condition, recoupment, defense, setoff, deduction
or counterclaim in funds immediately available in New York by 3:00 P.M. on the due date for such
payment. The failure of the Borrower to make any such payment by such time shall not constitute a
default hereunder;
provided
that such payment is made on such due date, but any such payment made
after 3:00 P.M. on such due date shall be deemed to have been made on the next Domestic Business
Day for the purpose of calculating interest on amounts outstanding on the Loans. If the Borrower has
not made any such payment prior to 3:00 P.M., the Borrower hereby authorizes the Administrative
Agent to deduct the amount of any such payment from such account(s) as the Borrower may from time
to time designate in writing to the Administrative Agent, upon which the Administrative Agent shall
apply the amount of such deduction to such payment. Promptly upon receipt thereof by the
Administrative Agent, each payment of principal and interest on the: (i) Revolving Credit Loans shall
be remitted by the Administrative Agent in like funds as received to each Lender (a) first, pro rata
according to the amount of interest which is then due and payable to the Lenders, and (b) second, pro
rata according to the amount of principal which is then due and payable to the Lenders, (ii) Competitive
Bid Loans shall be remitted by the Administrative Agent in like funds as received to each applicable
Lender and (iii) Swing Line Loans shall be remitted by the Administrative Agent in like funds as
received to the Swing Line Lender. Each payment of the Facility Fee and the Letter of Credit
Participation Fee payable to the Lenders shall be promptly transmitted by the Administrative Agent in
like funds as received to each Lender pro rata according to such Lender’s Commitment Amount or, if
the Commitments shall have terminated or been terminated, according to the outstanding principal
amount of such Lender’s Revolving Credit Loans.
(b)If any payment hereunder or under the Loans shall be due and payable on a day which is not
a Domestic Business Day the due date thereof (except as otherwise provided in the definition of Term
SOFR Interest Period or Competitive Interest Period) shall be extended to the
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CHAR1\1889946v5
next Domestic Business Day and (except with respect to payments in respect of the Facility Fee and the
Letter of Credit Participation Fee) interest shall be payable at the applicable rate specified herein during
such extension.
(c)Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for the account of the Lenders or any of
the 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 applicable Lenders or the applicable Issuers, as the case
may be, the amount due. With respect to
any payment that
the Administrative Agent makes for the
account of the Lenders or any of the Issuers hereunder as to which the Administrative Agent determines
(which determination shall be conclusive absent manifest error) that any of the following applies (such
payment referred to as the “
Rescindable Amount
”): (1) the Borrower has not in fact made such
payment; (2) the Administrative Agent has made a payment in excess of the amount so paid by the
Borrower (whether or not then owed); or (3) the Administrative Agent has for any reason otherwise
erroneously made such payment; then each of the Lenders or the applicable Issuers, as the case may be,
severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount so
distributed to such Lender or such 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 Effective Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank compensation.
3.3Conversions; Other Matters
(a)The Borrower may elect at any time and from time to time to Convert one or more Term
SOFR Advances to an ABR Advance by giving the Administrative Agent at least one Domestic
Business Day’s prior irrevocable notice of such election (in the form of a Borrowing Request),
specifying the amount to be so Converted. In addition, the Borrower may elect at any time and from
time to time to Convert an ABR Advance to any one or more new Term SOFR Advances or to Convert
any one or more existing Term SOFR Advances to any one or more new Term SOFR Advances by
giving the Administrative Agent no later than 10:00 A.M. at least two Domestic Business Days’ prior
irrevocable notice of such election (in the form of a Borrowing Request), specifying the amount to be
so Converted and the initial Interest Period relating thereto;
provided
that any Conversion of an ABR
Advance to an Term SOFR Advance shall only be made on a Domestic Business Day;
provided
,
further
that, notwithstanding the foregoing, a Borrowing Request for a Conversion delivered by the Borrower
may state that such Borrowing Request is conditioned upon the effectiveness of other credit facilities
or transactions (such Borrowing Request to specify the proposed effective date), in which case such
Borrowing Request may be revoked by the Borrower (by notice to the Administrative Agent prior to
the day specified for such Conversion in such Borrowing Request) if such condition is not satisfied and
the Borrower shall indemnify the Lenders in accordance with Section 3.5, if applicable. The
Administrative Agent shall promptly provide the Lenders with notice of each such election. Each
Conversion of Loans shall be made pro rata according to the outstanding principal amount of the Loans
of each Lender. ABR Advances and Term SOFR Advances may be Converted pursuant to this Section
3.3 in whole or in part;
provided
that the amount to be Converted to each Term SOFR Advance, when
aggregated with any Term SOFR Advance to be made on such date in accordance with Section 2.1 and
having the same Interest Period as such first Term SOFR Advance, shall equal no less than $10,000,000
or an integral multiple of $1,000,000 in excess thereof or the entire remaining amount of the Term
SOFR Advances.
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CHAR1\1889946v5
(b)Notwithstanding anything in this Agreement to the contrary, the Borrower shall not have the
right to elect to Convert any existing ABR Advance to a Term SOFR Advance or to Convert any
existing Term SOFR Advance to a new Term SOFR Advance if (i) a Default or an Event of Default
under Section 9.1(a), Section 9.1(b), Section 9.1(h), Section 9.1(i) or Section 9.1(j) shall then exist, or
(ii) any other Event of Default shall then exist and the Administrative Agent shall have notified the
Borrower at the request of the Required Lenders that no ABR Advance or Term SOFR Advance may
be Converted to a new Term SOFR Advance. In such event, such ABR Advance shall be automatically
continued as an ABR Advance or such Term SOFR Advance shall be automatically Converted to an
ABR Advance on the last day of the Interest Period applicable to such Term SOFR Advance. The
foregoing shall not affect any other rights or remedies that the Administrative Agent or any Lender may
have under this Agreement or any other Loan Document.
(c)Each Conversion shall be effected by each Lender by applying the proceeds of each new
ABR Advance or Term SOFR Advance, as the case may be, to the existing ABR Advance or Term
SOFR Advance (or portion thereof) being Converted (it being understood that such Conversion shall
not constitute a borrowing for purposes of Section 4 or Section 6).
(d)Notwithstanding any other provision of any Loan Document:
(1)if the Borrower shall have failed to elect a Term SOFR Advance under Section 2.3 or this
Section 3.3, as the case may be, in connection with any borrowing of new Revolving Credit Loans or
expiration of an Interest Period with respect to any existing Term SOFR Advance, the amount of the
Revolving Credit Loans subject to such borrowing or such existing Term SOFR Advance shall
thereafter be an ABR Advance until such time, if any, as the Borrower shall elect a new Term SOFR
Advance pursuant to this Section 3.3,
(2)the Borrower shall not be permitted to select a Term SOFR Advance the Interest Period in
respect of which ends later than the Commitment Termination Date or such earlier date upon which all
of the Commitments shall have been terminated in accordance with Section 2.6, and
(3)the Borrower shall not be permitted to have more than (x)
15 Term SOFR Advances and (y)
15 Competitive Bid Loans outstanding at any one time; it being understood and agreed that each
borrowing of Term SOFR Advances or Competitive Bid Loans pursuant to a single Borrowing Request
or Competitive Bid Request, as the case may be, shall constitute the making of one Term SOFR
Advance or Competitive Bid Loan for the purpose of calculating such limitation.
3.4Interest Rates and Payment Dates.
(a)Prior to Maturity. Except as otherwise provided in Section 3.4(b) and Section 3.4(c), the
Loans shall bear interest on the unpaid principal balance thereof at the applicable interest rate or rates
per annum set forth below:
LOANS
RATE
Revolving Credit Loans constituting
ABR Advances
Alternate Base Rate
plus
the Applicable Margin.
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CHAR1\1889946v5
Revolving Credit Loans constituting
Term SOFR Advances
Term SOFR applicable thereto
plus
the Applicable Margin.
Competitive Bid Loans
Fixed rate of interest applicable thereto accepted by the
Borrower pursuant to Section 2.4(d).
Swing Line Loans
Negotiated Rate applicable thereto as provided in Section
2.2(a) (or if not available, the Term SOFR Daily Floating Rate
plus
the Applicable Margin).
(b)Late Payment Rate. Any payment of principal or interest on the Loans, Fees or other amounts
payable by the Borrower under the Loan Documents not paid on the date when due and payable shall,
after the occurrence and during the continuance of an Event of Default pursuant to Section 9.1(a), 9.1(b),
9.1(h), 9.1(i) or 9.1(j), bear interest, in the case of principal or interest on a Loan, at the applicable
interest rate on such Loan
plus
2% per annum and, in the case of any Fees or other amounts, at the
Alternate Base Rate
plus
the Applicable Margin
plus
2% per annum, in each case from the due date
thereof until the date such payment is made (whether before or after the entry of any judgment thereon).
(c)Highest Lawful Rate. Notwithstanding anything to the contrary contained in this Agreement,
at no time shall the interest rate payable to any Lender on any of its Loans, together with the Fees and
all other amounts payable hereunder to such Lender to the extent the same constitute or are deemed to
constitute interest, exceed the Highest Lawful Rate. If, in respect of any period during the term of this
Agreement, any amount paid to any Lender hereunder, to the extent the same shall (but for the
provisions of this Section 3.4) constitute or be deemed to constitute interest, would exceed the maximum
amount of interest permitted by the Highest Lawful Rate during such period (such amount being
hereinafter referred to as an
“Unqualified Amount”
), then (i) such Unqualified Amount shall be applied
or shall be deemed to have been applied as a prepayment of the Loans of such Lender, and (ii) if, in any
subsequent period during the term of this Agreement, all amounts payable hereunder to such Lender in
respect of such period which constitute or shall be deemed to constitute interest shall be less than the
maximum amount of interest permitted by the Highest Lawful Rate during such period, then the
Borrower shall pay to such Lender in respect of such period an amount (each a
“Compensatory Interest
Payment”
) equal to the lesser of (x) a sum which, when added to all such amounts, would equal the
maximum amount of interest permitted by the Highest Lawful Rate during such period, and (y) an
amount equal to the aggregate sum of all Unqualified Amounts
less
all other Compensatory Interest
Payments.
(d)General. Interest shall be payable in arrears on each Interest Payment Date, on the
Commitment Termination Date, to the extent provided in Section 2.7(b), upon each prepayment of the
Loans and, to the extent provided in Section 2.12(d), on the Extension Date. Any change in the interest
rate on the Loans resulting from an increase or a decrease in the Alternate Base Rate or any reserve
requirement shall become effective as of the opening of business on the day on which such change shall
become effective. Each determination by the Administrative Agent of the Alternate Base Rate, Term
SOFR and the Competitive Bid Rate pursuant to this Agreement shall be conclusive and binding on the
Borrower absent manifest error. The Borrower acknowledges that to the extent interest payable on the
Loans is based on the Alternate Base Rate, such rate is only one of the bases for computing interest on
loans made by the Lenders, and by basing interest payable on ABR Advances on the Alternate Base
Rate, the Lenders have not committed to charge, and the Borrower has not in any way bargained for,
interest based on a lower or the lowest rate at which the Lenders may now or in the future make
extensions of credit to other Persons. All interest (other
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CHAR1\1889946v5
than interest calculated with reference to the Alternate Base Rate) shall be calculated on the basis of a
360-day year for the actual number of days elapsed, and all interest determined with reference to the
Alternate Base Rate shall be calculated on the basis of a 365/366-day year for the actual number of days
elapsed.
(e)No Warranty
.
The Administrative Agent does not warrant, nor accept responsibility for, nor
shall the Administrative Agent have any liability with respect to, the administration, submission or any
other matter related to any reference rate referred to herein or with respect to any rate (including, for
the avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an
alternative or replacement for or successor to any such rate (including, without limitation, any Successor
Rate) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any
Conforming Changes;
provided
that the foregoing shall not apply to any liability arising out of the bad
faith, willful misconduct or gross negligence of the Administrative Agent. The Administrative Agent
and its affiliates or other related entities may engage in transactions or other activities that affect any
reference rate referred to herein, or any alternative, successor or replacement rate (including, without
limitation, any Successor Rate) (or any component of any of the foregoing) or any related spread or
other adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent
may select information sources or services in its reasonable discretion to ascertain any reference rate
referred to herein or any alternative, successor or replacement rate (including, without limitation, any
Successor Rate)
(
or any component of any of the foregoing), in each case pursuant to the terms of this
Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for
damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages,
costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for
any error or other action or omission related to or affecting the selection, determination, or calculation
of any rate (or component thereof) provided by any such information source or service; provided that
the foregoing shall not apply to any liability arising out of the bad faith, willful misconduct or gross
negligence of the Administrative Agent.
3.5Indemnification for Loss
Notwithstanding anything contained herein to the contrary, if: (i) the Borrower shall fail to
borrow a Term SOFR Advance or if the Borrower shall fail to Convert all or any portion of any
Revolving Credit Loan constituting an ABR Advance to a Term SOFR Advance after it shall have given
notice to do so in which it shall have requested a Term SOFR Advance pursuant to Section 2.3 or
Section 3.3, as the case may be, (ii) the Borrower shall fail to borrow a Competitive Bid Loan after it
shall have accepted any offer with respect thereto in accordance with Section 2.4, (iii) a Term SOFR
Advance or Competitive Bid Loan shall be terminated for any reason prior to the last day of the Interest
Period applicable thereto, (iv) any repayment or prepayment of the principal amount of a Term SOFR
Advance or Competitive Bid Loan is made for any reason on a date which is prior to the last day of the
Interest Period applicable thereto, (v) the Borrower shall have revoked a notice of prepayment or notice
of termination of the Commitments and the Letter of Credit Commitment that was conditioned upon
the effectiveness of other credit facilities or transactions pursuant to Section 2.6 or Section 2.7, or (vi)
a Term SOFR Advance is assigned other than on the last day of the Interest Period applicable thereto
as a result of an increase in the Aggregate Commitment Amount pursuant to Section 2.6(d) or a
replacement of a Lender pursuant to clause (x) or (z) of Section 3.13, then the Borrower agrees to
indemnify each Lender against, and to pay on demand directly to such Lender the amount (calculated
by such Lender using any method chosen by such Lender which is customarily used by such Lender for
such purpose for borrowers similar to the Borrower) equal to any loss or expense suffered by such
Lender as a result of such failure to borrow or Convert, or such termination, repayment, prepayment or
revocation, including any loss, cost or expense suffered by such Lender in liquidating or employing
deposits acquired to fund or maintain the funding of such Term SOFR Advance or Competitive
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CHAR1\1889946v5
Bid Loan, as the case may be, or redeploying funds prepaid or repaid, in amounts which correspond to
such Term SOFR Advance or Competitive Bid Loan, as the case may be, and any reasonable internal
processing charge customarily charged by such Lender in connection therewith for borrowers similar
to the Borrower.
3.6Reimbursement for Costs, Etc
.
If at any time or from time to time there shall occur a Regulatory Change and any Issuer or any
Lender shall have reasonably determined that such Regulatory Change (i) shall have had or will
thereafter have the effect of reducing (A) the rate of return on such Issuer’s or such Lender’s capital or
liquidity or the capital or liquidity of any Person directly or indirectly owning or controlling such Issuer
or such Lender (each a
“Control Person”
), or (B) the asset value (for capital or liquidity purposes) to
such Issuer, such Lender or such Control Person, as applicable, of the Reimbursement Obligations, or
any participation therein, or the Loans, or any participation therein, in any case to a level below that
which such Issuer, such Lender or such Control Person could have achieved or would thereafter be able
to achieve but for such Regulatory Change (after taking into account such Issuer’s, such Lender’s or
such Control Person’s policies regarding capital or liquidity), (ii) will impose, modify or deem
applicable any reserve, asset, special deposit or special assessment requirements on Term SOFR
Advances, or (iii) will subject such Issuer, such Lender or such Control Person, as applicable, to any
tax (documentary, stamp or otherwise) with respect to this Agreement, any Note, any Reimbursement
Agreement or any other Loan Document (except, in the case of clause (iii) above, for any Indemnified
Taxes, Excluded Taxes or Other Taxes), then, in each such case, within ten days after demand by such
Issuer or such Lender, as applicable, the Borrower shall pay directly to such Issuer, such Lender or such
Control Person, as the case may be, such additional amount or amounts as shall be sufficient to
compensate such Issuer, such Lender or such Control Person, as the case may be, for any such reduction,
reserve or other requirement, tax, loss, cost or expense (excluding general administrative and overhead
costs) (collectively,
“Costs”
) attributable to such Issuer’s, such Lender’s or such Control Person’s
compliance during the term hereof with such Regulatory Change, but only if such Costs are generally
applicable to (and for which reimbursement is generally being sought by such Issuer, such Lender or
such Control Person, as applicable, in respect of) credit transactions similar to this transaction from
similarly situated borrowers (which are parties to credit or loan documentation containing a provision
similar to this Section 3.6), as determined by such Issuer or such Lender, as applicable, in its reasonable
discretion. Each Issuer and each Lender may make multiple requests for compensation under this
Section 3.6.
