EXECUTION VERSION AMENDMENT NO. 1 Dated as of November 10, 2022 to AMENDED AND RESTATED CREDIT AGREEMENT Dated as of April 5, 2021 THIS AMENDMENT NO. 1 (“Amendment”) is made as of November 10, 2022 by and among Tennant Company (the “Company”), the...
EXECUTION VERSION AMENDMENT NO. 1 Dated as of November 10, 2022 to AMENDED AND RESTATED CREDIT AGREEMENT Dated as of April 5, 2021 THIS AMENDMENT NO. 1 (“Amendment”) is made as of November 10, 2022 by and among Xxxxxxx Company (the “Company”), the financial institutions listed on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), under that certain Amended and Restated Credit Agreement dated as of April 5, 2021 by and among the Company, the Foreign Subsidiary Borrowers from time to time party thereto, the Lenders from time to time party thereto and the Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement. WHEREAS, the Company has requested that the Lenders and the Administrative Agent agree to make certain amendments to the Credit Agreement; and WHEREAS, the Lenders party hereto and the Administrative Agent have agreed to such amendments on the terms and conditions set forth herein; NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, the Lenders party hereto and the Administrative Agent have agreed to enter into this Amendment. 1. Amendments to Credit Agreement. Effective as of the date hereof, and subject to the conditions precedent set forth in Section 2 below, (i) the Credit Agreement (excluding the Exhibits and Schedules thereto except as otherwise described in the following clause (ii)) is hereby amended as set forth in the marked terms on Annex I hereto (the “Amended Credit Agreement”) and (ii) Exhibits K-1, K- 2 and L to the Credit Agreement are amended and restated in their entirety in the forms attached hereto as Annex II. In Annex I hereto, deletions of text in the Amended Credit Agreement are indicated by struck-through text (indicated in the same manner as the following example: stricken text) and insertions of text are indicated by bold, double-underlined text (indicated in the same manner as the following example: double-underlined text) as set forth on Annex I hereto. 2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent: (a) the Administrative Agent shall have received duly executed copies of this Amendment from each of the Company, the Lenders and the Administrative Agent, and the Consent and Reaffirmation attached as Exhibit I hereto executed by each Subsidiary Guarantor; and (b) the Company shall have paid all fees and expenses of the Administrative Agent LEGAL 4876 - 7562 - 7060v.4 |
2 and its affiliates (including, to the extent invoiced, reasonable attorneys’ fees and expenses) in connection with this Amendment and the other Loan Documents. 3. Representations and Warranties of the Company. The Company hereby represents and warrants as follows: (a) This Amendment and the Amended Credit Agreement constitute legal, valid and binding obligations of the Company and are enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. (b) As of the date hereof and giving effect to the terms of this Amendment, (i) no Default shall have occurred and be continuing and (ii) the representations and warranties of the Company set forth in the Amended Credit Agreement are true and correct as of the date hereof in all material respects (and in all respects if qualified by Material Adverse Effect or other materiality qualifier). 4. Reference to and Effect on the Credit Agreement. (a) Upon the effectiveness hereof, each reference to the “Credit Agreement” in the Amended Credit Agreement or any other Loan Document shall mean and be a reference to the Amended Credit Agreement. (b) Except as specifically amended hereby, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed, and the Company hereby reaffirms its obligations under the Amended Credit Agreement and each and every other Loan Document to which it is a party (including, without limitation, each applicable Collateral Document) and reaffirms all Liens on the Collateral which have been granted by it in favor of the Administrative Agent (for itself and the other Secured Parties) pursuant to any of the Loan Documents. (c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. This Amendment is not intended to and shall not constitute a novation of the Credit Agreement or the obligations created thereunder. (d) This Amendment shall constitute a Loan Document. 5. Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York. 6. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 7. Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Section 9.06(b) of the Credit Agreement shall apply to this Amendment mutatis mutandis. [Signature Pages Follow] |
Signature Page to Amendment No. 1 Xxxxxxx Company Amended and Restated Credit Agreement dated April 5, 2021 JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Swingline Lender, as an Issuing Bank and as Administrative Agent By:_____________________________________ Name: Xxxxxxxx X. Xxxxxxxxx Title: Executive Director |
Signature Page to Amendment No. 1 Tennant Compa ny Amended and Restated Credit Agreement dated April 5, 2021 RESTRICTED HSBC BANK USA , NATIONAL ASSOCIATION, individually as a Lender and as an Issuing Bank By: _______________________________________ Name: Xxxx Xxxxxxxxx Title: Senior Vice Presiden t |
Signature Page to Amendment No. 1 Xxxxxxx Company Amended and Restated Credit Agreement dated April 5 , 20 2 1 BANK OF THE WEST , individually as a Lender By: _______________________________________ Name: Xxxxxxx X. Xxxxxx Title: V.P. |
Signature Page to Amendment No. 1 Xxxxxxx Company Amended and Restated Credit Agreement dated April 5 , 20 2 1 XXXXX FARGO BANK, NA TIONAL ASSOCIATION , i ndividually as a Lender By: ___ ____________________________________ Name: Xxxxxx Xxxx Title: Vice President |
Signature Page to Amendment No. 1 Xxxxxxx Company Amended and Restated Credit Agreement dated April 5, 2021 XXXXXXX SACHS BANK USA, individually as a Lender By: _______________________________________ Name: Xxxxxx Xxxxx Title: Authorized Signatory |
Annex I ANNEX I Amended Credit Agreement (attached) |
EXECUTION VERSION AMENDED AND RESTATED CREDIT AGREEMENT dated as of April 5, 2021 and amended as of November 10, 2022 amongTENNANT COMPANYThe Foreign Subsidiary Borrowers Party HeretoThe Lenders Party Hereto andJPMORGAN CHASE BANK, N.A.,as Administrative AgentHSBC BANK USA, NATIONAL ASSOCIATION,andU.S. BANK NATIONAL ASSOCIATION,as Co-Syndication AgentsandBANK OF THE WEST, BMO XXXXXX BANK, N.A.,and XXXXX FARGO BANK, NATIONAL ASSOCIATION,as Co-Documentation AgentsJPMORGAN CHASE BANK, N.A.,HSBC BANK USA, NATIONAL ASSOCIATION,andU.S. BANK NATIONAL ASSOCIATION,as Joint Bookrunners and Joint Lead Arrangers 4855-5094-3764v 4870-1187-6916v ..15 8 |
TABLE OF CONTENTSPage ARTICLE IDefinitions 1SECTION 1.01. Defined Terms 1SECTION 1.02. Classification of Loans and Borrowings 41SECTION 1.03. Terms Generally 41SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations 42 41 SECTION 1.05. Interest Rates; LIBOR Benchmark Notification 42 SECTION 1.06. Divisions 43SECTION 1.07. Amendment and Restatement of Existing Credit Agreement; GeneralReaffirmations; Existing Loan Documents 43ARTICLE IIThe Credits 45 44 SECTION 2.01. Commitments 45 44 SECTION 2.02. Loans and Borrowings 45 44 SECTION 2.03. Requests for Borrowings 46 45 SECTION 2.04. Determination of Dollar Amounts 46SECTION 2.05. Swingline Loans 47 46 SECTION 2.06. Letters of Credit 48 47 SECTION 2.07. Funding of Borrowings 53 52 SECTION 2.08. Interest Elections 54 53 SECTION 2.09. Termination and Reduction of Commitments 55SECTION 2.10. Repayment and Amortization of Loans; Evidence of Debt 55 56 SECTION 2.11. Prepayment of Loans 57SECTION 2.12. Fees 59SECTION 2.13. Interest 60SECTION 2.14. Alternate Rate of Interest 60 61 SECTION 2.15. Increased Costs 63SECTION 2.16. Break Funding Payments 64 65 SECTION 2.17. Taxes 65 66 SECTION 2.18. Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing ofSet-offs 68 69 SECTION 2.19. Mitigation Obligations; Replacement of Lenders 70 71 SECTION 2.20. Expansion Option 71 72 SECTION 2.21. (Intentionally omitted) 73 74 SECTION 2.22. Judgment Currency 73 74 SECTION 2.23. Designation of Foreign Subsidiary Borrowers 73 74 SECTION 2.24. Defaulting Lenders 74ARTICLE IIIRepresentations and Warranties 76 77 SECTION 3.01. Organization; Powers; Subsidiaries 76 77 SECTION 3.02. Authorization; Enforceability 76 77 SECTION 3.03. Governmental Approvals; No Conflicts 76 77 SECTION 3.04. Financial Condition; No Material Adverse Change 77 78 SECTION 3.05. Properties 77 78 SECTION 3.06. Litigation and Environmental Matters 77 78 SECTION 3.07. Compliance with Laws and Agreements 77 78 SECTION 3.08. Investment Company Status 78 |
Table of Contents (continued)Page SECTION 3.09. Taxes 78SECTION 3.10. ERISA 78 79 SECTION 3.11. Disclosure 78 79 SECTION 3.12. Federal Reserve Regulations 78 79 SECTION 3.13. Liens 78 79 SECTION 3.14. No Default 78 79 SECTION 3.15. Anti-Corruption Laws and Sanctions 78 79 SECTION 3.16. Insurance 79 80 SECTION 3.17. Security Interest in Collateral 79 80 SECTION 3.18. Use of Proceeds 79 80 SECTION 3.19. Solvency 79 80 SECTION 3.20. Affected Financial Institutions 79 80 SECTION 3.21. Plan Assets; Prohibited Transactions. 79 80 ARTICLE IVConditions 80SECTION 4.01. Restatement Effective Date 80SECTION 4.02. Each Other Credit Event 82 83 SECTION 4.03. Designation of a Foreign Subsidiary Borrower 82 83 ARTICLE VAffirmative Covenants 83 84 SECTION 5.01. Financial Statements and Other Information 83 84 SECTION 5.02. Notices of Material Events 84 85 SECTION 5.03. Existence; Conduct of Business 84 85 SECTION 5.04. Payment of Obligations 84 86 SECTION 5.05. Maintenance of Properties; Insurance 85 86 SECTION 5.06. Books and Records; Inspection Rights 85 86 SECTION 5.07. Compliance with Laws 85 86 SECTION 5.08. Use of Proceeds 86 87 SECTION 5.09. Subsidiary Guaranty; Pledges; Additional Collateral; Further Assurances 86 87 SECTION 5.10. Lender Call and Narrative Discussions 87 88 ARTICLE VINegative Covenants 87 88 SECTION 6.01. Indebtedness 88 89 SECTION 6.02. Liens 89 91 SECTION 6.03. Fundamental Changes and Asset Sales 91 92 SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions 92 93 SECTION 6.05. Swap Agreements 94 95 SECTION 6.06. Restricted Payments 94 95 SECTION 6.07. Transactions with Affiliates 94 95 SECTION 6.08. Restrictive Agreements 95 96 SECTION 6.09. Sale and Leasebacks. 95 96 SECTION 6.10. Financial Covenants 95 97 ARTICLE VIIEvents of Default 96 97 SECTION 7.01. Events of Default 96 97 SECTION 7.02. Application of Payments 98 100 ii |
Table of Contents (continued)Page ARTICLE VIIIThe Administrative Agent 100 101 SECTION 8.01. Authorization and Action 100 101 SECTION 8.02. Administrative Agent’s Reliance, Limitation of Liability, Etc. 102 103 SECTION 8.03. Posting of Communications 103 104 SECTION 8.04. The Administrative Agent Individually. 104 105 SECTION 8.05. Successor Administrative Agent 105 106 SECTION 8.06. Acknowledgments of Lenders and Issuing Banks 106 107 SECTION 8.07. Collateral Matters. 107 108 SECTION 8.08. Credit Bidding 108 109 SECTION 8.09. Foreign Law Matters 109 110 ARTICLE IXMiscellaneous 110 111 SECTION 9.01. Notices 110 111 SECTION 9.02. Waivers; Amendments 111 112 SECTION 9.03. Expenses; Indemnity; Damage Waiver 114 115 SECTION 9.04. Successors and Assigns 116 117 SECTION 9.05. Survival 119 120 SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution 119 120 SECTION 9.07. Severability 120 121 SECTION 9.08. Right of Setoff 120 122 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process 121 122 SECTION 9.10. WAIVER OF JURY TRIAL 122 123 SECTION 9.11. Headings 122 123 SECTION 9.12. Confidentiality 122 124 SECTION 9.13. USA PATRIOT Act 123 125 SECTION 9.14. Interest Rate Limitation 124 125 SECTION 9.15. No Advisory or Fiduciary Responsibility 124 125 SECTION 9.16. Appointment for Perfection 125 126 SECTION 9.17. Releases of Subsidiary Guarantors 125 126 SECTION 9.18. Acknowledgment and Consent to Bail-In of Affected Financial Institutions 125 126 SECTION 9.19. Acknowledgment Regarding Any Supported QFCs 126 127 SECTION 9.20. Certain ERISA Matters 126 127 ARTICLE XCross-Guarantee 128 129 iii |
Table of Contents (continued)Page iv Exhibit D -- Form of Augmenting Lender Supplement Schedule 6.04(b) -- Existing Investments Schedule 2.01 -- Commitments Exhibit E -- List of Closing Documents SCHEDULES : Exhibit F-1 -- Form of Borrowing Subsidiary Agreement Schedule 6.07 -- Agreements Exhibit F-2 -- Form of Borrowing Subsidiary Termination Exhibit G -- Form of Subsidiary Guaranty Schedule 6.08 -- Existing Restrictions Schedule 3.01 -- Subsidiaries Exhibit H -- Form of Pledge and Security Agreement Exhibit I -- [Reserved] Exhibit J-1 -- Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships) Exhibit J-2 -- Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships) EXHIBITS : Schedule 6.01 -- Existing Indebtedness Exhibit J-3 -- Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships) Departing Lender Schedule Exhibit J-4 -- Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships) Exhibit A -- Form of Assignment and Assumption Exhibit K-1 -- Form of Borrowing Request Exhibit K-2 -- Form of Interest Election Request Exhibit B -- [Reserved] Schedule 6.02 -- Existing Liens Exhibit L -- Form of Promissory Note Exhibit M -- Form of Solvency Certificate Exhibit C -- Form of Increasing Lender Supplement |
AMENDEDANDRESTATEDCREDITAGREEMENT(this“Agreement ”)datedasofApril5,2021and amended as of November 10, 2022 amongTENNANTCOMPANY,theFOREIGN SUBSIDIARYBORROWERSfromtimetotimepartyhereto,theLENDERSfromtimetotimepartyhereto,JPMORGANCHASEBANK,N.A.,asAdministrativeAgent,HSBCBANKUSA,NATIONALASSOCIATIONandU.S.BANKNATIONALASSOCIATION,asCo-SyndicationAgentsandBANKOFTHEWEST,BMOHARRISBANK,N.A.,ANDWELLSFARGOBANK,NATIONALASSOCIATION, as Co-Documentation Agents.The parties hereto agree as follows:ARTICLE IDefinitions SECTION 1.01. Defined Terms ..AsusedinthisAgreement,thefollowingtermshavethemeanings specified below:“ABR ”,whenusedinreferencetoanyLoanorBorrowing,referstosuchLoan,ortheLoanscomprisingsuchBorrowing,bearinginterestataratedeterminedbyreferencetotheAlternateBase Rate.“Acquisition Holiday ” has the meaning assigned to such term in Section 6.10(a).“Adjusted Daily Simple RFR ” means, with respect to any RFR Borrowing denominated in Dollars, an interest rate per annum equal to (a) the Daily Simple RFR for Dollars, plus (b) 0.10%; provided that if the Adjusted Daily Simple RFR as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. “Adjusted EURIBOR Rate ”means,withrespecttoanyEurocurrency Term Benchmark BorrowingdenominatedineuroforanyInterestPeriod,aninterestrateperannumequalto(a)theEURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted EURIBOR Rate as so determined would be less than the Floor , such rate shall be deemed to be equal to the Floor for the purposes of this Agreement .. “Adjusted LIBO Term SOFR Rate ”means,withrespecttoanyEurocurrency Term Benchmark Borrowing denominated in Dollars for any Interest Perioddenominated in Dollars , an interest rateperannum(rounded upwards, if necessary, to the next 1/100 of 1%) equalto(a)theLIBO Term SOFR RateforsuchInterestPeriodmultiplied by (b) the Statutory Reserve Rate , plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement .. “Administrative Agent ”meansJPMorganChaseBank,N.A.(includingitsbranchesandaffiliates), in its capacity as administrative agent for the Lenders hereunder.“Administrative Questionnaire ”meansanAdministrativeQuestionnaireinaformsupplied by the Administrative Agent.“Affected Financial Institution ”means(a)anyEEAFinancialInstitutionor(b)anyUKFinancial Institution. |
“Affected Foreign Subsidiary ”meansanyForeignSubsidiarytotheextentsuchForeignSubsidiaryactingasaSubsidiaryGuarantorwouldcauseaDeemedDividendProblemorFinancialAssistance Problem.“Affiliate ”means,withrespecttoaspecifiedPerson,anotherPersonthatdirectly,orindirectlythroughoneormoreintermediaries,ControlsorisControlledbyorisundercommonControlwith the Person specified.“Agent Party ” has the meaning assigned to such term in Section 9.01(e).“Agreed Currencies ” means (i) Dollars, (ii) euro, and (iii) any other currency (x) that is alawfulcurrency(otherthanDollars)thatisreadilyavailableandfreelytransferableandconvertibleintoDollars,and (y)for which a LIBO Screen Rate is available in the Administrative Agent’s determination and (z) that is agreed to by the Administrative Agent and each of the Revolving Lenders. “Alternate Base Rate ”means,foranyday,arateperannumequaltothegreatestof(a)thePrimeRateineffectonsuchday,(b)theNYFRBRateineffectonsuchdayplus½of1%and(c)theAdjustedLIBO Term SOFR RateforaonemonthInterestPeriodin Dollars on as published two U.S. Government Securities Business Days prior to xxxxxxx(orifsuchdayisnotaU.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%; provided thatforthepurposeofthisdefinition,theAdjustedLIBO Term SOFR Rateforanydayshallbe basedontheLIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the LIBO Interpolated Rate) TermSOFR Reference Rate at approximately 11:00 a.m. London 5:00 a.m. Chicago timeonsuchday(or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology) .. Any changeintheAlternateBaseRateduetoachangeinthePrimeRate,theNYFRBRateortheAdjustedLIBO Term SOFR Rateshallbeeffectivefromandincludingtheeffectivedateofsuchchangeinthe Prime Rate, the NYFRB Rate or the Adjusted LIBO TermSOFR Rate, respectively. If the Alternate Base RateisbeingusedasanalternaterateofinterestpursuanttoSection2.14(fortheavoidanceofdoubt,onlyuntiltheBenchmarkReplacementhasbeendeterminedpursuanttoSection2.14(b)),thentheAlternateBaseRateshallbethegreaterofclauses(a)and(b)aboveandshallbedeterminedwithoutreferencetoclause(c)above.Fortheavoidanceofdoubt,iftheAlternateBaseRateasdeterminedpursuanttotheforegoingwouldbelessthan1%,suchrateshallbedeemedtobe1%forpurposesofthisAgreement.“Amendment No. 1 Effective Date” means November 10, 2022. “Anti-Corruption Laws ”meansalllaws,rules,andregulationsofanyjurisdictionapplicabletotheCompanyoritsSubsidiariesfromtimetotimeconcerningorrelatingtobriberyorcorruption.“Anti-Money Laundering Laws ”meansanyandalllaws,statutes,regulationsorobligatorygovernmentorders,decrees,ordinancesorrulesrelatedtoterrorismfinancing,moneylaundering,anypredicatecrimetomoneylaunderingoranyfinancialrecordkeeping,includinganyapplicableprovisionofthePatriotActandTheCurrencyandForeignTransactionsReportingAct(alsoknownasthe“BankSecrecyAct,”31U.S.C.§§5311-5330and12U.S.C.§§1818(s),1820(b)and1951-1959).“Applicable Percentage ”means,withrespecttoanyLender,(a) withrespecttoRevolvingLoans,LCExposureorSwinglineLoans,thepercentageequaltoafractionthenumeratorofwhich is such Lender’s Revolving Commitment and the denominator of which is the aggregate Revolving2 |
3 0.200%Category 1: Net Leverage Ratio: Category 3: < 1.25 to 1.00> 2.00 to 1.00 but < 2.75 to 1.00 CommitmentsofallRevolvingLenders(iftheRevolvingCommitmentshaveterminatedorexpired,theApplicablePercentagesshallbedeterminedbasedupontheRevolvingCommitmentsmostrecentlyineffect,givingeffecttoanyassignments),and(b) withrespecttotheDelayedDrawTermLoans,apercentageequaltoafractionthenumeratorofwhichissuchLender’sDelayedDrawTermLoanCommitment(or,oncetheDelayedDrawTermLoanshavebeendrawn,theoutstandingprincipalamountoftheDelayedDrawTermLoans)andthedenominatorofwhichistheaggregateofallDelayedDraw Term Loan Commitments (or, once the Delayed Draw Term Loans have been drawn, the aggregateoutstandingprincipalamountoftheDelayedDrawTermLoansofallDelayedDrawTermLenders);provided thatforeachoftheprecedingclauses(a)and(b),inthecaseofSection 2.24whenaDefaultingLendershallexist,anysuchDefaultingLender’sCommitmentsshallbedisregardedintheapplicablecalculation.“Applicable Pledge Percentage ”means100%but65%inthecaseofapledgebytheCompany or any Domestic Subsidiary of its Equity Interests in an Affected Foreign Subsidiary.“Applicable Rate ”means,foranyday,withrespecttoanyEurocurrency Term Benchmark Loan, any RFR Loan,anyABRLoanorthefacilityfeespayablehereunder,asthecasemay be,theapplicablerateperannumsetforthbelowunderthecaption“Eurocurrency Term Benchmark/RFR Spread”,“ABRSpread”,or“FacilityFeeRate”,asthecasemaybe,basedupontheNetLeverageRatioapplicable on such date:0.200%0.15%1.300%Facility Fee Rate 0.300%1.10%Category 4: 0.100%> 2.75 to 1.00but < 3.25 to 1.00 Term Benchmark/ Eurocurrency R FR Spread 0.250%1.500%0.500%Category 2: ABR Spread Category 5: > 1.25 to 1.00but < 2.00 to 1.00 > 3.25 to 1.000.300%0.175%1.700%0.700%1.200%For purposes of the foregoing,(i)ifatanytimetheCompanyfailstodelivertheFinancialsonorbeforethedatetheFinancialsaredue,Category5shallbedeemedapplicablefortheperiodcommencingfive(5)BusinessDaysaftertherequireddateofdeliveryandendingonthedatewhichisfive(5)BusinessDaysaftertheFinancialsareactuallydelivered,afterwhichtheCategoryshallbedetermined in accordance with the table above as applicable;(ii)adjustments,ifany,totheCategorythenineffectshallbeeffectivefive(5)BusinessDaysaftertheAdministrativeAgenthasreceivedtheapplicableFinancials(itbeingunderstoodandagreedthateachchangeinCategoryshallapplyduringtheperiodcommencingonthe |
effectivedateofsuchchangeandendingonthedateimmediatelyprecedingtheeffectivedateofthe next such change); and(iii) notwithstanding the foregoing, Category 3 shall be deemed to be applicable until theAdministrative Agent’s receipt of the applicable Financials for the Company’s first fiscal quarterending after the Restatement Effective Date (unless such Financials demonstrate that Category 4or5shouldhavebeenapplicableduringsuchperiod,inwhichcasesuchotherCategoryshallbedeemedtobeapplicableduringsuchperiod)andadjustmentstotheCategorythenineffectshallthereafter be effected in accordance with the preceding paragraphs.IfatanytimetheAdministrativeAgentdeterminesthatthefinancialstatementsuponwhichtheApplicable Rate was determined were incorrect (whether based on a restatement, fraud or otherwise), theCompanyshallberequiredtoretroactivelypayanyadditionalamountthattheCompanywouldhavebeen required to pay if such financial statements had been accurate at the time they were delivered.“Applicable Time ” means, with respect to any Borrowings and payments in any Foreign Currency, the local time in the place of settlement for such Foreign Currency as may be determined by the Administrative Agent or the Issuing Bank , as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment. “Approved Electronic Platform ” has the meaning assigned to it in Section 8.03(a).“Approved Fund ” has the meaning assigned to such term in Section 9.04(b).“Assignment and Assumption ”meansanassignmentandassumptionagreemententeredintobyaLenderandanassignee(withtheconsentofanypartywhoseconsentisrequiredbySection9.04),andacceptedbytheAdministrativeAgent,intheformofExhibitAoranyotherform(includingelectronic records generated by the use of an electronic platform) approved by the Administrative Agent.“Attributable Receivables Indebtedness ”means,atanytime,theprincipalamountofIndebtednesswhich(i)ifaPermittedReceivablesFacilityisstructuredasalendingagreementorothersimilaragreement,constitutestheprincipalamountofsuchIndebtednessor(ii)ifaPermittedReceivablesFacilityisstructuredasapurchaseagreementorothersimilaragreement,wouldbeoutstandingatsuchtimeunderthePermittedReceivablesFacilityifthesamewerestructuredasalendingagreementratherthanapurchaseagreementorsuchothersimilaragreement(whethersuchamount is described as “capital” or otherwise).“Augmenting Lender ” has the meaning assigned to such term in Section 2.20.“Availability ”means,atanytime,anamountequalto(a)theaggregateRevolvingCommitmentsminus(b)theTotalRevolvingCreditExposure(calculated,withrespecttoanyDefaultingLender,asifsuchDefaultingLenderhadfundeditsApplicablePercentageofalloutstandingBorrowings).“Availability Period ”meanstheperiodfromandincludingtheRestatementEffectiveDatetobutexcludingtheearlieroftheMaturityDateandthedateofterminationoftheRevolvingCommitments.“Available Tenor ”means,asofanydateofdeterminationandwithrespecttothethen-currentBenchmarkfor any Agreed Currency ,asapplicable,anytenorforsuchBenchmark(or component thereof) orpaymentperiodforinterestcalculatedwithreferencetosuchBenchmark(or 4 |