Notwithstanding the foregoing, the Borrower will not be required to compensate any Issuer or
any Lender for any Costs under this Section 3.6 arising prior to 45 days preceding the date of demand,
unless the applicable Regulatory Change giving rise to such Costs is imposed retroactively in which
case the 45- day period referred to above shall be extended to include the period of retroactive effect
thereof. In the case of retroactivity, such notice shall be provided to the Borrower not later than 45 days
from the date that such Issuer or such Lender learned of such Regulatory Change. The Borrower’s
obligation to compensate such Issuer or such Lender shall be contingent upon the provision of such
timely notice (but any failure by such Issuer or such Lender to provide such timely notice shall not
affect the Borrower’s obligations with respect to (i) Costs incurred from the date as of which such
Regulatory Change became effective to the date that is 45 days after the date such Issuer or such Lender
reasonably should have learned of such Regulatory Change and (ii) Costs incurred following the
provision of such notice).
3.7Illegality of Funding
Notwithstanding any other provision hereof, if any Lender shall reasonably determine that any
law, regulation, treaty or directive, or any change therein or in the interpretation or application thereof,
shall make it unlawful for such Lender to make or maintain Loans whose interest rates are based upon
SOFR or Term SOFR, such Lender shall promptly notify the Borrower and the Administrative Agent
thereof, and
43
CHAR1\1889946v5
(a) the commitment of such Lender to make such Term SOFR Advances or to Convert ABR Advances
to Term SOFR Advances shall forthwith be suspended, (b) such Lender shall fund its portion of each
requested Term SOFR Advance as an ABR Advance, (c) such Lender’s Loans then outstanding as such
Term SOFR Advances, if any, shall be Converted automatically to an ABR Advance on the last day of
the then-current Interest Period applicable thereto or at such earlier time as may be required and (d) if
such notice asserts the illegality of such Lender making or maintaining ABR Advances the interest rate
on which is determined by reference to One Month SOFR Rate, the interest rate on which ABR
Advances of such Lender shall, if necessary to avoid such illegality, be determined by the
Administrative Agent without reference to the One Month SOFR Rate component of the Alternate Base
Rate. If the commitment of any Lender with respect to Term SOFR Advances is suspended pursuant to
this Section 3.7 and such Lender shall have obtained actual knowledge that it is once again legal for
such Lender to make or maintain Term SOFR Advances, such Lender shall promptly notify the
Administrative Agent and the Borrower thereof and, upon delivery of such notice to each of the
Administrative Agent and the Borrower, such Lender’s commitment to make or maintain Term SOFR
Advances shall be reinstated. If the commitment of any Lender with respect to Term SOFR Advances
is suspended pursuant to this Section 3.7, such suspension shall not otherwise affect such Lender’s
Commitment.
3.8Option to Fund; Substituted Interest Rate
(a)Each Lender has indicated that, if the Borrower requests a Term SOFR Advance or a
Competitive Bid Loan, such Lender may wish to purchase one or more deposits in order to fund or
maintain its funding of its Commitment Percentage of such Term SOFR Advance or Competitive Bid
Loan during the Interest Period with respect thereto; it being understood that the provisions of this
Agreement relating to such funding are included only for the purpose of determining the rate of interest
to be paid in respect of such Term SOFR Advance or Competitive Bid Loan and any amounts owing
under Section 3.5 and Section 3.6. Each Lender shall be entitled to fund and maintain its funding of all
or any part of each Term SOFR Advance and Competitive Bid Loan in any manner it sees fit, but all
such determinations hereunder shall be made as if such Lender had actually funded and maintained its
Commitment Percentage of each Term SOFR Advance or Competitive Bid Loan, as the case may be,
during the applicable Interest Period through the purchase of deposits in an amount equal to the amount
of its Commitment Percentage of such Term SOFR Advance or Competitive Bid Loan, as the case may
be, and having a maturity corresponding to such Interest Period. Each Lender may fund its Advances
from or for the account of any branch or office of such Lender as such Lender may choose from time
to time, subject to Section 3.10.
(b)If in connection with any request for a Term SOFR Advance or a Conversion to or
continuation thereof, as applicable, (i) the Administrative Agent determines (which determination shall
be conclusive absent manifest error) that (A) no Successor Rate has been determined in accordance with
Section 3.8(c), and the circumstances under clause (i) of Section 3.8(c) or the Scheduled Unavailability
Date has occurred or (B) adequate and reasonable means do not otherwise exist for determining (1)
Term SOFR for any requested Term SOFR Interest Period with respect to a proposed Term SOFR
Advance or (2) the One Month SOFR Rate in connection with an existing or proposed ABR Advance
or (ii) the Administrative Agent or the Required Lenders
determine that for any reason that (A) Term
SOFR for any requested Term SOFR Interest Period with respect to a proposed Term SOFR Advance
or (B) the One Month SOFR Rate with respect to a proposed ABR Advance, in any case, does not
adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent
will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to
make or maintain Term SOFR Advances or to Convert ABR Advances to Term SOFR Advances shall
be suspended (to the extent of the affected Term SOFR Advances or Term SOFR Interest Periods) and
(y) in the event of a
44
CHAR1\1889946v5
determination described in the preceding sentence with respect to the One Month SOFR Rate
component of the Alternate Base Rate, the utilization of the One Month SOFR Rate in determining the
Alternate Base Rate shall be suspended, in each case, until the Administrative Agent (or, in the case of
a determination by the Required Lenders described in clause (ii) of this Section 3.8(b), until the
Administrative Agent upon instruction of the Required Lenders) revokes such notice. Upon receipt of
such notice, (i) the Borrower may revoke any pending request for a borrowing of, Conversion to or
continuation of Term SOFR Advances (to the extent of the affected Term SOFR Advances or Term
SOFR Interest Periods) or, failing that, will be deemed to have Converted such request into a request
for a borrowing of ABR Advances in the amount specified therein and (ii) any outstanding Term SOFR
Advances shall be deemed to have been Converted to ABR Advances immediately at the end of their
respective applicable Term SOFR Interest Period.
(c)Notwithstanding anything to the contrary in this Agreement or any other Loan Documents,
if the Administrative Agent and the Borrower determine (which determination shall be conclusive
absent manifest error), or the Borrower or the Required Lenders notify the Administrative Agent (with,
in the case of the Required Lenders, a copy to the Borrower) that the Borrower or the Required Lenders
(as applicable) have determined, that:
(1)adequate and reasonable means do not exist for ascertaining one month, three month and six
month interest periods of Term SOFR, including, without limitation, because the Term SOFR Screen
Rate is not available or published on a current basis and such circumstances are unlikely to be
temporary; or
(2)CME or any successor administrator of the Term SOFR Screen Rate or a Governmental
Authority having jurisdiction over the Administrative Agent or such administrator with respect to its
publication of Term SOFR, in each case acting in such capacity, has made a public statement identifying
a specific date after which one month, three month and six month interest periods of Term SOFR or the
Term SOFR Screen Rate shall or will no longer be made available, or permitted to be used for
determining the interest rate of Dollar denominated U.S. syndicated loans, or shall or will otherwise
cease, 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 such interest periods of Term SOFR after
such specific date (the latest date on which one month, three month and six month interest periods of
Term SOFR or the Term SOFR Screen Rate are no longer available permanently or indefinitely, the
“Scheduled Unavailability Date”);
then, on a date and time determined by the Administrative Agent and the Borrower (any such date, the
“Term SOFR Replacement Date”), which date shall be at the end of a Term SOFR Interest Period or
on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to
clause (2) above, no later than the Scheduled Unavailability Date, Term SOFR will be replaced
hereunder and under any Loan Document with Daily Simple SOFR
plus
the SOFR Adjustment for any
payment period for interest calculated that can be determined by the Administrative Agent, in each case,
without any amendment to, or further action or consent of any other party to, this Agreement or any
other Loan Document (the “Successor Rate”).
If the Successor Rate is Daily Simple SOFR plus the SOFR Adjustment, all interest payments will be
payable on a quarterly basis.
Notwithstanding anything to the contrary herein, (i) if the Administrative Agent determines that Daily
Simple SOFR is not available on or prior to the Term SOFR Replacement Date, or (ii) if the events or
circumstances of the type described in Section 3.8(c)(1) or (2) have occurred with respect
45
CHAR1\1889946v5
to the Successor Rate then in effect, then in each case, the Administrative Agent and the Borrower may
amend this Agreement solely for the purpose of replacing Term SOFR or any then current Successor
Rate in accordance with this Section 3.8 at the end of any Term SOFR Interest Period, relevant interest
payment date or payment period for interest calculated, as applicable, with an alternative benchmark
rate giving due consideration to any evolving or then existing convention for similar Dollar
denominated credit facilities syndicated and agented in the United States for such alternative
benchmark. and, in each case, including any mathematical or other adjustments to such benchmark
giving due consideration to any evolving or then existing convention for similar Dollar denominated
credit facilities syndicated and agented in the United States for such benchmark, which adjustment or
method for calculating such adjustment shall be published on an information service as selected by the
Administrative Agent from time to time in its reasonable discretion and may be periodically updated.
For the avoidance of doubt, any such proposed rate and adjustments, shall constitute a “Successor Rate”.
Any such amendment shall become effective at 5:00 p.m. on the fifth Domestic Business Day after the
Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower
unless, prior to such time, Lenders comprising the Required Lenders have delivered to the
Administrative Agent written notice that such Required Lenders object to such amendment.
The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender
of the implementation of any Successor Rate.
Any 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
Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent (in consultation with the Borrower).
Notwithstanding anything else herein, if at any time any Successor Rate as so determined would
otherwise be less than zero, the Successor Rate will be deemed to be zero for the purposes of this
Agreement and the other Loan Documents.
In connection with the implementation of a Successor Rate, the Administrative Agent will have the
right, in consultation with the Borrower, to make Conforming Changes from time to time and,
notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Conforming Changes in the discretion of the Administrative Agent and in
consultation with the Borrower 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 Conforming Changes to the Borrower and
the Lenders promptly after such amendment becomes effective.
3.9Certificates of Payment and Reimbursement
Each Issuer and each Lender agrees, in connection with any request by it for payment or
reimbursement pursuant to Section 3.5, Section 3.6 or Section 3.10, to provide the Borrower with a
certificate, signed by an officer of such Issuer or such Lender, as the case may be, setting forth a
description in reasonable detail of any such payment or reimbursement and the applicable Section of
this Agreement pursuant to and in accordance with which such request is made. Each determination by
such Issuer and such Lender of such payment or reimbursement shall be conclusive absent manifest
error.
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CHAR1\1889946v5
3.10Taxes; Net Payments
(a)Payments Free of Taxes. Any and all payments by or on account of any obligation of the
Borrower hereunder or under any other Loan Document shall be made free and clear of, and without
reduction or withholding for, any Indemnified Taxes or Other Taxes;
provided
that if the Borrower shall
be required by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such
payments, then (i) the sum payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under this Section 3.10) the
Administrative Agent, the applicable Lender or the applicable Issuer, as the case may be, receives an
amount equal to the sum it would have received had no such deductions for Indemnified Taxes or Other
Taxes been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall timely pay
the full amount deducted to the relevant Governmental Authority in accordance with applicable law.
For purposes of this Section 3.10, the term “Lender” includes the Swing Line Lender and each Issuer
and the term “applicable law” includes FATCA.
(b)Payment of Other Taxes by the Borrower. Without limiting the provisions of paragraph (a)
above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law.
(c)Indemnification by the Borrower. The Borrower shall indemnify the Administrative Agent,
each Lender and each Issuer, within 30 days after demand therefor, for the full amount of any
Indemnified Taxes imposed on or with respect to, any payment made by, or on account of, any
obligation of the Borrower under any Loan Document or Other Taxes (including Indemnified Taxes or
Other Taxes imposed or asserted on or attributable to amounts payable under this Section 3.10) paid by
the Administrative Agent, such Lender or such Issuer, as the case may be, and, without duplication, any
penalties, interest and reasonable and documented out-of-pocket expenses arising therefrom or with
respect thereto (other than any penalties that result from the gross negligence, bad faith or willful
misconduct of the Administrative Agent, such Lender or such Issuer, as applicable, as determined by a
final and non-appealable judgment of a court of competent jurisdiction);
provided
that if the Borrower
reasonably believes that such Taxes were not correctly or legally asserted, the Administrative Agent,
such Lender or such Issuer, as applicable, will cooperate with the Borrower to obtain a refund of such
Taxes so long as such efforts would not result in any additional costs or expenses not reimbursed by the
Borrower and such cooperation would not, in the judgment of such Lender or such Issuer, as applicable,
be materially disadvantageous to it. A certificate as to the amount of such payment or liability that
complies with Section 3.9 and is delivered to the Borrower by such Lender or such Issuer (with a copy
to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of such
Lender or such Issuer, shall be conclusive absent manifest error. After any Lender or any Issuer (as the
case may be) learns of the imposition of any Indemnified Taxes or Other Taxes, such Lender or such
Issuer (as the case may be) will as soon as reasonably practicable notify the Borrower thereof;
provided
that the failure to provide the Borrower with such notice shall not release the Borrower from its
indemnification obligations under this Section 3.10. Notwithstanding anything to the contrary contained
in this Section 3.10, the Borrower shall not be required to indemnify the Administrative Agent or any
Lender or Issuer pursuant to this Section 3.10 for any additional costs, such as penalties or interest, to
the extent that such costs resulted from a failure of the Administrative Agent or such Lender or Issuer
to notify the Borrower of such possible indemnification claim within 180 days after the Administrative
Agent or such Lender or Issuer receives notice from the applicable taxing authority of the tax giving
rise to such indemnification claim.
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CHAR1\1889946v5
(d)Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or
Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.
(e)Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative
Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender
(but only to the extent that the Borrower has not already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 11.7(d) relating to the
maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each
case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and
any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability delivered to any Lender by the Administrative Agent shall be
conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off
and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to
the Administrative Agent under this paragraph (e).
(f)Status of Lenders. Any Lender that is entitled to an exemption from, or reduction of,
withholding Tax under the law of the jurisdiction in which the Borrower is resident for Tax purposes,
or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any
other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the
time or times prescribed by applicable law or reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation prescribed by applicable
law as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Lender, if 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.
Without limiting the generality of the foregoing, any Foreign Lender shall 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 (i) if such Foreign Lender shall determine that any applicable form or
certification has expired or will then expire or has or will then become obsolete or incorrect or that an
event has occurred that requires or will then require a change in the most recent form or certification
previously delivered by it to the Borrower and the Administrative Agent and (ii) upon the request of the
Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so),
whichever of the following is applicable:
(i)duly completed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E
claiming eligibility for benefits of an income Tax treaty to which the United States of America is a
party,
(ii)duly completed copies of Internal Revenue Service Form W-8ECI,
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CHAR1\1889946v5
(iii)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 (a
“United States Tax Compliance
Certificate”
) to the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section
881(c)(3)(A) of the Internal Revenue Code, (B) a “10 percent shareholder” of the Borrower within the
meaning of Section 881(c)(3)(B) of the Internal Revenue Code, (C) a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Internal Revenue Code nor (D) engaged in the conduct of a
trade or business within the United States to which the interest payment is effectively connected and
(y) duly completed copies of Internal Revenue Service Form W-8BEN or Form W- 8BEN-E,
(iv)to the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign
Lender is a partnership or participating Lender granting a typical participation), a complete and executed
Internal Revenue Service Form W-8IMY, accompanied by a Form W-8ECI, Form W-8BEN, Form W-
8BEN-E, a United States Tax Compliance Certificate, Internal Revenue Service Form W-9 and/or other
certification documents from each beneficial owner, as applicable;
provided
that, if the Foreign Lender
is a partnership (and not a participating Lender) and one or more partners of such Foreign Lender are
claiming the portfolio interest exemption, such Foreign Lender shall provide a United States Tax
Compliance Certificate, on behalf of such beneficial owner(s) in lieu of requiring each beneficial owner
to provide its own certificate, or
(v)any other form prescribed by applicable law as a basis for claiming exemption from or a
reduction in United States federal withholding Tax duly completed together with such supplementary
documentation as may be prescribed by applicable law to permit the Borrower to determine the
withholding or deduction required to be made.
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) of the Internal Revenue Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender
has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and
withhold from such payment. Solely for purposes of this clause, “FATCA” shall include any
amendments made to FATCA after the date of this Agreement.
Without limiting the foregoing, upon request of the Administrative Agent or the Borrower, each
Lender and each Issuer that is a “United States person” within the meaning of Section 7701(a)(30) of
the Internal Revenue Code that lends to the Borrower (each, a
“U.S. Lender”
) shall deliver to the
Administrative Agent and the Borrower two duly signed, properly completed copies of Internal
Revenue Service Form W-9 on or prior to the Effective Date (or on or prior to the date it becomes a
party to this Agreement), certifying that such U.S. Lender is entitled to an exemption from United States
backup withholding, or any successor form.
(g)Treatment of Certain Refunds. If the Administrative Agent, a Lender or an Issuer determines,
in its sole discretion exercised in good faith, that it has received a refund of any Taxes
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CHAR1\1889946v5
or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the
Borrower has paid additional amounts pursuant to this Section 3.10, it shall promptly pay to the
Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section 3.10 with respect to the Taxes or Other
Taxes giving rise to such refund), net of all reasonable and documented out-of-pocket expenses of the
Administrative Agent, such Lender or such Issuer, as the case may be, and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such refund),
provided
that
the Borrower, upon the written request of the Administrative Agent, such Lender or such Issuer, agrees
to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) to the Administrative Agent, such Lender or such Issuer in the
event that the Administrative Agent, such Lender or such Issuer is required to repay such refund or Tax
credit to such Governmental Authority. This paragraph shall not be construed to require the
Administrative Agent, any Lender or any Issuer to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the Borrower or any other Person.