component thereof) ,asapplicable,thatisormaybeusedfordeterminingthelengthofanInterestPeriod for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuanttothisAgreementasofsuchdateandnotincluding,fortheavoidanceofdoubt,anytenorforsuchBenchmarkthatisthen-removedfromthedefinitionof“InterestPeriod”pursuanttoclause(f e )of Section 2.14.“Bail-In Action ”meanstheexerciseofanyWrite-DownandConversionPowersbytheapplicable Resolution Authority in respect of any liability of an Affected Financial Institution.“Bail-In Legislation ”means(a)withrespecttoanyEEAMemberCountryimplementingArticle55ofDirective2014/59/EUoftheEuropeanParliamentandoftheCounciloftheEuropeanUnion, the implementing law, regulation rule or requirement for such EEA Member Country from time totimewhichisdescribedintheEUBail-InLegislationScheduleand(b)withrespecttotheUnitedKingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any otherlaw,regulationorruleapplicableintheUnitedKingdomrelatingtotheresolutionofunsoundorfailingbanks,investmentfirmsorotherfinancialinstitutionsortheiraffiliates(otherthanthroughliquidation,administration or other insolvency proceedings)“Banking Services ”meanseachandanyofthefollowingbankservicesprovidedtotheCompanyoranySubsidiarybyanyLenderoranyofitsAffiliates:(a) creditcardsforcommercialcustomers(including,withoutlimitation,commercialcreditcardsandpurchasingcards),(b) storedvaluecards,(c)merchantprocessingservicesand(d) treasurymanagementservices(including,withoutlimitation,controlleddisbursement,automatedclearinghousetransactions,returnitems,anydirectdebitscheme or arrangement, overdrafts and interstate depository network services).“Banking Services Agreement ”meansanyagreemententeredintobytheCompanyorany Subsidiary in connection with Banking Services.“Banking Services Obligations ”meansanyandallobligationsoftheCompanyoranySubsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced oracquired(includingallrenewals,extensionsandmodificationsthereofandsubstitutionstherefor)inconnection with Banking Services.“Bankruptcy Code ”meansTitle 11oftheUnitedStatesCodeentitled“Bankruptcy,”asnow or hereafter in effect, or any successor thereto, as hereafter amended.“Bankruptcy Event ” means, with respect to any Person, such Person becomes the subjectofavoluntaryorinvoluntarybankruptcyorinsolvencyproceeding,orhashadareceiver,conservator,trustee,administrator,custodian,assigneeforthebenefitofcreditorsorsimilarPersonchargedwiththereorganizationorliquidationofitsbusinessappointedforit,or,inthegoodfaithdeterminationoftheAdministrativeAgent,hastakenanyactioninfurtheranceof,orindicatingitsconsentto,approvalof,oracquiescencein,anysuchproceedingorappointmentorhashadanyorderforreliefinsuchproceedingenteredinrespectthereof;provided thataBankruptcyEventshallnotresultsolelybyvirtueofanyownershipinterest,ortheacquisitionofanyownershipinterest,insuchPersonbyaGovernmentalAuthorityorinstrumentalitythereof,unlesssuchownershipinterestresultsinorprovidessuchPersonwithimmunityfromthejurisdictionofcourtswithintheUnitedStatesorfromtheenforcementofjudgments or writs of attachment on its assets or permits such Person (or such Governmental Authority orinstrumentality)toreject,repudiate,disavowordisaffirmanycontractsoragreementsmadebysuchPerson.5 |
“Benchmark ” means, initially, with respect to any (i) RFR Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency or (ii) Term Benchmark Loan, theRelevantRate for the applicable Agreed Currency ;providedthatifaBenchmarkTransitionEvent, a Term SOFR Transition Event, a Term ESTR Transition or an Early Opt-in Election , as applicable, and its and the relatedBenchmarkReplacementDatehaveoccurredwithrespecttothe applicable RelevantRateorthe then-currentBenchmarkfor such Agreed Currency ,then“Benchmark”meanstheapplicableBenchmark ReplacementtotheextentthatsuchBenchmarkReplacementhasreplacedsuchpriorbenchmarkratepursuant to clause (b) or clause (c) of Section 2.14. “Benchmark Replacement ”means,foranyAvailableTenor,thefirstalternativesetforthintheorderbelowthatcanbedeterminedbytheAdministrativeAgentfortheapplicableBenchmarkReplacementDate;provided that,inthecaseofanyLoandenominatedinanAgreedCurrencyotherthanDollarsor euro , “Benchmark Replacement” shall mean the alternative set forth in (3 2 ) below: (1) (A) in the case of any Loan denominated in Dollars, the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, ( B) in the case of any Loan denominated in euro, the sum of (a) Term ESTR and (b) the related Benchmark Replacement Adjustment, (2) (A 1 )inthecaseofanyLoandenominatedinDollars,thesumof:(a)DailySimple SOFR and (b) the related Benchmark Replacement Adjustment,(B) in the case of any Loan denominated in euro, the sum of (a) Daily Simple ESTR and (b) the related Benchmark Replacement Adjustment, (3 2 )thesumof:(a)thealternatebenchmarkratethathasbeenselectedbythe AdministrativeAgentandtheCompanyasthereplacementforthethen-currentBenchmarkfortheapplicableCorrespondingTenorgivingdueconsiderationto(i)anyselectionorrecommendationofareplacement benchmark rate or the mechanism for determining such a rate by the Relevant GovernmentalBodyor(ii)anyevolvingorthen-prevailingmarketconventionfordeterminingabenchmarkrateasareplacement for the then-current Benchmark for syndicated credit facilities denominated in the applicableAgreedCurrencyatsuchtimein the United States and(b)therelatedBenchmarkReplacement Adjustment;provided that, in the case of clause (1)(A) or (1)(B), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion ; provided further that, (x) with respect to a Loan denominated in Dollars, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1)(A) of this definition (subject to the first proviso above), and (y) with respect to a Loan denominated in euro, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term ESTR Transition Event, and the delivery of a Term ESTR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term ESTR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1)(B) of this definition (subject to the first proviso above). 6 |
IftheBenchmarkReplacementasdeterminedpursuanttoclause(1), or (2) or (3 )abovewouldbeless thantheFloor,theBenchmarkReplacementwillbedeemedtobetheFloorforthepurposesofthisAgreement and the other Loan Documents.“Benchmark Replacement Adjustment ”means,withrespecttoanyreplacementofthethen-currentBenchmarkwithanUnadjustedBenchmarkReplacementforanyapplicableInterestPeriodand Available Tenor for any setting of such Unadjusted Benchmark Replacement: , the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by (1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent: (a) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; (b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and (2) for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the the Administrative Agent and the Company for the applicableCorrespondingTenorgivingdueconsiderationto(i)anyselectionorrecommendationofaspreadadjustment,ormethodforcalculatingordeterminingsuchspreadadjustment,forthereplacementofsuchBenchmarkwiththeapplicableUnadjustedBenchmarkReplacementbytheRelevantGovernmentalBodyontheapplicableBenchmarkReplacementDateand/or(ii)anyevolvingorthen-prevailingmarketconventionfordeterminingaspreadadjustment,ormethodforcalculatingordeterminingsuchspreadadjustment,forthereplacementofsuchBenchmarkwiththeapplicableUnadjustedBenchmarkReplacementforsyndicatedcreditfacilitiesdenominatedintheapplicableAgreed Currency at such time; .. provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion. “Benchmark Replacement Conforming Changes ”means,withrespecttoanyBenchmarkReplacementand/or any Term Benchmark Loan denominated in Dollars ,anytechnical,administrativeor operationalchanges(includingchangestothedefinitionof“AlternateBaseRate,”thedefinitionof“BusinessDay,”thedefinitionof“U.S. Government Securities Business Day”, the definition of “RFR Business Day”, the definition of “ Interest Period,” timing and frequency of determining rates and making paymentsofinterest,timingofborrowingrequestsorprepayment,conversionorcontinuationnotices,lengthoflookbackperiods,theapplicabilityofbreakageprovisions,andothertechnical,administrativeoroperationalmatters)thattheAdministrativeAgentreasonablydecidesmaybeappropriatetoreflecttheadoptionandimplementationofsuchBenchmarkReplacement andtopermittheadministration thereofbytheAdministrativeAgentinamannersubstantiallyconsistentwithmarketpractice(or,ifthe7 |
AdministrativeAgentreasonablydecidesthatadoptionofanyportionofsuchmarketpracticeisnotadministrativelyfeasibleoriftheAdministrativeAgentdeterminesthatnomarketpracticefortheadministrationofsuchBenchmarkReplacement exists,insuchothermannerofadministrationasthe AdministrativeAgentdecidesisreasonablynecessaryinconnectionwiththeadministrationofthisAgreement and the other Loan Documents).“Benchmark Replacement Date ”means,withrespecttoanyBenchmark,theearliesttooccur of the following events with respect to such then-current Benchmark:(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” thelaterof(a)thedateofthepublicstatementorpublicationofinformationreferencedthereinand(b)thedateonwhichtheadministratorofsuchBenchmark(orthepublishedcomponentusedinthecalculationthereof)permanentlyorindefinitelyceasestoprovideallAvailableTenorsofsuchBenchmark(orsuchcomponent thereof);or (2)inthecaseofclause(3)ofthedefinitionof“BenchmarkTransitionEvent,”thefirst date of the public on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statementorpublicationof information referenced therein; in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. (3) in the case of a Term SOFR Transition Event or a Term ESTR Transition Event, as applicable, the date that is thirty (30) days after the date a Term SOFR Notice or a Term ESTR Notice, as applicable, is provided to the Lenders and the Company pursuant to Section 2.14(c); or (4) in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders. Fortheavoidanceofdoubt,(i)iftheeventgivingrisetotheBenchmarkReplacementDateoccursonthesamedayas,butearlierthan,theReferenceTimeinrespectofanydetermination,theBenchmarkReplacementDatewillbedeemedtohaveoccurredpriortotheReferenceTimeforsuchdeterminationand(ii)the“BenchmarkReplacementDate”willbedeemedtohaveoccurredinthecaseofclause(1)or(2)withrespecttoanyBenchmarkupontheoccurrenceoftheapplicableeventoreventssetforththereinwithrespecttoallthen-currentAvailableTenorsofsuchBenchmark(orthepublishedcomponent used in the calculation thereof).“Benchmark Transition Event ” means, with respect to any Benchmark, the occurrence ofone or more of the following events with respect to such then-current Benchmark:(1)apublicstatementorpublicationofinformationbyoronbehalfoftheadministratorofsuchBenchmark(orthepublishedcomponentusedinthecalculationthereof)announcingthatsuchadministratorhasceasedorwillceasetoprovideallAvailableTenorsofsuchBenchmark(orsuchcomponentthereof),permanentlyorindefinitely,providedthat,atthetimeofsuchstatementorpublication, there is no successor administrator that will continue to provide any Available Tenor of suchBenchmark (or such component thereof);8 |
(2)apublicstatementorpublicationofinformationbytheregulatorysupervisorfortheadministratorofsuchBenchmark(orthepublishedcomponentusedinthecalculationthereof),theBoard,theNYFRB,the CME Term SOFR Administrator, the central bank for the Agreed Currency applicable to such Benchmark, aninsolvencyofficialwithjurisdictionovertheadministratorforsuch Benchmark(orsuchcomponent),aresolutionauthoritywithjurisdictionovertheadministratorforsuchBenchmark(orsuchcomponent), in each case, oracourtoranentitywithsimilarinsolvencyor resolutionauthorityovertheadministratorforsuchBenchmark(orsuchcomponent),ineachcasewhichstatesthattheadministratorofsuchBenchmark(orsuchcomponent)hasceasedorwillceasetoprovideallAvailableTenorsofsuchBenchmark(orsuchcomponentthereof)permanentlyorindefinitely;providedthat,atthetimeofsuchstatementorpublication,thereisnosuccessoradministratorthatwillcontinue to provide any Available Tenor of such Benchmark (or such component thereof); or(3)apublicstatementorpublicationofinformationbytheregulatorysupervisorfortheadministratorofsuchBenchmark(orthepublishedcomponentusedinthecalculationthereof)announcingthatallAvailableTenorsofsuchBenchmark(orsuchcomponentthereof)arenolonger, or as of a specified future date will no longer be, representative. Fortheavoidanceofdoubt,a“BenchmarkTransitionEvent”willbedeemedtohaveoccurredwithrespecttoanyBenchmarkifapublicstatementorpublicationofinformationsetforthabovehasoccurredwithrespecttoeachthen-currentAvailableTenorofsuchBenchmark(orthepublished component used in the calculation thereof).“Benchmark Unavailability Period ” means, with respect to any Benchmark, the period (ifany)(x)beginningatthetimethataBenchmarkReplacementDatepursuanttoclauses(1)or(2)ofthatdefinitionhasoccurredif,atsuchtime,noBenchmarkReplacementhasreplacedsuchthen-currentBenchmarkforallpurposeshereunderandunderanyLoanDocumentinaccordancewithSection2.14and(y)endingatthetimethataBenchmarkReplacementhasreplacedsuchthen-currentBenchmarkforall purposes hereunder and under any Loan Document in accordance with Section 2.14.“Beneficial Ownership Certification ”meansacertificationregardingbeneficialownership or control as required by the Beneficial Ownership Regulation.“Beneficial Ownership Regulation ” means 31 C.F.R. § 1010.230.“Benefit Plan ”meansanyof(a)an“employeebenefitplan”(asdefinedinERISA)thatissubjecttoTitleIofERISA,(b)a“plan”asdefinedinandsubjecttoSection4975oftheCode,or(c)any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of TitleI of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.“BHC Act Affiliate ”ofapartymeansan“affiliate”(assuchtermisdefinedunder,andinterpreted in accordance with, 12 U.S.C. 1841(k)) of such party.“Blocking Regulation ” has the meaning assigned to it in Section 3.15.“Board ”meanstheBoardofGovernorsoftheFederalReserveSystemoftheUnitedStates of America.“Borrower ” means the Company or any Foreign Subsidiary Borrower.“Borrowing ”means(a)RevolvingLoansofthesameType,made,convertedorcontinued on the same date and, in the case of Eurocurrency TermBenchmark Loans, as to which a single 9 |
InterestPeriodisineffector(b)aDelayedDrawTermLoanofthesameTypeandClass,made,convertedorcontinuedonthesamedateand,inthecaseofEurocurrency Term Benchmark Loans,asto which a single Interest Period is in effect or (c) a Swingline Loan.“Borrowing Request ”meansarequestbyanyBorrowerforaBorrowinginaccordancewith Section 2.03 in the form attached hereto as Exhibit K-1.“Borrowing Subsidiary Agreement ”meansaBorrowingSubsidiaryAgreementsubstantially in the form of Exhibit F-1.“Borrowing Subsidiary Termination ”meansaBorrowingSubsidiaryTerminationsubstantially in the form of Exhibit F-2.“Business Day ” means, as applicable, (A) any day (other than a Saturday or a Sunday) on which banks are open for business in New York City , (B ) in relation to the calculation or computation of LIBOR, anyday(otherthanaSaturdayoraSunday)onwhichbanksareopenforbusinessinLondon, and (C) New York City ; provided that, in addition to the foregoing, a Business Day shall be (a ) in relation to Loans denominated in Euros and in relation to the calculation or computation of EURIBOR, anydaywhichisaTARGETDay. , (b) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings in the applicable Agreed Currency of such RFR Loan, any such day that is only a RFR Business Day and (c) in relation to Loans referencing the Adjusted Term SOFR Rate and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans referencing the Adjusted Term SOFR Rate or any other dealings of such Loans referencing the Adjusted Term SOFR Rate, any such day that is a U.S. Government Securities Business Day. “Capital Lease Obligations ”ofanyPersonmeans,subjecttoSection1.04(c)hereof,theobligationsofsuchPersontopayrentorotheramountsunderanyleaseof(orotherarrangementconveyingtherighttouse)realorpersonalproperty,oracombinationthereof,whichobligationsarerequired to be classified and accounted for as capital leases or financing leases on a balance sheet of suchPersonunderGAAP,andtheamountofsuchobligationsshallbethecapitalizedamountthereofdetermined in accordance with GAAP.“CBR Loan” means a Loan that bears interest at a rate determined by reference to the Central Bank Rate. “CBR Spread” means the Applicable Rate, applicable to such Loan that is replaced by a CBR Loan. “Central Bank Rate” means, the greater of (I)(A) for any Loan denominated in (a) Euro, one of the following three rates as may be selected by the Administrative Agent in its reasonable discretion : (1) the fixed rate for the main refinancing operations of the European Central Bank ( or any successor thereto ), or, if that rate is not published, the minimum bid rate for the main refinancing operations of the European Central Bank ( or any successor thereto), each as published by the European Central Bank (or any successor thereto) from time to time , (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published by the European Central Bank (or any successor thereto) from time to time, or (3) the rate for the deposit facility of the central banking system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time , and (b) any other Foreign Currency determined after the Amendment No. 1 10 |
Effective Date, a central bank rate as determined by the Administrative Agent in its reasonable discretion plus (B) the applicable Central Bank Rate Adjustment and (II) the Floor. “Central Bank Rate Adjustment” means for any day, for any Loan denominated in (a) Euro, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the Adjusted EURIBOR Rate for the five most recent Business Days preceding such day for which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest Adjusted EURIBOR Rate applicable during such period of five Business Days) minus (ii) the Central Bank Rate in respect of Euro in effect on the last Business Day in such period, and (b) any other Foreign Currency determined after the Amendment No. 1 Effective Date, a Central Bank Rate Adjustment as determined by the Administrative Agent in its reasonable discretion. For purposes of this definition, (x) the term Central Bank Rate shall be determined disregarding clause (B) of the definition of such term and (y) the EURIBOR Rate on any day shall be based on the EURIBOR Screen Rate on such day at approximately the time referred to in the definition of such term for deposits in the applicable Agreed Currency for a maturity of one month. “Change in Control ”means(a)theacquisitionofownership,directlyorindirectly,beneficiallyorofrecord,byanyPersonorgroup(withinthemeaningoftheSecuritiesExchangeActof1934andtherulesoftheSecuritiesandExchangeCommissionthereunderasineffectonthedatehereof),ofEquityInterestsrepresentingmorethan35%oftheaggregateordinaryvotingpowerrepresentedbytheissuedandoutstandingEquityInterestsoftheCompany;(b)occupationofamajorityoftheseats(otherthanvacantseats)ontheboardofdirectorsoftheCompanybyPersonswhowereneither(i)nominatedbytheboardofdirectorsoftheCompanynor(ii)approvedbydirectorssonominated or approved; (c) the occurrence of a change in control, or other similar provision, as defined inanyagreementorinstrumentevidencinganyMaterialIndebtedness(triggeringadefaultormandatoryprepayment, which default or mandatory prepayment has not been waived in writing) or (d) the Companyceasestoown,directlyorindirectly,andControl100%(otherthandirectors’qualifyingshares)oftheordinary voting and economic power of any Foreign Subsidiary Borrower.“Change in Law ” means the occurrence, after the date of this Agreement (or with respecttoanyLender,iflater,thedateonwhichsuchLenderbecomesaLender),ofanyofthefollowing:(a) theadoptionortakingeffectofanylaw,rule,regulationortreaty,(b) anychangeinanylaw,rule,regulationortreatyorintheadministration,interpretation,implementationorapplicationthereofbyanyGovernmentalAuthority,or(c) themakingorissuanceofanyrequest,rules,guideline,requirementordirective(whetherornothavingtheforceoflaw)byanyGovernmentalAuthority;provided however ,thatnotwithstandinganythinghereintothecontrary,(i) theDodd-FrankWallStreetReformandConsumerProtectionActandallrequests,rules,guidelines,requirementsanddirectivesthereunder,issuedinconnectiontherewithorinimplementationthereof,and(ii) allrequests,rules,guidelines,requirementsanddirectivespromulgatedbytheBankforInternationalSettlements,theBaselCommitteeonBankingSupervision(oranysuccessororsimilarauthority)ortheUnitedStatesorforeignregulatoryauthorities,ineachcasepursuanttoBaselIII,shallineachcasebedeemedtobea“ChangeinLaw”regardless of the date enacted, adopted, issued or implemented.“Class ”,whenusedinreferencetoanyLoanorBorrowing,referstowhethersuchLoan,ortheLoanscomprisingsuchBorrowing,areRevolvingLoans,DelayedDrawTermLoansorSwinglineLoans.“CME Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator). 11 |
“Code ” means the Internal Revenue Code of 1986, as amended from time to time.“Co-Documentation Agent ”meanseachofBankoftheWest,BMOHarrisBank,N.A.,andWellsFargoBank,NationalAssociationinitscapacityasco-documentationagentforthecreditfacility evidenced by this Agreement.“Co-Syndication Agent ”meanseachofHSBCBankUSA,NationalAssociationandU.S.BankNationalAssociationinitscapacityassyndicationagentforthecreditfacilitiesevidencedbythis Agreement.“Collateral ”meansanyandallpropertyowned,leasedoroperatedbyaPersoncoveredbytheCollateralDocumentsandanyandallotherpropertyofanyLoanParty,nowexistingorhereafteracquired,thatmayatanytimebeorbecomesubjecttoasecurityinterestorLieninfavorofAdministrative Agent, on behalf of itself and the Secured Parties, to secure the Secured Obligations.“Collateral Documents ”means,collectively,theSecurityAgreement,eachPledgeAgreementandallotheragreements,instrumentsanddocumentsexecutedinconnectionwiththisAgreementthatareintendedtocreate,perfectorevidenceLienstosecuretheSecuredObligations,including,withoutlimitation,allothersecurityagreements,pledgeagreements,loanagreements,notes,guarantees,subordinationagreements,pledges,powersofattorney,consents,assignments,contracts,feeletters,notices,leases,financingstatementsandallotherwrittenmatterwhetherheretofore,now,orhereafter executed by the Company or any of its Subsidiaries and delivered to the Administrative Agent.“Commitment ”means,withrespecttoeachLender,thesumofsuchLender’sRevolvingCommitmentandDelayedDrawTermLoanCommitment.TheinitialamountofeachLender’sCommitment is set forth on Schedule 2.01 , or in the Assignment and Assumption or other documentationcontemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable.“Commodity Exchange Act ”meanstheCommodityExchangeAct(7U.S.C.§1etseq.),as amended from time to time, and any successor statute.“Communications ” has the meaning assigned to such term in Section 8.03(c).“Company ” means Xxxxxxx Company, a Minnesota corporation.“Connection Income Taxes ”meansOtherConnectionTaxesthatareimposedonormeasured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.“Consolidated Capital Expenditures ”means,withoutduplication,anyexpendituresforanypurchaseorotheracquisitionofanyassetwhichwouldbeclassifiedasafixedorcapitalassetonaconsolidated balance sheet of the Company and its Subsidiaries prepared in accordance with GAAP.“Consolidated EBITDA ”means,withreferencetoanyperiod,ConsolidatedNetIncomeplus,withoutduplicationandtotheextentdeductedfromrevenuesindeterminingConsolidatedNetIncome,(i)ConsolidatedInterestExpense,(ii)expensefortaxespaidoraccrued,(iii)depreciation,(iv)amortization,(v)allunusual,nonrecurringorextraordinarynon-cashlosses,chargesorexpenses(includingtotheextentrelatedtoimpairmentofgoodwill),(vi)cashrestructuringchargesofnotmorethan$10,000,000foranyperiodoffourconsecutivefiscalquarters,(vii)non-cashexpensesrelatedtostockbasedcompensationminus,totheextentincludedinConsolidatedNetIncome,(viii)interestincome,(ix)allunusual,nonrecurringorextraordinarynon-cashgainsandincomeand(x)demonstrablecostsavings,operatingexpensesreductionsandcostsynergies(ineachcase,netofcontinuedassociated12 |