(h)Designation of a Different Lending Office. If any Lender requests compensation under
Section 3.6, or requires the Borrower to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to this Section 3.10, then such Lender shall use
reasonable efforts to promptly 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 such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section
3.6 or this Section 3.10, as the case may be, in the future and (ii) in the judgment of such Lender, would
not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable and documented
out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or
assignment.
(i)Survival. Each party’s obligations under this Section 3.10 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a
Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all
obligations under any Loan Document.
3.11Facility Fees
The Borrower agrees to pay to the Administrative Agent for the account of each Lender a fee
(the
“Facility Fee”
) during the period commencing on the Effective Date and ending on the Expiration
Date, payable quarterly in arrears on the last day of each March, June, September and December of
each year, commencing on the last day of the calendar quarter during which the Facility Fee shall
commence to accrue, and on the Expiration Date, at a rate per annum equal to the Applicable Margin
of (a) prior to the Commitment Termination Date or such earlier date upon which all of the
Commitments shall have been terminated in accordance with Section 2.6, the Commitment Amount of
such Lender (whether used or unused), and (b) thereafter, the sum of (i) the outstanding principal
balance of all Revolving Credit Loans of such Lender, (ii) such Lender’s Swing Line Exposure and (iii)
such Lender’s Letter of Credit Exposure. Notwithstanding anything to the contrary contained in this
Section 3.11, on and after the Commitment Termination Date, the Facility Fee shall be payable upon
demand. In addition, upon each reduction of the Aggregate Commitment Amount, the Borrower shall
pay the Facility Fee accrued on the amount of such reduction through the date of such reduction. The
Facility Fee shall be computed on the basis of a 360-day year for the actual number of days elapsed.
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3.12Letter of Credit Participation Fee
The Borrower agrees to pay to the Administrative Agent for the pro rata account of each Lender
a fee (the
“Letter of Credit Participation Fee”
) with respect to the Letters of Credit during the period
commencing on the Effective Date and ending on the Commitment Termination Date or, if later, the
date when the Letter of Credit Exposure of all Lenders is $0, payable quarterly in arrears on the last day
of each March, June, September and December of each year, commencing on the last day of the calendar
quarter in which the Effective Date shall have occurred, and on the last date of such period, at a rate per
annum equal to (i) in the case of standby Letters of Credit, the Applicable Margin of the actual daily
amount which may be drawn under all standby Letters of Credit during such period (whether or not the
conditions for drawing thereunder have or may be satisfied) multiplied by such Lender’s Commitment
Percentage, and (ii) in the case of commercial Letters of Credit, the Applicable Margin of the actual
daily amount which may be drawn under all commercial Letters of Credit during such period (whether
or not the conditions for drawing thereunder have or may be satisfied) multiplied by such Lender’s
Commitment Percentage. The Letter of Credit Participation Fee shall be computed on the basis of a
360-day year for the actual number of days elapsed.
3.13Replacement of Lender
If (w) the Borrower is obligated to pay to any Lender any amount under Section 3.6 or Section
3.10, the Borrower shall have the right within 90 days thereafter, (x) any Lender shall be a Defaulting
Lender, the Borrower shall have the right at any time during which such Lender shall remain a
Defaulting Lender, (y) any Lender shall have not consented to an Extension Request or (z) any Lender
shall not have approved any other consent, waiver or amendment that (A) requires the approval of all
Lenders or all affected Lenders in accordance with the terms of Section 11.1 and (B) has been approved
by the Required Lenders, the Borrower shall have the right at any time, in each case in accordance with
the requirements of Section 11.7(b) and only if no Default shall exist, to replace such Lender (the
“
Replaced Lender
”
) with one or more Eligible Assignees (each a
“
Replacement Lender
”
);
provided
that (i) at the time of any replacement pursuant to this Section 3.13, the Replacement Lender shall enter
into one or more Assignment and Assumptions pursuant to Section 11.7(b) (with the processing and
recordation fee referred to in Section 11.7(b) payable pursuant to said Section 11.7(b) to be paid by the
Replacement Lender) pursuant to which the Replacement Lender shall acquire the Commitment, the
outstanding Loans, the Swing Line Exposure and the Letter of Credit Exposure of the Replaced Lender
and, in connection therewith, shall pay the following: (a) to the Replaced Lender, an amount equal to
the sum of (A) an amount equal to the principal of, and all accrued and unpaid interest on, all outstanding
Loans and Swing Line Participation Amounts of the Replaced Lender, (B) an amount equal to all
drawings on all Letters of Credit that have been funded by (and not reimbursed to) such Replaced
Lender, together with all then unpaid interest with respect thereto at such time, and (C) an amount equal
to all accrued, but unpaid, fees owing to the Replaced Lender, (b) to each Issuer, an amount equal to
such Replaced Lender’s Commitment Percentage of all drawings on Letters of Credit issued by such
Issuer (which at such time remain unpaid drawings) to the extent such amount was not funded by such
Replaced Lender, (c) to the Swing Line Lender, an amount equal to such Replaced Lender’s
Commitment Percentage of any Mandatory Borrowing to the extent such amount was not funded by
such Replaced Lender, and (d) to the Administrative Agent an amount equal to all amounts owed by
such Replaced Lender to the Administrative Agent under this Agreement, including, without limitation,
an amount equal to the principal of, and all accrued and unpaid interest on, all outstanding Loans of the
Replaced Lender, a corresponding amount of which was made available by the Administrative Agent
to the Borrower pursuant to Section 3.1 and which has not been repaid to the Administrative Agent by
such Replaced Lender or the Borrower, and (ii) all obligations of the Borrower owing to the Replaced
Lender (other than those specifically described in clause (i) above in respect of which the assignment
purchase price has been, or is concurrently being, paid) shall be paid in full to such Replaced Lender
concurrently with such replacement. Upon the execution and delivery of the respective Assignment and
Assumptions
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CHAR1\1889946v5
and the payment of amounts referred to in clauses (i) and (ii) of this Section 3.13, the Replacement
Lender shall become a Lender hereunder and the Replaced Lender shall cease to constitute a Lender
hereunder, except with respect to indemnification provisions under this Agreement that are intended to
survive the termination of the Commitments and the repayment of the Loans which may be applicable
to any such Replaced Lender prior to the date of its replacement. Solely for the purpose of calculating
break funding payments under Section 3.5, the assignment by any Replaced Lender of any Term SOFR
Advance prior to the last day of the Interest Period applicable thereto pursuant to clause (w) or (y) of
this Section 3.13 shall be deemed to constitute a prepayment by the Borrower of such Term SOFR
Advance.
4.REPRESENTATIONS AND WARRANTIES
In order to induce the Administrative Agent, the Lenders and the Issuers to enter into this
Agreement, the Lenders to make the Loans and the Issuers to issue Letters of Credit, the Borrower
hereby makes the following representations and warranties to the Administrative Agent, the Lenders
and the Issuers:
4.1Existence and Power
The Borrower is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation, has all requisite corporate power and authority to own its Property and
to carry on its business as now conducted, and is qualified to do business as a foreign corporation and
is in good standing in each jurisdiction in which it owns or leases real Property or in which the nature
of its business requires it to be so qualified (except those jurisdictions where the failure to be so qualified
or to be in good standing could not reasonably be expected to have a Material Adverse effect).
4.2Authority; Affected Financial Institution
The Borrower has full corporate power and authority to enter into, execute, deliver and perform
the terms of the Loan Documents, all of which have been duly authorized by all proper and necessary
corporate action and are not in contravention of: (i) except as could not reasonably be expected to have
a Material Adverse effect, any applicable law or (ii) the terms of its Certificate of Incorporation and
By-Laws. No consent or approval of, or other action by, shareholders of the Borrower, any
Governmental Authority, or any other Person (which has not already been obtained) is required to
authorize in respect of the Borrower, or is required in connection with, the execution, delivery and
performance by the Borrower of the Loan Documents or is required as a condition to the enforceability
of the Loan Documents against the Borrower. The Borrower is not an Affected Financial Institution.
4.3Binding Agreement
The Loan Documents constitute the valid and legally binding obligations of the Borrower,
enforceable against the Borrower in accordance with their respective terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors’ rights generally and by equitable principles relating
to the availability of specific performance as a remedy.
4.4Litigation
As of the Effective Date, there are no actions, suits, arbitration proceedings or claims (whether
purportedly on behalf of the Borrower, any Material Subsidiary or otherwise) pending or, to the
knowledge of the Borrower, threatened against the Borrower or any Material Subsidiary or any of their
respective Properties, or maintained by the Borrower or any Material Subsidiary, at law or in equity,
before any
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CHAR1\1889946v5
Governmental Authority which have not been disclosed in the SEC Reports that could reasonably be
expected to have a Material Adverse effect. There are no proceedings pending or, to the knowledge of
the Borrower, threatened against the Borrower or any Material Subsidiary (a) which call into question
the validity or enforceability of any Loan Document, or otherwise seek to invalidate, any Loan
Document, or (b) which might, individually or in the aggregate, materially and adversely affect any of
the transactions contemplated by any Loan Document.
4.5No Conflicting Agreements
(a)[Reserved].
(b)No provision of any existing material mortgage, material indenture, material contract or
material agreement or of any existing statute, rule, regulation, judgment, decree or order binding on the
Borrower or affecting the Property of the Borrower (i) conflicts with any Loan Document, (ii) requires
any consent which has not already been obtained with respect to any Loan Document, or (iii) would in
any way prevent the execution, delivery or performance by the Borrower of the terms of any Loan
Document, except in the case of provisions of any existing material mortgage, material indenture,
material contract or material agreement, as could not reasonably be expected to have a Material Adverse
effect. Neither the execution and delivery, nor the performance, by the Borrower of the terms of each
Loan Document will constitute a default under, or result in the creation or imposition of, or obligation
to create, any Lien upon the Property of the Borrower pursuant to the terms of any such mortgage,
indenture, contract or agreement.
4.6[Reserved]
4.7[Reserved]
4.8Governmental Regulations
The Borrower is not required to be registered as an “investment company” under the Investment
Company Act of 1940, as amended.
4.9Federal Reserve Regulations; Use of Proceeds
The Borrower is not engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds
of the Loans or the Letters of Credit has been or will be used, directly or indirectly, and whether
immediately, incidentally or ultimately, for a purpose which violates the provisions of Regulation T, U
or X of the Board of Governors of the Federal Reserve System, as amended. Anything in this Agreement
to the contrary notwithstanding, neither any Issuer nor any Lender shall be obligated to extend credit
to, or on behalf of, the Borrower in violation of any limitation or prohibition provided by any applicable
law, regulation or statute, including said Regulation U. Following application of the proceeds of each
Loan and the issuance of each Letter of Credit, not more than 25% (or such greater or lesser percentage
as is provided in the exclusions from the definition of
“
Indirectly Secured
”
contained in said Regulation
U as in effect at the time of the making of such Loan or issuance of such Letter of Credit) of the value
of the assets of the Borrower and the Subsidiaries on a Consolidated basis that are subject to Section
8.2 will be Margin Stock.
4.10No Misrepresentation
No representation or warranty contained in any Loan Document and no certificate or written
report furnished by the Borrower to the Administrative Agent or any Lender pursuant to any Loan
Document
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CHAR1\1889946v5
contains, as of its date, a misstatement of a material fact, or omits to state, as of its date, a material fact
required to be stated in order to make the statements therein contained, when taken as a whole, not
materially misleading (
provided
that any representation, warranty, statement or written report that is
qualified as to “materiality”, “Material Adverse” or similar language shall be true and correct (after
giving effect to any qualification therein) in all respects on such date) in the light of the circumstances
under which made (after giving effect to all supplements and updates with respect thereto) (it being
understood that the Borrower makes no representation or warranty hereunder with respect to any
projections, other forward looking information, industry information or general economic information).
As of the Effective Date, the information included in any Beneficial Ownership Certification of the
Borrower, if applicable, is true and correct in all respects.
4.11[Reserved]
4.12[Reserved]
4.13Financial Statements
The Borrower has heretofore delivered to the Lenders through the Administrative Agent copies
of the audited Consolidated Balance Sheet of the Borrower and its Subsidiaries as of December 31,
2021, and the related Consolidated Statements of Income, Comprehensive Income, Shareholders’
Equity and Cash Flows for the fiscal year then-ended. The financial statements referred to immediately
above, including all related notes and schedules, are herein referred to collectively as the
“Financial
Statements”
. The Financial Statements fairly present, in all material respects, the Consolidated financial
condition and results of the operations of the Borrower and the Subsidiaries as of the dates and for the
periods indicated therein and, except as noted therein, have been prepared in conformity with GAAP as
then in effect. Neither the Borrower nor any of the Subsidiaries has any material obligation or liability
of any kind (whether fixed, accrued, contingent, unmatured or otherwise) which, in accordance with
GAAP as then in effect, should have been disclosed in the Financial Statements and was not. During
the period from January 1, 2022 to and including the Effective Date, there was no Material Adverse
change, including as a result of any change in law, in the Consolidated financial condition, operations,
business or Property of the Borrower and the Subsidiaries taken as a whole that was not disclosed in
the SEC Reports.
4.14Anti-Corruption Laws and Sanctions
The Borrower has implemented and maintains in effect policies and procedures designed to
ensure compliance by the Borrower, the Subsidiaries and their respective directors, officers, employees
and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, the Subsidiaries
and their respective officers and employees and, to the knowledge of the Borrower, its directors are in
compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a)
the Borrower, any Subsidiary or, to the knowledge of the Borrower or such Subsidiary, any of their
respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the
Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit
facility established hereby, is a Sanctioned Person. No Loan or Letter of Credit, use of proceeds or other
transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.
5.CONDITIONS TO EFFECTIVENESS
This Agreement shall become effective on and as of the date (the
“Effective Date”
) that the
following conditions shall have been satisfied or waived in accordance with Section 11.1:
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CHAR1\1889946v5
5.1Agreement
The Administrative Agent shall have received counterparts of this Agreement executed by the
Borrower, the Administrative Agent, each Issuer, the Swing Line Lender and each Lender.
5.2Notes
The Administrative Agent shall have received a Note, executed and delivered by the Borrower,
for each Lender that shall have given at least three Domestic Business Days’ prior written notice of its
request for a Note.
5.3Corporate Action
The Administrative Agent shall have received a certificate, dated the Effective Date, of the
Secretary or an Assistant Secretary of the Borrower (i) attaching a true and complete copy of the
resolutions of its Board of Directors and of all documents evidencing all other necessary corporate
action taken by the Borrower to authorize this Agreement, the other Loan Documents and the
transactions contemplated hereby and thereby, (ii) attaching a true and complete copy of its Certificate
of Incorporation and By-Laws, (iii) setting forth the incumbency of the officer or officers of the
Borrower who may sign this Agreement and the other Loan Documents, and any other certificates,
requests, notices or other documents required hereunder or thereunder, and (iv) attaching a certificate
of good standing of the Secretary of State of the State of Delaware.
5.4Opinion of Counsel to the Borrower
The Administrative Agent shall have received (a) an opinion of Thomas Moffatt, assistant
general counsel of the Borrower, dated the Effective Date, in the form of Exhibit D-1, and (b) an opinion
of Shearman & Sterling LLP, special counsel to the Borrower, dated the Effective Date, in the form of
Exhibit D-2.
5.5Termination of Existing 2018 Credit Agreement
After giving effect to the application of the proceeds of the Loans on the Effective Date, the
Indebtedness under the Existing 2018 Credit Agreement shall have been fully repaid, the commitments
under the Existing 2018 Credit Agreement shall have been canceled or terminated, and the
Administrative Agent shall have received reasonably satisfactory evidence thereof. In order to facilitate
the termination of the commitments under the Existing 2018 Credit Agreement, the Borrower hereby
gives notice that the Borrower wishes to terminate the commitments under the Existing 2018 Credit
Agreement, effective as of the Effective Date. Each Lender that is a party to the Existing 2018 Credit
Agreement, by its execution and delivery hereof, waives any requirement of prior notice set forth therein
as a condition to the right of the Borrower to terminate the commitments thereunder.
5.6No Default and Representations and Warranties
The Administrative Agent shall have received a certificate, dated the Effective Date, of the
Senior Vice President and Treasurer of the Borrower certifying that there exists no Default and that the
representations and warranties contained in this Agreement are true and correct in all material respects
(
provided
that any representation and warranty that is qualified as to “materiality”, “Material Adverse”
or similar language shall be true and correct (after giving effect to any qualification therein) in all
respects on the Effective Date), except those which are expressly specified to be made as of an earlier
date.
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5.7Fees
The Administrative Agent shall have received all fees and other amounts due and payable to it
on the Effective Date in respect of this Agreement.
5.8Due Diligence; “Know Your Customer”
(a) Each Lender shall have received such documents and information as it may have requested
in order to comply with “know-your-customer” and other applicable Sanctions, anti-terrorism, anti-
money laundering and similar rules and regulations and related policies, to the extent the Borrower shall
have received written requests therefor at least ten (10) Domestic Business Days prior to the Effective
Date, and (b) at least five Domestic Business Days prior to the Effective Date, if the Borrower qualifies
as a “legal entity customer” under the Beneficial Ownership Regulation, it shall have delivered to each
Lender that so requests a Beneficial Ownership Certification.
Without limiting the generality of the provisions of Section 10.4, for purposes of determining
compliance with the conditions specified in this Section 5, each Lender that has signed this Agreement
shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or
other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a
Lender unless the Administrative Agent shall have received notice from such Lender prior to the
proposed Effective Date specifying its objection thereto.
6.CONDITIONS OF LENDING - ALL LOANS AND LETTERS OF CREDIT
The obligation of each Lender on any Borrowing Date to make each Revolving Credit Loan
(other than a Revolving Credit Loan constituting a Mandatory Borrowing), the Swing Line Lender to
make each Swing Line Loan, each Issuer to issue each Letter of Credit and each Lender to make a
Competitive Bid Loan are subject to the fulfillment (or waiver in accordance with Section 11.1) of the
following conditions precedent:
6.1Compliance
On each Borrowing Date, and after giving effect to the Loans to be made or the Letters of Credit
to be issued on such Borrowing Date, (a) there shall exist no Default, and (b) the representations and
warranties contained in this Agreement shall be true and correct in all material respects with the same
effect as though such representations and warranties had been made on such Borrowing Date (
provided
that any representation and warranty that is qualified as to “materiality”, “Material Adverse” or similar
language shall be true and correct (after giving effect to any qualification therein) in all respects on such
Borrowing Date), except those which are expressly specified to be made as of an earlier date.
6.2Requests
The Administrative Agent shall have timely received from the Borrower on or before such
Borrowing Date, as applicable, a duly executed Borrowing Request (together with, in the case of a
request for a Swing Line Loan that will bear interest at the Negotiated Rate, a duly executed agreement
as to the Negotiated Rate with respect to such Swing Line Loan), Letter of Credit Request (together
with a duly executed Reimbursement Agreement with respect to the Letter(s) of Credit requested
thereby) and/or Competitive Bid Request (together with a duly executed Competitive Bid Accept/Reject
Letter).
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7.AFFIRMATIVE COVENANTS
The Borrower covenants and agrees that on and after the Effective Date and until the later to
occur of (a) the Commitment Termination Date and (b) the payment in full of the Loans, the
Reimbursement Obligations, the Fees and all other sums payable under the Loan Documents (other than
contingent obligations for which no claim has been made), the Borrower will:
7.1Legal Existence
Except as may otherwise be permitted by Section 8.3 and Section 8.4, maintain, and cause each
Material Subsidiary to maintain, its corporate existence in good standing in the jurisdiction of its
incorporation or formation and in each other jurisdiction in which the failure so to do could reasonably
be expected to have a Material Adverse effect, except that the corporate existence of Material
Subsidiaries may be terminated if (i) such Material Subsidiaries operate closing or discontinued
operations or (ii) if the Borrower determines in good faith that such termination is in the best interests
of the Borrower and is not materially disadvantageous to the Lenders.
7.2Taxes
Pay and discharge when due, and cause each Material Subsidiary so to do, all taxes,
assessments, governmental charges, license fees and levies upon or with respect to the Borrower and
such Material Subsidiary, and upon the income, profits and Property thereof unless, and only to the
extent, that either (i)(a) such taxes, assessments, governmental charges, license fees and levies shall be
contested in good faith and by appropriate proceedings diligently conducted by the Borrower or such
Material Subsidiary, and (b) such reserve or other appropriate provision as shall be required by GAAP
shall have been made therefor, or (ii) the failure to pay or discharge such taxes, assessments,
governmental charges, license fees and levies could not reasonably be expected to have a Material
Adverse effect.
7.3[Reserved]
7.4[Reserved]
7.5[Reserved]
7.6Observance of Legal Requirements
(a)Observe and comply in all material respects, and cause each Material Subsidiary so to do,
with all laws, ordinances, orders, judgments, rules, regulations, certifications, franchises, permits,
licenses, directions and requirements of all Governmental Authorities, which now or at any time
hereafter may be applicable to it or to such Material Subsidiary, except (i) where a violation of which
could not reasonably be expected to have a Material Adverse effect, or (ii) to the extent that such
noncompliance is being contested in good faith and by appropriate proceedings diligently conducted by
the Borrower or such Material Subsidiary.
(b)Maintain in effect and enforce policies and procedures designed to ensure compliance by the
Borrower, the Subsidiaries and their respective directors, officers, employees and agents with Anti-
Corruption Laws and applicable Sanctions.
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7.7Financial Statements and Other Information
Maintain, and cause each Subsidiary to maintain, a standard system of accounting in accordance
with GAAP, and furnish to the Administrative Agent for distribution to the Lenders:
(a)As soon as available and, in any event, within 90 days after the close of each fiscal year, a
copy of (x) the Borrower’s 10-K in respect of such fiscal year, and (y) (i) the Borrower’s Consolidated
Balance Sheet as of the end of such fiscal year, and (ii) the related Consolidated Statements of Income,
Comprehensive Income, Shareholders’ Equity and Cash Flows, as of and through the end of such fiscal
year, setting forth in each case in comparative form the corresponding figures in respect of the previous
fiscal year, all in reasonable detail, and accompanied by a report of the Borrower’s auditors, which
report shall state that (A) such auditors audited such financial statements, (B) such audit was made in
accordance with generally accepted auditing standards in effect at the time and provides a reasonable
basis for such opinion, and (C) said financial statements have been prepared in accordance with GAAP;
(b)As soon as available, and in any event within 45 days after the end of each of the first three
fiscal quarters of each fiscal year, a copy of (x) the Borrower’s 10-Q in respect of such fiscal quarter,
and (y) (i) the Borrower’s condensed Consolidated Balance Sheet as of the end of such quarter and (ii)
the related condensed Consolidated Statements of Income, Comprehensive Income, Shareholders’
Equity and Cash Flows for (A) such quarter and (B) the period from the beginning of the then-current
fiscal year to the end of such quarter, in each case in comparable form with the prior fiscal year, all in
reasonable detail and prepared in accordance with GAAP (without footnotes and subject to year-end
adjustments);
(c)Simultaneously with the delivery of the financial statements required by clauses (a) and (b)
above, a certificate of the Chief Financial Officer or the Senior Vice President and Treasurer of the
Borrower certifying that no Default shall have occurred or be continuing or, if so, specifying in such
certificate all such Defaults, and setting forth computations in reasonable detail demonstrating
compliance with Section 8.9;
(d)
[reserved]
;
(e)As soon as practicable after becoming available, copies of all regular or periodic reports
(including current reports on Form 8-K) which the Borrower or any Subsidiary may now or hereafter
be required to file with or deliver to the U.S. Securities and Exchange Commission, or any other
Governmental Authority succeeding to the functions thereof;
(f)
[reserved]
;
(g)Prompt written notice of the occurrence of (i) each Default and (ii) each Event of Default;
(h)
[reserved]
;
(i)From time to time, such other information regarding the financial position or business of the
Borrower and the Subsidiaries as the Administrative Agent, at the reasonable request of any Lender,
may reasonably request; and
(j)Prompt written notice of such other information with documentation required by bank
regulatory authorities under applicable “know your customer” and anti-money laundering
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CHAR1\1889946v5
laws, rules and regulations (including, without limitation, the Patriot Act and the Beneficial Ownership
Regulation), as from time to time may be reasonably requested by the Administrative Agent or by any
Issuer or any Lender (through the Administrative Agent).
Information required to be delivered pursuant to (x) this Section 7.7 shall be deemed to have
been delivered if such information shall have been posted by the Administrative Agent on a
Debtdomain, IntraLinks, Syndtrak or similar electronic system (the
“Platform”
) to which each Lender
and each Issuer has been granted access and (y) clauses (a), (b) and (e) of this Section 7.7 shall be
deemed delivered to the Administrative Agent, the Issuers and the Lenders when available on the
Borrower’s website at http://www.cvshealth.com or the website of the U.S. Securities and Exchange
Commission at http://www.sec.gov. Information delivered pursuant to this Section 7.7 may also be
delivered by electronic communications pursuant to procedures approved by the Administrative Agent.
The Borrower hereby acknowledges that the Administrative Agent and/or the Joint Lead
Arrangers will make available to the Lenders materials and/or information provided by or on behalf of
the Borrower hereunder (collectively,
“
Borrower Materials
”
) by posting the Borrower Materials on the
Platform.
7.8Records
Upon reasonable notice and during normal business hours after an Event of Default has
occurred and is continuing, permit representatives of the Administrative Agent and each Lender to visit
the offices of the Borrower and each Material Subsidiary, to examine the books and records (other than
tax returns and work papers related to tax returns) thereof and auditors’ reports relating thereto, to
discuss the affairs of the Borrower and each Material Subsidiary with the respective officers thereof,
and to meet and discuss the affairs of the Borrower and each Material Subsidiary with the Borrower’s
auditors, except for information covered by an attorney-client or other legal privilege or to the extent
the inspection would reasonably be expected to result in a violation or other breach of any third party
confidentiality agreement.
8.NEGATIVE COVENANTS
The Borrower covenants and agrees that on and after the Effective Date and until the later to
occur of (a) the Commitment Termination Date and (b) the payment in full of the Loans, the
Reimbursement Obligations, the Fees and all other sums payable under the Loan Documents (other than
contingent obligations for which no claim has been made), the Borrower will not:
8.1[Reserved]
8.2Liens
Create, incur, assume or suffer to exist any Lien against or on any Property now owned or
hereafter acquired by the Borrower or any of the Subsidiaries, or permit any of the Subsidiaries so to
do, except any one or more of the following types of Liens: (a) Liens in connection with workers’
compensation, unemployment insurance or other social security obligations (which phrase shall not be
construed to refer to ERISA or the minimum funding obligations under Section 412 of the Internal
Revenue Code), (b) Liens to secure the performance of bids, tenders, letters of credit, contracts (other
than contracts for the payment of Indebtedness), leases, statutory obligations, surety, customs, appeal,
performance and payment bonds and other obligations of like nature, or to qualify to do business,
maintain insurance or obtain other benefits, in each such case arising in the ordinary course of business,
(c) mechanics’, workmen’s, carriers’, warehousemen’s, materialmen’s, landlords’ or other like Liens
arising in the ordinary course of business with respect to obligations which are not due or which are
being contested in good faith and by appropriate proceedings diligently conducted, (d) Liens for taxes,
assessments, fees or governmental charges the
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CHAR1\1889946v5
payment of which is not required under Section 7.2, (e) easements, rights of way, restrictions, leases of
Property to others, easements for installations of public utilities, title imperfections and restrictions,
zoning ordinances and other similar encumbrances affecting Property which in the aggregate do not
materially impair its use for the operation of the business of the Borrower or such Subsidiary, (f) Liens
on Property of the Subsidiaries under capital leases and Liens on Property (including on the capital
stock or other equity interests) of the Subsidiaries acquired (whether as a result of purchase, capital
lease, merger or other acquisition) and either existing on such Property when acquired, or created
contemporaneously with or within 12 months of such acquisition to secure the payment or financing of
the purchase price of such Property (including the construction, development, substantial repair,
alteration or improvement thereof), and any renewals thereof;
provided
that such Liens attach only to
the Property so purchased or acquired (including any such construction, development, substantial repair,
alteration or improvement thereof);
provided further
that the Indebtedness secured by such Liens is not
otherwise prohibited hereunder, (g) statutory Liens in favor of lessors arising in connection with
Property leased to the Borrower or any of the Subsidiaries, (h) Liens of attachments, judgments or
awards against the Borrower or any of the Subsidiaries with respect to which an appeal or proceeding
for review shall be pending or a stay of execution or bond shall have been obtained, or which are
otherwise being contested in good faith and by appropriate proceedings diligently conducted, and in
respect of which adequate reserves shall have been established in accordance with GAAP on the books
of the Borrower or such Subsidiary, (i) Liens securing Indebtedness of a Subsidiary to the Borrower or
another Subsidiary, (j) Liens (other than Liens permitted by any of the foregoing clauses) arising in the
ordinary course of its business which do not secure Indebtedness and do not, in the aggregate, materially
detract from the value of the business of the Borrower and its Subsidiaries, taken as a whole, (k) Liens
in favor of the United States of America, or any state thereof, to secure partial, progress, advance or
other payments pursuant to any contract or provisions of any statute, and (l) additional Liens securing
Indebtedness of the Borrower and the Subsidiaries in an aggregate outstanding Consolidated principal
amount not exceeding 15% of Net Tangible Assets.
8.3Dispositions
Make any Disposition (including by way of limited liability company division), or permit any
of its Subsidiaries so to do, of all or substantially all of the assets of the Borrower and the Subsidiaries
on a Consolidated basis; provided that (a) any Subsidiary may make Dispositions to the Borrower, and
(b) so long as no Default or Event of Default exists immediately prior to or immediately after giving
effect thereto, (i) the Borrower may dispose of all or substantially all of its assets to a wholly-owned
domestic Subsidiary that assumes all of the obligations of the Borrower under this Agreement and (ii)
any Subsidiary may dispose of all or substantially all of its assets to another Subsidiary; provided that
if such Subsidiary is a wholly-owned Subsidiary, the transferee shall be a wholly-owned Subsidiary.
8.4Merger or Consolidation, Etc
.
Consolidate with, be acquired by, or merge into or with any Person unless (x) immediately after
giving effect thereto, no Default shall or would exist and (y) either (i) the Borrower or (ii) a corporation
organized and existing under the laws of one of the States of the United States of America or the District
of Columbia shall be the survivor of such consolidation or merger;
provided
that if the Borrower is not
the survivor, the corporation which is the survivor shall expressly assume, pursuant to an instrument
executed and delivered to the Administrative Agent, and in form and substance reasonably satisfactory
to the Administrative Agent, all obligations of the Borrower under the Loan Documents and the
Administrative Agent shall have received such documents, opinions and certificates as it shall have
reasonably requested in connection therewith.
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CHAR1\1889946v5
8.5[Reserved]
8.6[Reserved]
8.7Limitation on Upstream Dividends by Subsidiaries
Permit or cause any of the Subsidiaries (other than any Insurance Subsidiary) to enter into or
agree, or otherwise be or become subject, to any agreement, contract or other arrangement (other than
this Agreement and the other Loan Documents) with any Person (each a
“Restrictive Agreement”
)
pursuant to the terms of which (a) such Subsidiary is or would be prohibited from declaring or paying
any cash dividends on any class of its stock owned directly or indirectly by the Borrower or any of the
other Subsidiaries or from making any other distribution on account of any class of any such stock
(herein referred to as
“Upstream Dividends”
), or (b) the declaration or payment of Upstream Dividends
by a Subsidiary to the Borrower or another Subsidiary, on an annual or cumulative basis, is or would
be otherwise limited or restricted (
“Dividend Restrictions”
). Notwithstanding the foregoing, nothing in
this Section 8.7 shall prohibit:
(a)Dividend Restrictions set forth in any Restrictive Agreement in effect on the date hereof and
any extensions, refinancings, renewals or replacements thereof;
provided
that the Dividend Restrictions
in any such extensions, refinancings, renewals or replacements are no less favorable in any material
respect to the Lenders than those Dividend Restrictions that are then in effect and that are being
extended, refinanced, renewed or replaced;
(b)Dividend Restrictions existing with respect to any Person acquired by the Borrower or any
Subsidiary and existing at the time of such acquisition, which Dividend Restrictions are not applicable
to any Person or the property or assets of any Person other than such Person or its property or assets
acquired, and any extensions, refinancings, renewals or replacements of any of the foregoing;
provided
that the Dividend Restrictions in any such extensions, refinancings, renewals or replacements are no
less favorable in any material respect to the Lenders than those Dividend Restrictions that are then in
effect and that are being extended, refinanced, renewed or replaced;
(c)Dividend Restrictions consisting of customary net worth, leverage and other financial
covenants, customary covenants regarding the merger of or sale of stock or assets of a Subsidiary,
customary restrictions on transactions with affiliates, and customary subordination provisions
governing Indebtedness owed to the Borrower or any Subsidiary, in each case contained in, or required
by, any agreement governing Indebtedness incurred by a Subsidiary in accordance with the terms of
this Agreement; or
(d)Dividend Restrictions contained in any other credit agreement so long as such Dividend
Restrictions are no more restrictive than those contained in this Agreement (including Dividend
Restrictions contained in the Existing 2019 Credit Agreement and the Existing 2021 Credit Agreement).