expenses) related to business combinations, acquisitions, divestures, restructuring, cost saving initiatives,andothersimilartransactionsthatarereasonablyidentifiableandfactuallysupportableandexpectedtoberealized(inthegoodfaithdeterminationoftheCompany),withineighteen(18)monthsaftersuchtransactionorinitiativehasbeenconsummated,netoftheamountofactualbenefitsrealizedduringsuchReferencePeriod(asdefinedbelow)fromsuchactions,provided that(A) suchcostsavings,operatingexpensereductionsandcostsynergieshavebeenreasonablydetailedbytheCompanyintheapplicablecompliancecertificatedeliveredpursuanttoSection5.01(c)forsuchReferencePeriod,and(B) ifanycost savings, operating expense reductions or cost synergies included in any pro forma calculations basedontheanticipationthatsuchcostsynergies,operatingexpensereductionsorcostsavingswillbeachievedbysuchdateshallatanytimeceasetobereasonablyanticipatedbytheCompanytobesoachieved,thenonandaftersuchtimeproformacalculationsrequiredtobemadeunderthetermsofthisAgreementshallnotreflectsuchcostsynergies,operatingexpensereductionsorcostsavings,alldeterminedinaccordancewithGAAPforsuchperiod;provided ,further thattheaggregateamountofsuchcostsynergies,operatingexpensereductionsorcostsavingsaddedbackinrelianceonthisclause(x)inanyReferencePeriodshallnotexceedfifteenpercent(15%)ofConsolidatedEBITDAforsuchReference Period (calculated before giving effect to any addbacks and adjustments under this clause (x)),allcalculatedfortheCompanyanditsSubsidiariesinaccordancewithGAAPonaconsolidatedbasis.ForthepurposesofcalculatingConsolidatedEBITDAforanyperiodoffourconsecutivefiscalquarters(each,a“Reference Period ”),(i)ifatanytimeduringsuchReferencePeriodtheCompanyoranySubsidiaryshallhavemadeanyMaterialDisposition,theConsolidatedEBITDAforsuchReferencePeriodshallbereducedbyanamountequaltotheConsolidatedEBITDA(ifpositive)attributabletothepropertythatisthesubjectofsuchMaterialDispositionforsuchReferencePeriodorincreasedbyanamountequaltotheConsolidatedEBITDA(ifnegative)attributabletheretoforsuchReferencePeriod,and(ii)ifduringsuchReferencePeriodtheCompanyoranySubsidiaryshallhavemadeaMaterialAcquisition,ConsolidatedEBITDAforsuchReferencePeriodshallbecalculatedaftergivingproformaeffect thereto as if such Material Acquisition occurred on the first day of such Reference Period. As usedinthisdefinition,“Material Acquisition ”meansanyacquisitionofpropertyorseriesofrelatedacquisitionsofpropertythat(a)constitutes(i)assetscomprisingallorsubstantiallyalloranysignificantportion of a business or operating unit of a business, or (ii) all or substantially all of the common stock orotherEquityInterestsofaPerson,and(b)involvesthepaymentofconsiderationbytheCompanyanditsSubsidiaries in excess of $25,000,000; and “Material Disposition ” means any sale, transfer or dispositionofpropertyorseriesofrelatedsales,transfers,ordispositionsofpropertythatyieldsgrossproceedstothe Company or any of its Subsidiaries in excess of $25,000,000.“Consolidated Interest Expense ”means,withreferencetoanyperiod,theinterestexpense(includingwithoutlimitationinterestexpenseunderCapitalLeaseObligationsthatistreatedasinterestinaccordancewithGAAP)oftheCompanyanditsSubsidiariescalculatedonaconsolidatedbasisforsuchperiodwithrespecttoalloutstandingIndebtednessoftheCompanyanditsSubsidiariesallocabletosuchperiodinaccordancewithGAAP(including,withoutlimitation,allcommissions,discountsandotherfeesandchargesowedwithrespecttolettersofcreditandbankersacceptancefinancingandnetcostsunderinterestrateSwapAgreementstotheextentsuchnetcostsareallocabletosuchperiodinaccordancewithGAAP).IntheeventthattheCompanyoranySubsidiaryshallhavecompletedaMaterialAcquisitionoraMaterialDispositionsincethebeginningoftherelevantperiod,ConsolidatedInterestExpenseshallbedeterminedforsuchperiodonapro formabasisasifsuchacquisitionordisposition,andanyrelatedincurrenceorrepaymentofIndebtedness,hadoccurredatthebeginning of such period.“Consolidated Net Income ” means, with reference to any period, the net income (or loss)oftheCompanyanditsSubsidiariescalculatedinaccordancewithGAAPonaconsolidatedbasis(withoutduplication)forsuchperiod;provided ,thatthereshallbeexcludedanynon-cashgain(orloss)attributabletothemark-to-marketmovementinthevaluationofhedgingobligationsorotherderivative13 |
instrumentspursuanttoFASBAccountingStandardsCodification815-DerivativesandHedgingormark-to-marketmovementofotherfinancialinstrumentspursuanttoFASBAccountingStandardsCodification 825-Financial Instruments in such period, except that any cash payments or receipts relatingtotransactionsrealizedinagivenperiodshallbetakenintoaccountinsuchperiod;provided ,further ,thatthereshallbeexcludedanyincome(orloss)ofanyPersonotherthantheCompanyoraSubsidiary,butanysuchincomesoexcludedmaybeincludedinsuchperiodoranylaterperiodtotheextentofanycashdividendsordistributionsactuallypaidintherelevantperiodtotheCompanyoranywholly-ownedSubsidiary of the Company.“Consolidated Net Indebtedness ”means,onanydate,withrespecttotheCompanyanditsSubsidiaries,(a)ConsolidatedTotalIndebtednessonsuchdateminus (b)theamountbywhichthesumof100%ofUnrestrictedDomesticCashplus 75%ofUnrestrictedForeignCashonsuchdateexceeds$5,000,000(providedthattheamountunderthisclause(b)shallnotexceed$80,000,000intheaggregate).“Consolidated Total Assets ”means,asofthedateofanydeterminationthereof,totalassetsoftheCompanyanditsSubsidiariescalculatedinaccordancewithGAAPonaconsolidatedbasisas of such date.“Consolidated Total Indebtedness ”meansatanytimethesum,withoutduplication,of(a)theaggregateIndebtednessoftheCompanyanditsSubsidiariescalculatedonaconsolidatedbasisasof such time in accordance with GAAP, (b) the aggregate amount of Indebtedness of the Company and itsSubsidiariesrelatingtothemaximumdrawingamountofalllettersofcreditoutstandingandbankersacceptancesand(c)Indebtednessofthetypereferredtoinclauses(a)or(b)hereofofanotherPersonguaranteedbytheCompanyoranyofitsSubsidiaries.Fortheavoidanceofdoubt,ConsolidatedTotalIndebtedness includes all Attributable Receivables Indebtedness.“Control ” means the possession, directly or indirectly, of the power to direct or cause thedirectionofthemanagementorpoliciesofaPerson,whetherthroughtheabilitytoexercisevotingpower, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.“Corresponding Tenor ”withrespecttoanyAvailableTenormeans,asapplicable,eitheratenor(includingovernight)oraninterestpaymentperiodhavingapproximatelythesamelength(disregarding business day adjustment) as such Available Tenor.“Covered Entity ” means any of the following:(i)a“coveredentity”asthattermisdefinedin,andinterpretedinaccordancewith,12 C.F.R. § 252.82(b);(ii)a“coveredbank”asthattermisdefinedin,andinterpretedinaccordancewith,12 C.F.R. § 47.3(b); or(iii)a “covered FSI” as that term is defined in, and interpreted in accordance with, 12C.F.R. § 382.2(b).“Covered Party ” has the meaning assigned to it in Section 9.19.“Credit Event ”meansaBorrowing,theissuance,amendment,renewalorextensionofaLetter of Credit, an LC Disbursement or any of the foregoing.14 |
“Credit Exposure ”means,astoanyLenderatanytime,thesumof(a) suchLender’sRevolvingCreditExposureatsuchtime,plus(b) anamountequaltotheaggregateprincipalamountofits Delayed Draw Term Loans outstanding at such time.“Credit Party ”meanstheAdministrativeAgent,theIssuingBank,theSwinglineLenderor any other Lender.“Daily Simple ESTR RFR ”means,foranyday, ESTR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple ESTR” for business loans; provided that, if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. (an “RFR Interest Day”), an interest rate per annum equal to, for any RFR Loan denominated in Dollars, Daily Simple SOFR (following a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate) .. “Daily Simple SOFR ”means,foranyday, (a “ SOFR , with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided that, if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion .. Rate Day”), a rate per annum equal to SOFR for the day ( such day “SOFR Determination Date”) that is five (5) RFR Business Days prior to (i) if such SOFR Rate Day is an RFR Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website .. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. “Deemed Dividend Problem ”means,withrespecttoanyForeignSubsidiary,suchForeignSubsidiary’saccumulatedandundistributedearningsandprofitsbeingdeemedtoberepatriatedtotheCompanyortheapplicableparentDomesticSubsidiaryunderSection956oftheCodeandtheeffectofsuchrepatriationcausingadversetaxconsequencestotheCompanyorsuchparentDomesticSubsidiary,ineachcaseasdeterminedbytheCompanyinitscommerciallyreasonablejudgmentactingin good faith and in consultation with its legal and tax advisors.“Default ”meansanyeventorconditionwhichconstitutesanEventofDefaultorwhichupon notice, lapse of time or both would, unless cured or waived, become an Event of Default.“Default Right ”hasthemeaningassignedtothattermin,andshallbeinterpretedinaccordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.“Defaulting Lender ”meansanyLenderthat(a)hasfailed,withintwo(2)BusinessDaysofthedaterequiredtobefundedorpaid,to(i)fundanyportionofitsLoans,(ii)fundanyportionofitsparticipationsinLettersofCreditorSwinglineLoansor(iii)payovertoanyCreditPartyanyotheramountrequiredtobepaidbyithereunder,unless,inthecaseofclause(i)above,suchLendernotifiestheAdministrativeAgentinwritingthatsuchfailureistheresultofsuchLender’sgoodfaithdeterminationthataconditionprecedenttofunding(specificallyidentifiedandincludingtheparticulardefault,ifany)hasnotbeensatisfied,(b)hasnotifiedtheCompanyoranyCreditPartyinwriting,orhasmadeapublicstatementtotheeffect,thatitdoesnotintendorexpecttocomplywithanyofitsfundingobligationsunderthisAgreement(unlesssuchwritingorpublicstatementindicatesthatsuchpositionis15 |
basedonsuchLender’sgoodfaithdeterminationthataconditionprecedent(specificallyidentifiedandincludingtheparticulardefault,ifany)tofundingaLoanunderthisAgreementcannotbesatisfied)orgenerallyunderotheragreementsinwhichitcommitstoextendcredit,(c)hasfailed,withinthree(3)BusinessDaysafterrequestbyaCreditParty,actingingoodfaith,toprovideacertificationinwritingfromanauthorizedofficerofsuchLenderthatitwillcomplywithitsobligations(andisfinanciallyabletomeetsuchobligations)tofundprospectiveLoansandparticipationsinthenoutstandingLettersofCreditandSwinglineLoansunderthisAgreement,providedthatsuchLendershallceasetobeaDefaultingLenderpursuanttothisclause(c)uponsuchCreditParty’sreceiptofsuchcertificationinform and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of (A) aBankruptcy Event or (B) a Bail-In Action.“ Departing Lender ” means each lender under the Existing Credit Agreement immediately prior to the Restatement Effective Date that does not have a Commitment hereunder and is identified on the Departing Lender Schedule hereto. “ Departing Lender Schedule ” means the Schedule identifying each Departing Lender as of the Restatement Effective Date attached hereto and identified as such. “Delayed Draw Term Lender ”means,asofanydateofdetermination,eachLenderhaving a Delayed Draw Term Loan Commitment or that holds Delayed Draw Term Loans.“Delayed Draw Term Loan Commitment ”means(a) astoanyDelayedDrawTermLender,theaggregatecommitmentofsuchDelayedDrawTermLendertomakeDelayedDrawTermLoansassetforthonSchedule 2.01orinthemostrecentAssignmentAgreementorotherdocumentationcontemplatedherebyexecutedbysuchDelayedDrawTermLenderand(b) astoallDelayedDrawTermLenders,theaggregatecommitmentofallDelayedDrawTermLenderstomakeDelayedTermLoans,whichaggregatecommitmentshallbe$100,000,000asoftheRestatementEffectiveDate.AfteradvancingtheDelayedDrawTermLoans,which,fortheavoidanceofdoubt,shallbeborrowedinasingleadvance,eachreferencetoaDelayedDrawTermLender’sTermLoanCommitmentshallrefertothat Delayed Draw Term Lender’s Applicable Percentage of the Delayed Draw Term Loans.“Delayed Draw Term Loan Commitment Period ”meanstheperiodcommencingontheRestatement Effective Date and ending on the Delayed Draw Term Loan Termination Date.“Delayed Draw Term Loans ”meanstheDelayedDrawTermLoansmadepursuanttoSection 2.01(b) during the Delayed Draw Term Loan Commitment Period.“Delayed Draw Term Loan Termination Date ”meanstheearliesttooccurof(a)June4,2021, (b) the date on which the Delayed Draw Term Loan Commitment is terminated pursuant to Section2.09 and (c) the date on which any Delayed Draw Term Loans are made pursuant to Section 2.01(b).“Departing Lender” means each lender under the Existing Credit Agreement immediately prior to the Restatement Effective Date that does not have a Commitment hereunder and is identified on the Departing Lender Schedule hereto. “Departing Lender Schedule” means the Schedule identifying each Departing Lender as of the Restatement Effective Date attached hereto and identified as such. “Dollar Amount ” means, for any amount, at the time of determination thereof, (a) if suchamountisexpressedinDollars,suchamount,(b) ifsuchamountisexpressedinaForeignCurrency,theequivalentofsuchamountinDollarsdeterminedbyusingtherateofexchangeforthepurchaseofDollarswiththeForeignCurrencylastprovided(eitherbypublicationorotherwiseprovidedtothe16 |
AdministrativeAgent)byReutersontheBusinessDay(NewYorkCitytime)immediatelyprecedingthedateofdeterminationorifsuchserviceceasestobeavailableorceasestoprovidearateofexchangeforthepurchaseofDollarswiththeForeignCurrency,asprovidedbysuchotherpubliclyavailableinformationservicewhichprovidesthatrateofexchangeatsuchtimeinplaceofReuterschosenbytheAdministrativeAgentinitssolediscretion(orifsuchserviceceasestobeavailableorceasestoprovidesuchrateofexchange,theequivalentofsuchamountinDollarsasdeterminedbytheAdministrativeAgentusinganymethodofdeterminationitdeemsappropriateinitssolediscretion)and(c) ifsuchamountisdenominatedinanyothercurrency,theequivalentofsuchamountinDollarsasdeterminedbythe Administrative Agent using any method of determination it deems appropriate in its sole discretion.“Dollars ” or “$ ” refers to lawful money of the United States of America.“Domestic Subsidiary ”meansaSubsidiaryorganizedunderthelawsofajurisdictionlocated in the United States of America.“Dutch Pledge Agreement ” means that certain Deed of Disclosed Pledge Over PartnershipInterestsTCOC.V.,datedApril4,2017,byandamongtheCompany,TCOC.V.andtheAdministrativeAgent.“ Early Opt-in Election ” means, with respect to any Agreed Currency, the occurrence of: (1) (i) a determination by the Administrative Agent or (ii) a notification by the affected Required Lenders to the Administrative Agent (with a copy to the Company) that the affected Required Lenders have determined that syndicated credit facilities denominated in the applicable Agreed Currency being executed at such time, or that include language similar to that contained in Section 2.14 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Relevant Rate, and (2) (i) the election by the Administrative Agent or (ii) the election by the affected Required Lenders to declare that an Early Opt-in Election for such Agreed Currency has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Company and the Lenders or by the affected Required Lenders of written notice of such election to the Administrative Agent. “ECP ”meansan“eligiblecontractparticipant”asdefinedinSection1(a)(18)oftheCommodityExchangeActoranyregulationspromulgatedthereunderandtheapplicablerulesissuedbytheCommodityFuturesTradingCommissionand/ortheSEC(collectively,andasnoworhereafterineffect, the “ECP Rules ”).“ECP Rules ” has the meaning assigned to such term in the definition of “ECP.”“EEA Financial Institution ”means(a) anycreditinstitutionorinvestmentfirmestablishedinanyEEAMemberCountrywhichissubjecttothesupervisionofanEEAResolutionAuthority,(b) anyentityestablishedinanEEAMemberCountrywhichisaparentofaninstitutiondescribedinclause (a)ofthisdefinition,or(c) anyfinancialinstitutionestablishedinanEEAMemberCountrywhichisasubsidiaryofaninstitutiondescribedinclauses (a)or(b)ofthisdefinitionandissubject to consolidated supervision with its parent.“EEA Member Country ”meansanyofthememberstatesoftheEuropeanUnion,Iceland, Liechtenstein, and Norway.17 |
“EEA Resolution Authority ”meansanypublicadministrativeauthorityoranyPersonentrustedwithpublicadministrativeauthorityofanyEEAMemberCountry(includinganydelegee)having responsibility for the resolution of any EEA Financial Institution.“Effective Date ”asusedhereinorinanyLoanDocuments,meansApril4,2017,inreference to the effective date of the Existing Credit Agreement.“Electronic Signature ”meansanelectronicsound,symbol,orprocessattachedto,orassociated with, a contract or other record and adopted by a Person with the intent to sign, authenticate oraccept such contract or record.“Electronic System ”meansanyelectronicsystem,includinge-mail,e-fax,Intralinks®,ClearPar®,DebtDomain,SyndtrakandanyotherInternetorextranet-basedsite,whethersuchelectronicsystemisowned,operatedorhostedbytheAdministrativeAgentandtheIssuingBankandanyofitsrespectiveRelatedPartiesoranyotherPerson,providingforaccesstodataprotectedbypasscodesorother security system.“Eligible Foreign Subsidiary ”meansanyForeignSubsidiarythatisapprovedfromtimeto time by the Administrative Agent and each of the Lenders.“Environmental Laws ”meansalllaws,rules,regulations,codes,ordinances,orders,decrees,judgments,injunctions,noticesorbindingagreementsissued,promulgatedorenteredintobyanyGovernmentalAuthority,relatinginanywaytotheenvironment,preservationorreclamationofnaturalresources,themanagement,releaseorthreatenedreleaseofanyHazardousMaterialortohealthand safety matters.“Environmental Liability ”meansanyliability,contingentorotherwise(includinganyliabilityfordamages,costsofenvironmentalremediation,fines,penaltiesorindemnities),oftheCompanyoranySubsidiarydirectlyorindirectlyresultingfromorbasedupon(a)violationofanyEnvironmentalLaw,(b)thegeneration,use,handling,transportation,storage,treatmentordisposalofanyHazardousMaterials,(c)exposuretoanyHazardousMaterials,(d)thereleaseorthreatenedreleaseofanyHazardousMaterialsintotheenvironmentor(e)anycontract,agreementorotherconsensualarrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.“Equity Interests ”meanssharesofcapitalstock,partnershipinterests,membershipinterestsinalimitedliabilitycompany,beneficialinterestsinatrustorotherequityownershipinterestsinaPerson,andanywarrants,optionsorotherrightsentitlingtheholderthereoftopurchaseoracquireany such equity interest.“Equivalent Amount ”means,foranyamountofanyForeignCurrency,atthetimeofdeterminationthereof,(a)ifsuchamountisexpressedinsuchForeignCurrency,suchamountand(b)ifsuch amount is expressed in Dollars, the equivalent of such amount in such Foreign Currency determinedbyusingtherateofexchangeforthepurchaseofsuchForeignCurrencywithDollarslastprovided(eitherbypublicationorotherwiseprovidedtotheAdministrativeAgent)bytheapplicableReuterssourceontheBusinessDay(NewYorkCitytime)immediatelyprecedingthedateofdeterminationorifsuchserviceceasestobeavailableorceasestoprovidearateofexchangeforthepurchaseofsuchForeignCurrencywithDollars,asprovidedbysuchotherpubliclyavailableinformationservicewhichprovidesthatrateofexchangeatsuchtimeinplaceofReuterschosenbytheAdministrativeAgentinitssolediscretion(orifsuchserviceceasestobeavailableorceasestoprovidesuchrateofexchange,theequivalentofsuchamountinDollarsasdeterminedbytheAdministrativeAgentusinganymethodofdetermination it deems appropriate in its sole discretion).18 |
“ERISA ”meanstheEmployeeRetirementIncomeSecurityActof1974,asamendedfrom time to time.“ERISA Affiliate ”meansanytradeorbusiness(whetherornotincorporated)that,togetherwiththeCompany,istreatedasasingleemployerunderSection414(b)or(c)oftheCodeor,solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employerunder Section 414 of the Code.“ERISA Event ”means(a) any“reportableevent”,asdefinedinSection 4043ofERISAortheregulationsissuedthereunderwithrespecttoaPlan(otherthananeventforwhichthe30-daynoticeperiodiswaived);(b) thefailuretosatisfythe“minimumfundingstandard”(asdefinedinSection 412oftheCodeorSection 302ofERISA),whetherornotwaived;(c) thefilingpursuanttoSection 412(c)oftheCodeorSection 302(c)ofERISAofanapplicationforawaiveroftheminimumfundingstandardwithrespecttoanyPlan;(d) theincurrencebytheCompanyoranyofitsERISAAffiliatesofanyliabilityunderTitle IVofERISAwithrespecttotheterminationofanyPlan;(e) thereceiptbytheCompanyoranyERISAAffiliatefromthePBGCoraplanadministratorofanynoticerelatingtoanintentiontoterminateanyPlanorPlansortoappointatrusteetoadministeranyPlan;(f) theincurrencebytheCompanyoranyofitsERISAAffiliatesofanyliabilitywithrespecttothewithdrawalorpartialwithdrawaloftheCompanyoranyofitsERISAAffiliatesfromanyPlanorMultiemployerPlan;or(g) thereceiptbytheCompanyoranyERISAAffiliateofanynotice,orthereceiptbyanyMultiemployerPlanfromtheCompanyoranyERISAAffiliateofanynotice,concerningtheimpositionupontheCompanyoranyofitsERISAAffiliatesofWithdrawalLiabilityoradeterminationthataMultiemployerPlanis,orisexpectedtobe,insolvent,withinthemeaningofTitle IV of ERISA.“ ESTR ” means, with respect to any Business Day, a rate per annum equal to the Euro Short Term Rate for such Business Day published by the ESTR Administrator on the ESTR Administrator’s Website. “ ESTR Administrator ” means the European Central Bank (or any successor administrator of the Euro Short Term Rate). “ ESTR Administrator’s Website ” means the European Central Bank’s website, currently at xxxx://xxx.xxx.xxxxxx.xx, or any successor source for the Euro Short Term Rate identified as such by the ESTR Administrator from time to time .. “EU Bail-In Legislation Schedule ” means the EU Bail-In Legislation Schedule publishedby the Loan Market Association (or any successor Person), as in effect from time to time.“EURIBOR Interpolated Rate ”means,atanytime,withrespecttoanyEurocurrency Term Benchmark BorrowingdenominatedineuroandforanyInterestPeriod,therateper annum(roundedtothesamenumberofdecimalplacesastheEURIBORScreenRate)determinedbytheAdministrativeAgent(whichdeterminationshallbeconclusiveandbindingabsentmanifesterror)tobeequaltotheratethatresultsfrominterpolatingonalinearbasisbetween:(a)theEURIBORScreenRateforthelongestperiod(forwhichtheEURIBORScreenRateisavailableforeuro)thatisshorterthantheImpactedEURIBORRateInterestPeriod;and(b)theEURIBORScreenRatefortheshortestperiod(forwhichtheEURIBORScreenRateisavailableforeuro)thatexceedstheImpactedEURIBORRateInterestPeriod,ineachcase,atsuchtime;provided that,ifanyEURIBORInterpolatedRateshallbelessthan 0%, such rate shall be deemed to be 0% for the purposes of this Agreement.19 |