8.8[Reserved]
8.9Ratio of Consolidated Indebtedness to Total Capitalization
Permit its ratio of Consolidated Indebtedness to Total Capitalization at the end of any fiscal
quarter to exceed 0.60:1.00;
provided
that (i) upon the consummation of any Material Acquisition and
the written election of the Borrower to the Administrative Agent no later than thirty days following the
consummation
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CHAR1\1889946v5
of such Material Acquisition, the maximum permitted ratio of Consolidated Indebtedness to Total
Capitalization shall be increased by 0.05:1.00 above the otherwise-applicable maximum permitted ratio
of Consolidated Indebtedness to Total Capitalization with respect to the last day of the fiscal quarter
during which such Material Acquisition shall have been consummated and the last day of each of the
immediately following three consecutive fiscal quarters, and (ii) between the signing of the definitive
agreement (or offer documentation, as applicable) for a Material Acquisition and the earlier of (x) the
closing of such Material Acquisition and (y) thirty days following the termination of such definitive
agreement (or offer documentation, as applicable) for such Material Acquisition, any Acquisition Debt
incurred to finance such Material Acquisition shall be excluded for purposes of calculation the ratio of
Consolidated Indebtedness to Total Capitalization hereunder. The Borrower shall only be permitted to
make an election pursuant to the proviso of the preceding sentence twice during the term of this
Agreement, and there shall be at least two consecutive fiscal quarters between such elections during
which time no increase to the maximum permitted ratio of Consolidated Indebtedness to Total
Capitalization shall be in effect.
9.DEFAULT
9.1Events of Default
The following shall each constitute an
“Event of Default”
hereunder:
(a)The failure of the Borrower to make any payment of principal on any Loan or any
reimbursement payment in respect of any Letter of Credit when due and payable; or
(b)The failure of the Borrower to make any payment of interest on any Loan or of any Fee on
any date when due and payable and such default shall continue unremedied for a period of 5 Domestic
Business Days after the same shall be due and payable; or
(c)The failure of the Borrower to observe or perform any covenant or agreement contained in
Section 2.5, Section 7.1 (with respect to the Borrower only), or in Section 8; or
(d)The failure of the Borrower to observe or perform any other covenant or agreement
contained in this Agreement, and such failure shall have continued unremedied for a period of 30 days
after the Borrower shall have become aware of such failure; or
(e)[Reserved]; or
(f)Any representation or warranty of the Borrower (or of any of its officers on its behalf) made
in any Loan Document, or made in any certificate or report or other document (other than an opinion of
counsel) delivered on or after the date hereof in connection with any such Loan Document shall in any
such case prove to have been incorrect or misleading (whether because of misstatement or omission) in
any material respect when made; or
(g)(i) Obligations in an aggregate Consolidated amount in excess of the Threshold Amount of
the Borrower (other than its obligations hereunder and under the Notes) and the Material Subsidiaries,
whether as principal, guarantor, surety or other obligor, for the payment of any Indebtedness for
Borrowed Money or any net liability under interest rate swap, collar, exchange or cap agreements, (A)
shall become or shall be declared to be due and payable prior to the expressed maturity thereof, or (B)
shall not be paid when due or within any grace period for the payment thereof, or (ii) any holder of any
such obligations shall have the right to declare the Indebtedness for Borrowed Money evidenced thereby
due and payable prior to its stated maturity; or
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(h)An involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Material
Subsidiary or its debts, or of a substantial part of its assets, under any federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of
a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any
Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or
petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the
foregoing shall be entered; or
(i)The Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the
institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described
in clause (h) of this Section 9.1, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or
for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed
against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take
any action for the purpose of effecting any of the foregoing; or
(j)The Borrower or any Material Subsidiary shall (i) generally not be paying its debts as such
debts become due or (ii) admit in writing its inability to pay its debts as they become due; or
(k)Judgments or decrees in an aggregate Consolidated amount in excess of the Threshold
Amount (to the extent not covered by independent third-party insurance or captive insurance as to which
the insurer does not dispute coverage) against the Borrower and the Material Subsidiaries shall remain
unpaid, unstayed on appeal, undischarged, unbonded or undismissed for a period of 60 days during
which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of the Borrower or any Material Subsidiary to enforce any
such judgment; or
(l)After the Effective Date a Change of Control shall occur; or
(m)Solely to the extent as would have a Material Adverse effect: (i) any Termination Event
shall occur (x) with respect to any Pension Plan (other than a Multiemployer Plan) or (y) with respect
to any other retirement plan subject to Section 302 of ERISA or Section 412 of the Internal Revenue
Code, which plan, during the five year period prior to such Termination Event, was the responsibility
in whole or in part of the Borrower, any Material Subsidiary or any ERISA Affiliate; (ii) the failure to
satisfy the minimum funding standards under Section 302 of ERISA or Section 412 of the Internal
Revenue Code shall exist with respect to any Pension Plan for which the Borrower has responsibility
(other than that portion of a Multiemployer Plan’s Accumulated Funding Deficiency to the extent such
Accumulated Funding Deficiency is attributable to employers other than the Borrower); (iii) any Person
shall engage in a Prohibited Transaction involving any Employee Benefit Plan in respect of which it is
reasonably likely that liability will be imposed upon the Borrower; (iv) the Borrower shall fail to pay
when due an amount which is payable by it to the PBGC or to a Pension Plan (including a
Multiemployer Plan) under Title IV of ERISA; (v) the imposition on the Borrower of any tax under
Section 4980(B)(a) of the Internal Revenue Code; or (vi) the assessment of a civil penalty on the
Borrower with respect to any Employee Benefit Plan under Section 502(c) of ERISA. In determining
the Consolidated amount for any purpose pursuant to this Section 9.1(m), the liabilities, funding
amounts, taxes and penalties
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CHAR1\1889946v5
referenced in the foregoing clauses of this Section 9.1(m) shall include those of the Material
Subsidiaries and ERISA Affiliates of the Borrower to the extent the Borrower is obligated to pay any
such liabilities, funding amounts, taxes and penalties.
9.2Remedies
(a)Upon the occurrence of an Event of Default or at any time thereafter during the continuance
of an Event of Default, the Administrative Agent, at the written request of the Required Lenders, shall
notify the Borrower that the Commitments, the Swing Line Commitment and the Letter of Credit
Commitment have been terminated and/or that all of the Loans, the Notes and the Reimbursement
Obligations and all accrued and unpaid interest on any thereof and all other amounts owing under the
Loan Documents have been declared immediately due and payable;
provided
that upon the occurrence
of an Event of Default under Section 9.1(h), (i) or (j) with respect to the Borrower, the Commitments,
the Swing Line Commitment and the Letter of Credit Commitment shall automatically terminate and
all of the Loans, the Notes and the Reimbursement Obligations and all accrued and unpaid interest on
any thereof and all other amounts owing under the Loan Documents shall become immediately due and
payable without declaration or notice to the Borrower. To the fullest extent not prohibited by law, except
for the notice provided for in the preceding sentence, the Borrower expressly waives any presentment,
demand, protest, notice of protest or other notice of any kind in connection with the Loan Documents
and its obligations thereunder. To the fullest extent not prohibited by law, the Borrower further
expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption
or similar law, now or at any time hereafter in force which might delay, prevent or otherwise impede
the performance or enforcement of the Loan Documents.
(b)In the event that the Commitments, the Swing Line Commitment and the Letter of Credit
Commitment shall have been terminated or all of the Loans, the Notes and the Reimbursement
Obligations shall have become or been declared to be due and payable pursuant to the provisions of this
Section 9.2, (i) the Borrower shall forthwith deposit an amount equal to the Letter of Credit Exposure
in a cash collateral account with and under the exclusive control of the Administrative Agent, and (ii)
the Administrative Agent, the Issuers and the Lenders agree, among themselves, that any funds received
from or on behalf of the Borrower under any Loan Document by any Issuer or any Lender (except funds
received by any Issuer or any Lender as a result of a purchase from such Issuer or such Lender, as the
case may be, pursuant to the provisions of Section 11.9(b)) shall be remitted to the Administrative
Agent, and shall be applied by the Administrative Agent in payment of the Loans, the Reimbursement
Obligations and the other obligations of the Borrower under the Loan Documents in the following
manner and order: (1) first, to the payment or reimbursement of the Administrative Agent, the Issuers
and the Lenders, in that order, for any fees, expenses or amounts (other than the principal of and interest
on the Reimbursement Obligations) due from the Borrower pursuant to the provisions of Section 11.5
and the Reimbursement Agreements, (2) second, to the payment of the Fees, (3) third, to the payment
of any other fees, expenses or amounts (other than the principal of and interest on the Loans and the
Notes and the Reimbursement Obligations) payable by the Borrower to the Administrative Agent, any
Issuer or any of the Lenders under the Loan Documents, (4) fourth, to the payment, pro rata according
to the outstanding principal balance of the Loans and the Letter of Credit Exposure of each Lender, of
interest due on the Loans and the Reimbursement Obligations, (5) fifth, to the payment, pro rata
according to the sum of (A) the aggregate outstanding principal balance of the Loans of each Lender
plus
(B) the aggregate outstanding balance of the Reimbursement Obligations of each Lender, of the
aggregate outstanding principal balance of the Loans and the aggregate outstanding balance of the
Reimbursement Obligations, and (6) sixth, any remaining funds shall be paid to whosoever shall be
entitled thereto or as a court of competent jurisdiction shall direct.
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CHAR1\1889946v5
(c)In the event that the Loans and the Notes and the Reimbursement Obligations shall have
been declared due and payable pursuant to the provisions of this Section 9.2, the Administrative Agent,
upon the written request of the Required Lenders, shall proceed to enforce the Reimbursement
Obligations and the rights of the holders of the Loans and the Notes by suit in equity, action at law
and/or other appropriate proceedings, whether for payment or the specific performance of any covenant
or agreement contained in the Loan Documents. In the event that the Administrative Agent shall fail or
refuse so to proceed, each Issuer and each Lender shall be entitled to take such action as the Required
Lenders shall deem appropriate to enforce its rights under the Loan Documents.
10.AGENT
10.1Appointment and Authority
Each Credit Party hereby irrevocably appoints BofA 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 Section 10 (other than Section 10.6) are solely for the benefit of the
Administrative Agent and the Credit Parties and the Borrower shall have no rights as a third party
beneficiary or otherwise of any of such provisions.
10.2Rights as a Lender
The Person serving as the Administrative Agent hereunder shall have the same rights and
powers in its capacity as a Lender (which includes Issuer) 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, any of its Subsidiaries or
any other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without
any duty to account therefor to the Lenders.
10.3Exculpatory Provisions
(a)The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the
Administrative Agent:
(1)shall not be subject to any fiduciary or other implied duties, regardless of whether a Default
has occurred and is continuing;
(2)shall not have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents
that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or
such other number or percentage of the Lenders as shall be expressly provided for herein or in the other
Loan Documents);
provided
that the Administrative Agent shall not be required to take any action that,
in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is
contrary to any Loan Document or applicable law; and
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CHAR1\1889946v5
(3)shall not, except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to the
Borrower, any of its Subsidiaries or any Affiliate thereof that is communicated to or obtained by the
Person serving as the Administrative Agent or any of its Affiliates in any capacity.
(b)The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders
as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary,
under the circumstances as provided in Section 11.1 and Section 9) or (ii) in the absence of its own
gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until written notice describing such Default is given to the
Administrative Agent by the Borrower, a Lender or an Issuer.
(c)The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or any
other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan
Document or any other agreement, instrument or document or (v) the satisfaction of any condition set
forth in Section 5 or Section 6 or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent.
(d)The Administrative Agent shall not be responsible or have any liability for, or have any duty
to ascertain, inquire into, monitor or enforce, compliance with the provisions of this Agreement relating
to Disqualified Institutions. Without limiting the generality of the foregoing, the Administrative Agent
shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or prospective Lender
is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment of
Loans, or disclosure of confidential information, to any Disqualified Institution.
10.4Reliance by Administrative Agent
The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, internet or intranet website posting or other distribution) believed
by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or by telephone and believed
by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan or the issuance of a
Letter of Credit that by its terms must be fulfilled to the satisfaction of a Lender or an Issuer, the
Administrative Agent may presume that such condition is satisfactory to such Lender or such Issuer
unless the Administrative Agent shall have received notice to the contrary from such Lender or such
Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrower), independent public
accounting firms 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, accounting firm or experts.
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10.5Delegation 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 Section 10 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 the
Administrative Agent.
10.6Resignation of Administrative Agent
(a)The Administrative Agent may at any time give notice of its resignation to the Credit Parties
and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the
right, subject to, so long as no Event of Default under Section 9.1(a), Section 9.1(b), Section 9.1(h),
Section 9.1(i) or Section 9.1(j) has occurred and is continuing, the consent of the Borrower (such
consent not to be unreasonably withheld or delayed), to appoint a successor, which shall be a bank with
an office in New York, New York, or an Affiliate of any such bank with an office in New York, New
York. If no such successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may on behalf of the Credit Parties, appoint a
successor Administrative Agent meeting the qualifications set forth above, subject to, so long as no
Event of Default under Section 9.1(a), Section 9.1(b), Section 9.1(h), Section 9.1(i) or Section 9.1(j)
has occurred and is continuing, the consent of the Borrower (such consent not to be unreasonably
withheld or delayed);
provided
that if the Administrative Agent shall notify the Borrower and the Credit
Parties that no qualifying Person has accepted such appointment, then such resignation shall nonetheless
become effective in accordance with such notice and the retiring Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Loan Documents and all
payments, communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made by or to each Credit Party directly, until such time as the
Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon
the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or
retired) Administrative Agent, and the retiring 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 in
writing between the Borrower and such successor. After the retiring Administrative Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this Section 10 and Section 11.5 shall
continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their
respective Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring Administrative Agent was acting as Administrative Agent.
(b)Any resignation by BofA as Administrative Agent pursuant to this Section 10.6 shall also
constitute its resignation as an Issuer and Swing Line Lender. If BofA resigns as an Issuer, it shall,
pending the issuance of letters of credit in substitution of the outstanding Letters of Credit in accordance
with clause (iii) of the last sentence of this Section 10.6(b) and the return and cancellation of such
outstanding Letters of Credit, retain all the rights, powers, privileges and duties of an Issuer hereunder
with respect to all Letters of Credit outstanding as of the effective date of its
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resignation as an Issuer and all Reimbursement Obligations with respect thereto, including the right to
require the Lenders to make ABR Advances or fund risk participations pursuant to Section 2.9. If BofA
resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for
hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such
resignation, including the right to require the Lenders to make ABR Advances or fund risk participations
in outstanding Swing Line Loans pursuant to Section 2.2. Upon the appointment by the Borrower of a
successor Issuer or Swing Line Lender hereunder (which successor shall in all cases be a Lender other
than a Defaulting Lender), (i) such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring Issuer or Swing Line Lender, as applicable, (ii) the retiring
Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations
hereunder or under the other Loan Documents (other than with respect to outstanding Swing Line Loans
made by it and outstanding Letters of Credit issued by it), and (iii) the successor 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 BofA and the Borrower to effectively assume the obligations
of BofA with respect to such Letters of Credit.
10.7Non-Reliance on Administrative Agent and Other Credit Parties
Each Credit Party acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Credit Party or any of their Related Parties and based on such
documents and information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement. Each Credit Party also acknowledges that it will, independently and without
reliance upon the Administrative Agent or any other Credit Party or any of their Related Parties and
based on such documents and information as it shall from time to time deem appropriate, continue to
make its own decisions in taking or not taking action under or based upon this Agreement, any other
Loan Document or any related agreement or any document furnished hereunder or thereunder.
10.8No Other Duties, Etc
.
Anything herein to the contrary notwithstanding, none of the Joint Lead Arrangers, the
Sustainability Coordinator, the Co-Documentation Agents or the Co-Syndication Agents 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 Issuer.
10.9Recovery of Erroneous Payments
.
Without limitation of any other provision in this Agreement, if at any time the Administrative
Agent makes a payment hereunder in error to any Lender or any Issuer (the “Lender Party”), whether
or not in respect of an obligation due and owing by the Borrower at such time, where such payment is
a Rescindable Amount, then in any such event, each Lender Party receiving a Rescindable Amount
severally agrees to repay to the Administrative Agent forthwith on demand the Rescindable Amount
received by such Lender Party in immediately available funds in the currency so received, with interest
thereon, for each day from and including the date such Rescindable Amount is received by it to but
excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation. Each Lender Party irrevocably waives any and all defenses, including any
“discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly
paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return
any Rescindable Amount. The Administrative Agent shall inform each Lender Party promptly upon
determining that any payment made to such Lender Party comprised, in whole or in part, a Rescindable
Amount.
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11.OTHER PROVISIONS
11.1Amendments, Waivers, Etc
.