“EURIBOR Rate ” means, with respect to any Eurocurrency TermBenchmark Borrowing denominated in euro and for any Interest Period, the EURIBOR Screen Rate at approximately 11:00 a.m.,Brusselstime,twoTARGETDayspriortothecommencementofsuchInterestPeriod;providedthat,iftheEURIBORScreenRateshallnotbeavailableatsuchtimeforsuchInterestPeriod(an“Impacted EURIBOR Rate Interest Period ”)withrespecttoeurothentheEURIBORRateshallbetheEURIBORInterpolated Rate.“EURIBOR Screen Rate ”meanstheeurointerbankofferedrateadministeredbytheEuropeanMoneyMarketsInstitute(oranyotherpersonwhichtakesovertheadministrationofthatrate)fortherelevantperioddisplayed(beforeanycorrection,recalculationorrepublicationbytheadministrator)]onpageEURIBOR01oftheThomsonReutersscreen(oranyreplacementThomsonReuters page which displays that rate) or on the appropriate page of such other information service whichpublishesthatratefromtimetotimeinplaceofThomsonReutersasof11:00a.m.BrusselstimetwoTARGETDayspriortothecommencementofsuchInterestPeriod.Ifsuchpageorserviceceasestobeavailable, the Administrative Agent may specify another page or service displaying the relevant rate afterconsultationwiththeCompany.If the EURIBOR Screen Rate shall be less than 0%, the EURIBOR Screen Rate shall be deemed to be 0% for purposes of this Agreement. “euro ” and/or “EUR ” means the single currency of the Participating Member States.“ Eurocurrency ”, when used in reference to a currency means euro as an Agreed Currency, and when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate or the Adjusted EURIBOR Rate. “Eurocurrency Payment Office ”oftheAdministrativeAgentmeans,foreachForeignCurrency,theoffice,branch,affiliateorcorrespondentbankoftheAdministrativeAgentforsuchcurrency as specified from time to time by the Administrative Agent to the Company and each Lender.“Event of Default ” has the meaning assigned to such term in Section 7.01.“Excluded Swap Obligation ” means, with respect to any Loan Party, any Specified SwapObligationif,andtotheextentthat,alloraportionoftheGuaranteeofsuchLoanPartyof,orthegrantbysuchLoanPartyofasecurityinteresttosecure,suchSpecifiedSwapObligation(oranyGuaranteethereof)isorbecomesillegalundertheCommodityExchangeActoranyrule,regulationororderoftheCommodityFuturesTradingCommission(ortheapplicationorofficialinterpretationofanythereof)byvirtueofsuchLoanParty’sfailureforanyreasontoconstituteanECPatthetimetheGuaranteeofsuchLoanPartyorthegrantofsuchsecurityinterestbecomeseffectivewithrespecttosuchSpecifiedSwapObligation.IfaSpecifiedSwapObligationarisesunderamasteragreementgoverningmorethanoneswap,suchexclusionshallapplyonlytotheportionofsuchSpecifiedSwapObligationthatisattributable to swaps for which such Guarantee or security interest is or becomes illegal.“Excluded Taxes ”meansanyofthefollowingTaxesimposedonorwithrespecttoaRecipientorrequiredtobewithheldordeductedfromapaymenttoaRecipient,(a)Taxesimposedonormeasured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,(i)imposedasaresultofsuchRecipientbeingorganizedunderthelawsof,orhavingitsprincipalofficeor,inthecaseofanyLender,itsapplicablelendingofficelocatedin,thejurisdictionimposingsuchTax(oranypoliticalsubdivisionthereof)or(ii)thatareOtherConnectionTaxes,(b)inthecaseofaLender,U.S.FederalwithholdingTaxesimposedonamountspayabletoorfortheaccountofsuchLenderwithrespecttoanapplicableinterestinaLoan,LetterofCreditorCommitmentpursuanttoalawineffectonthedateonwhich(i)suchLenderacquiressuchinterestintheLoan,LetterofCreditorCommitment20 |
(other than pursuant to an assignment request by any Borrower under Section 2.19(b))or (ii) such Lenderchangesitslendingoffice,exceptineachcasetotheextentthat,pursuanttoSection2.17,amountswithrespecttosuchTaxeswerepayableeithertosuchLender’sassignorimmediatelybeforesuchLenderacquiredtheapplicableinterestinaLoan,LetterofCreditorCommitmentortosuchLenderimmediatelybeforeitchangeditslendingoffice,(c)TaxesattributabletosuchRecipient’sfailuretocomply with Section 2.17(f) and (d) any withholding Taxes imposed under FATCA.“Existing Credit Agreement ”meansthatcertainCreditAgreement,datedasofApril4,2017,byandamongtheCompany,theforeignsubsidiaryborrowersfromtimetotimepartythereto,thelendersfromtimetotimepartytheretoandJPMorganChaseBank,N.A.asadministrativeagent,asamended, supplemented or otherwise modified prior to the date hereof.“Existing Loan Documents ”meansanyLoanDocumentsthatwereexecutedordeliveredpriortotheRestatementEffectiveDateinconnectionwiththeExistingCreditAgreement(ineach case, as amended, restated, supplemented or otherwise modified prior to the date hereof).“FATCA ”meansSections 1471through1474oftheCode,asofthedateofthisAgreement(oranyamendedorsuccessorversionthatissubstantivelycomparableandnotmateriallymoreoneroustocomplywith),anycurrentorfutureregulationsorofficialinterpretationsthereof,anyagreemententeredintopursuanttoSection1471(b)(1)oftheCode,andanyfiscalorregulatorylegislation,rulesorpracticesadoptedpursuanttoanyintergovernmentalagreement,treatyorconventionamong Governmental Authorities and implementing such Sections of the Code.“Federal Funds Effective Rate ”means,foranyday,theratecalculatedbytheNYFRBbasedonsuchday’sfederalfundstransactionsbydepositoryinstitutions,asdeterminedinsuchmannerasshallbesetforthontheNYFRB’sWebsitefromtimetotime,andpublishedonthenextsucceedingBusinessDaybytheNYFRBastheeffectivefederalfundsrate.Fortheavoidanceofdoubt,iftheFederalFundsEffectiveRateshallbelessthanzero,suchrateshallbedeemedtobezeroforpurposesofthis Agreement.“Financial Assistance Problem ”means,withrespecttoanyForeignSubsidiary,theinability of such Foreign Subsidiary to become a Subsidiary Guarantor or to permit its Equity Interests orother assets from being pledged pursuant to the Security Agreement or a Pledge Agreement on account oflegalorfinanciallimitationsimposedbythejurisdictionoforganizationofsuchForeignSubsidiaryorotherrelevantjurisdictionshavingauthorityoversuchForeignSubsidiary,ineachcaseasdeterminedbytheCompanyinitscommerciallyreasonablejudgmentactingingoodfaithandinconsultationwithitslegal and tax advisors.“Financial Officer ”meansthechieffinancialofficer,principalaccountingofficer,treasurer or controller of the Company.“Financials ”meanstheannualorquarterlyfinancialstatements,andaccompanyingcertificatesandotherdocuments,oftheCompanyanditsSubsidiariesrequiredtobedeliveredpursuantto Section 5.01(a) or 5.01(b).“First-Tier Foreign Subsidiary ”meanseachForeignSubsidiarywithrespecttowhichany one or more of the Company and its Domestic Subsidiaries directly owns or Controls more than 50%of such Foreign Subsidiary’s Equity Interests.“Floor ”meansthebenchmarkratefloor,ifany,providedinthisAgreementinitially(asoftheexecutionofthisAgreement,themodification,amendmentorrenewalofthisAgreementor21 |
otherwise)withrespecttoLIBO the Adjusted Term SOFR Rateor , the Adjusted EURIBORRate, each Adjusted Daily Simple RFR or the Central Bank Rate,asapplicable.For the avoidance of doubt, the initial Floor for each of the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, each Adjusted Daily Simple RFR or the Central Bank Rate shall be 0%. “Foreign Currencies ” means Agreed Currencies other than Dollars.“Foreign Lender ”means(a) iftheapplicableBorrowerisaU.S. Person,aLender,withrespecttosuchBorrower,thatisnotaU.S. Person,and(b) iftheapplicableBorrowerisnotaU.S. Person,aLender,withrespecttosuchBorrower,thatisresidentororganizedunderthelawsofajurisdiction other than that in which such Borrower is resident for tax purposes.“Foreign Subsidiary ” means any Subsidiary that is not a Domestic Subsidiary.“Foreign Subsidiary Borrower ”meansanyEligibleForeignSubsidiarythathasbeendesignatedasaForeignSubsidiaryBorrowerpursuanttoSection2.23andthathasnotceasedtobeaForeign Subsidiary Borrower pursuant to such Section.“GAAP ”meansgenerallyacceptedaccountingprinciplesintheUnitedStatesofAmerica.“Governmental Authority ”meansthegovernmentoftheUnitedStatesofAmerica,anyothernationoranypoliticalsubdivisionthereof,whetherstateorlocal,andanyagency,authority,instrumentality,regulatorybody,court,centralbankorotherentityexercisingexecutive,legislative,judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.“Guarantee ”oforbyanyPerson(the“guarantor ”)meansanyobligation,contingentorotherwise,oftheguarantorguaranteeingorhavingtheeconomiceffectofguaranteeinganyIndebtednessorotherobligationofanyotherPerson(the“primary obligor ”)inanymanner,whetherdirectlyorindirectly,andincludinganyobligationoftheguarantor,directorindirect,(a)topurchaseorpay(oradvanceorsupplyfundsforthepurchaseorpaymentof)suchIndebtednessorotherobligationortopurchase(ortoadvanceorsupplyfundsforthepurchaseof)anysecurityforthepaymentthereof,(b)topurchaseorleaseproperty,securitiesorservicesforthepurposeofassuringtheownerofsuchIndebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital oranyotherfinancialstatementconditionorliquidityoftheprimaryobligorsoastoenabletheprimaryobligortopaysuchIndebtednessorotherobligationor(d)asanaccountpartyinrespectofanyletterofcreditorletterofguarantyissuedtosupportsuchIndebtednessorobligation;provided ,thatthetermGuarantee shall not include endorsements for collection or deposit in the ordinary course of business.“Guaranteed Obligations ” has the meaning assigned to such term in Article X.“Hazardous Materials ”meansallexplosiveorradioactivesubstancesorwastesandallhazardousortoxicsubstances,wastesorotherpollutants,includingpetroleumorpetroleumdistillates,asbestosorasbestoscontainingmaterials,polychlorinatedbiphenyls,radongas,infectiousormedicalwastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.“Hostile Acquisition ”means(a)theacquisitionoftheEquityInterestsofaPersonthroughatenderofferorsimilarsolicitationoftheownersofsuchEquityInterestswhichhasnotbeenapproved (prior to such acquisition) by the board of directors (or any other applicable governing body) of22 |
suchPersonorbysimilaractionifsuchPersonisnotacorporationand(b)anysuchacquisitionastowhich such approval has been withdrawn.“Impacted EURIBOR Rate Interest Period ”hasthemeaningassignedtosuchterminthedefinition of “EURIBOR Rate.”“ Impacted LIBO Rate Interest Period ” has the meaning assigned to such term in the definition of “LIBO Rate.” “Increasing Lender ” has the meaning assigned to such term in Section 2.20.“Incremental Term Loan Amendment ”hasthemeaningassignedtosuchterminSection2.20.“Indebtedness ”ofanyPersonmeans,withoutduplication,(a)allobligationsofsuchPersonforborrowedmoneyorwithrespecttodepositsoradvancesofanykind,(b)allobligationsofsuchPersonevidencedbybonds,debentures,notesorsimilarinstruments,(c)allobligationsofsuchPersonuponwhichinterestchargesarecustomarilypaid,(d)allobligationsofsuchPersonunderconditionalsaleorothertitleretentionagreementsrelatingtopropertyacquiredbysuchPersonbutexcludingoperatingleases,(e)allobligationsofsuchPersoninrespectofthedeferredpurchasepriceofpropertyorservices(excludingcurrentaccountspayableincurredintheordinarycourseofbusinessandaccruedsalaries,vacationandemployeebenefits,includingdeferredcompensation),(f)allIndebtednessofotherssecuredby(orforwhichtheholderofsuchIndebtednesshasanexistingright,contingentorotherwise,tobesecuredby)anyLienonpropertyownedoracquiredbysuchPerson,whetherornottheIndebtednesssecuredtherebyhasbeenassumed,providedthattheamountofsuchIndebtednesswhichhasnotbeenassumedbysuchPersonshallbethelesserof(i)theamountofsuchIndebtednessand(ii)thefairmarketvalueofsuchpropertyatthedateofdeterminationoftheamountofsuchIndebtedness,(g)allGuaranteesbysuchPersonofIndebtednessofothers,(h)allCapitalLeaseObligationsofsuchPerson,(i)allobligations,contingentorotherwise,ofsuchPersonasanaccountpartyinrespectoflettersofcreditandlettersofguaranty,lesstheamountofanycashcollateralprovidedwithrespecttolettersofcreditpursuanttoSection2.24(c),(j)allobligations,contingentorotherwise,ofsuchPersoninrespectofbankers’acceptances,(k)allobligationsofsuchPersonunderanySwapAgreementorunderanysimilartypeofagreement(calculatedaftergivingeffecttoanynettingagreements)thatsuchPersonwouldberequiredtopayifsuchSwapAgreementorotheragreementwereterminated,(l)allAttributableReceivablesIndebtednessofsuchPersonand(m)allobligationsofsuchPersonunderSaleand Leaseback Transactions. The Indebtedness of any Person shall include the Indebtedness of any otherentity(includinganypartnershipinwhichsuchPersonisageneralpartner)totheextentsuchPersonisliablethereforasaresultofsuchPerson’sownershipinterestinorotherrelationshipwithsuchentity,except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.“Indemnified Taxes ”means(a) Taxes,otherthanExcludedTaxes,imposedonorwithrespecttoanypaymentmadebyoronaccountofanyobligationofanyLoanPartyunderanyLoanDocument and (b) to the extent not otherwise described in clause (a) hereof, Other Taxes.“Ineligible Institution ” has the meaning assigned to such term in Section 9.04(b).“Information Memorandum ”meanstheConfidentialInformationMemorandumdatedMarch 2021 relating to the Company and the Transactions.23 |
“Interest Election Request ”meansarequestbytheapplicableBorrowertoconvertorcontinue a Borrowing in accordance with Section 2.08 in the form attached hereto as Exhibit K-2.“Interest Payment Date ”means(a)withrespecttoanyABRLoan(otherthanaSwinglineLoan),thelastdayofeachMarch,June,SeptemberandDecemberandtheMaturityDate,(b)withrespecttoanyEurocurrency Term Benchmark Loan,thelastdayofthe each InterestPeriod applicabletotheBorrowingofwhichsuchLoanisapartand,inthecaseofaEurocurrency Term Benchmark BorrowingwithanInterestPeriodofmorethanthreemonths’duration,eachdaypriortothe lastdayofsuchInterestPeriodthatoccursatintervalsofthreemonths’durationafterthefirstdayofsuch Interest Period and the Maturity Dateand , (c) with respect to any RFR Loan, (1) each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) and (2) the Maturity Date, and (d )withrespecttoanySwinglineLoan,thedaythatsuchLoanis required to be repaid and the Maturity Date.“Interest Period ”meanswithrespecttoanyEurocurrency Term Benchmark Borrowing, theperiodcommencingonthedateofsuchBorrowingandendingonthenumericallycorrespondingdayinthecalendarmonththatisone,threeorsixmonthsthereafter(in each case, subject to the availability for the Benchmark applicable to the relevant Loan or Commitment for any Agreed Currency) ,asthe applicableBorrower(ortheCompanyonbehalfoftheapplicableBorrower)mayelect;provided ,that(i) ifanyInterestPeriodwouldendonadayotherthanaBusinessDay,suchInterestPeriodshallbeextendedtothenextsucceedingBusinessDayunlesssuchnextsucceedingBusinessDaywouldfallinthe next calendar month, in which case such Interest Period shall end on the next preceding Business Day and , (ii) any Interest Period pertaining to a Eurocurrency Borrowing that commences on the last Business Dayofacalendarmonth(oronadayforwhichthereisnonumericallycorrespondingdayinthelastcalendarmonthofsuchInterestPeriod)shallendonthelastBusinessDayofthelastcalendarmonthofsuchInterestPeriodand (iii) no tenor that has been removed from this definition pursuant to Section 2.14(e) shall be available for specification in such Borrowing Request or Interest Election Request ..For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made andthereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.“IRS ” means the United States Internal Revenue Service.“ ISDA Definitions ” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto , as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto. “Issuing Bank ”means,individuallyandcollectivelyasthecontextmayrequire,(i)JPMorganChaseBank,N.A.,initscapacityasanissuerofLettersofCredithereunder,(ii)HSBCBANKUSA,NationalAssociation,initscapacityasanissuerofLettersofCredithereunder,(iii)U.S.BankNationalAssociation,initscapacityasanissuerofLettersofCredithereunderand(iv)eachotherLenderthatagreestoactasanIssuingBankhereunderandthatisapprovedbytheCompanyandtheAdministrativeAgent,ineachcasetogetherwithitssuccessorsinsuchcapacityasprovidedinSection 2.06(i).EachIssuingBankmay,initsdiscretion,arrangeforoneormoreLettersofCredittobeissuedbyAffiliatesofsuchIssuingBank,inwhichcasetheterm“IssuingBank”shallincludeanysuchAffiliatewithrespecttoLettersofCreditissuedbysuchAffiliate.Eachreferencehereintothe“IssuingBank”inconnectionwithaLetterofCreditorothermattershallbedeemedtobeareferencetotherelevant Issuing Bank with respect thereto.24 |
“Issuing Bank Sublimits ” means, as of theRestatementEffective Date, (i) $8,333,334, inthecaseofJPMorganChaseBank,N.A.,(ii)$8,333,333inthecaseofHSBCBankUSA,NationalAssociation,(iii)$8,333,333inthecaseofU.S.BankNationalAssociationand(iv)inthecaseofanyotherIssuingBank,suchamountasshallbedesignatedtotheAdministrativeAgentandtheCompanyinwritingbysuchIssuingBank.AftertheRestatementEffectiveDate,anyIssuingBankshallbepermittedatanytimeto(x)increaseitsIssuingBankSublimitor(y)decreaseitsIssuingBankSublimittoanamountnotlessthansuchIssuingBank’sinitialIssuingBankSublimit,ineachcase,withtheconsentoftheCompanyanduponprovidingfive(5) days’priorwrittennotice(orsuchshorterperiodastheAdministrativeAgentshallagree)thereoftotheAdministrativeAgent.AftertheRestatementEffectiveDate,anyIssuingBankshallbepermittedtodecreaseitsIssuingBankSublimittoanamountlessthansuchIssuingBank’sinitialIssuingBankSublimitwiththeconsentoftheCompany,theAdministrativeAgent and each of the other Issuing Banks.“LC Collateral Account ” has the meaning assigned to such term in Section 2.06(j).“LC Disbursement ”meansapaymentmadebytheIssuingBankpursuanttoaLetterofCredit.“LC Exposure ” means, at any time, the sum of (a) the aggregate undrawn Dollar AmountofalloutstandingLettersofCreditatsuchtimeplus(b)theaggregateDollarAmountofallLCDisbursementsthathavenotyetbeenreimbursedbyoronbehalfoftheCompanyatsuchtime.TheLCExposureofanyRevolvingLenderatanytimeshallbeitsApplicablePercentageofthetotalLCExposure at such time.“Lead Arranger ”meanseachofJPMorganChaseBank,N.A.,HSBCBankUSA,National Association and U.S. Bank National Association (together with its Affiliates) in its capacity as ajoint lead arranger and joint bookrunner for the credit facilities evidenced by this Agreement.“Lender Parent ”means,withrespecttoanyLender,anyPersonastowhichsuchLenderis, directly or indirectly, a subsidiary.“Lenders ”meansthePersonslistedonSchedule 2.01andanyotherPersonthatshallhavebecomeaLenderhereunderpursuanttoSection 2.20orpursuanttoanAssignmentandAssumptionorotherdocumentationcontemplatedhereby,otherthananysuchPersonthatceasestobeapartyheretopursuanttoanAssignmentandAssumptionorotherdocumentationcontemplatedhereby.Unlessthecontextotherwiserequires,theterm“Lenders”includestheSwinglineLenderandtheIssuingBank.Fortheavoidanceofdoubt,fromandaftertheeffectivenessofthisAgreement,theterm“Lenders”excludesany Departing Lenders.“Letter of Credit ” means any letter of credit issued pursuant to this Agreement.“Liabilities ”meansanylosses,claims(includingintrapartyclaims),demands,damagesor liabilities of any kind.“ LIBO Interpolated Rate ” means, at any time, with respect to any Eurocurrency Borrowing denominated in Dollars and for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available for the applicable Agreed Currency) that is shorter than the Impacted LIBO Rate Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which the LIBO 25 |
Screen Rate is available for the applicable Agreed Currency) that exceeds the Impacted LIBO Rate Interest Period, in each case, at such time ; provided that if any LIBO Interpolated Rate shall be less than 0% , such rate shall be deemed to be 0% for the purposes of this Agreement .. “ LIBO Rate ” means, with respect to any Eurocurrency Borrowing denominated in Dollars and for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period ; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “ Impacted LIBO Rate Interest Period ”) with respect to such Agreed Currency then the LIBO Rate shall be the LIBO Interpolated Rate. “ LIBO Screen Rate ” means, for any day and time, with respect to any Eurocurrency Borrowing denominated in Dollars and for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for such Agreed Currency for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less than 0%, such rate shall be deemed to be 0% for the purposes of this Agreement. “Lien ”means,withrespecttoanyasset,(a)anymortgage,deedoftrust,lien,pledge,hypothecation,encumbrance,chargeorsecurityinterestin,onorofsuchasset,(b)theinterestofavendororalessorunderanyconditionalsaleagreement,capitalleaseortitleretentionagreement(oranyfinancingleasehavingsubstantiallythesameeconomiceffectasanyoftheforegoing)relatingtosuchassetand(c)inthecaseofsecurities,anypurchaseoption,callorsimilarrightofathirdpartywithrespect to such securities.“Loan Documents ”meansthisAgreement,eachBorrowingSubsidiaryAgreement,eachBorrowingSubsidiaryTermination,theSubsidiaryGuaranty,anypromissorynotesissuedpursuanttoSection 2.10(e),anyLetterofCreditapplications,theCollateralDocumentsandanyandallotheragreements,instruments,documentsandcertificatesidentifiedinSection 4.01executedanddeliveredto,orinfavorof,theAdministrativeAgentoranyLendersandincludingallotherpledges,powersofattorney,consents,assignments,contracts,notices,letterofcreditapplicationsandanyagreementsbetweentheCompanyandtheIssuingBankregardingtheIssuingBank’sIssuingBankSublimitortherespectiverightsandobligationsbetweentheCompanyandtheIssuingBankinconnectionwiththeissuanceofLettersofCredit,andallotherwrittenmatterwhetherheretofore,noworhereafterexecutedbyoronbehalfofanyLoanParty,oranyemployeeofanyLoanParty,anddeliveredtotheAdministrativeAgentoranyLenderinconnectionwiththisAgreementorthetransactionscontemplatedhereby. Any reference in this Agreement or any other Loan Document to a Loan Document shall includeallappendices,exhibitsorschedulesthereto,andallamendments,restatements,supplementsorothermodificationsthereto,andshallrefertothisAgreementorsuchLoanDocumentasthesamemaybeineffect at any and all times such reference becomes operative.“Loan Parties ” means, collectively, the Borrowers and the Subsidiary Guarantors.“Loans ”meanstheloansmadebytheLenderstotheBorrowerspursuanttothisAgreement.“Local Time ”means(i) NewYorkCitytimeinthecaseofaLoan,BorrowingorLCDisbursementdenominatedinDollarsand(ii) localtimeinthecaseofaLoan,BorrowingorLC26 |
DisbursementdenominatedinaForeignCurrency(it being understood that such local time shall mean London, England time unless otherwise notified by the Administrative Agent) .. “Long-Term Debt ”meansanyIndebtednessthat,inaccordancewithGAAP,constitutes(or, when incurred, constituted) a long-term liability.“Material Adverse Effect ”meansamaterialadverseeffecton(a)thebusiness,assets,operationsorfinancialconditionoftheCompanyandtheSubsidiariestakenasawhole,(b)theabilityoftheBorrowersorotherLoanParties,takenasawhole,toperformanyoftheirobligationsunderthisAgreementoranyotherLoanDocument,(c)validityorenforceabilityofthisAgreementoranyotherLoanDocumentortherightsorremediesoftheAdministrativeAgentandtheLendersunderthisAgreementoranyotherLoanDocumentor(d)theCollateral,ortheAdministrativeAgent’sLiens(onbehalf of itself and the Secured Parties) on the Collateral or the priority of such Liens, in each case, takenas a whole.“Material Indebtedness ”meansanyIndebtedness(otherthantheLoansandLettersofCredit),orobligationsinrespectofoneormoreSwapAgreements,ofanyoneormoreoftheCompanyanditsSubsidiariesinanaggregateprincipalamountexceeding$40,000,000.ForpurposesofdeterminingMaterialIndebtedness,the“principalamount”oftheobligationsoftheCompanyoranySubsidiaryinrespectofanySwapAgreementatanytimeshallbethemaximumaggregateamount(givingeffecttoanynettingagreements)thattheCompanyorsuchSubsidiarywouldberequiredtopayif such Swap Agreement were terminated at such time.“Material Subsidiary ”meanseachSubsidiary(otherthananyReceivablesEntity)(i)which,asofthemostrecentfiscalquarteroftheCompany,fortheperiodoffourconsecutivefiscalquartersthenended,forwhichfinancialstatementshavebeendeliveredpursuanttoSection5.01(a)or(b),aftertheeliminationofintercompanyrevenuesandreceiptsandexcludingamountsattributabletoReceivablesEntities,contributedgreaterthantenpercent(10%)oftheCompany’sConsolidatedEBITDAforsuchperiod,(ii)which,aftertheeliminationofintercompanyassetsandexcludingamountsattributabletoReceivablesEntities,contributedgreaterthantenpercent(10%)oftheCompany’sConsolidatedTotalAssetsasofsuchdate,(iii)whichowns,directlyorindirectly,anyEquityInterestsinanySubsidiarythatisaMaterialSubsidiaryor(iv)whichholdsintercompanyreceivablesandintercompany indebtedness owing from, or other Investments in, the Company or other Subsidiaries in anaggregateprincipalamountinexcessof$40,000,000;provided that,ifatanytime(x)theaggregateamountoftheCompany’sConsolidatedEBITDA,aftertheeliminationofintercompanyrevenuesandreceiptsandexcludingamountsattributabletoReceivablesEntities,orCompany’sConsolidatedTotalAssets,aftertheeliminationofintercompanyassetsattributabletoSubsidiaries(otherthanAffectedForeignSubsidiaries)thatarenotSubsidiaryGuarantorsandexcludingamountsattributabletoReceivablesEntitiesexceedstenpercent(10%)oftheCompany’sConsolidatedEBITDAforanysuchperiod or ten percent (10%) of the Company’s Consolidated Total Assets (in each case after giving effecttosuchexclusions)asoftheendofanysuchfiscalquarter,or(y)theaggregateamountofintercompanyreceivablesandintercompanyindebtednessowingfrom,orotherInvestmentsin,theCompanyorotherSubsidiariesheldbySubsidiaries(otherthanAffectedForeignSubsidiariesandReceivablesEntities)thatarenotSubsidiaryGuarantorsexceeds$40,000,000,theCompany(or,intheeventtheCompanyhasfailedtodosowithintendaysafterfinancialstatementswithrespecttosuchfiscalquarterhavebeendeliveredpursuanttoSection5.01(a)or(b),theAdministrativeAgent)shalldesignatesufficientSubsidiaries(otherthanAffectedForeignSubsidiariesandReceivablesEntities)as“MaterialSubsidiaries”toeliminatesuchexcess,andsuchdesignatedSubsidiariesshallforallpurposesofthisAgreement constitute Material Subsidiaries.27 |