With the written consent of the Required Lenders, the Administrative Agent and the Borrower
may, from time to time, enter into written amendments, supplements or modifications of the Loan
Documents (which, for the avoidance of doubt, shall require the prior written consent of the Borrower)
and, with the written consent of the Required Lenders and the Borrower, the Administrative Agent on
behalf of the Lenders may execute and deliver to any such parties a written instrument waiving or
consenting to the departure from, on such terms and conditions as the Administrative Agent may specify
in such instrument (which terms and conditions shall have been agreed to by the Borrower), any of the
requirements of the Loan Documents or any Default or any Event of Default and its consequences,
provided
that no such amendment, supplement, modification, waiver or consent shall (i) increase the
Commitment Amount of any Lender without the consent of such Lender (
provided
that no waiver of a
Default or Event of Default shall be deemed to constitute such an increase), (ii) extend the Commitment
Period without the consent of each Lender directly affected thereby, (iii) reduce the amount, or extend
the time of payment, of the Fees without the consent of each Lender directly affected thereby, (iv)
reduce the rate, or extend the time of payment of, interest on any Revolving Credit Loan, any Note or
any Reimbursement Obligation (other than the applicability of any post-default increase in such rate of
interest) without the consent of each Lender directly affected thereby, (v) reduce the amount of, or
extend the time of payment of, any payment of any Reimbursement Obligation or principal on any
Revolving Credit Loan or any Note without the consent of each Lender directly affected thereby, (vi)
decrease or forgive the principal amount of any Revolving Credit Loan, any Note or any Reimbursement
Obligation without the consent of each Lender directly affected thereby, (vii) consent to any assignment
or delegation by the Borrower of any of its rights or obligations under any Loan Document without the
consent of each Lender, (viii) change the provisions of this Section 11.1 without the consent of each
Lender, (ix) change the definition of Required Lenders without the consent of each Lender, (x) change
the several nature of the obligations of the Lenders without the consent of each Lender, (xi) change the
sharing provisions among Lenders without the consent of each Lender directly affected thereby, or (xii)
extend the expiration date of a Letter of Credit beyond the Commitment Termination Date without the
consent of each Lender. Notwithstanding the foregoing, in addition to the receipt of the prior written
consents of the Borrower and the Required Lenders, no such amendment, supplement, modification,
waiver or consent shall (A) amend, modify or waive any provision of Section 10 or otherwise change
any of the rights or obligations of the Administrative Agent, any Issuer or the Swing Line Lender under
any Loan Document without the written consent of the Administrative Agent, such Issuer or the Swing
Line Lender, as the case may be, (B) change the Letter of Credit Commitment, change the amount or
the time of payment of any Letter of Credit or any commission or fee payable to the Issuer thereof in
connection therewith, or change any other term or provision which relates to the Letter of Credit
Commitment of such Issuer or the Letters of Credit issued thereby without the written consent of such
Issuer, (C) change the Swing Line Commitment, change the amount or the time of payment of the Swing
Line Loans or interest thereon or change any other term or provision which relates to the Swing Line
Commitment or the Swing Line Loans without the written consent of the Swing Line Lender or (D)
change the amount or the time of payment of any Competitive Bid Loan or interest thereon without the
written consent of the Lender holding such Competitive Bid Loan. Any such amendment, supplement,
modification, waiver or consent shall apply equally to each of the Lenders and shall be binding upon
the parties to the applicable Loan Document, the Lenders, the Issuers, the Administrative Agent and all
future holders of the Loans, the Notes and the Reimbursement Obligations. In the case of any waiver,
the Borrower, the Lenders, the Issuers and the Administrative Agent shall be restored to their former
position and rights under the Loan Documents, but any Default or Event of Default waived shall not
extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.
Notwithstanding anything to the contrary in this Agreement or in any other Loan Document, (1) the
Administrative Agent and the Borrower may make amendments contemplated by Section 3.8(c) without
the consent of any other
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Person party hereto, (2) in order to implement any ESG Amendment, this Agreement and the other Loan
Documents may be amended in accordance with Section 2.14 with only the consent of the Borrower,
the Sustainability Coordinator and the Required Lenders (as and to the extent provided in Section 2.14),
(3) if the Administrative Agent and the Borrower shall have jointly identified an obvious error,
ambiguity, defect, inconsistency, omission or any error or omission of a technical nature, in each case,
in any provision of the Loan Documents, then the Administrative Agent and the Borrower shall be
permitted to amend such provision, and, in each case, such amendment shall become effective without
any further action or consent of any party to any Loan Document (other than the Administrative Agent
and the Borrower) if the same (x) does not adversely affect the rights of any Lender or (y) is not objected
to in writing by the Required Lenders to the Administrative Agent within five Domestic Business Days
following receipt of notice thereof, and (4) this Agreement may be amended or amended and restated
without the consent of any specific Lender (but with the consent of the Borrower and the Administrative
Agent) if, upon giving effect to such amendment or amendment and restatement, such Lender shall no
longer be a party to this Agreement (as so amended or amended and restated, as the case may be), the
Commitments of such Lender shall have terminated, such Lender shall have no other commitment or
other obligation hereunder and shall have been paid in full all principal, interest and other amounts
owing to it or accrued for its account under this Agreement. Any amendment, waiver or consent effected
in accordance with this Section 11.1 shall be binding upon each Person that is at the time thereof a
Lender and each Person that subsequently becomes a Lender.
11.2Notices
(a)Notices Generally
.
Except in the case of notices and other communications expressly
permitted to be given by telephone, 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 email, as follows:
If to the Borrower
:
CVS Health Corporation
1 CVS Drive
MC2340
Woonsocket, Rhode Island 02895
Attention: Carol A. DeNale
Senior Vice President and Treasurer
Facsimile: (401) 770-5768
Telephone: (401) 770-4407
Email: carol.denale@cvshealth.com
with a copy, in the case of a notice of Default or Event of Default, to:
CVS Health Corporation
1 CVS Drive
Woonsocket, Rhode Island 02895
Attention: Tom Moffatt
Vice President, Assistant Secretary and Assistant General Counsel – Corporate Services
Facsimile: (401) 216-3758
Telephone: (401) 770-5409
Email: thomas.moffatt@cvshealth.com
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with a copy (in the case of a notice of Default or Event of Default and which shall not constitute
notice under this Agreement or any other Loan Document for any purpose) to:
Shearman & Sterling LLP
599 Lexington Avenue
New York, New York 10022
Attention: Gus M. Atiyah
Facsimile: (646) 848-5227
Telephone: (212) 848-5227
Email: gus.atiyah@shearman.com
If to the Administrative Agent, BofA as an Issuer or the Swing Line Lender
:
in the case of each Borrowing Request, each notice of prepayment under Section 2.7, each Letter of
Credit Request, each Competitive Bid Request, each Competitive Bid, and each Competitive Bid
Accept/Reject Letter:
Bank of America, N.A., as Administrative Agent
900 W. Trade St., 6
th
Floor
NC1-026-06-04
Charlotte, NC 28255
Attention: Kennedy Diggs
Tel:
980-387-4805
Facsimile:
704-625-5608
Email:
kennedy.diggs@bofa.com
Remittance Instructions- US Dollars:
Bank of America, N.A.
New York, NY
ABA# XXXXXXXXX
Account No.: XXXXXXXXXXXXX
Account Name: Wire Clearing Acct for Syn Loans-LIQ
Ref: CVS HEALTH CORPORATION
in the case of each Letter of Credit Request:
Bank of America, N.A.
Trade Operations
1 Fleet Way
Mail Code: PA6-580-02-30
Scranton, Pa. 18507
Attention: Trade Operations
Tel: 570-496-9619
Facsimile: 800-755-8740
Email: tradeclientserviceteamus@bofa.com
Remittance Instructions:
Bank of America, N.A.
New York, NY
ABA #: XXX-XXX-XXX
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Account #: XXXXX-XXXXXX
Attn: Scranton Standby
Ref: CVS HEALTH CORPORATION
and in all other cases:
Bank of America, N.A., as Administrative Agent
900 W. Trade St., 6th Floor
NC1-026-06-03
Charlotte, NC 28255
Attention: Kyle Harding
Tel: 980-275-6132
Facsimile: 704-719-5215
Email: kyle.d.harding@bofa.com
If to any Lender or any other Issuer
: to it at its address (or facsimile number or email address) set forth
in its Administrative Questionnaire.
(b)Electronic Communications. Notices and other communications to the Credit Parties
hereunder may be delivered or furnished by electronic communication (including email, 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 Credit Party pursuant to Section 2
or Section 3.3 if such Credit Party has notified the Administrative Agent that it is incapable of receiving
notices under such Sections by electronic communication. The Administrative Agent or the Borrower
may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it;
provided
that approval of such procedures may
be limited to particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an email address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” or “read requested” function, as
available, return email or other written acknowledgement);
provided
that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next Domestic
Business Day for the recipient, and (ii) notices or communications posted to an internet or intranet
website shall be deemed received upon the deemed receipt by the intended recipient at its email address
as described in the foregoing clause (i) of notification that such notice or communication is available
and identifying the website address therefor.
(c)Change of Address
.
Any party hereto may change its address, facsimile number or email
address for notices and other communications hereunder by notice to the other parties hereto (or, in the
case of any Lender or any Issuer, by notice to the Administrative Agent and the Borrower). Subject to
the second paragraph of this Section 11.2(b), all notices and other communications given to any party
hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the
date of receipt;
provided
that any such notice or communication that is not received on a Domestic
Business Day during the normal business hours of the recipient shall be deemed received at the opening
of business on the next Domestic Business Day.
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(d)The Platform
.
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE
AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR
COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE
PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS
FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED
OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM
FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the
Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability
to the Borrower, any Lender, any Issuer or any other Person for losses, claims, damages, liabilities or
expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the
Administrative Agent’s transmission of Borrower Materials or notices through the Platform, any other
electronic platform or electronic messaging service, or through the Internet.
11.3No Waiver; Cumulative Remedies
No failure to exercise and no delay in exercising, on the part of the Administrative Agent, any
Lender or any Issuer, any right, remedy, power or privilege under any Loan Document shall operate as
a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege under
any Loan Document preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges under the Loan Documents are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.
11.4Survival of Representations and Warranties
All representations and warranties made in the Loan Documents and in any document,
certificate or statement delivered pursuant thereto or in connection therewith shall survive the execution
and delivery of the Loan Documents.
11.5Payment of Expenses; Indemnified Liabilities
(a)The Borrower agrees, as soon as practicable following presentation of a statement or invoice
therefor setting forth in reasonable detail the items thereof, and whether any Loan is made or Letter of
Credit is issued, (a) to pay or reimburse the Administrative Agent and its Affiliates for all their
reasonable and documented out-of-pocket costs and expenses actually incurred in connection with the
development, syndication, preparation and execution of, and any amendment, waiver, consent,
supplement or modification to, the Loan Documents, any documents prepared in connection therewith
and the consummation of the transactions contemplated thereby, whether such Loan Documents or any
such amendment, waiver, consent, supplement or modification to the Loan Documents or any
documents prepared in connection therewith are executed and whether the transactions contemplated
thereby are consummated, including the reasonable and documented out-of-pocket fees and
disbursements of Special Counsel, (b) to pay, indemnify, and hold the Administrative Agent, the
Lenders and the Issuers harmless from any and all recording and filing fees and any and all liabilities
and penalties with respect to, or resulting from any delay (other than penalties to the extent attributable
to the negligence of the Administrative Agent, the Lenders or the Issuers, as the case may be, in failing
to pay such fees, liabilities or penalties when due) which may be payable or determined to be payable
in connection with the execution and delivery of, or consummation of any of the transactions
contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or
in respect of,
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the Loan Documents or any documents prepared in connection therewith, and (c) to pay, reimburse,
indemnify and hold each Indemnified Person harmless from and against any and all other liabilities,
obligations, claims, losses, damages, penalties, actions, judgments, suits, costs, expenses and
disbursements of any kind or nature whatsoever (including the reasonable and documented out-of-
pocket fees and disbursements of one counsel (but excluding the allocated cost of internal counsel)
representing all of the Indemnified Persons, taken as a whole, and, if reasonably necessary, of a single
local counsel for each applicable jurisdiction (and, if reasonably necessary, one specialty counsel for
each applicable specialty), representing all of the Indemnified Persons, taken as a whole (and, in the
case of any actual or perceived conflict of interest where the Indemnified Person affected by such
conflict notifies the Borrower of the existence of such conflict and thereafter retains its own counsel, of
another firm of counsel (and, if reasonably necessary, a single local counsel for each applicable
jurisdiction (which may include a single counsel acting in multiple jurisdictions) (and, if reasonably
necessary, one specialty counsel for each applicable specialty), for each such affected Indemnified
Person))) actually incurred with respect to the enforcement, performance of, and preservation of rights
under, the Loan Documents (all the foregoing, collectively, the
“Indemnified Liabilities”
) and, if and
to the extent that the foregoing indemnity may be unenforceable for any reason, the Borrower agrees to
make the maximum payment permitted under applicable law. Notwithstanding anything to the contrary
contained in this Section 11.5, the foregoing payment, indemnification and reimbursement obligations
will not, as to any Person identified in this Section 11.5, apply to any losses, claims, damages, liabilities
and related expenses to the extent arising (A) from the willful misconduct, gross negligence, fraud or
bad faith of such Person, (B) from a material breach of the obligations hereunder of such Person, (C)
out of or in connection with Section 11.22, or (D) out of or in connection with any claim, litigation,
investigation or proceeding that does not involve an act or omission of the Borrower or any of its
Affiliates and that is brought by any such Person against any such other Person (other than the
Administrative Agent, a Joint Lead Arranger, the Issuer or the Swing Line Lender, in each case, in its
capacity as such), in each case under clauses (A) and (B), to the extent determined by a final and non-
appealable judgment of a court of competent jurisdiction. The agreements in this Section 11.5 shall
survive the termination of the Commitments and the payment of the Loans and the Notes and all other
amounts payable under the Loan Documents.
(b)Notwithstanding the above, the Borrower shall have no liability under this Section 11.5 to
indemnify or hold harmless any Indemnified Person for any losses, claims, damages, liabilities and
related expenses relating to income or withholding Taxes or any Tax in lieu of such Taxes.
Notwithstanding the foregoing, any amounts claimed by an Indemnified Person under Section 11.10
shall not be available to be claimed by such Indemnified Person under this Section 11.5, it being
understood and agreed that the rights of an Indemnified Person under this Section 11.5 and Section
11.10 shall not be duplicative.
11.6Lending Offices
Each Lender shall have the right at any time and from time to time to transfer any Loan to a
different office of such Lender, subject to Section 3.10.
11.7Successors and Assigns
(a)Successors and Assigns Generally. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns permitted
hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender
may assign or otherwise transfer any of its rights or obligations
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hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section
11.7, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section 11.7
or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f)
of this Section 11.7 (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, the
Participants to the extent provided in paragraph (d) of this Section 11.7 and, to the extent expressly
contemplated hereby, the Related Parties of each Credit Party) any legal or equitable right, remedy or
claim under or by reason of this Agreement.
(b)Assignments by Lenders. Any Lender may at any time assign to one or more assignees all
or a portion of its rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans and obligations in respect of its Letter of Credit Exposure and Swing Line
Exposure at the time owing to it);
provided
that any such assignment shall be subject to the following
conditions:
(1)Minimum Amounts.
(A)in the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment Amount or Swing Line Commitment and the Loans and obligations in respect of its Letter
of Credit Exposure and Swing Line Exposure at the time owing to it or in the case of an assignment to
a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and
(B)in any case not described in paragraph (b)(1)(A) of this Section 11.7, the Commitment
Amount or Swing Line Commitment (which for this purpose includes the Loans of the assigning Lender
outstanding thereunder and obligations in respect of its Letter of Credit Exposure and Swing Line
Exposure at the time owing to it thereunder) or, if the Commitment or Swing Line Commitment of the
assigning Lender is not then in effect, the principal outstanding balance of the Loans and the Letter of
Credit Exposure and Swing Line Exposure 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 a “Trade Date” is specified in the Assignment and Assumption, as of
such “Trade Date”) shall not be less than $5,000,000, unless each of the Administrative Agent and, so
long as no Event of Default under Section 9.1(a), Section 9.1(b), Section 9.1(h), Section 9.1(i) or Section
9.1(j) has occurred and is continuing, the Borrower otherwise consents (each such consent not to be
unreasonably withheld or delayed).
(2)Proportionate Amounts. Each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect
to the Loans, Letter of Credit Exposure and Swing Line Exposure or the Commitment assigned, except
that this clause (2) shall not prohibit any Lender from assigning all or a portion of its rights and
obligations in respect of Competitive Bid Loans on a non-pro rata basis.
(3)Required Consents. No consent shall be required for any assignment except to the extent
required by paragraph (b)(1)(B) of this Section 11.7 and, in addition:
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(A)the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall
be required unless (x) an Event of Default under Section 9.1(a), Section 9.1(b), Section 9.1(h), Section
9.1(i) or Section 9.1(j) has occurred and is continuing at the time of such assignment or (y) such
assignment is to a Lender, an Affiliate of a Lender or an Approved Fund (it being understood that it
shall not be deemed unreasonable for the Borrower to withhold consent to any assignment if it
reasonably believes that such assignment would result in the Borrower incurring increased costs
pursuant to Section 3.6 or Section 3.10);
(B)the consent of the Administrative Agent (such consent not to be unreasonably withheld,
conditioned or delayed) shall be required for assignments in respect of an unfunded or revolving facility
hereunder if such assignment is to a Person that is not a Lender with a Commitment in respect of such
facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and
(C)the consent of each Issuer (such consent not to be unreasonably withheld, conditioned or
delayed) shall be required for any assignment that increases the obligation of the assignee to participate
in exposure under one or more Letters of Credit (whether or not then outstanding) and the Swing Line
Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment
in respect of the revolving facility hereunder.
(4)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
of $4,500 ($7,500 in the case of an assignment by a Defaulting Lender) (which fee shall be paid by the
assignor or the assignee and may be waived or reduced in the sole discretion of the Administrative
Agent), and the assignee, if it is not a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire.