“Maturity Date ” means April 3, 2026.“Moody’s ” means Xxxxx’x Investors Service, Inc.“Multiemployer Plan ”meansamultiemployerplanasdefinedinSection4001(a)(3)ofERISA.“Net Leverage Ratio ” means, on any date, the ratio of (a) Consolidated Net Indebtednessonsuchdateto(b)ConsolidatedEBITDAfortheperiodoffourconsecutivefiscalquartersendedonormost recently prior to such date.“Net Proceeds ”means,withrespecttoanyevent,(a) thecashproceedsreceivedinrespectofsucheventincluding(i) anycashreceivedinrespectofanynon-cashproceeds(includinganycashpaymentsreceivedbywayofdeferredpaymentofprincipalpursuanttoanoteorinstallmentreceivableorpurchasepriceadjustmentreceivableorotherwise,butexcludinganyinterestpayments),butonlyasandwhenreceived,(ii) inthecaseofacasualty,insuranceproceedsand(iii) inthecaseofacondemnationorsimilarevent,condemnationawardsandsimilarpayments,netof(b) thesumof(i) allreasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates) in connection withsuchevent,(ii) inthecaseofasale,transferorotherdispositionofanasset(includingpursuanttoaSaleandLeasebacktransactionoracasualtyoracondemnationorsimilarproceeding),theamountofallpaymentsrequiredtobemadeasaresultofsucheventtorepayIndebtedness(otherthanLoans)securedby such asset or otherwise subject to mandatory prepayment as a result of such event and (iii) the amountofalltaxespaid(orreasonablyestimatedtobepayable)andtheamountofanyreservesestablishedtofundcontingentliabilitiesreasonablyestimatedtobepayable,ineachcaseduringtheyearthatsucheventoccurredorthenextsucceedingyearandthataredirectlyattributabletosuchevent(asdeterminedreasonably and in good faith by a Financial Officer).“NYFRB ” means the Federal Reserve Bank of New York.“NYFRB’s Website ”meansthewebsiteoftheNYFRBathttp://xxx.xxxxxxxxxx.xxx,or any successor source.“NYFRB Rate ” means, for any day, the greater of (a) the Federal Funds Effective Rate ineffectonsuchdayand(b) theOvernightBankFundingRateineffectonsuchday(orforanydaythatisnotaBusinessDay,fortheimmediatelyprecedingBusinessDay);provided thatifnoneofsuchratesarepublishedforanydaythatisaBusinessDay,theterm“NYFRB Rate ”meanstherateforafederalfundstransactionquotedat11:00 a.m.onsuchdayreceivedbytheAdministrativeAgentfromaFederalfundsbrokerofrecognizedstandingselectedbyit;provided, further ,thatifanyoftheaforesaidratesshallbeless than zero, such rate shall be deemed to be zero for purposes of this Agreement.“Obligations ”meansallunpaidprincipalofandaccruedandunpaidinterestontheLoans,allLCExposure,allaccruedandunpaidfeesandallexpenses,reimbursements,indemnitiesandotherobligationsandindebtedness(includinginterestandfeesaccruingduringthependencyofanybankruptcy,insolvency,receivershiporothersimilarproceeding,regardlessofwhetherallowedorallowableinsuchproceeding),obligationsandliabilitiesofanyoftheCompanyanditsSubsidiariestoanyoftheLenders,theAdministrativeAgent,theIssuingBankoranyindemnifiedparty,individuallyorcollectively,existingontheEffectiveDateorarisingthereafter,directorindirect,jointorseveral,absoluteorcontingent,maturedorunmatured,liquidatedorunliquidated,securedorunsecured,arisingbycontract,operationoflaworotherwise,arisingorincurredunderthisAgreementoranyoftheotherLoanDocumentsortotheLendersoranyoftheirAffiliatesunderanySwapAgreementoranyBanking28 |
ServicesAgreementorinrespectofanyoftheLoansmadeorreimbursementorotherobligationsincurred or any of the Letters of Credit or other instruments at any time evidencing any thereof.“OFAC ”meanstheOfficeofForeignAssetsControloftheU.S.DepartmentoftheTreasury.“Other Connection Taxes ”means,withrespecttoanyRecipient,TaxesimposedasaresultofapresentorformerconnectionbetweensuchRecipientandthejurisdictionimposingsuchTax(otherthanconnectionsarisingfromsuchRecipienthavingexecuted,delivered,becomeapartyto,performed its obligations under, received payments under, received or perfected a security interest under,engagedinanyothertransactionpursuanttoorenforcedanyLoanDocument,orsoldorassignedaninterest in any Loan, Letter of Credit or Loan Document).“Other Taxes ”meansallpresentorfuturestamp,courtordocumentary,intangible,recording,filingorsimilarTaxesthatarisefromanypaymentmadeunder,fromtheexecution,delivery,performance, enforcement or registration of, from the receipt or perfection of a security interest under, orotherwisewithrespectto,anyLoanDocument,exceptanysuchTaxesthatareOtherConnectionTaxesimposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).“Overnight Bank Funding Rate ”means,foranyday,theratecomprisedofbothovernightfederalfundsandovernightEurodollarborrowings transactions denominated in Dollars by U.S.–managedbankingofficesofdepositoryinstitutions,assuchcompositerateshallbedeterminedbytheNYFRBassetforthontheNYFRB’sWebsitefromtimetotime,andpublishedonthenextsucceeding Business Day by the NYFRB as an overnight bank funding rate.“Overnight Foreign Currency Rate ”means,foranyamount payable day, (a ) with respect to any amount denominated in Dollars, the NYFRB Rate and (b ) with respect to any amount denominated inaForeignCurrency,the an overnight rateof interest per annum as determinedbytheAdministrative Agentat which overnight or weekend deposits in the relevant currency (or if such amount due remains unpaid for more than three (3) Business Days, then for such other period of time as the Administrative Agent may elect) for delivery in immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request of such major banks for the relevant currency as determined above and in an amount comparable to the unpaid principal amount of the related Credit Event, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed upon, or charged to, the Administrative Agent by any relevant correspondent bank in respect of such amount in such relevant currency. or the Issuing Banks, as the case may be, in accordance with banking industry rules on interbank compensation .. “Participant ” has the meaning assigned to such term in Section 9.04(c).“Participant Register ” has the meaning assigned to such term in Section 9.04(c).“Participating Member State ”meansanymemberstateoftheEuropeanUnionthatadoptsorhasadoptedtheeuroasitslawfulcurrencyinaccordancewithlegislationoftheEuropeanUnion relating to economic and monetary union.“Patriot Act ” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into lawOctober 26, 2001)).“Payment ” has the meaning assigned to it in Section 8.06(c).29 |
“Payment Notice ” has the meaning assigned to it in Section 8.06(c).“PBGC ”meansthePensionBenefitGuarantyCorporationreferredtoanddefinedinERISA and any successor entity performing similar functions.“Permitted Acquisition ”meansanyacquisition(whetherbypurchase,merger,consolidationorotherwisebutexcludinginanyeventaHostileAcquisition)orseriesofrelatedacquisitionsbytheCompanyoranySubsidiaryof(i)allorsubstantiallyalltheassetsofaPersonordivisionorlineofbusinessofaPersonor(ii)allorsubstantiallyalltheEquityInterestsofaPersonentitledtovoteintheelectionoftheboardofdirectors(oranyotherapplicablegoverningbody)ofsuchPerson,ineachcaseif,atthetimeofandimmediatelyaftergivingeffectthereto,(a)noDefaulthasoccurredandiscontinuingorwouldariseaftergivingeffect(includinggivingeffectonaproformabasis)thereto,(b)suchPersonordivisionorlineofbusinessisengagedinthesameorasimilarlineofbusinessastheCompanyandtheSubsidiariesorbusinessreasonablyrelatedthereto(including,withoutlimitation,anyenvironmentalcleaningsolutionsbusinessoranyPersonordivisionorlineofbusinessthatownsordevelopsrelatedtechnology),(c)allactionsrequiredtobetakenwithrespecttosuchacquiredornewlyformedSubsidiaryunderSections5.09and5.10shallhavebeentaken,(d)theCompanyandtheSubsidiariesareincompliance,onaproformabasisreasonablyacceptabletotheAdministrative Agent after giving effect to such acquisition (but without giving effect to any synergies orcostsavings),withthecovenantscontainedinSection6.10(givingeffecttoanyAcquisitionHolidayineffectatsuchtime)recomputedasofthelastdayofthemostrecentlyendedfiscalquarteroftheCompanyforwhichfinancialstatementshavebeendeliveredpursuanttoSection5.01(a)or(b),asifsuchacquisition(andanyrelatedincurrenceorrepaymentofIndebtedness,withanynewIndebtednessbeingdeemedtobeamortizedovertheapplicabletestingperiodinaccordancewithitsterms)hadoccurredonthefirstdayofeachrelevantperiodfortestingsuchcomplianceand,iftheaggregateconsiderationpaidinrespectofsuchacquisitionexceeds$50,000,000,theCompanyshallhavedeliveredtotheAdministrativeAgentacertificateofaFinancialOfficeroftheCompanytosucheffect,togetherwithallrelevantfinancialinformation,statementsandprojectionsrequestedbytheAdministrativeAgent,(e)inthecaseofanacquisition,mergerorconsolidationinvolvingtheCompanyoraSubsidiary,theCompanyorsuchSubsidiaryisthesurvivingentityofsuchmergerand/orconsolidationand(f)aftergivingproformaeffecttosuchacquisition(butwithoutgivingeffecttoanysynergiesorcostsavings),themaximumNetLeverageRatioshall,ineachcase,beatleast0.25belowthemaximumNetLeverageRatiopermittedpursuanttoSection6.10(a)(givingeffecttoanyAcquisitionHolidayineffectatsuchtime),recomputedasofthelastdayofthemostrecentlyendedfiscalquarteroftheCompanyforwhichfinancial statements have been delivered pursuant to Section 5.01(a) or (b) as if such acquisition (and anyrelatedincurrenceorrepaymentofIndebtedness,withanynewIndebtednessbeingdeemedtobeamortized over the applicable testing period in accordance with its terms) had occurred on the first day ofeach relevant period for testing such compliance; provided that, such acquisition may be made directly orindirectlythroughanyForeignSubsidiary,andtheamountofsuchinvestmentinanyForeignSubsidiarymadesubstantiallyconcurrentlywiththeconsummationofsuchacquisitionshallnotbeincludedinthecalculationofanylimitationoninvestmentsinSubsidiariesthatarenotSubsidiaryGuarantorsdescribedin Section 6.04(c).“Permitted Encumbrances ” means:(a) LiensimposedbylawforTaxesthatarenotyetdueorarebeingcontestedincompliance with Section 5.04;30 |
(b) carriers’,warehousemen’s,mechanics’,materialmen’s,repairmen’sandotherlikeLiensimposedbylaw,arisingintheordinarycourseofbusinessandsecuringobligationsthatarenotoverdue by more than thirty (30) days or are being contested in compliance with Section 5.04;(c) pledgesanddepositsmadeintheordinarycourseofbusinessincompliancewithworkers’ compensation, unemployment insurance and other social security laws or regulations;(d) pledgesanddepositstosecuretheperformanceofbids,tradecontracts,leases,statutoryobligations,suretyandappealbonds,performancebondsandotherobligationsofalikenature,in each case in the ordinary course of business;(e) judgmentLiensinrespectofjudgmentsthatdonotconstituteanEventofDefaultunder clause (k) ofSection 7.01;(f) easements,zoningrestrictions,rights-of-wayandsimilarencumbrancesonrealpropertyimposedbylaworarisingintheordinarycourseofbusinessthatdonotsecureanymonetaryobligationsanddonotmateriallydetractfromthevalueoftheaffectedpropertyorinterferewiththeordinary conduct of business of the Company or any Subsidiary;(g) leaseholdinterestsoflessorscreatedinconnectionwithanySaleandLeasebackTransactions permitted under Section 6.09;(h) LiensoninsurancepoliciesandtheproceedsthereofsecuringIndebtednessrepresenting installment insurance premiums owing in the ordinary course of business;(i) Liens in favor of customs and revenue authorities arising as a matter of law to securepaymentofcustomsdutiesinconnectionwiththeimportationofgoodsintheordinarycourseofbusiness;(j) LiensinconnectionwiththesaleortransferofanyassetsinatransactionpermittedunderSection6.03andcustomaryrightsandrestrictionscontainedinagreementsrelatingtosuchsaleortransfer pending the completion thereof;(k) Liens on securities that are subject to repurchase agreements permitted by clause (d)of the definition of Permitted Investments;(l) licenses,sublicenses,leasesorsubleasesgrantedtootherPersonspermittedunderSection 6.03;(m) anyinterestortitleofalessorunderanyoperatingleaseoroperatingsubleaseenteredintobytheCompanyoranySubsidiaryintheordinarycourseofitsbusinessandotherstatutoryand common law landlords’ liens under leases; and(n) Liens in favor of a banking or other financial institution arising as a matter of law xxxx the ordinary course of business under customary general terms and conditions encumbering deposits orotherfundsmaintainedwithafinancialinstitution(includingtherightofset-off)andthatarewithinthegeneralparameterscustomaryinthebankingindustryorarisingpursuanttosuchbankinginstitution’sgeneral terms and conditions;provided that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness.31 |
“Permitted Investments ” means:(a)directobligationsof,orobligationstheprincipalofandinterestonwhichareunconditionallyguaranteedby,theUnitedStatesofAmerica(orbyanyagencythereoftotheextent such obligations are backed by the full faith and credit of the United States of America), ineach case maturing within one year from the date of acquisition thereof;(b)investmentsincommercialpapermaturingwithin270daysfromthedateofacquisitionthereofandhaving,atsuchdateofacquisition,thehighestcreditratingobtainablefrom S&P or from Moody’s;(c)investmentsincertificatesofdeposit,banker’sacceptancesandtimedepositsmaturingwithin180daysfromthedateofacquisitionthereofissuedorguaranteedbyorplacedwith,andmoneymarketdepositaccountsissuedorofferedby,anydomesticofficeofanycommercialbankorganizedunderthelawsoftheUnitedStatesofAmericaoranyStatethereofwhich has a combined capital and surplus and undivided profits of not less than $500,000,000;(d)cashanddemanddepositsmaintainedwith(i)anyLenderor(ii)withthedomesticofficeofanycommercialbankorganizedunderthelawsoftheUnitedStatesofAmericaoranyStatewhichhasacombinedcapitalandsurplusandundividedprofitsofnotlessthan$500,000,000;(e)fullycollateralizedrepurchaseagreementswithatermofnotmorethan30daysforsecuritiesdescribedinclause(a)aboveandenteredintowithafinancialinstitutionsatisfyingthecriteria described in clause (c) above;(f)moneymarketfundsthat(i)complywiththecriteriasetforthinSecuritiesandExchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAAby S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000;(g)instrumentsequivalenttothosereferredtoinclauses(a)through(f)abovedenominatedinothercurrenciesandcomparableincreditqualityandtenortothosereferredtoaboveandcustomarilyusedforshortandmediumterminvestmentpurposesinjurisdictionsoutsidetheUnitedStatestotheextentreasonablyrequiredinconnectionwithanybusinessconducted by any Foreign Subsidiary in such jurisdictions; and(h)otherinvestmentspermittedbytheCompany’sinvestmentpolicyasadoptedbyitsBoardofDirectorsasineffectontheEffectiveDate,asamended,restated,supplementedorotherwisemodifiedfromtimetotime,solongassuchamendment,restatement,supplementormodificationhasbeenapprovedbytheAdministrativeAgent(suchapprovalnottobeunreasonably withheld or delayed).“Permitted Receivables Facility ”meansareceivablesfacilityorfacilitiescreatedunderthePermittedReceivablesFacilityDocuments,providingforthesale,transferand/orpledgebytheCompany and/or one or more other Receivables Sellers of Permitted Receivables Facility Assets (therebyprovidingfinancingtotheCompanyandtheReceivablesSellers)toaReceivablesEntity(eitherdirectlyorthroughanotherReceivablesSeller),whichinturnshallsell,transferand/orpledgeinterestsintherespectivePermittedReceivablesFacilityAssetstothird-partylendersorinvestorspursuanttothePermittedReceivablesFacilityDocuments(withtheReceivablesEntitypermittedtoissueorconveypurchaserinterests,investorcertificates,purchasedinterestcertificatesorothersimilardocumentationevidencinginterestsinthePermittedReceivablesFacilityAssets)inreturnforthecashusedbysuch32 |
ReceivablesEntitytoacquirethePermittedReceivablesFacilityAssetsfromtheCompanyand/ortherespectiveReceivablesSellers,ineachcaseasmorefullysetforthinthePermittedReceivablesFacilityDocuments.“Permitted Receivables Facility Assets ”meansReceivables(whethernowexistingorarisinginthefuture)oftheReceivablesSellerswhicharetransferred,soldand/orpledgedtoaReceivablesEntitypursuanttoaPermittedReceivablesFacilityandanyrelatedPermittedReceivablesRelatedAssetswhicharealsosotransferred,soldand/orpledgedtoaReceivablesEntityandallproceeds thereof.“Permitted Receivables Facility Documents ”meanseachofthedocumentsandagreementsenteredintoinconnectionwithanyPermittedReceivablesFacility,includingalldocumentsandagreementsrelatingtotheissuance,fundingand/orpurchaseofcertificatesandpurchasedinterestsortheincurrenceofloans,asapplicable,ineachcase,whichareconsistentwithStandardSecuritizationUndertakings,and,ineachcase,assuchdocumentsandagreementsmaybeamended,modified,supplemented,refinancedorreplacedfromtimetotimesolongasanysuchamendments,modifications,supplements,refinancingsorreplacementsare(i)consistentwithStandardSecuritizationUndertakingsand(ii)notadverseinanymaterialrespecttotheinterestsoftheLendersunlessotherwiseconsentedtoby the Administrative Agent.“Permitted Receivables Related Assets ”meansanyassetsthatarecustomarilysold,transferredand/orpledgedorinrespectofwhichsecurityinterestsarecustomarilygrantedinconnectionwithassetsecuritizationtransactionsinvolvingreceivablessimilartoReceivablesandanycollectionsorproceedsofanyoftheforegoing(including,withoutlimitation,lock-boxes,depositaccounts,recordsinrespect of Receivables and collections in respect of Receivables).“Permitted Unsecured Indebtedness ”meansIndebtedness(includingsubordinatedIndebtedness the payment of which is subordinated to the payment of the obligations of the Company andtheSubsidiaries,asapplicable,undertheLoanDocumentspursuanttodocumentation,andsubjecttotermsandconditions,acceptabletotheAdministrativeAgentinitsdiscretion)oftheCompanyoranySubsidiary;provided that(a)bothimmediatelypriortoandaftergivingeffect(includingproformaeffect) thereto, no Default or Event of Default shall exist or would result therefrom, (b) the Company andtheSubsidiariesareincompliance,onaproformabasisreasonablyacceptabletotheAdministrativeAgentaftergivingeffecttotheincurrenceofsuchIndebtedness,withthecovenantscontainedinSection6.10(givingeffecttoanyAcquisitionHolidayineffectatsuchtime)recomputedasofthelastdayofthemostrecentlyendedfiscalquarteroftheCompanyforwhichfinancialstatementshavebeendeliveredpursuanttoSection5.01(a)or(b),asifsuchIndebtednesshadbeenincurredonthefirstdayofeachrelevantperiodfortestingsuchcomplianceand,iftheaggregateprincipalamountofsuchIndebtednessexceeds$50,000,000,theCompanyshallhavedeliveredtotheAdministrativeAgentacertificateofaFinancialOfficeroftheCompanytosucheffect,togetherwithallrelevantfinancialinformation,statementsandprojectionsrequestedbytheAdministrativeAgent,(c)suchIndebtednessisnot(i)GuaranteedbyanyPersonotherthanonanunsecuredbasisbySubsidiariesthatareSubsidiaryGuarantors(whichguarantees,ifsuchIndebtednessissubordinated,shallbeexpresslysubordinatedtotheSecuredObligationsontermsnotlessfavorabletotheLendersthanthesubordinationtermsofsuchsubordinatedIndebtedness),or(ii)securedbyanycollateral(includingtheCollateral),norisanyGuaranteethereofsecuredbyanycollateral(includingtheCollateral),(d)suchIndebtednessmaturesafter,anddoesnotrequireanyscheduledamortizationorotherscheduledpaymentsofprincipalpriorto,thedatethatis181daysaftertheMaturityDate(itbeingunderstoodthatanyprovisionrequiringamandatoryoffertopurchasesuchIndebtednessasaresultofchangeofcontrol,optional,callprovisionsthattheCompanymayexercise,fundamentalchange,customaryassetsaleoreventoflossshallnotviolatetheforegoingrestriction),(e)thatcontainscovenants,eventsofdefault,guaranteesandother33 |
termsthatarecustomaryforsimilarIndebtednessinlightofthen-prevailingmarketconditions(itbeingunderstoodandagreedthatsuchIndebtednessshallnotincludeanyfinancialmaintenancecovenantsandthatapplicablenegativecovenantsshallbeincurrence-basedtotheextentcustomaryforsimilarIndebtedness)and,whentakenasawhole(otherthaninterestrates,ratefloors,feesandoptionalprepaymentorredemptionterms),arenotmorefavorable(asreasonablydeterminedbytheCompanyingoodfaith)inanymaterialrespecttothelendersorinvestorsprovidingsuchPermittedUnsecuredIndebtedness,asthecasemaybe,thanthosesetforthintheLoanDocumentsarewithrespecttotheLenders(otherthancovenantsorotherprovisionsapplicableonlytoperiodsaftertheMaturityDatethenineffect);provided thatacertificateofaFinancialOfficeroftheCompanydeliveredtotheAdministrativeAgentatleastfive(5)BusinessDayspriortotheincurrenceofsuchIndebtednessorthemodification,refinancing,refunding,renewalorextensionthereof(orsuchshorterperiodoftimeasmayreasonably be agreed by the Administrative Agent), together with a reasonably detailed description of thematerialtermsandconditionsofsuchresultingIndebtednessordraftsofthematerialdefinitivedocumentationrelatingthereto,statingthattheCompanyhasdeterminedingoodfaiththatsuchtermsandconditionssatisfytheforegoingrequirementsshallbeconclusive,and(f)theproceedsofwhich,substantially concurrently with the incurrence thereof, are applied to the repayment or prepayment of theLoans to the extent required and in accordance with the terms of Sections 2.11(c) and (d).“Person ”meansanynaturalperson,corporation,limitedliabilitycompany,trust,jointventure, association, company, partnership, Governmental Authority or other entity.“Plan ”meansanyemployeepensionbenefitplan(otherthanaMultiemployerPlan)subjecttotheprovisionsofTitleIVofERISAorSection412oftheCodeorSection302ofERISA,andinrespectofwhichtheCompanyoranyERISAAffiliateis(or,ifsuchplanwereterminated,wouldunder Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.“Plan Asset Regulations ”means29CFR§2510.3-101etseq.,asmodifiedbySection3(42) of ERISA, as amended from time to time.“Pledge Agreements ”means,collectively,theDutchPledgeAgreementandanyotherpledgeagreements,sharemortgages,chargesandcomparableinstrumentsanddocumentsfromtimetotimeexecutedpursuanttothetermsofSection5.09infavoroftheAdministrativeAgentforthebenefitof the Secured Parties, in each case, as amended, restated, supplemented or otherwise modified from timeto time.“Pledge Subsidiary ”means(i)eachDomesticSubsidiaryand(ii)eachFirst-TierForeignSubsidiary that is a Material Subsidiary.“Prepayment Event ” means:(a)anysale,transferorotherdisposition(includingpursuanttoasaleandleasebacktransaction)ofanypropertyorassetoftheCompanyoranySubsidiary,otherthandispositionsdescribedin Section 6.03(a)(2)(iii), (iv), (v), (vi), (vii) and (viii), resulting in Net Proceeds in an aggregate principalamount in excess of $1,000,000 during any fiscal year of the Company; or(b)anycasualtyorotherinsureddamageto,oranytakingunderpowerofeminentdomainorbycondemnationorsimilarproceedingof,anypropertyorassetoftheCompanyoranySubsidiarywithafairmarketvalueimmediatelypriortosucheventequaltoorgreaterthan$10,000,000resulting in Net Proceeds in an aggregate principal amount in excess of $1,000,000 during any fiscal yearof the Company; or34 |
(c)theincurrencebytheCompanyoranySubsidiaryofanyIndebtednessotherthan(i)anyLoans,(ii)IndebtednesspermittedunderSection 6.01,(iii)permittedbytheRequiredLenderspursuanttoSection 9.02or(iv)Indebtednessnototherwiseincludedinthisclause(c)withsuchincurrencealongwithothersuchincurrencesresultinginNetProceedsinanaggregateprincipalamountin excess of $1,000,000 during any fiscal year of the Company.“Prime Rate ”meanstherateofinterestlastquotedbyTheWallStreetJournalasthe“PrimeRate”intheU.S.or,ifTheWallStreetJournalceasestoquotesuchrate,thehighestperannuminterestratepublishedbytheBoardinFederalReserveStatisticalReleaseH.15(519)(SelectedInterestRates)asthe“bankprimeloan”rateor,ifsuchrateisnolongerquotedtherein,anysimilarratequotedtherein(asdeterminedbytheAdministrativeAgent)oranysimilarreleasebytheBoard(asdeterminedbytheAdministrativeAgent).EachchangeinthePrimeRateshallbeeffectivefromandincludingthedate such change is publicly announced or quoted as being effective.“Private Placement Notes ”meanstheseniorunsecured5.625%privateplacementnotesof the Company due in 2025.“Proceeding ”meansanyclaim,litigation,investigation,action,suit,arbitrationoradministrative, judicial or regulatory action or proceeding in any jurisdiction.“PTE ”meansaprohibitedtransactionclassexemptionissuedbytheU.S.DepartmentofLabor, as any such exemption may be amended from time to time.“QFC ”hasthemeaningassignedtotheterm“qualifiedfinancialcontract”in,andshallbe interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).“QFC Credit Support ” has the meaning assigned to it in Section 9.19.“Qualified ECP Guarantor ”means,inrespectofanySwapObligation,eachLoanPartythathastotalassetsexceeding$10,000,000atthetimetherelevantGuaranteeorgrantoftherelevantsecurityinterestbecomeseffectivewithrespecttosuchSwapObligationorsuchotherPersonthatconstitutesanECPandcancauseanotherpersontoqualifyasan“eligiblecontractparticipant”atsuchtime by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.“Receivables ”meansanyrighttopaymentcreatedbyorarisingfromsalesofgoods,leasesofgoodsortherenditionofservicesrenderednomatterhowevidencedwhetherornotearnedbyperformance (whether constituting accounts, general intangibles, chattel paper or otherwise).“Receivables Entity ”meansawholly-ownedSubsidiaryoftheCompanywhichengagesinnoactivitiesotherthaninconnectionwiththefinancingofaccountsreceivableoftheReceivablesSellersandwhichisdesignated(asprovidedbelow)asa“ReceivablesEntity”(a)noportionoftheIndebtednessoranyotherobligations(contingentorotherwise)ofwhich(i)isguaranteedbytheCompanyoranyotherSubsidiaryoftheCompany(otherthanpursuanttoStandardSecuritizationUndertakings),(ii)isrecoursetoorobligatestheCompanyoranyotherSubsidiaryoftheCompanyinanyway(otherthanpursuanttoStandardSecuritizationUndertakings)or(iii)subjectsanypropertyorassetoftheCompanyoranyotherSubsidiaryoftheCompany,directlyorindirectly,contingentlyorotherwise,tothesatisfactionthereof,otherthanpursuanttoStandardSecuritizationUndertakings,(b)withwhichneithertheCompanynoranyofitsSubsidiarieshasanycontract,agreement,arrangementorunderstanding(otherthanpursuanttothePermittedReceivablesFacilityDocuments(includingwithrespecttofeespayableintheordinarycourseofbusinessinconnectionwiththeservicingofaccountsreceivableandrelatedassets))ontermslessfavorabletotheCompanyorsuchSubsidiarythanthosethat35 |
mightbeobtainedatthetimefrompersonsthatarenotAffiliatesoftheCompany,and(c)towhichneither the Company nor any other Subsidiary of the Company has any obligation to maintain or preservesuchentity’sfinancialconditionorcausesuchentitytoachievecertainlevelsofoperatingresults(otherthan pursuant to Standard Securitization Undertakings).“Receivables Sellers ”meanstheCompanyandthoseSubsidiariesthatarefromtimetotime party to the Permitted Receivables Facility Documents (other than any Receivables Entity).“Recipient ”means(a) theAdministrativeAgent,(b) anyLenderand(c) theIssuingBank, as applicable.“Reference Time ” with respect to any setting of the then-current Benchmark means (1) ifsuchBenchmarkisLIBO the Term SOFR Rate,11:00 a.m. (London 5:00 a.m. (Chicago time)ontheday thatistwoLondon banking days U.S. Government Securities Business Days precedingthedateofsuch setting,(2)ifsuchBenchmarkisEURIBORRate,11:00a.m.BrusselstimetwoTARGETDaysprecedingthedateofsuchsetting,and (3) if, following a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, the RFR for such Benchmark is Daily Simple SOFR, then four RFR Business Days prior to such setting or (4 )ifsuchBenchmarkisneither none of the LIBO Term SOFR Rateor , theEURIBORRateor Daily Simple SOFR ,thetimedeterminedbythe Administrative Agent in its reasonable discretion.“Register ” has the meaning set forth in Section 9.04.“Related Parties ”means,withrespecttoanyspecifiedPerson,xxxxXxxxxx’xXxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx,officers,employees,agents,advisorsandrepresentativesofsuchPersonandsuch Person’s Affiliates.“Relevant Governmental Body ”means(i)withrespecttoaBenchmarkReplacementinrespectofLoansdenominatedinDollars,theBoardand/ortheNYFRB,oracommitteeofficiallyendorsedorconvenedbytheBoardand/ortheNYFRBor,ineachcase,anysuccessorthereto,(ii)withrespecttoaBenchmarkReplacementinrespectofLoansdenominatedineuro,theEuropeanCentralBank, or a committee officially endorsed or convened by the European Central Bank or, in each case, anysuccessorthereto,and(iii)withrespecttoaBenchmarkReplacementinrespectofLoansdenominatedinanyotherAgreedCurrency,(a)thecentralbankforthecurrencyinwhichsuchBenchmarkReplacementisdenominatedoranycentralbankorothersupervisorwhichisresponsibleforsupervisingeither(1)suchBenchmarkReplacementor(2)theadministratorofsuchBenchmarkReplacementor(b)anyworkinggrouporcommitteeofficiallyendorsedorconvenedby(1)thecentralbankforthecurrencyinwhichsuchBenchmarkReplacementisdenominated,(2)anycentralbankorothersupervisorthatisresponsibleforsupervisingeither(A)suchBenchmarkReplacementor(B)theadministratorofsuchBenchmarkReplacement,(3)agroupofthosecentralbanksorothersupervisorsor(4)theFinancialStability Board or any part thereof.“Relevant Rate ” means (i) with respect to any Eurocurrency TermBenchmark Borrowing denominatedinDollars,theLIBO Rate , or Adjusted Term SOFR Rate, (ii)withrespecttoany Eurocurrency Term Benchmark Borrowingdenominatedineuro Euros ,theAdjusted EURIBORRate, or (iii) with respect to any RFR Borrowing denominated in Dollars, the applicable Adjusted Daily Simple RFR .. 36 |
“Relevant Screen Rate ”means(i)withrespecttoanyEurocurrency Term Benchmark BorrowingdenominatedinDollars,theLIBO Screen Term SOFR Reference Rate,or(ii)withrespectto any Eurocurrency TermBenchmark Borrowing denominated in euro, the EURIBOR Screen Rate. “Report ”meansreportspreparedbyeitherAgentoranotherPersonshowingtheresultsof appraisals, field examinations or audits pertaining to the assets of the Company or any Subsidiary frominformationfurnishedbyoronbehalfoftheCompanyoranyofitsSubsidiaries,aftertheAdministrativeAgenthasexerciseditsrightsofinspectionpursuanttothisAgreement,whichReportsmaybedistributed to the Lenders by either Agent.“Required Lenders ”means,subjecttoSection2.24,(a)atanytimepriortotheearlieroftheLoansbecomingdueandpayablepursuanttoSection7.01ortheCommitmentsterminatingorexpiring,LendershavingCreditExposuresandunusedCommitmentsrepresentingmorethan50%ofthesumoftheTotalCreditExposuresandunusedCommitmentsatsuchtime,and(b)forallpurposesaftertheLoansbecomedueandpayablepursuanttoSection7.01ortheCommitmentsexpireorterminate,LendershavingCreditExposuresrepresentingmorethan50%ofthesumoftheTotalCreditExposuresat such time; provided that, in the case of clauses (a) and (b) above, (x) the Revolving Credit Exposure ofanyLenderthatisaSwinglineLendershallbedeemedtoexcludeanyamountofitsSwinglineExposureinexcessofitsApplicablePercentageofalloutstandingSwinglineLoans,adjustedtogiveeffecttoanyreallocationunderSection2.24oftheSwinglineExposuresofDefaultingLendersineffectatsuchtime,andtheUnfundedCommitmentofsuchLendershallbedeterminedonthebasisofitsRevolvingCreditExposureexcludingsuchexcessamountand(y)forthepurposeofdeterminingtheRequiredLendersneededforanywaiver,amendment,modificationorconsentoforunderthisAgreementoranyotherLoan Document, any Lender that is the a Borrower or an Affiliate of the a Borrower shall be disregarded. “Resolution Authority ”meansanEEAResolutionAuthorityor,withrespecttoanyUKFinancial Institution, a UK Resolution Authority.“Restatement Effective Date ”meansthedateonwhichtheconditionsspecifiedinSection 4.01 are satisfied (or waived in accordance with Section 9.02).“Restricted Payment ”meansanydividendorotherdistribution(whetherincash,securitiesorotherproperty)withrespecttoanyEquityInterestsintheCompanyoranySubsidiary,oranypayment(whetherincash,securitiesorotherproperty),includinganysinkingfundorsimilardeposit,onaccountofthepurchase,redemption,retirement,acquisition,cancellationorterminationofanysuchEquityInterestsintheCompanyoranySubsidiaryoranyoption,warrantorotherrighttoacquire any such Equity Interests in the Company or any Subsidiary.“Revaluation Date ”shallmean(a)withrespecttoanyLoandenominatedinanyForeignCurrency,eachofthefollowing:(i)thedateoftheBorrowingofsuchLoanand(ii)(A) with respect to any Term Benchmark Loan, eachdateofaconversionintoorcontinuationofsuchLoanpursuanttothe termsofthisAgreementand (B) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month) ;(b)with respecttoanyLetterofCreditdenominatedinaForeignCurrency,eachofthefollowing:(i)thedateonwhichsuchLetterofCreditisissued,(ii)thefirstBusinessDayofeachcalendarmonthand(iii)thedateofanyamendmentofsuchLetterofCreditthathastheeffectofincreasingthefaceamountthereof;and(c)anyadditionaldateastheAdministrativeAgentmaydetermineatanytimewhenanEventofDefaultexists.37 |
“Revolving Commitment ”means,withrespecttoeachLender,thecommitment,ifany,tomakeRevolvingLoansandtoacquireparticipationsinLettersofCreditandSwinglineLoanshereunder,expressedasanamountrepresentingthemaximumaggregateamountofsuchLender’sRevolvingCreditExposurehereunder,assuchcommitmentmaybe(a) reducedorterminatedfromtimeto time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.20 and (c) reducedorincreasedfromtimetotimepursuanttoassignmentsbyortosuchLenderpursuanttoSection 9.04.TheinitialamountofeachLender’sRevolvingCommitmentissetforthonSchedule 2.01 ,orintheapplicabledocumentationpursuanttowhichsuchLendershallhaveassumeditsRevolvingCommitmentpursuanttothetermshereof,asapplicable.TheaggregateamountoftheRevolvingLenders’RevolvingCommitments as of the Restatement Effective Date is $450,000,000.“Revolving Credit Exposure ”means,withrespecttoanyLenderatanytime,thesumoftheoutstandingprincipalamountofsuchLender’sRevolvingLoansanditsLCExposureandSwinglineExposure at such time.“Revolving Lender ”means,asofanydateofdetermination,eachLenderthathasaRevolvingCommitmentor,iftheRevolvingCommitmentshaveterminatedorexpired,aLenderwithRevolving Credit Exposure.“Revolving Loan ”meansaLoanmadebyaRevolvingLenderpursuanttoSection2.01(a).“RFR” means, for any RFR Loan denominated in Dollars (solely following a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate), Daily Simple SOFR. “RFR Administrator ” means the SOFR Administrator. “RFR Borrowing” means, as to any Borrowing, the RFR Loans comprising such Borrowing. “RFR Business Day” means, for any Loan denominated in Dollars, a U.S. Government Securities Business Day. “RFR Interest Day” has the meaning specified in the definition of “ Daily Simple RFR”. “RFR Loan” means a Loan that bears interest at a rate based on the Adjusted Daily Simple RFR. “S&P ”meansStandard&Poor’sRatingsServices,aStandard&Poor’sFinancialServices LLC business.“Sale and Leaseback Transaction ”meansanysaleorothertransferofpropertybyanyPerson with the intent to lease such property as lessee.“Sanctioned Country ”means,atanytime,acountry,regionorterritorywhichisitselfthe subject or target of any Sanctions (at the time of this Agreement , as of the Amendment No. 1 Effective Date, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea Region of Ukraine , Cuba, Iran, North Korea and Syria). “Sanctioned Person ”means,xxxxxxxxx,(a)anyPersonlistedinanySanctions-relatedlistofdesignatedPersonsmaintainedbyOFAC,theU.S.DepartmentofState,theUnitedNations38 |
Security Council, the European Union, any European Union member state, Her His Majesty’s Treasury of theUnitedKingdom,orotherrelevantsanctionsauthority,(b)anyPersonoperating,organizedorresidentinaSanctionedCountry,(c)anyPersonownedorcontrolledbyanysuchPersonorPersonsdescribed in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.“Sanctions ”meansalleconomicorfinancialsanctionsortradeembargoesimposed,administeredorenforcedfromtimetotimeby(a)theU.S.government,includingthoseadministeredbyOFACortheU.S.DepartmentofStateor(b)theUnitedNationsSecurityCouncil,theEuropeanUnion,anyEuropeanUnionmemberstate,Her His Majesty’sTreasuryoftheUnitedKingdom,orotherrelevant sanctions authority.“Secured Obligations ”meansallObligations,togetherwithallSwapObligationsandBankingServicesObligationsowingtooneormoreLendersortheirrespectiveAffiliates;provided thatthe definition of “Secured Obligations” shall not create or include any guarantee by any Loan Party of (orgrantofsecurityinterestbyanyLoanPartytosupport,asapplicable)anyExcludedSwapObligationsofsuch Loan Party for purposes of determining any obligations of any Loan Party.“Secured Parties ”meanstheholdersoftheSecuredObligationsfromtimetotimeandshall include (i) each Lender and the Issuing Banks in respect of its Loans and LC Exposure respectively,(ii) the Administrative Agent, the Issuing Banks and the Lenders in respect of all other present and futureobligationsandliabilitiesoftheCompanyandeachSubsidiaryofeverytypeanddescriptionarisingunderorinconnectionwiththisAgreementoranyotherLoanDocument,(iii)eachLenderandAffiliateofsuchLenderinrespectofSwapAgreementsandBankingServicesAgreementsenteredintowithsuchPersonbytheCompanyoranySubsidiary,(iv)eachindemnifiedpartyunderSection9.03inrespectoftheobligationsandliabilitiesoftheBorrowerstosuchPersonhereunderandundertheotherLoanDocuments,and(v)theirrespectivesuccessorsand(inthecaseofaLender,permitted)transfereesandassigns.“Securities Act ” means the United States Securities Act of 1933.“Security Agreement ”meansthatcertainPledgeandSecurityAgreement(includinganyandallsupplementsthereto),datedasofApril4,2017,betweentheLoanPartiesandtheAdministrativeAgent,forthebenefitoftheAdministrativeAgentandtheotherSecuredParties,andanyotherpledgeorsecurityagreemententeredinto,afterthedateofthisAgreementbyanyotherLoanParty(asrequiredbythis Agreement or any other Loan Document), or any other Person, as the same may be amended, restatedor otherwise modified from time to time.“SOFR ” means, with respect to any Business Day, a rate per annum equal to the secured overnightfinancingratefor such Business Day published as administered bytheSOFRAdministratoron the SOFR Administrator’s Website .. “SOFR Administrator ”meanstheNYFRB(orasuccessoradministratorofthesecuredovernight financing rate).“SOFR Administrator’s Website ”meanstheNYFRB’swebsite Website ,currentlyat xxxx://xxx.xxxxxxxxxx.xxx,oranysuccessorsourceforthesecuredovernightfinancingrateidentifiedas such by the SOFR Administrator from time to time.“SOFR Determination Date” has the meaning specified in the definition of “Daily Simple SOFR”. 39 |
“SOFR Rate Day” has the meaning specified in the definition of “Daily Simple SOFR”. “Solvent ”means,inreferencetoanyPerson,(i)thesumoftheprobableliabilityofthedebtsandotherliabilities(subordinated,contingentorotherwise)ofsuchPersonanditsSubsidiaries,takenasawhole,assuchdebtsandliabilitiesbecomeabsoluteandmatured,doesnotexceedthepresentfairsaleablevalueoftheassetsofsuchPersonanditsSubsidiaries,takenasawhole,(ii)thecapitalofsuch Person and its Subsidiaries, taken as a whole, is not unreasonably small in relation to the business ofsuchPersonanditsSubsidiaries,takenasawholeand(iii)suchPersonanditsSubsidiaries,takenasawhole,havenotincurred,donotintendtoincurorbelievethattheywillincur,debtsorotherliabilitiesincludingcurrentobligationsbeyondtheirabilitytopaysuchdebtorotherliabilitiesastheymatureintheordinarycourseofbusiness.Forthepurposesofthisdefinition,theamountofanycontingentliabilityatanytimeshallbecomputedastheamountthat,inlightofallofthefactsandcircumstancesexistingatsuchtime,representstheamountthatcanreasonablybeexpectedtobecomeanactualormaturedliability(irrespectiveofwhethersuchcontingentliabilitiesmeetthecriteriaforaccrualunderStatement of Financial Accounting Standard No. 5).“Specified Acquisition ”meansaPermittedAcquisitionforwhichtheaggregateconsideration paid or to be paid in respect thereof equals or exceeds $50,000,000.“Specified Ancillary Obligations ” means all obligations and liabilities (including interestandfeesaccruingduringthependencyofanybankruptcy,insolvency,receivershiporothersimilarproceeding,regardlessofwhetherallowedorallowableinsuchproceeding)ofanyoftheSubsidiaries,existingontheEffectiveDateorarisingthereafter,directorindirect,jointorseveral,absoluteorcontingent,maturedorunmatured,liquidatedorunliquidated,securedorunsecured,arisingbycontract,operation of law or otherwise, to the Lenders or any of their Affiliates under any Swap Agreement or anyBanking Services Agreement.“Specified Swap Obligation ”means,withrespecttoanyLoanParty,anyobligationtopay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaningof Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.“Standard Securitization Undertakings ”meansrepresentations,warranties,covenantsandindemnitiesenteredintobytheCompanyoranySubsidiarythereofinconnectionwiththePermittedReceivables Facility which are reasonably customary in an accounts receivable financing transaction.“Statutory Reserve Rate ” means, with respect to any currency, a fraction (expressed as a decimal),thenumeratorofwhichisthenumberoneandthedenominatorofwhichisthenumberoneminustheaggregateofthemaximumreserve, liquid asset, fees or similar requirements percentage (includinganymarginal,special,emergencyorsupplementalreservesor other requirements) established by any central bank, monetary authority, the Board, the Financial Conduct Authority, the Prudential Regulation Authority, the European Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in such currency, expressed in the case of each such requirement as a decimal. Such reserve, liquid asset, fees or similar requirements shall , in the case of Dollar denominated Loans, ) expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject with respect to the Adjusted EURIBOR Rate for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the Board) or any other reserve ratio or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Loans. Such reserve percentage shall includethoseimposedpursuanttoRegulationDoftheBoard.Eurocurrency Loans Term Benchmark Loans for which the associated Benchmark is adjusted by reference to the Statutory Reserve Rate (per the related definition of such Benchmark) shallbedeemedtoconstitute eurocurrency funding 40 |
and to be subject to such reserve, liquid asset, fee or similar requirements without benefit of or credit for proration,exemptionsoroffsetsthatmaybeavailablefromtimetotimetoanyLenderunderany applicable law, rule or regulation, including RegulationDoftheBoardor any comparable regulation .. TheStatutoryReserveRateshallbeadjustedautomaticallyonandasoftheeffectivedateofanychangein any reserve, liquid asset or similar requirement percentage .. “subsidiary ”means,withrespecttoanyPerson(the“parent ”)atanydate,anycorporation,limitedliabilitycompany,partnership,associationorotherentitytheaccountsofwhichwouldbeconsolidatedwiththoseoftheparentintheparent’sconsolidatedfinancialstatementsifsuchfinancialstatementswerepreparedinaccordancewithGAAPasofsuchdate,aswellasanyothercorporation,limitedliabilitycompany,partnership,associationorotherentity(a)ofwhichsecuritiesorotherownershipinterestsrepresentingmorethan50%oftheequityormorethan50%oftheordinaryvoting power or, in the case of a partnership, more than 50% of the general partnership interests are, as ofsuchdate,owned,Controlledorheld,or(b)thatis,asofsuchdate,otherwiseControlled,bytheparentor one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.“Subsidiary ” means any subsidiary of the Company.“Subsidiary Guarantor ”meanseachMaterialSubsidiarythatisaDomesticSubsidiary.TheSubsidiaryGuarantorsontheRestatementEffectiveDateareidentifiedassuchinSchedule3.01hereto.“Subsidiary Guaranty ”meansthatcertainGuarantydatedasofApril4,2017substantiallyintheformofExhibitG(includinganyandallsupplementsthereto)andexecutedbyeachSubsidiaryGuarantorpartythereto,and,inthecaseofanyguarantybyaForeignSubsidiary,anyotherguarantyagreementsasarerequestedbytheAdministrativeAgentanditscounsel,ineachcaseasamended, restated, supplemented or otherwise modified from time to time.“Supported QFC ” has the meaning assigned to it in Section 9.19.“Swap Agreement ”meansanyagreementwithrespecttoanyswap,forward,futureorderivativetransactionoroptionorsimilaragreementinvolving,orsettledbyreferenceto,oneormorerates,currencies,commodities,equityordebtinstrumentsorsecurities,oreconomic,financialorpricingindicesormeasuresofeconomic,financialorpricingriskorvalueoranysimilartransactionoranycombination of these transactions; provided that no phantom stock or similar plan providing for paymentsonly on account of services provided by current or former directors, officers, employees or consultants ofthe Company or the Subsidiaries shall be a Swap Agreement.“Swap Obligations ”meansanyandallobligationsoftheCompanyoranySubsidiary,whetherabsoluteorcontingentandhowsoeverandwhensoevercreated,arising,evidencedoracquired(includingallrenewals,extensionsandmodificationsthereofandsubstitutionstherefor),under(a)anyandallSwapAgreementspermittedhereunderwithaLenderoranAffiliateofaLender,and(b)anyandallcancellations,buybacks,reversals,terminationsorassignmentsofanysuchSwapAgreementtransaction.“Swingline Exposure ”means,atanytime,theaggregateprincipalamountofallSwinglineLoansoutstandingatsuchtime.TheSwinglineExposureofanyLenderatanytimeshallbethesumof(a)itsApplicablePercentageoftheaggregateprincipalamountofallSwinglineLoansoutstandingatsuchtime(excluding,inthecaseofanyLenderthatisaSwinglineLender,SwinglineLoansmadebysuchLenderinitscapacityasaSwinglineLenderthatareoutstandingatsuchtimetotheextentthattheotherLendersshallnothavefundedtheirparticipationsinsuchSwinglineLoans),41 |
adjustedtogiveeffecttoanyreallocationunderSection2.24oftheSwinglineExposureofDefaultingLenders in effect at such time, and (b) in the case of any Lender that is a Swingline Lender, the aggregateprincipal amount of all Swingline Loans made by such Lender as a Swingline Lender outstanding at suchtime, less the amount of participations funded by the other Lenders in such Swingline Loans.“Swingline Lender ”meansJPMorganChaseBank,N.A.,initscapacityaslenderofSwingline Loans hereunder.“Swingline Loan ” means a Loan made pursuant to Section 2.05.“TARGET2 ” means the Trans-European Automated Real-time Gross Settlement ExpressTransferpaymentsystemwhichutilizesasinglesharedplatformandwhichwaslaunchedonNovember19, 2007.“TARGET Day ” means any day on which TARGET2 (or, if such payment system ceasestobeoperative,suchotherpaymentsystem,ifany,determinedbytheAdministrativeAgenttobeasuitable replacement) is open for the settlement of payments in Euro.“Taxes ”meansallpresentorfuturetaxes,levies,imposts,duties,deductions,withholdings(includingbackupwithholding),valueaddedtaxes,oranyothergoodsandservices,useorsalestaxes,assessments,feesorotherchargesimposedbyanyGovernmentalAuthority,includinganyinterest, additions to tax or penalties applicable thereto.“Term Benchmark” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted TermSOFR Rate or the Adjusted EURIBOR Rate. “ Term ESTR ” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on ESTR that has been selected or recommended by the Relevant Governmental Body. “ Term ESTR Notice ” means a notification by the Administrative Agent to the Lenders and the Company of the occurrence of a Term ESTR Transition Event. “ Term ESTR Transition Event ” means the determination by the Administrative Agent that (a) Term ESTR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term ESTR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.14 that is not Term ESTR. “ Term SOFR ” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. “Term SOFR Notice ” means a notification by the Administrative Agent to the Lenders and the Company of the occurrence of a Term SOFR Transition Event Determination Day ” has the meaning assigned to it under the definition of TermSOFR Reference Rate .. “Term SOFR Transition Event ” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting 42 |