(5)No Assignment to Certain Parties. No such assignment shall be made to (A) the Borrower,
any of its Subsidiaries or any of their respective Affiliates or (B) any Defaulting Lender or any of its
Subsidiaries or any Person who, upon becoming a Lender hereunder, would constitute any of the
foregoing Persons described in this clause (B).
(6)No Assignment to Natural Persons. No such assignment shall be made to a natural person
(or a holding company, investment vehicle or trust for, or owned and operated by or for the primary
benefit of a natural person).
(7)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 Issuer or any Lender hereunder (and interest accrued thereon)
and (y) acquire (and fund as appropriate) its full
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pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance
with its Commitment Percentage. Notwithstanding the foregoing, in the event that any assignment of
rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law
without compliance with the provisions of this clause (7), 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 paragraph
(c) of this Section 11.7, from and after the effective date specified in each Assignment and Assumption,
the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement,
and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Section 3.6, Section 3.7, and Section 11.10 with respect to facts and circumstances occurring prior
to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this paragraph shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
paragraph (d) of this Section 11.7.
(c)Register. The Administrative Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain at one of its offices in the United States of America a copy of each Assignment
and Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to,
each Lender pursuant to the terms hereof from time to time (the
“Register”
). The entries in the Register
shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuers and
the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by the Borrower, any Issuer and any Lender (but only, in the
case of an Issuer or a Lender, at the Administrative Agent’s Office and with respect to any entry relating
to such Lender’s Commitments, Advances and other obligations pursuant to the terms hereof or such
Issuer’s Letter of Credit Commitments and other obligations pursuant to the terms hereof, as applicable)
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 a natural person), the Borrower, any of its Subsidiaries or any of their respective Affiliates) (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, Letter of Credit Exposure, Swing Line Exposure and/or
the Loans, Letter of Credit Exposure or Swing Line Exposure owing to it);
provided
that (i) all of such
Lender’s obligations under this Agreement and the other Loan Documents shall remain in all respects
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 and each Credit Party
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such
a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and
to approve any amendment,
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modification or waiver of any provision of this Agreement;
provided
that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver which requires the consent of all Lenders or all affected Lenders that directly
affects such Participant. Subject to paragraph (e) of this Section 11.7, the Borrower agrees that each
Participant shall be entitled to the benefits of Section 3.5, Section 3.6, Section 3.7 and Section 3.10 to
the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph
(b) of this Section 11.7. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 11.9(a)
as though it were a Lender;
provided
that such Participant agrees to be
subject to Section 11.9(b)
as though it were a Lender. Each Lender that sells a participation with respect
to a Commitment or Loan shall, solely for the purposes of complying with the rules regarding registered
form in the Internal Revenue Code, act as a non-fiduciary agent of the Borrower, maintaining a register
on which it enters the name and address of each Participant and the principal amounts (and stated
interest amounts) of each Participant’s interest in the Commitment and/or Loan (each a
“
Participant
Register
”
), and the entries in such 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. No
Lender shall be required to disclose the existence of, or any of the information contained in, any
Participant Register maintained by it to the Borrower or any other Person unless requested in writing
by the Borrower, and only to the Internal Revenue Service to the extent such disclosure is required in
order to comply with the rules requiring registered form pursuant to the Internal Revenue Code.
(e)Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater
payment under Section 3.5, Section 3.6, Section 3.7 or Section 3.10 than the applicable Lender would
have been entitled to receive with respect to the participation sold to such Participant, unless the sale of
the participation to such Participant is made with the Borrower’s prior written consent. A Participant
shall not be entitled to the benefits of Section 3.10 unless the Borrower is notified of the participation
sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with
Section 3.10(f) as though it were a Lender.
(f)Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or
any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge
or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction
over such Lender;
provided
that no such pledge or assignment shall release such Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
(g)Resignation as Issuer or Swing Line Lender after Assignment. Notwithstanding anything to
the contrary contained herein, if at any time any Issuer or the Swing Line Lender assigns all of its
Commitment and Loans pursuant to clause (b) above, such Issuer or Swing Line Lender may, (i) upon
30 days’ notice to the Administrative Agent, the Borrower and the Lenders, resign as an Issuer and/or
(ii) upon 30 days’ notice to the Borrower, resign as Swing Line Lender. In the event of any such
resignation as an Issuer or Swing Line Lender, the Borrower shall be entitled to appoint from among
the Lenders a successor Issuer or Swing Line Lender hereunder; provided, however, that no failure by
the Borrower to appoint any such successor shall affect the resignation of the applicable Issuer or Swing
Line Lender as an Issuer or Swing Line Lender, as the case may be. If the applicable Issuer resigns as
an Issuer, it shall retain all the rights, powers, privileges and duties of an Issuer hereunder with respect
to all Letters of Credit issued by it and outstanding as of the effective date of its resignation as an Issuer
and all Reimbursement Obligations with respect thereto (including the right to require the Lenders to
make ABR Advances or fund risk
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CHAR1\1889946v5
participations in pursuant to Section 2.9). If the Swing Line Lender resigns as Swing Line Lender, it
shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line
Loans made by it and outstanding as of the effective date of such resignation, including the right to
require the Lenders to make ABR Advances or fund risk participations in outstanding Swing Line Loans
pursuant to Section 2.2. Upon the appointment of a successor Issuer and/or Swing Line Lender, (x) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring Issuer or Swing Line Lender, as the case may be, and (y) the successor 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 the applicable retiring Issuer and the Borrower to effectively
assume the obligations of the applicable retiring Issuer with respect to such Letters of Credit.
(h)Disqualified Institutions. (i) No assignment shall be made to any Person that was a Disqualified
Institution as of the date (the “Trade Date”) on which the applicable Lender entered into a binding
agreement to sell and assign all or a portion of its rights and obligations under this Agreement to such
Person (unless the Borrower has consented to such assignment in writing as otherwise contemplated by
this Section 11.7, in which case such Person will not be considered a Disqualified Institution for the
purpose of such assignment). For the avoidance of doubt, with respect to any assignee that becomes a
Disqualified Institution after the applicable Trade Date (including as a result of the delivery of a notice
pursuant to, and/or the expiration of the notice period referred to in, the definition of “Disqualified
Institution”), (x) such assignee shall not retroactively be disqualified from becoming a Lender and (y)
the execution and delivery by the Borrower of an Assignment and Assumption with respect to such
assignee will not by itself result in such assignee no longer being considered a Disqualified Institution.
Any assignment in violation of this clause (h)(i) shall not be void, but the other provisions of this clause
(h) shall apply.
(ii) If any assignment is made to any Disqualified Institution without the Borrower’s prior
consent in violation of clause (i) above, or if any Person becomes a Disqualified Institution after the
applicable Trade Date, the Borrower may, at its sole expense and effort, upon notice to the applicable
Disqualified Institution and the Administrative Agent, (A) terminate any Commitment of such
Disqualified Institution and repay all obligations of the Borrower owing to such Disqualified Institution
in connection with such Commitment, and/or (B) require such Disqualified Institution to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in this Section
11.7), all of its interest, rights and obligations under this Agreement and the other Loan Documents to
an Eligible Assignee that shall assume such obligations at the lesser of (x) the principal amount thereof
and (y) the amount that such Disqualified Institution paid to acquire such interests, rights and
obligations, in each case plus accrued interest, accrued fees and all other amounts (other than principal
amounts) payable to it hereunder and other the other Loan Documents.
(iii) Notwithstanding anything to the contrary contained in this Agreement, Disqualified
Institutions (A) will not (x) have the right to receive information, reports or other materials provided to
Lenders by the Borrower, the Administrative Agent or any other Lender, (y) attend or participate in
meetings attended by the Lenders and the Administrative Agent, or (z) access any electronic site
established for the Lenders or confidential communications from counsel to or financial advisors of the
Administrative Agent or the Lenders and (B) (x) for purposes of any consent to any amendment, waiver
or modification of, or any action under, and for the purpose of any direction to the
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CHAR1\1889946v5
Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under
this Agreement or any other Loan Document, each Disqualified Institution will be deemed to have
consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such
matter, and (y) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to
any bankruptcy or insolvency laws (“Plan of Reorganization”), each Disqualified Institution party
hereto hereby agrees (1) not to vote on such Plan of Reorganization, (2) if such Disqualified Institution
does vote on such Plan of Reorganization notwithstanding the restriction in the foregoing clause (1),
such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e)
of the United States Bankruptcy Code (or any similar provision in any other bankruptcy or insolvency
laws), and such vote shall not be counted in determining whether the applicable class has accepted or
rejected such Plan of Reorganization in accordance with Section 1126(c) of the United States
Bankruptcy Code (or any similar provision in any other bankruptcy or insolvency laws) and (3) not to
contest any request by any party for a determination by the bankruptcy court (or other applicable court
of competent jurisdiction) effectuating the foregoing clause (2).
11.8Counterparts; Electronic Execution
(a)Counterparts. Each of the Loan Documents (other than the Notes) may be executed on any
number of separate counterparts and all of said counterparts taken together shall be deemed to constitute
one and the same agreement. It shall not be necessary in making proof of any Loan Document to produce
or account for more than one counterpart signed by the party to be charged. A set of the copies of this
Agreement signed by all of the parties hereto shall be lodged with each of the Borrower and the
Administrative Agent. Delivery of an executed counterpart of a signature page of any Loan Document
by fax or other electronic means (e.g., “.pdf” or “.tif”) shall be effective as delivery of a manually
executed counterpart of such Loan Document.
(b)Electronic Execution. This Agreement and any document, amendment, approval,
assignment, consent, information, notice, certificate, request, statement, disclosure or authorization
related to this Agreement (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 party hereto hereby agrees that any Electronic Signature on, or associated with, any
Communication shall be valid and binding on such 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 party enforceable against such 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 paragraph may include, without limitation, use or
acceptance by each party hereto of a manually signed paper Communication which has been converted
into electronic form (such as scanned into PDF format), or an electronically signed Communication
converted into another format, for transmission, delivery and/or retention. Each party hereto may, at its
option, create one or more copies of any Communication in the form of an imaged Electronic Record
(“
Electronic Copy
”), which shall be deemed created in the ordinary course of 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
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CHAR1\1889946v5
by it (it being acknowledged that the Administrative Agent will accept “.pdf” signatures). Without
limiting the foregoing sentence, (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 the Borrower without further
verification, and (b) upon the request of the Administrative Agent or any Lender hereto, any Electronic
Signature shall be promptly (to the extent reasonably practicable at such time as reasonably determined
by the Borrower) followed by such manually executed counterpart. For purposes hereof, “
Electronic
Record
” and “
Electronic Signature
” shall have the meanings assigned to them, respectively, by 15
USC §7006, as it may be amended from time to time.
11.9Set-off and Sharing of Payments.
(a)In addition to any rights and remedies of the Lenders and the Issuers provided by law, after
the occurrence and during the continuance of an Event of Default under Section 9.1(a) or Section 9.1(b)
or upon the acceleration of the Loans, each Lender and each Issuer shall have the right, without prior
notice to the Borrower, any such notice being expressly waived by the Borrower, to set-off and apply
against any indebtedness or other liability, whether matured or unmatured, of the Borrower to such
Lender or such Issuer arising under the Loan Documents, any amount owing from such Lender or such
Issuer to the Borrower. To the extent permitted by applicable law, the aforesaid right of set-off may be
exercised by such Lender or such Issuer against the Borrower or against any trustee in bankruptcy,
custodian, debtor in possession, assignee for the benefit of creditors, receiver, or execution, judgment
or attachment creditor of the Borrower, or against anyone else claiming through or against the Borrower
or such trustee in bankruptcy, custodian, debtor in possession, assignee for the benefit of creditors,
receivers, or execution, judgment or attachment creditor, notwithstanding the fact that such right of set-
off shall not have been exercised by such Lender or such Issuer prior to the making, filing or issuance
of, service upon such Lender or such Issuer of, or notice to such Lender or such Issuer of, any petition,
assignment for the benefit of creditors, appointment or application for the appointment of a receiver, or
issuance of execution, subpoena, order or warrant. Each Lender and each Issuer agree promptly to notify
the Borrower and the Administrative Agent after each such set-off and application made by such Lender
or such Issuer,
provided
that the failure to give such notice shall not affect the validity of such set-off
and application.
(b)If any Lender or any Issuer shall obtain any payment (whether voluntary, involuntary,
through the exercise of any right of set-off, or otherwise) on account of its Loans or its Notes or the
Reimbursement Obligations in excess of its pro rata share (in accordance with the outstanding principal
balance of all Loans or the Reimbursement Obligations) of payments then due and payable on account
of the Loans and Notes received by all the Lenders or the Reimbursement Obligations received by all
Issuers, such Lender or such Issuer, as the case may be, shall forthwith purchase, without recourse, for
cash, from the other Lenders or Issuers, as the case may be, such participations in their Loans and Notes
or the Reimbursement Obligations as shall be necessary to cause such purchasing Lender or Issuer to
share the excess payment with each of them according to their pro rata share (in accordance with the
outstanding principal balance of all Loans and the Reimbursement Obligations);
provided
that if all or
any portion of such excess payment is thereafter recovered from such purchasing Lender or Issuer, such
purchase from each Lender or Issuer shall be rescinded and each such Lender and Issuer shall repay to
the purchasing Lender or Issuer the purchase price to the extent of such recovery, together with an
amount equal to such Lender’s or Issuer’s pro rata share (according to the proportion of (i) the amount
of such Lender’s or Issuer’s required repayment to (ii) the total amount so recovered from the
purchasing Lender or Issuer) of any interest or other amount paid or payable by the purchasing Lender
or Issuer in respect of the total amount so recovered. The Borrower agrees, to the fullest extent permitted
by
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CHAR1\1889946v5
law, that any Lender or Issuer so purchasing a participation from another Lender or Issuer pursuant to
this Section 11.9 may exercise such rights to payment (including the right of set-off) with respect to
such participation as fully as if such Lender or Issuer were the direct creditor of the Borrower in the
amount of such participation. The provisions of this Section 11.9 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 or Disqualified Institution), (y) the application of cash collateral as provided herein, or (z) 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 Reimbursement Obligations or Swing Line Loans to any assignee or
participant, other than an assignment to the Borrower or any Subsidiary thereof (as to which the
provisions of this Section 11.9 shall apply).
11.10Indemnity
(a)The Borrower shall indemnify each Credit Party and each Related Party thereof (each such
Person being called an
“
Indemnified Person
”
) against, and hold each Indemnified Person harmless
from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable and
documented out-of-pocket fees and disbursements of one counsel (but excluding the allocated cost of
internal counsel) representing all of the Indemnified Persons, taken as a whole, and, if reasonably
necessary, of a single local counsel for each applicable jurisdiction (which may include a single counsel
acting in multiple jurisdictions) (and, if reasonably necessary, one specialty counsel for each applicable
specialty), representing all of the Indemnified Persons, taken as a whole (and, in the case of any actual
or perceived conflict of interest where the Indemnified Person affected by such conflict notifies the
Borrower of the existence of such conflict and thereafter retains its own counsel, of another firm of
counsel (and, if reasonably necessary, a single local counsel for each applicable jurisdiction (and, if
reasonably necessary, one specialty counsel for each applicable specialty), for each such affected
Indemnified Person)), actually incurred by any Indemnified Person arising out of, in connection with,
or as a result of (i) the execution or delivery of any Loan Document or any agreement or instrument
contemplated thereby, the performance by the parties to the Loan Documents of their respective
obligations thereunder or the consummation of the transactions contemplated hereby or any other
transactions contemplated thereby, (ii) any Loan or Letter of Credit or the use of the proceeds thereof,
(iii) any actual or alleged presence or release of Hazardous Materials in, on, under or from any property
owned or operated by the Borrower or any of the Subsidiaries, or any Environmental Liability related
in any way to the Borrower or any of the Subsidiaries or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on statute, contract, tort or
any other theory and regardless of whether any Indemnified Person is a party thereto. Notwithstanding
anything to the contrary contained in this Section 11.10(a), the foregoing indemnity will not, as to any
Indemnified Person, apply to any losses, claims, damages, liabilities and related expenses to the extent
arising (A) from the willful misconduct, gross negligence, fraud or bad faith of such Indemnified
Person, (B) from a material breach of the obligations hereunder of such Indemnified Person, (C) out of
or in connection with Section 11.22, or (D) out of or in connection with any claim, litigation,
investigation or proceeding that does not involve an act or omission of the Borrower or any of its
Affiliates and that is brought by an Indemnified Person against any other Indemnified Person (other
than the Administrative Agent, a Joint Lead Arranger, the Issuer or the Swing Line Lender, in each case
in its capacity as such), in each case under clauses (A) and (B), to the extent determined by a final and
non-appealable judgment of a court of competent jurisdiction.
(b)To the extent that the Borrower fails to pay as soon as practicable any amount required to be
paid by it to the Administrative Agent under subsection (a) of this Section 11.10 (the
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CHAR1\1889946v5
“Indemnified Amount”
), each Lender severally agrees to pay to the Administrative Agent an amount
equal to the product of such unpaid amount
multiplied by
(i) at any time when no Loans are outstanding,
its Commitment Percentage, and (ii) at any time when Loans are outstanding (x) if the Commitments
then exist, its Commitment Percentage or (y) if the Commitments have been terminated or otherwise
no longer exist, the percentage equal to the fraction, (A) the numerator of which is the sum of such
Lender’s Credit Exposure and (B) the denominator of which is the sum of the Aggregate Credit
Exposure (in each case determined as of the time that the applicable Indemnified Amount is sought);
provided
that the Indemnified Amount was payable to the Administrative Agent in its capacity as such.