in a Benchmark Replacement in accordance with Section 2.14 that is not Term SOFR. Rate” means, with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the TermSOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period , as such rate is published by the CME Term SOFR Administrator. “Term SOFR Reference Rate” means, for any day and time (such day, the “Term SOFR Determination Day”) , with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then, so long as such day is otherwise a U.S. Government Securities Business Day , the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day. “Total Credit Exposure ”meansthesumoftheTotalRevolvingCreditExposureandtheaggregate principal amount of all Delayed Draw Term Loans outstanding at such time.“Total Revolving Credit Exposure ”means,atanytime,thesumof(a)theoutstandingprincipalamountoftheRevolvingLoansandSwinglineLoansatsuchtimeand(b)thetotalLCExposure at such time.“Transactions ”meanstheexecution,deliveryandperformancebytheLoanPartiesofthisAgreementandtheotherLoanDocuments,theborrowingofLoansandothercreditextensions,theuse of the proceeds thereof, and the issuance of Letters of Credit hereunder.“Type ”,whenusedinreferencetoanyLoanorBorrowing,referstowhethertherateofinterestonsuchLoan,orontheLoanscomprisingsuchBorrowing,isdeterminedbyreferencetotheAdjustedLIBO Term SOFR Rate,theAdjustedEURIBORRateor , theAlternateBaseRateor the Adjusted Daily Simple RFR .. “UCC ”meanstheUniformCommercialCodeasineffectfromtimetotimeintheStateofNewYorkoranyotherstatethelawsofwhicharerequiredtobeappliedinconnectionwiththeissueof perfection of security interests.“UK Financial Institutions ”meansanyBRRDUndertaking(assuchtermisdefinedunder the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom PrudentialRegulationAuthority)oranypersonfallingwithinIFPRU11.6oftheFCAHandbook(asamendedfromtimetotime)promulgatedbytheUnitedKingdomFinancialConductAuthority,whichincludescertaincreditinstitutionsandinvestmentfirms,andcertainaffiliatesofsuchcreditinstitutionsorinvestmentfirms.“UK Resolution Authority ”meanstheBankofEnglandoranyotherpublicadministrative authority having responsibility for the resolution of any UK Financial Institution.43 |
“Unadjusted Benchmark Replacement ”meanstheapplicableBenchmarkReplacementexcluding the related Benchmark Replacement Adjustment.“Unfunded Commitment ”means,withrespecttoeachLender,theRevolvingCommitment of such Lender less its Revolving Credit Exposure.“Unliquidated Obligations ”means,atanytime,anySecuredObligations(orportionthereof)thatarecontingentinnatureorunliquidatedatsuchtime,includinganySecuredObligationthatis:(i) anobligationtoreimburseabankfordrawingsnotyetmadeunderaletterofcreditissuedbyit;(ii) anyotherobligation(includinganyguarantee)thatiscontingentinnatureatsuchtime;or(iii) anobligation to provide collateral to secure any of the foregoing types of obligations.“Unrestricted Domestic Cash ” means, as of any date of determination, that portion of theCompany’sanditsconsolidatedDomesticSubsidiaries’aggregatecashandPermittedInvestmentsthatis(i) on deposit with one or more financial institutions in the United States of America, (ii) subject to a firstpriorityperfectedLieninfavoroftheAdministrativeAgent,and(iii)notencumberedbyorsubjecttoanyotherLien,setoff,counterclaim,recoupment,defenseoranyrestrictionontheusethereoftopayIndebtednessandotherliabilitiesoftheCompanyanditsDomesticSubsidiaries,otherthanasprovidedin clause (n) of the definition of Permitted Encumbrances or contained in control agreements entered intoby the Administrative Agent with such financial institutions.“Unrestricted Foreign Cash ”means,asofanydateofdetermination,thatportionoftheCompany’sanditsconsolidatedSubsidiaries’aggregatecashandPermittedInvestmentsthatis(i)ondepositwithoneormorefinancialinstitutionsoutsidetheUnitedStatesofAmerica,orisownedbyaForeignSubsidiary,and(ii)notencumberedbyorsubjecttoanyLien,setoff,counterclaim,recoupment,defense or any restriction on the use thereof to pay Indebtedness and other liabilities of the Company anditsSubsidiariesotherthanasprovidedinclause(n)ofthedefinitionofPermittedEncumbrancesorcontained in control agreements entered into by the Administrative Agent with such financial institutions.“U.S. Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. “U.S. Person ”meansa“UnitedStatesperson”withinthemeaningofSection 7701(a)(30) of the Code.“U.S. Special Resolution Regime ” has the meaning assigned to it in Section 9.19.“U.S. Tax Compliance Certificate ”hasthemeaningassignedtosuchterminSection 2.17(f)(ii)(B)(3).“Weighted Average Life to Maturity ”means,whenappliedtoanyIndebtednessatanydate,thenumberofyearsobtainedbydividing:(a)thesumoftheproductsobtainedbymultiplying(i)theamountofeachthenremaininginstallment,sinkingfund,serialmaturityorotherrequiredpaymentsofprincipal,includingpaymentatfinalmaturity,inrespectthereof,by(ii)thenumberofyears(calculatedtothenearestone-twelfth)thatwillelapsebetweensuchdateandthemakingofsuchpayment; by (b) the then outstanding principal amount of such Indebtedness.44 |
“Withdrawal Liability ”meansliabilitytoaMultiemployerPlanasaresultofacompleteorpartialwithdrawalfromsuchMultiemployerPlan,assuchtermsaredefinedinPartIofSubtitleEofTitle IV of ERISA.“Working Capital ”means,atanydate,theexcessofcurrentassetsoftheCompanyanditsSubsidiariesonsuchdateovercurrentliabilitiesoftheCompanyanditsSubsidiariesonsuchdate,alldetermined on a consolidated basis in accordance with GAAP.“Write-Down and Conversion Powers ”means,(a)withrespecttoanyEEAResolutionAuthority,thewrite-downandconversionpowersofsuchEEAResolutionAuthorityfromtimetotimeunder the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversionpowersaredescribedintheEUBail-InLegislationSchedule,and(b)withrespecttotheUnitedKingdom,anypowersoftheapplicableResolutionAuthorityundertheBail-InLegislationtocancel,reduce,modifyorchangetheformofaliabilityofanyUKFinancialInstitutionoranycontractorinstrumentunderwhichthatliabilityarises,toconvertallorpartofthatliabilityintoshares,securitiesorobligationsofthatpersonoranyotherperson,toprovidethatanysuchcontractorinstrumentistohaveeffectasifarighthadbeenexercisedunderitortosuspendanyobligationinrespectofthatliabilityorany of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.SECTION 1.02. Classification of Loans and Borrowings ..ForpurposesofthisAgreement,LoansmaybeclassifiedandreferredtobyClass(e.g. ,a“RevolvingLoan”)orbyType(e.g. ,a“Eurocurrency Term Benchmark Loan” or an “RFR Loan”)orbyClassandType(e.g. ,a“Eurocurrency Term Benchmark Revolving Loan” or an “RFR RevolvingLoan”).Borrowingsalsomaybeclassified andreferredtobyClass(e.g. ,a“RevolvingBorrowing”)orbyType(e.g. ,a“Eurocurrency Term Benchmark Borrowing” or an “RFR Borrowing”)orbyClassandType(e.g. ,a“Eurocurrency Term Benchmark Revolving Borrowing” or an “RFR Revolving Borrowing”). SECTION 1.03. Terms Generally ..Thedefinitionsoftermshereinshallapplyequallytothesingularandpluralformsofthetermsdefined.Wheneverthecontextmayrequire,anypronounshallincludethecorrespondingmasculine,feminineandneuterforms.Thewords“include”,“includes”and“including”shallbedeemedtobefollowedbythephrase“withoutlimitation”.Theword“will”shallbeconstruedtohavethesamemeaningandeffectastheword“shall”.Theword“law”shallbeconstruedasreferringtoallstatutes,rules,regulations,codesandotherlaws(includingofficialrulingsandinterpretationsthereunderhavingtheforceoflaworwithwhichaffectedPersonscustomarilycomply),andalljudgments,ordersanddecrees,ofallGovernmentalAuthorities.Unlessthecontextrequiresotherwise(a)anydefinitionoforreferencetoanyagreement,instrumentorotherdocumenthereinshallbe construed as referring to such agreement, instrument or other document as from time to time amended,restated,supplementedorotherwisemodified(subjecttoanyrestrictionsonsuchamendments,restatements,supplementsormodificationssetforthherein),(b)anydefinitionoforreferencetoanystatute,ruleorregulationshallbeconstruedasreferringtheretoasfromtimetotimeamended,supplementedorotherwisemodified(includingbysuccessionofcomparablesuccessorlaws),(c)anyreferencehereintoanyPersonshallbeconstruedtoincludesuchPerson’ssuccessorsandassigns(subjecttoanyrestrictionsonassignmentsetforthherein)and,inthecaseofanyGovernmentalAuthority,anyotherGovernmentalAuthoritythatshallhavesucceededtoanyorallfunctionsthereof,(d)thewords“herein”,“hereof”and“hereunder”,andwordsofsimilarimport,shallbeconstruedtorefertothisAgreementinitsentiretyandnottoanyparticularprovisionhereof,(e)allreferenceshereintoArticles,Sections,ExhibitsandSchedulesshallbeconstruedtorefertoArticlesandSectionsof,andExhibitsandSchedulesto,thisAgreementand(f)thewords“asset”and“property”shallbeconstruedtohave the same meaning and effect and to refer to any and all tangible and intangible assets and properties,including cash, securities, accounts and contract rights.45 |
SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations ..(a)Exceptasotherwiseexpressly provided herein, all terms of an accounting or financial nature shall be construed in accordancewithGAAP,asineffectfromtimetotime;provided that,iftheCompanynotifiestheAdministrativeAgentthattheCompanyrequestsanamendmenttoanyprovisionhereoftoeliminatetheeffectofanychangeoccurringafterthedatehereofinGAAPorintheapplicationthereofontheoperationofsuchprovision(oriftheAdministrativeAgentnotifiestheCompanythattheRequiredLendersrequestanamendmenttoanyprovisionhereofforsuchpurpose),regardlessofwhetheranysuchnoticeisgivenbeforeoraftersuchchangeinGAAPorintheapplicationthereof,thensuchprovisionshallbeinterpretedonthebasisofGAAPasineffectandappliedimmediatelybeforesuchchangeshallhavebecomeeffectiveuntilsuchnoticeshallhavebeenwithdrawnorsuchprovisionamendedinaccordanceherewith.Notwithstandinganyotherprovisioncontainedherein,alltermsofanaccountingorfinancialnatureusedhereinshallbeconstrued,andallcomputationsofamountsandratiosreferredtohereinshallbemade(i)withoutgivingeffecttoanyelectionunderAccountingStandardsCodification825-10-25(orany other Accounting Standards Codification or Financial Accounting Standard having a similar result oreffect)tovalueanyIndebtednessorotherliabilitiesoftheCompanyoranySubsidiaryat“fairvalue”,asdefinedthereinand(ii)withoutgivingeffecttoanytreatmentofIndebtednessinrespectofconvertibledebtinstrumentsunderAccountingStandardsCodification470-20(oranyotherAccountingStandardsCodificationorFinancialAccountingStandardhavingasimilarresultoreffect)tovalueanysuchIndebtednessinareducedorbifurcatedmannerasdescribedtherein,andsuchIndebtednessshallatalltimes be valued at the full stated principal amount thereof.(b) Allproformacomputationsrequiredtobemadehereundergivingeffecttoanyacquisitionordisposition,orissuance,incurrenceorassumptionofIndebtedness,orothertransactionshallineachcasebecalculatedgivingproformaeffectthereto(and,inthecaseofanyproformacomputationmadehereundertodeterminewhethersuchacquisitionordisposition,orissuance,incurrenceorassumptionofIndebtedness,orothertransactionispermittedtobeconsummatedhereunder,toanyothersuchtransactionconsummatedsincethefirstdayoftheperiodcoveredbyanycomponentofsuchproformacomputationandonorpriortothedateofsuchcomputation)asifsuchtransactionhadoccurredonthefirstdayoftheperiodoffourconsecutivefiscalquartersendingwiththemostrecentfiscalquarterforwhichfinancialstatementsshallhavebeendeliveredpursuanttoSection5.01(a)or5.01(b)(or,priortothedeliveryofanysuchfinancialstatements,endingwiththelastfiscalquarterincludedinthefinancialstatementsreferredtoinSection3.04(a)),and,totheextentapplicable,tothehistoricalearningsandcashflowsassociatedwiththeassetsacquiredordisposedof(butwithoutgivingeffecttoanysynergiesorcostsavings)andanyrelatedincurrenceorreductionofIndebtedness,allinaccordancewithArticle11ofRegulationS-XundertheSecuritiesAct.IfanyIndebtednessbearsafloatingrateofinterestandisbeinggivenproformaeffect,theinterestonsuchIndebtednessshallbecalculatedasiftherateineffectonthedateofdeterminationhadbeentheapplicableratefortheentireperiod (taking into account any Swap Agreement applicable to such Indebtedness).(c) NotwithstandinganythingtothecontrarycontainedinSection1.04(a)orinthedefinitionof“CapitalLeaseObligations,”intheeventofanaccountingchangerequiringallleasestobecapitalized,onlythoseleasesthatwouldconstitutecapitalleasesinconformitywithGAAPontheEffectiveDateshallbeconsideredcapitalleases,andallcalculationsanddeliverablesunderthisAgreementoranyotherLoanDocumentshallbemadeordelivered,asapplicable,inaccordancetherewith.SECTION 1.05. Interest Rates; LIBOR Benchmark Notification ..TheinterestrateonaLoan denominatedinDollarsoraForeignCurrencymaybederivedfromaninterestratebenchmarkthatmay be discontinued or is,ormayinthefuturebecome,thesubjectofregulatoryreform.Regulators have signaled the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest rate benchmarks may cease to comply with applicable laws and regulations, 46 |
may be permanently discontinued, and/or the basis on which they are calculated may change. The interest rate on Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate (“ LIBOR ”). LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“ FCA ”) publicly announced that: immediately after December 31, 2021, publication of all seven euro LIBOR settings, all seven Swiss Franc LIBOR settings, the spot next, 1-week, 2-month and 12-month Japanese Yen LIBOR settings, the overnight, 1-week, 2-month and 12-month British Pound Sterling LIBOR settings, and the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; immediately after December 31, 2021, the 1-month, 3-month and 6-month Japanese Yen LIBOR settings and the 1-month, 3-month and 6-month British Pound Sterling LIBOR settings will cease to be provided or, subject to consultation by the FCA, be provided on a changed methodology (or “synthetic”) basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published, and each party to this Agreement should consult its own advisors to stay informed of any such developments .. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. UpontheoccurrenceofaBenchmarkTransitionEvent,a Term SOFR Transition Event, a Term ESTR Transition Event or an Early Opt-In Election, Section2.14(b)and (c) provide provides a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Company, pursuant to Section 2.14(e) , of any change to the reference rate upon which the interest rate on Eurocurrency Loans is based. However, the Administrative Agent does not warrant or accept any responsibilityfor,andshallnothaveanyliabilitywithrespectto,theadministration,submission, performance oranyothermatterrelatedtoLIBOR or other rates in the definition of “ LIBO Rate” (or “EURIBOR Rate”, as applicable) any interest rate used in this Agreement, orwithrespecttoany alternativeorsuccessorratethereto,orreplacementratethereof(including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.14(b) or (c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, a Term ESTR Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.14(d)), , includingwithoutlimitation,whetherthe compositionorcharacteristicsofanysuchalternative,successororreplacementreferenceratewillbesimilar to, or produce the same value or economic equivalence of, the LIBO Rate (or the EURIBOR Rate, as applicable) existing interest rate being replaced orhavethesamevolumeorliquidityasdidLIBOR (or the euro interbank offered rate, as applicable) any existing interest rate priortoitsdiscontinuanceor unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrowers. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to any 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 47 |
law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service .. SECTION 1.06. Divisions .. For all purposes under the Loan Documents, in connection with anydivisionorplanofdivisionunderDelawarelaw(oranycomparableeventunderadifferentjurisdiction’slaws):(a) ifanyasset,right,obligationorliabilityofanyPersonbecomestheasset,right,obligationorliability of a different Person, then it shall be deemed to have been transferred from the original Person tothe subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemedto have been organized and acquired on the first date of its existence by the holders of its Equity Interestsat such time.SECTION 1.07. Amendment and Restatement of Existing Credit Agreement; General Reaffirmations; Existing Loan Documents ..(a) The parties to this Agreement agree that, upon (i) the execution and delivery by eachofthepartiesheretoofthisAgreementand(ii)satisfactionoftheconditionssetforthinSection4.01,thetermsandprovisionsoftheExistingCreditAgreementshallbeandherebyareamended,supersededandrestatedintheirentiretybythetermsandprovisionsofthisAgreement.ThisAgreementisnotintendedtoandshallnotconstituteanovation.AllLoansmadeandObligationsincurredundertheExistingCreditAgreementwhichareoutstandingontheRestatementEffectiveDateshallcontinueasLoansandObligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents.Without limiting the foregoing, upon the effectiveness hereof: (i) all references in the “Loan Documents”(as defined in the Existing Credit Agreement) to the “Administrative Agent”, the “Credit Agreement” andthe“LoanDocuments”shallbedeemedtorefertotheAdministrativeAgent,thisAgreementandtheLoanDocuments,(ii)the“LettersofCredit”undertheExistingCreditAgreementwhichremainoutstandingontheRestatementEffectiveDateshallcontinueasLettersofCreditunder(andshallbegovernedbythetermsof)thisAgreement,(iii)allobligationsconstituting“SecuredObligations”withanyLenderoranyAffiliateofanyLenderwhichareoutstandingontheRestatementEffectiveDateshallcontinueasSecuredObligationsunderthisAgreementandtheotherLoanDocuments,(iv)theAdministrativeAgentshallmakesuchreallocations,sales,assignmentsorotherrelevantactionsinrespectofeachLender’screditexposureundertheExistingCreditAgreementasarenecessaryinorderthateachsuchLender’sCreditExposuresandoutstandingLoanshereunderreflectssuchLender’sApplicablePercentageoftheoutstandingaggregateCreditExposureontheRestatementEffectiveDate,(e) the Borrowers hereby agree to compensate each Lender (including any Departing Lender) for any andalllosses,costsandexpensesincurredbysuchLenderinconnectionwiththesaleandassignmentofanyEurocurrencyLoans(includingthe“EurocurrencyLoans”undertheExistingCreditAgreement)andsuchreallocationdescribedabove,ineachcaseonthetermsandinthemannersetforthinSection2.16hereofand(f)upontheeffectivenesshereof,eachDepartingLender’s“Commitment”undertheExistingCreditAgreementshallbeterminated,eachDepartingLendershallhavereceivedpaymentinfullofallof the outstanding “Obligations” owing to it under the Existing Credit Agreement (other than obligationstopayfeesandexpenseswithrespecttowhichtheBorrowerhasnotreceivedaninvoice,contingentindemnityobligationsandothercontingentobligationsowingtoitundertheExistingLoanDocumentsand,fortheavoidanceofdoubt,excluding“SwapObligations”and“BankingServicesObligations”asdefined in the Existing Credit Agreement) and each Departing Lender shall not be a Lender hereunder.(b) EachoftheBorrowers,asdebtor,grantor,pledgor,guarantor,oranothersimilarcapacityinwhichsuchBorrowergrantsliensorsecurityinterestsinitspropertiesorotherwiseactsasaguarantor,jointorseveralobligororotheraccommodationparty,asthecasemaybe,ineachcaseundertheExistingLoanDocuments,hereby(i)ratifiesandreaffirmsallofitspaymentandperformanceobligations,contingentorotherwise,undereachoftheExistingLoanDocumentstowhichitisaparty,(ii)totheextentsuchBorrowergrantedliensonorsecurityinterestsinanyofitspropertiespursuantto48 |
anyoftheExistingLoanDocuments,herebyratifiesandreaffirmssuchgrantofsecurity(and,withoutlimitation,anyfilingswithGovernmentalAuthoritiesmadeinconnectiontherewith)andconfirmsthatsuchliensandsecurityinterestscontinuetosecuretheapplicableSecuredObligationsintendedtobesecuredthereby(asmodifiedbythisAgreement)and(iii)totheextentsuchBorrowerguaranteed,wasjointlyorseverallyliable,orprovidedotheraccommodationswithrespectto,theSecuredObligationsoranyportionthereofpursuanttotheExistingLoanDocuments(including,withoutlimitation,ArticleXoftheExistingCreditAgreement),herebyratifiesandreaffirmssuchguaranties,liabilitiesandotheraccommodations, in each case subject to the limitations set forth herein.(c) EachLenderherebyconfirmstheAdministrativeAgent’sauthorityto(i)enterintosuchadditionalreaffirmationsof,oranyamendmentsto,amendmentsandrestatementsof,orothermodificationsto,theExistingLoanDocumentsastheAdministrativeAgentshallapproveinitssolediscretion, and (ii) to cancel any right of pledge created under the Deed of Pledge on Registered Shares intheCapitalofTennantHoldingB.V.,dated6June2017,byandamongtheCompany,TennantHoldingB.V.andtheAdministrativeAgent(the“Dutch Share Pledge ”),inthecasesofeachoftheforegoingclauses (i) and (ii), in connection with the amendment and restatement of the Existing Credit Agreement.TheAdministrativeAgentherewithcancelsinwholetheDutchSharePledgeandherewithgivesnoticeof such cancellation to the Company.ARTICLE IIThe Credits SECTION 2.01. Commitments .. Subjecttothetermsandconditionssetforthherein,(a)eachRevolving Lender (severally and not jointly) agrees to make Revolving Loans to the Borrowers in AgreedCurrencies from time to time during the Availability Period in an aggregate principal amount that will notresultin(i)subjecttoSections2.04and2.11(b),theDollarAmountofsuchLender’sRevolvingCreditExposureexceedingsuchLender’sRevolvingCommitmentor(ii)subjecttoSections2.04and2.11(b),theDollarAmountoftheTotalRevolvingCreditExposureexceedingtheaggregateRevolvingCommitments,and(b) eachDelayedDrawTermLenderwithaDelayedDrawTermLoanCommitment(severallyandnotjointly)agreestomakeaDelayedDrawTermLoantotheCompanyinDollarsinasingleadvanceduringtheDelayedDrawCommitmentPeriod,inanamountequaltosuchLender’sDelayedDrawTermLoanCommitment.Withintheforegoinglimitsandsubjecttothetermsandconditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans. Amountsrepaid or prepaid in respect of Delayed Draw Term Loans may not be reborrowed.SECTION 2.02. Loans and Borrowings ..(a)EachLoan(otherthanaSwinglineLoan)shallbemadeaspartofaBorrowingconsistingofLoansofthesameClassandTypemadebytheapplicableLendersratablyinaccordancewiththeirrespectiveCommitmentsoftheapplicableClass.ThefailureofanyLendertomakeanyLoanrequiredtobemadebyitshallnotrelieveanyotherLenderofitsobligationshereunder;provided thattheCommitmentsoftheLendersareseveralandnoLendershallberesponsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be madeinaccordancewiththeproceduressetforthinSection2.05.TheDelayedDrawTermLoansshallamortize as set forth in Section 2.10.(b) SubjecttoSection2.14,eachRevolvingBorrowingandDelayedDrawTermLoanBorrowingshallbecomprised(A) in the case of Borrowings in Dollars, entirelyofABRLoansor Eurocurrency Loans , Term Benchmark Loans or RFR Loans and ( B) in the case of Borrowings in any other Agreed Currency, entirely of Term Benchmark Loans, in each case of the same Agreed Currency, astherelevantBorrowermayrequestinaccordanceherewith;providedthateachABRLoanshallonlybemadeinDollarsandshallonlybemadetotheCompany.EachSwinglineLoanshallbeanABR49 |