(c)The obligations of the Borrower and the Lenders under this Section 11.10 shall survive the
termination of the Commitments and the payment of the Loans and the Notes and all other amounts
payable under the Loan Documents.
(d)If any settlement of any investigation, litigation or proceeding to which the indemnity in this
Section 11.10 applies (any of the foregoing, a
“Proceeding”
) is instituted or threatened against any
Indemnified Person (or its Related Parties) in respect of which indemnity may be sought hereunder,
unless an Event of Default under Section 9.1(a), 9.1(h), 9.1(i) or 9.1(j) exists, the Borrower shall be
entitled to assume the defense thereof with counsel selected by the Borrower (which counsel shall be
reasonably satisfactory to such Indemnified Person) and after notice from the Borrower to such
Indemnified Person of the Borrower’s election so to assume the defense thereof, the Borrower will not
be liable to such Indemnified Person hereunder for any legal or other expenses subsequently incurred
by such Indemnified Person in connection with the defense thereof, other than reasonable and
documented out-of-pocket costs of investigation and such other reasonable and documented out-of-
pocket expenses as have been approved in advance;
provided
, that (i) if counsel for such Indemnified
Person determines in good faith that there is a conflict that requires separate representation for the
Borrower and such Indemnified Person or that there may be legal defenses available to such Indemnified
Person which are different from, or in addition to, those available to the Borrower or (ii) the Borrower
fails to assume or proceed in a timely and reasonable manner with the defense of such action or fails to
employ counsel reasonably satisfactory to such Indemnified Person in any such action, then in either
such event, (A) such Indemnified Person shall be entitled to one primary counsel and, if necessary, one
local counsel to represent such Indemnified Person and all other Indemnified Persons similarly situated
(such counsels selected by the Administrative Agent), (B) the Borrower shall not, or shall not any
longer, be entitled to assume the defense thereof on behalf of such Indemnified Person, and (C) such
Indemnified Person shall be entitled to indemnification for the expenses (including fees and expenses
of such counsel) to the extent provided in this Section 11.10. Notwithstanding the foregoing, the
Borrower shall not be liable for any settlement, compromise or consent to the entry of any judgment in
any action or Proceeding effected without the Borrower’s prior written consent (which consent shall
not be unreasonably withheld, conditioned or delayed, it being understood and agreed that the
withholding, conditioning or delaying of the Borrower’s consent in connection with a settlement,
compromise or consent to the entry of any judgment in any action or proceeding which does not include
an unconditional release of the Borrower and the Subsidiaries from all liability or claims that are the
subject matter of such Proceeding or which includes a statement as to any admission of fault by or on
behalf of the Borrower or any Subsidiary shall not be deemed unreasonable), but if settled with the
Borrower’s prior written consent or if there is a final judgment for the plaintiff in any such Proceeding,
the Borrower agrees to indemnify and hold harmless each Indemnified Person from and against any and
all losses, claims, damages, liabilities and expenses by reason of such settlement, compromise or
consent to the entry of any judgment in any action or Proceeding in accordance with this Section 11.10.
The Borrower shall not, without the prior written consent of an Indemnified Person, effect any
settlement of any pending or threatened Proceeding
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against such Indemnified Person in respect of which indemnity could have been sought hereunder by
such Indemnified Person unless such settlement (x) includes an unconditional release of such
Indemnified Person from all liability or claims that are the subject matter of such Proceeding, (y) does
not include any statement as to any admission of fault by or on behalf of such Indemnified Person, and
(z) contains customary confidentiality provisions with respect to the terms of such settlement.
(e)Notwithstanding any provision in this Agreement to the contrary, none of the Borrower, the
Administrative Agent, the Lenders or any Affiliate of any of the foregoing will be responsible or liable
to any Person or entity, on any theory of liability, for any indirect, special, punitive or consequential
damages that may be alleged as a result of the transactions contemplated hereby or by the other Loan
Documents or any use or intended use of the proceeds of the Loans;
provided
that nothing in this clause
(e) shall limit the Borrower’s indemnity obligations set forth in this Agreement with respect to any
indirect, punitive or consequential damages included in any third party claim in connection with which
an Indemnified Person is entitled to indemnification hereunder. In addition to, and without limiting the
immediately foregoing sentence, and to the extent permitted by applicable law, the Borrower shall not
assert, and hereby waives, any claim against any Indemnified Person, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct and actual damages) arising
out of, in connection with, or as a result of, any Loan Document or any agreement, instrument or other
document contemplated thereby, the transactions contemplated hereby or any Loan or any Letter of
Credit or the use of the proceeds thereof.
(f)Notwithstanding the above, the Borrower shall have no liability under this Section 11.10 to
indemnify or hold harmless any Indemnified Person for any losses, claims, damages, liabilities and
related expenses relating to income or withholding Taxes or any Tax in lieu of such Taxes.
Notwithstanding the foregoing, any amounts claimed by an Indemnified Person under Section 11.5 shall
not be available to be claimed by such Indemnified Person under this Section 11.10, it being understood
and agreed that the rights of an Indemnified Person under this Section 11.10 and Section 11.5 shall not
be duplicative.
11.11Governing Law
The Loan Documents and the rights and obligations of the parties thereto shall be governed by,
and construed and interpreted in accordance with, the laws of the State of New York.
11.12Severability
Every provision of the Loan Documents is intended to be severable, and if any term or provision
thereof shall be invalid, illegal or unenforceable for any reason, the validity, legality and enforceability
of the remaining provisions thereof shall not be affected or impaired thereby, and any invalidity,
illegality or unenforceability in any jurisdiction shall not affect the validity, legality or enforceability of
any such term or provision in any other jurisdiction.
11.13Integration
All exhibits to the Loan Documents shall be deemed to be a part thereof. Each Loan Document
embodies the entire agreement and understanding between or among the parties thereto with respect to
the subject matter thereof and supersedes all prior agreements and understandings between or among
the parties thereto with respect to the subject matter thereof.
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11.14Treatment of Certain Information
(a)Each Credit Party agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates’
respective partners, directors, officers, employees, agents, advisors and other representatives (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature
of such Information and instructed to keep such Information confidential);
provided
that each Credit
Party shall be responsible for its controlled Affiliates’ compliance in keeping Information confidential,
(ii) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including
any self-regulatory authority, such as the National Association of Insurance Commissioners) (in which
case such Person agrees (except with respect to any audit or examination conducted by bank accountants
or any governmental regulatory authority exercising examination or regulatory authority) to use
commercially reasonable efforts to inform the Borrower promptly thereof prior to such disclosure to
the extent practicable and not prohibited by law), (iii) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process (in which case such Person agrees to (except
with respect to any audit or examination conducted by bank accountants or any governmental regulatory
authority exercising examination or regulatory authority) to inform the Borrower promptly thereof prior
to such disclosure to the extent practicable and not prohibited by law), (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 11.14, to (A) any assignee of or Participant in, or any prospective assignee of
or Participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its
obligations, (vii) to Gold Sheets and other similar bank trade publications, such information to consist
of deal terms and other information customarily found in such publications, (viii) with the prior written
consent of the Borrower, (ix) to the extent such Information (1) becomes publicly available other than
as a result of a breach of this Section 11.14 or a breach of any other confidentiality obligation owing by
such Credit Party to the Borrower or (2) becomes available to the Administrative Agent, any Credit
Party or any of their respective Affiliates on a non-confidential basis from a source other than the
Borrower not known to such Credit Party to be prohibited from disclosing such Information, and (x) on
a confidential basis to (1) any rating agency in connection with rating the Borrower or its Subsidiaries
or the credit facilities provided hereunder or (2) the CUSIP Service Bureau or any similar agency in
connection with the application, issuance, publishing and monitoring of CUSIP numbers of other
market identifiers with respect to the credit facilities provided hereunder. In addition, the Administrative
Agent and the Lenders may disclose the existence of this Agreement and information about this
Agreement to market data collectors, similar service providers to the lending industry and service
providers to the Administrative Agent and the Lenders in connection with the administration of this
Agreement, the other Loan Documents, and the Commitments.
(b)For purposes of this Section 11.14,
“Information”
means all information received from the
Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their
respective businesses, other than any such information that is available to the Administrative Agent or
any other Credit Party on a non-confidential basis prior to disclosure by the Borrower or any of its
Subsidiaries.
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11.15Acknowledgments
The Borrower acknowledges that (a) it has been advised by counsel in the negotiation,
execution and delivery of the Loan Documents, (b) by virtue of the Loan Documents, the relationship
among the Administrative Agent, the Issuers and the Lenders, on the one hand, and the Borrower, on
the other hand, is solely that of debtor and creditor, and (c) by virtue of the Loan Documents, no joint
venture exists among the Lenders or among the Borrower and the Lenders.
11.16Consent to Jurisdiction
Each of the parties hereto irrevocably submits to the exclusive jurisdiction of any New York
State or Federal Court sitting in the City of New York, Borough of Manhattan, over any suit, action,
claim, counterclaim or proceeding arising out of or relating to the Loan Documents. EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
THE VENUE OF ANY SUCH SUIT, ACTION, CLAIM, COUNTERCLAIM OR PROCEEDING
BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION, CLAIM,
COUNTERCLAIM OR PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. Each of the parties hereto agrees that a final judgment in any such
suit, action, claim, counterclaim or proceeding brought in such a court, after all appropriate appeals,
shall be conclusive and binding upon it.
11.17Service of Process
Each of the parties hereto agrees that process may be served against it in any suit, action or
proceeding referred to in Section 11.16 by sending the same by first class mail, return receipt requested
or by overnight courier service, with receipt acknowledged, to the address of such party set forth or
referred to in Section 11.2. Each of the parties hereto agrees that any such service (i) shall be deemed
in every respect effective service of process upon it in any such suit, action, or proceeding, and (ii) shall
to the fullest extent enforceable by law, be taken and held to be valid personal service upon and personal
delivery to it.
11.18No Limitation on Service or Suit
Nothing in the Loan Documents or any modification, waiver, or amendment thereto shall affect
the right of the Administrative Agent, any Issuer or any Lender to serve process in any manner permitted
by law or limit the right of the Administrative Agent, any Issuer or any Lender to bring proceedings
against the Borrower in the courts of any jurisdiction or jurisdictions.
11.19WAIVER OF TRIAL BY JURY
EACH OF THE CREDIT PARTIES AND THE BORROWER KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION
WITH THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY.
FURTHER, THE BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT
OF ANY OF THE CREDIT PARTIES, OR COUNSEL TO ANY OF THE CREDIT PARTIES, HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY OF THE CREDIT PARTIES
WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF
RIGHT TO JURY TRIAL PROVISION. THE BORROWER ACKNOWLEDGES THAT THE
CREDIT PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
INTER
ALIA
, THE PROVISIONS OF THIS SECTION 11.19.
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11.20Patriot Act Notice
Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001), as amended from time to time) (the
“Patriot Act”
), it is
required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify the Borrower in accordance with the Patriot Act.
11.21No Fiduciary Duty
The Borrower agrees that in connection with all aspects of the transactions contemplated hereby
and any communications in connection therewith, the Borrower and its Subsidiaries, on the one hand,
and the Credit Parties, the Joint Lead Arrangers, the Sustainability Coordinator, and their respective
Affiliates, on the other hand, will have a business relationship that does not create, by implication or
otherwise, any fiduciary duty on the part of the Credit Parties, such
Joint Lead Arrangers or the
Sustainability Coordinator, or their respective Affiliates, and no such duty will be deemed to have arisen
in connection with any such transactions or communications.
11.22Acknowledgement and Consent to Bail-In of Affected Financial Institutions
Notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any Lender 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 that is an
Affected Financial Institution; and
(b)the effects of any Bail-In Action on any such liability, including, if applicable:
(vi)a reduction in full or in part or cancellation of any such liability;
(vii)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
(viii)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 the Joint
Lead Arrangers and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least
one of the following is and will be true:
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(i)such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or
otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments or this
Agreement,
(ii)the transaction exemption set forth in one or more PTEs, such as PTE 84- 14 (a class
exemption for certain transactions determined by independent qualified professional asset managers),
PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment
funds) or PTE 96- 23 (a class exemption for certain transactions determined by in-house asset
managers), is applicable with respect to such Lender’s entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
(iii)(A) such Lender is an investment fund managed by a “Qualified Professional Asset
Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset
Manager made the investment decision on behalf of such Lender to enter into, participate in, administer
and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance
into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of
PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I
of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or
(iv)such other representation, warranty and covenant as may be agreed in writing between the
Administrative Agent, in its sole discretion, and such Lender.
(b)In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true
with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in
accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x)
represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender
party hereto, for the benefit of, the Administrative Agent and the Joint Lead Arrangers and not, for the
avoidance of doubt, to or for the benefit of the Borrower, that the Administrative Agent is not a fiduciary
with respect to the assets of such Lender involved in such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any Loan Document or any documents related hereto or thereto).
(c)For purposes of this Section 11.23, the following defined terms when used herein have the
following meanings:
“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 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”.
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“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.
[Balance of this Page is Intentionally Blank]
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AS EVIDENCE
of the agreement by the parties hereto to the terms and conditions herein
contained, each such party has caused this Agreement to be executed on its behalf.
CVS HEALTH CORPORATION
By: /s/ Carol A. DeNale
Name: Carol A. DeNale
Title: Senior Vice President and Treasurer
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
BANK OF AMERICA, N.A.
,
as the Administrative Agent
By: /s/ Kyle D. Harding
Name: Kyle D. Harding
Title: Vice President
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
BANK OF AMERICA, N.A.
, as an Issuer, the Swing Line Lender and a Lender
By: /s/ Joseph L. Corah
Name: Joseph L. Corah
Title: Director
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
BARCLAYS BANK PLC
, as an Issuer and a Lender
By: /s/ Ritam Bhalla
Name: Ritam Bhalla
Title: Director
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
GOLDMAN SACHS BANK USA
, as an Issuer and a Lender
By: /s/ William E. Briggs IV
Name: William E. Briggs IV
Title: Authorized Signatory
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
JPMORGAN CHASE BANK, N.A.
, as an Issuer and a Lender
By: /s/ James Kyle O'Donnell
Name: James Kyle O'Donnell
Title: Vice President
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as an issuer and a Lender
By: /s/ Darin Mullis
Name: Darin Mullis
Title: Managing Director
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
CITIBANK, N.A.
,
as a Lender
By: /s/ Eugene Yermash
Name: Eugene Yermash
Title: Vice President
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
CREDIT SUISSE AG, NEW YORK BRANCH
,
as a Lender
By: /s/ Judith Smith
Name: Judith Smith
Title: Authorized Signatory
By: /s/ Jessica Gavarkos
Name: Jessica Gavarkos
Title: Authorized Signatory
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
MIZUHO BANK, LTD.
,
as a Lender
By: /s/ Tracy Rahn
Name: Tracy Rahn
Title: Executive Director
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
ROYAL BANK OF CANADA
,
as a Lender
By: /s/ Scott MacVicar
Name: Scott MacVicar
Title: Authorized Signatory
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
TRUIST BANK
,
as a Lender
By: /s/ Katie Lundin
Name: Katie Lundin
Title: Director
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
U.S. BANK NATIONAL ASSOCIATION
,
as a Lender
By: /s/ Joyce P. Dorsett
Name: Joyce P. Dorsett
Title: Senior Vice President
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
FIFTH THIRD BANK, NATIONAL ASSOCIATION
,
as a Lender
By: /s/ Todd Robinson
Name: Todd Robinson
Title: Managing Director, SVP
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
MORGAN STANLEY BANK N.A.
,
as a Lender
By: /s/ Michael King
Name: Michael King
Title: Authorized Signatory
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
PNC BANK, NATIONAL ASSOCIATION
,
as a Lender
By: /s/ William P. Herold
Name: William P. Herold
Title: Vice President
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
SUMITOMO MITSUI BANKING CORPORATION
,
as a Lender
By: /s/ Rosa Pritsch
Name: Rosa Pritsch
Title: Director
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
THE BANK OF NEW YORK MELLON
,
as a Lender
By: /s/ Maurice Campbell
Name: Maurice Campbell
Title: Director
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
BANK OF CHINA, NEW YORK BRANCH
,
as a Lender
By: /s/ Raymond Qiao
Name: Raymond Qiao
Title: Executive Vice President
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED
,
NEW YORK BRANCH
,
as a Lender
By: /s/ Day Liu
Name: Dayi Liu
Title: Executive Director
By: /s/ Lindsay Du
Name: Lindsay Du
Title: Director
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
KEYBANK NATIONAL ASSOCIATION,
as a Lender
By: /s/ Marianne T. Meil
Name: Marianne T. Meil
Title: Sr. Vice President
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT
TD BANK, N.A.
,
as a Lender
By: /s/ Bernadette Collins
Name: Bernadette Collins
Title: Senior Vice President
CVS HEALTH CORPORATION
FIVE YEAR CREDIT AGREEMENT