Loan.EachLenderatitsoptionmaymakeanyLoanbycausinganydomesticorforeignbranchorAffiliateofsuchLendertomakesuchLoan(andinthecaseofanAffiliate,theprovisionsofSections2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided thatanyexerciseofsuchoptionshallnotaffecttheobligationoftherelevantBorrowertorepaysuchLoaninaccordance with the terms of this Agreement.(c) AtthecommencementofeachInterestPeriodforanyEurocurrency Term Benchmark RevolvingBorrowing,suchBorrowingshallbeinanaggregateamountthatisanintegral multipleof$1,000,000andnotlessthan$5,000,000(or,ifsuchBorrowingisdenominatedinaForeignCurrency,thesamesuchunitsofsuchcurrency).AtthetimethateachABRRevolvingBorrowing and/or RFR Borrowing ismade,suchBorrowingshallbeinanaggregateamountthatisanintegral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Revolving Borrowing may beinanaggregateamountthatisequaltotheentireunusedbalanceoftheaggregateRevolvingCommitmentsorthatisrequiredtofinancethereimbursementofanLCDisbursementascontemplatedbySection2.06(e).EachSwinglineLoanshallbeinanamountthatisanintegralmultipleof$500,000andnotlessthan$1,000,000.BorrowingsofmorethanoneTypeandClassmaybeoutstandingatthesametime;provided thatthereshallnotatanytimebemorethanatotaloften(10)Eurocurrency Term Benchmark Borrowings or RFR Borrowings outstanding. (d) NotwithstandinganyotherprovisionofthisAgreement,noBorrowershallbeentitledtorequest,ortoelecttoconvertorcontinue,anyBorrowingiftheInterestPeriodrequestedwithrespect thereto would end after the Maturity Date.SECTION 2.03. Requests for Borrowings .. To request a Borrowing, the applicable Borrower, orthe Company on behalf of the applicable Borrower, shall notify the Administrative Agent of such request(a) by irrevocable written notice (via a written submitting a Borrowing Request in a form approved by the Administrative Agent and signed or authenticated by the applicable Borrower, or the Company on behalf of the applicable Borrower, promptly followed by telephonic confirmation of such request ) in the case of a Eurocurrency Borrowing , not later than 11:00 a.m. , Local Time, three (3 ) Business Days ( in the case of a Eurocurrency Borrowing denominated in Dollars to the Company) or by irrevocable written notice (via a written Borrowing Request in a form approved by the Administrative Agent and signed by such Xxxxxxxx, or the Company on its behalf) not later than 11:00 a.m. , Local Time , four (4) Business Days ( in the case of a Eurocurrency Borrowing denominated in a Foreign Currency or a Eurocurrency Borrowing to a Foreign Subsidiary Borrower), in each case (i)(x) in the case of a Term Benchmark Borrowing denominated in Dollars, not later than 11:00 a.m., New York City time, three U.S. Government Securities Business Days beforethedateoftheproposedBorrowingor(y ) in the case of an RFR Borrowing denominated in Dollars , not later than 11:00 a.m. New York City time, five U.S. Government Securities Business Days before the date of the proposed Borrowing, and (ii) in the case of a Term Benchmark Borrowing denominated in Euros, not later than 12:00 p.m., New York City time , four (4) Business Days before the date of the proposed Borrowing, or ( b) bytelephoneinthecaseofanABR Borrowing,notlaterthan11:00 a.m 11:00 a.m ..,NewYorkCitytime,one(1)BusinessDaybeforethe dateoftheproposedBorrowing;provided thatanysuchnoticeofanABRRevolvingBorrowingtofinancethereimbursementofanLCDisbursementascontemplatedbySection2.06(e)maybegivennotlater than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonicBorrowingRequestshallbeirrevocableandshallbeconfirmedpromptlybyhanddeliveryortelecopytotheAdministrativeAgentofawrittenBorrowingRequestinaformapprovedbytheAdministrativeAgentandsignedbytheapplicableBorrower,ortheCompanyonbehalfoftheapplicableBorrower.EachsuchtelephonicandwrittenBorrowingRequestshallspecifythefollowinginformationincompliance with Section 2.02:50 |
(i) the name of the applicable Borrower;(ii) the Agreed Currency and aggregate principal amount of the requested Borrowing; (iii) the date of such Borrowing, which shall be a Business Day;(iv) whethersuchBorrowingistobeanABRBorrowingor , aEurocurrency Term Benchmark Borrowing or an RFR BorrowingandwhethersuchBorrowingisaRevolving Borrowing or a Delayed Draw Term Loan Borrowing;(v) in the case of a Eurocurrency TermBenchmark Borrowing, the Agreed Currency and initialInterestPeriodtobeapplicablethereto,whichshallbeaperiodcontemplatedbythedefinition of the term “Interest Period”; and(vi) the location and number of the applicable Borrower’s account to which funds are tobe disbursed, which shall comply with the requirements of Section 2.07.Ifnoelection as to the currency of a Borrowing is specified, then the requested Borrowing shall be made in Dollars. If no electionastotheTypeofBorrowingisspecified,then,inthecaseofaBorrowing denominatedinDollarstotheCompany,therequestedBorrowingshallbeanABRBorrowing.IfnoInterestPeriodisspecifiedwithrespecttoanyrequestedEurocurrency Term Benchmark Borrowing,then therelevantBorrowershallbedeemedtohaveselectedanInterestPeriodofonemonth’sduration.PromptlyfollowingreceiptofaBorrowingRequestinaccordancewiththisSection,theAdministrativeAgentshalladviseeachLenderofthedetailsthereofandoftheamountofsuchLender’sLoantobemadeaspartoftherequestedBorrowing.Notwithstanding the foregoing, in no event shall any Borrower be permitted to request pursuant to this Section 2.03, a CBR Loan or, prior to a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, a Daily Simple SOFR Loan (it being understood and agreed that a Central Bank Rate and Daily Simple SOFR shall only apply to the extent provided in Sections 2.08(e) (solely with respect to the Central Bank Rate), 2.14(a) and 2.14(f)). SECTION 2.04. Determination of Dollar Amounts ..TheDollarAmountofallLoans,Borrowings,LettersofCreditandLCExposure,asapplicable,denominatedinForeignCurrencieshereunder shall be determined on each Revaluation Date.SECTION 2.05. Swingline Loans ..(a)Subjecttothetermsandconditionssetforthherein,theSwinglineLendermayinitssolediscretionmakeSwinglineLoansinDollarstotheCompanyfromtimetotimeduringtheAvailabilityPeriod,inanaggregateprincipalamountatanytimeoutstandingthatwillnotresultin(i)theaggregateprincipalamountofoutstandingSwinglineLoansexceeding$15,000,000,(ii)theDollarAmountoftheSwinglineLender’sRevolvingCreditExposureexceedingitsRevolvingCommitmentor(iii)subjecttoSection2.04,theDollarAmountoftheTotalRevolvingCreditExposureexceedingtheaggregateRevolvingCommitments;provided thattheSwinglineLendershallnotberequiredtomakeaSwinglineLoantorefinanceanoutstandingSwinglineLoan.Withintheforegoinglimitsandsubjecttothetermsandconditionssetforthherein,theCompanymayborrow,prepayandreborrow Swingline Loans.(b) To request a Swingline Loan, the Company shall notify the Administrative Agent ofsuchrequestbytelephone(confirmedbytelecopy),notlaterthan12:00noon,NewYorkCitytime,onthedayofaproposedSwinglineLoan.Eachsuchnoticeshallbeirrevocableandshallspecifytherequesteddate(whichshallbeaBusinessDay)andamountoftherequestedSwinglineLoan.TheAdministrativeAgentwillpromptlyadvisetheSwinglineLenderofanysuchnoticereceivedfromthe51 |
Company.TheSwinglineLendershallmakeeachSwinglineLoanavailabletotheCompanybymeansofacredittothegeneraldepositaccountoftheCompanywiththeSwinglineLender(or,inthecaseofaSwinglineLoanmadetofinancethereimbursementofanLCDisbursementasprovidedinSection2.06(e),byremittancetotheIssuingBank)by3:00p.m.,NewYorkCitytime,ontherequesteddateofsuch Swingline Loan.(c) TheSwinglineLendermaybywrittennoticegiventotheAdministrativeAgentnotlaterthan10:00a.m.,NewYorkCitytime,onanyBusinessDayrequiretheRevolvingLenderstoacquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. SuchnoticeshallspecifytheaggregateamountofSwinglineLoansinwhichRevolvingLenderswillparticipate.Promptlyuponreceiptofsuchnotice,theAdministrativeAgentwillgivenoticethereoftoeachRevolvingLender,specifyinginsuchnoticesuchLender’sApplicablePercentageofsuchSwinglineLoanorLoans.EachRevolvingLenderherebyabsolutelyandunconditionallyagrees,uponreceiptofnoticeasprovidedabove,topaytotheAdministrativeAgent,fortheaccountoftheSwinglineLender,suchLender’sApplicablePercentageofsuchSwinglineLoanorLoans.EachRevolvingLenderacknowledgesandagreesthatitsobligationtoacquireparticipationsinSwinglineLoanspursuanttothisparagraphisabsoluteandunconditionalandshallnotbeaffectedbyanycircumstancewhatsoever,includingtheoccurrenceandcontinuanceofaDefaultorreductionorterminationoftheCommitments,andthateachsuchpaymentshallbemadewithoutanyoffset,abatement,withholdingorreductionwhatsoever.EachRevolvingLendershallcomplywithitsobligationunderthisparagraphbywiretransferofimmediatelyavailablefunds,inthesamemannerasprovidedinSection2.07withrespecttoLoansmadebysuchLender(andSection2.07shallapply,mutatis mutandis ,tothepaymentobligationsof the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts soreceivedbyitfromtheRevolvingLenders.TheAdministrativeAgentshallnotifytheCompanyofanyparticipationsinanySwinglineLoanacquiredpursuanttothisparagraph,andthereafterpaymentsinrespectofsuchSwinglineLoanshallbemadetotheAdministrativeAgentandnottotheSwinglineLender.AnyamountsreceivedbytheSwinglineLenderfromtheCompany(orotherpartyonbehalfoftheCompany)inrespectofaSwinglineLoanafterreceiptbytheSwinglineLenderoftheproceedsofasaleofparticipationsthereinshallbepromptlyremittedtotheAdministrativeAgent;anysuchamountsreceivedbytheAdministrativeAgentshallbepromptlyremittedbytheAdministrativeAgenttotheRevolvingLendersthatshallhavemadetheirpaymentspursuanttothisparagraphandtotheSwinglineLender,astheirinterestsmayappear;providedthatanysuchpaymentsoremittedshallberepaidtotheSwinglineLenderortotheAdministrativeAgent,asapplicable,ifandtotheextentsuchpaymentisrequiredtoberefundedtotheCompanyforanyreason.ThepurchaseofparticipationsinaSwinglineLoan pursuant to this paragraph shall not relieve the Company of any default in the payment thereof.(d) TheSwinglineLendermaybereplacedatanytimebywrittenagreementamongtheCompany, the Administrative Agent, the replaced Swingline Lender and the successor Swingline Lender.TheAdministrativeAgentshallnotifytheLendersofanysuchreplacementoftheSwinglineLender.Atthetimeanysuchreplacementshallbecomeeffective,theCompanyshallpayallunpaidinterestaccruedfortheaccountofthereplacedSwinglineLenderpursuanttoSection2.13(a).Fromandaftertheeffectivedateofanysuchreplacement,(x) thesuccessorSwinglineLendershallhavealltherightsandobligationsofthereplacedSwinglineLenderunderthisAgreementwithrespecttoSwinglineLoansmade thereafter and (y) references herein to the term “Swingline Lender” shall be deemed to refer to suchsuccessorortoanypreviousSwinglineLender,ortosuchsuccessorandallpreviousSwinglineLenders,asthecontextshallrequire.AfterthereplacementoftheSwinglineLenderhereunder,thereplacedSwingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of aSwinglineLenderunderthisAgreementwithrespecttoSwinglineLoansmadebyitpriortoitsreplacement, but shall not be required to make additional Swingline Loans.52 |
(e) SubjecttotheappointmentandacceptanceofasuccessorSwinglineLender,theSwinglineLendermayresignasSwinglineLenderatanytimeuponthirtydays’priorwrittennoticetotheAdministrativeAgent,theCompanyandtheLenders,inwhichcase,theSwinglineLendershallbereplaced in accordance with Section 2.05(d) above.SECTION 2.06. Letters of Credit ..(a)General.Subjecttothetermsandconditionssetforthherein,theCompanymayrequesttheissuanceofLettersofCreditdenominatedinDollarsastheapplicantthereofforitsoritsSubsidiaries’obligations,inaformreasonablyacceptabletotheAdministrativeAgentandtheIssuingBank,atanytimeandfromtimetotimeduringtheAvailabilityPeriod.IntheeventofanyinconsistencybetweenthetermsandconditionsofthisAgreementandthetermsandconditionsofanyformofletterofcreditapplicationorotheragreementsubmittedbytheCompanyto,orenteredintobytheCompanywith,theIssuingBankrelatingtoanyLetterofCredit,thetermsandconditionsofthisAgreementshallcontrol.Notwithstandinganythinghereintothecontrary,theIssuingBankshallhavenoobligationhereundertoissue,andshallnotissue,anyLetterofCredittheproceedsofwhichwouldbemadeavailabletoanyPerson(i)tofundanyactivityorbusinessoforwithanySanctionedPerson,orinanycountryorterritorythat,atthetimeofsuchfunding,isthesubjectofanySanctionsor(ii)inanymannerthatwouldresultinaviolationofanySanctionsbyanypartytothisAgreement.TheCompanyunconditionallyandirrevocablyagreesthat,inconnectionwithanyLetterofCreditissuedforthesupportofanySubsidiary’sobligationsasprovidedinthefirstsentenceofthisparagraph,theCompanywillbefullyresponsibleforthereimbursementofLCDisbursementsinaccordancewiththetermshereof,thepaymentofinterestthereonandthepaymentoffeesdueunderSection2.12(b)tothesameextentasifitwerethesoleaccountpartyinrespectofsuchLetterofCredit(theCompanyherebyirrevocablywaivinganydefensesthatmightotherwisebeavailabletoitasaguarantororsuretyoftheobligationsofsuchaSubsidiarythatisanaccountpartyinrespectofanysuchLetter of Credit).(b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions ..TorequesttheissuanceofaLetterofCredit(ortheamendment,renewalorextensionofanoutstandingLetterofCredit),theCompanyshallhanddeliverortelecopy(ortransmitbyelectroniccommunication,ifarrangementsfordoingsohavebeenapprovedbytheIssuingBank)totheIssuingBankandtheAdministrativeAgent(reasonablyinadvanceoftherequesteddateofissuance,amendment,renewalorextension)anoticerequestingtheissuanceofaLetterofCredit,oridentifyingtheLetterofCredittobeamended,renewedorextended,andspecifyingthedateofissuance,amendment,renewalorextension(which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall complywithparagraph(c)ofthisSection),theamountofsuchLetterofCredit,thenameandaddressofthebeneficiarythereofandsuchotherinformationasshallbenecessarytoprepare,amend,reneworextendsuchLetterofCredit.IfrequestedbytheIssuingBank,theCompanyalsoshallsubmitaletterofcreditapplicationontheIssuingBank’sstandardforminconnectionwithanyrequestforaLetterofCredit.ALetterofCreditshallbeissued,amended,renewedorextendedonlyif(anduponissuance,amendment,renewalorextensionofeachLetterofCredittheCompanyshallbedeemedtorepresentandwarrantthat),aftergivingeffecttosuchissuance,amendment,renewalorextension(i)theDollarAmountoftheLCExposureshallnotexceed$25,000,000,(ii)subjecttoSection2.04,theDollarAmountoftheTotalRevolvingCreditExposureshallnotexceedtheaggregateRevolvingCommitmentsand(iii)noLender’sDollarAmountofRevolvingCreditExposureshallexceeditsRevolvingCommitment.Notwithstandingthe foregoing or anything to the contrary contained herein, with respect to all Letters of Credit, no IssuingBank shall be obligated to issue or modify any Letter of Credit if, immediately after giving effect thereto,theoutstandingLCExposureinrespectofallLettersofCreditissuedbysuchIssuingBankanditsAffiliateswouldexceedsuchIssuingBank’sIssuingBankSublimit.Withoutlimitingtheforegoingandwithoutaffectingthelimitationscontainedherein,itisunderstoodandagreedthattheCompanymayfromtimetotimerequestthatanIssuingBankissueLettersofCreditinexcessofitsindividualIssuingBankSublimitineffectatthetimeofsuchrequest,andeachIssuingBankagreestoconsideranysuch53 |
requestingoodfaith.AnyLetterofCreditsoissuedbyanIssuingBankinexcessofitsindividualIssuingBankSublimitthenineffectshallnonethelessconstituteaLetterofCreditforallpurposesoftheCreditAgreement,andshallnotaffecttheIssuingBankSublimitofanyotherIssuingBank,subjecttothelimitationsontheaggregateLCExposuresetforthinclause (i)ofthisSection 2.06(b).NoIssuingBankshallbeunderanyobligationtoissueanyLetterofCreditiftheissuanceoftheLetterofCreditwouldviolateoneormoreinternalpoliciesorproceduresofsuchIssuingBankapplicabletolettersofcredit generally.An Issuing Bank shall not be under any obligation to issue any Letter of Credit if:(i)anyorder,judgmentordecreeofanyGovernmentalAuthorityorarbitratorshallbyitstermspurporttoenjoinorrestrainsuchIssuingBankfromissuingsuchLetterofCredit,oranylawapplicabletosuchIssuingBankshallprohibit,orrequirethatsuchIssuingBankrefrainfrom,theissuanceoflettersofcreditgenerallyorsuchLetterofCreditinparticularorshallimposeuponsuchIssuingBankwithrespecttosuchLetterofCreditanyrestriction,reserveorcapitalrequirement(forwhichsuchIssuingBankisnototherwisecompensatedhereunder)notineffectontheRestatementEffectiveDate,orshallimposeuponsuchIssuingBankanyunreimbursedloss,costorexpensethatwasnotapplicableontheRestatementEffective Date and that such Issuing Bank in good xxxxx xxxxx material to it; or(ii) theissuanceofsuchLetterofCreditwouldviolateoneormorepoliciesofsuchIssuing Bank applicable to letters of credit generally.(c) Expiration Date ..EachLetterofCreditshallexpire(orbesubjecttoterminationbynoticefromtheIssuingBanktothebeneficiarythereof)atorpriortothecloseofbusinessontheearlierof(i)thedateoneyearafterthedateoftheissuanceofsuchLetterofCredit(or,inthecaseofanyextensionthereof,oneyearafterthethen-currentdateatthetimeofsuchextension)and(ii)thedatethatisfive(5)BusinessDayspriortotheMaturityDate;provided ,thataLetterofCreditmayexpireuptooneyearbeyondtheMaturityDatesolongastheCompanycashcollateralizes105%oftheamountavailabletobedrawnundersuchLetterofCreditnolaterthanfive(5)BusinessDayspriortotheMaturityDateinthemannerdescribedinSection2.06(j)andotherwiseontermsreasonablysatisfactoryto the Administrative Agent.(d) Participations .. By the issuance of a Letter of Credit (or an amendment to a Letter ofCreditincreasingtheamountthereof)andwithoutanyfurtheractiononthepartoftheIssuingBankortheRevolvingLenders,theIssuingBankherebygrantstoeachRevolvingLender,andeachRevolvingLenderherebyacquiresfromtheIssuingBank,aparticipationinsuchLetterofCreditequaltosuchLender’sApplicablePercentageoftheaggregateDollarAmountavailabletobedrawnundersuchLetterof Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutelyandunconditionallyagreestopaytotheAdministrativeAgent,fortheaccountoftheIssuingBank,suchLender’sApplicablePercentageofeachLCDisbursementmadebytheIssuingBankandnotreimbursedbytheCompanyonthedatedueasprovidedinparagraph(e)ofthisSection,orofanyreimbursementpaymentrequiredtoberefundedtotheCompanyforanyreason.EachRevolvingLenderacknowledgesandagreesthatitsobligationtoacquireparticipationspursuanttothisparagraphinrespectofLettersofCreditisabsoluteandunconditionalandshallnotbeaffectedbyanycircumstancewhatsoever,includinganyamendment,renewalorextensionofanyLetterofCreditortheoccurrenceandcontinuanceofaDefaultorreductionorterminationoftheCommitments,andthateachsuchpaymentshallbemadewithout any offset, abatement, withholding or reduction whatsoever.(e) Reimbursement ..IftheIssuingBankshallmakeanyLCDisbursementinrespectofaLetterofCredit,theCompanyshallreimbursesuchLCDisbursementbypayingtotheAdministrative54 |
AgentinDollarstheDollarAmountequaltosuchLCDisbursement,calculatedasofthedatetheIssuingBankmadesuchLCDisbursementnotlaterthan12:00noon,LocalTime,onthedatethatsuchLCDisbursementismade,iftheCompanyshallhavereceivednoticeofsuchLCDisbursementpriorto10:00a.m.,LocalTime,onsuchdate,or,ifsuchnoticehasnotbeenreceivedbytheCompanypriortosuchtimeonsuchdate,thennotlaterthan12:00noon,LocalTime,on(i)theBusinessDaythattheCompanyreceivessuchnotice,ifsuchnoticeisreceivedpriorto10:00a.m.,LocalTime,onthedayofreceipt,or(ii)theBusinessDayimmediatelyfollowingthedaythattheCompanyreceivessuchnotice,ifsuchnoticeisnotreceivedpriortosuchtimeonthedayofreceipt;provided thattheCompanymay,subjecttotheconditionstoborrowingsetforthherein,requestinaccordancewithSection2.03or2.05thatsuchpaymentbefinancedwithanABRRevolvingBorrowingorSwinglineLoaninanequivalentDollarAmounttosuchLCDisbursementand,totheextentsofinanced,theCompany’sobligationtomakesuchpaymentshallbedischargedandreplacedbytheresultingABRRevolvingBorrowingorSwinglineLoan.IftheCompanyfailstomakesuchpaymentwhendue,theAdministrativeAgentshallnotifyeachRevolvingLenderoftheapplicableLCDisbursement,thepaymentthenduefromtheCompanyinrespectthereofandsuchLender’sApplicablePercentagethereof.Promptlyfollowingreceiptofsuchnotice,eachRevolvingLendershallpaytotheAdministrativeAgentitsApplicablePercentageofthepaymentthenduefromtheCompany,inthesamemannerasprovidedinSection2.07withrespecttoLoansmadebysuchLender(andSection2.07shallapply,mutatis mutandis ,tothepaymentobligationsoftheRevolvingLenders),andtheAdministrativeAgentshallpromptlypaytotheIssuingBanktheamountssoreceivedbyitfromtheRevolvingLenders.PromptlyfollowingreceiptbytheAdministrativeAgentofanypaymentfromtheCompanypursuanttothisparagraph,theAdministrativeAgentshalldistributesuchpaymenttotheIssuingBankor,totheextentthatRevolvingLendershavemadepaymentspursuanttothisparagraphtoreimbursetheIssuingBank,thentosuchLendersandtheIssuingBankastheirinterestsmayappear.AnypaymentmadebyaRevolvingLenderpursuanttothisparagraphtoreimbursetheIssuingBankforanyLCDisbursement(otherthanthefundingofABRRevolvingLoansoraSwinglineLoanascontemplatedabove)shallnotconstituteaLoan and shall not relieve the Company of its obligation to reimburse such LC Disbursement.(f) Obligations Absolute .. The Company’s obligation to reimburse LC Disbursements asprovidedinparagraph(e)ofthisSectionshallbeabsolute,unconditionalandirrevocable,andshallbeperformedstrictlyinaccordancewiththetermsofthisAgreementunderanyandallcircumstanceswhatsoeverandirrespectiveof(i)anylackofvalidityorenforceabilityofanyLetterofCreditorthisAgreement,oranytermorprovisiontherein,(ii)anydraftorotherdocumentpresentedunderaLetterofCreditprovingtobeforged,fraudulentorinvalidinanyrespectoranystatementthereinbeinguntrueorinaccurateinanyrespect,(iii)paymentbytheIssuingBankunderaLetterofCreditagainstpresentationofadraftorotherdocumentthatdoesnotcomplywiththetermsofsuchLetterofCredit,or(iv)anyothereventorcircumstancewhatsoever,whetherornotsimilartoanyoftheforegoing,thatmight,butfortheprovisionsofthisSection,constitutealegalorequitabledischargeof,orprovidearightofsetoffagainst, the Company’s obligations hereunder. Neither the Administrative Agent, the Revolving LendersnortheIssuingBank,noranyoftheirRelatedParties,shallhaveanyliabilityorresponsibilitybyreasonof or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to makeanypaymentthereunder(irrespectiveofanyofthecircumstancesreferredtointheprecedingsentence),oranyerror,omission,interruption,lossordelayintransmissionordeliveryofanydraft,noticeorothercommunicationunderorrelatingtoanyLetterofCredit(includinganydocumentrequiredtomakeadrawingthereunder),anyerrorininterpretationoftechnicaltermsoranyconsequencearisingfromcausesbeyondthecontroloftheIssuingBank;provided thattheforegoingshallnotbeconstruedtoexcuse the Issuing Bank from liability to the Company to the extent of any direct damages (as opposed tospecial,indirect,consequentialorpunitivedamages,claimsinrespectofwhichareherebywaivedbytheCompanytotheextentpermittedbyapplicablelaw)sufferedbytheCompanythatarecausedbytheIssuingBank’sfailuretoexercisecarewhendeterminingwhetherdraftsandotherdocumentspresentedunderaLetterofCreditcomplywiththetermsthereof.Thepartiesheretoexpresslyagreethat,inthe55 |
absenceofgrossnegligenceorwillfulmisconductonthepartoftheIssuingBank(asfinallydeterminedbyacourtofcompetentjurisdiction),theIssuingBankshallbedeemedtohaveexercisedcareineachsuchdetermination.Infurtheranceoftheforegoingandwithoutlimitingthegeneralitythereof,thepartiesagreethat,withrespecttodocumentspresentedwhichappearontheirfacetobeinsubstantialcompliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either acceptandmakepaymentuponsuchdocumentswithoutresponsibilityforfurtherinvestigation,regardlessofanynoticeorinformationtothecontrary,orrefusetoacceptandmakepaymentuponsuchdocumentsifsuch documents are not in strict compliance with the terms of such Letter of Credit.(g) Disbursement Procedures ..TheIssuingBankshall,promptlyfollowingitsreceiptthereof,examinealldocumentspurportingtorepresentademandforpaymentunderaLetterofCredit.TheIssuingBankshallpromptlynotifytheAdministrativeAgentandtheCompanybytelephone(confirmedbytelecopy)ofsuchdemandforpaymentandwhethertheIssuingBankhasmadeorwillmakeanLCDisbursementthereunder;provided thatanyfailuretogiveordelayingivingsuchnoticeshallnotrelievetheCompanyofitsobligationtoreimbursetheIssuingBankandtheRevolvingLenderswith respect to any such LC Disbursement.(h) Interim Interest ..IftheIssuingBankshallmakeanyLCDisbursement,then,unlesstheCompanyshallreimbursesuchLCDisbursementinfullonthedatesuchLCDisbursementismade,theunpaidamountthereofshallbearinterest,foreachdayfromandincludingthedatesuchLCDisbursementismadetobutexcludingthedatethattheCompanyreimbursessuchLCDisbursement,attherateperannumthenapplicabletoABRRevolvingLoans;provided that,iftheCompanyfailstoreimbursesuchLCDisbursementwhenduepursuanttoparagraph(e)ofthisSection,thenSection2.13(c)shallapply.InterestaccruedpursuanttothisparagraphshallbefortheaccountoftheIssuingBank,exceptthatinterestaccruedonandafterthedateofpaymentbyanyRevolvingLenderpursuanttoparagraph(e)ofthisSectiontoreimbursetheIssuingBankshallbefortheaccountofsuchLendertotheextent of such payment.(i) Replacement and Resignation of Issuing Bank ..(j) TheIssuingBankmaybereplacedatanytimebywrittenagreementamongtheCompany,theAdministrativeAgent,thereplacedIssuingBankandthesuccessorIssuingBank.TheAdministrativeAgentshallnotifytheRevolvingLendersofanysuchreplacementoftheIssuingBank.Atthetimeanysuchreplacementshallbecomeeffective,theCompanyshallpayallunpaidfeesaccruedfortheaccountofthereplacedIssuingBankpursuanttoSection2.12(b).Fromandaftertheeffectivedateofanysuchreplacement,(i)thesuccessorIssuingBankshallhavealltherightsandobligationsoftheIssuingBankunderthisAgreementwithrespecttoLettersofCredittobeissuedthereafterand(ii)referenceshereintotheterm“IssuingBank”shallbedeemedtorefertosuchsuccessorortoanypreviousIssuingBank,ortosuchsuccessorandallpreviousIssuingBanks,asthecontextshallrequire.AfterthereplacementofanIssuingBankhereunder,thereplacedIssuingBankshallremainapartyheretoandshallcontinuetohavealltherightsandobligationsofanIssuingBankunderthisAgreementwith respect to Letters of Credit then outstanding and issued by it prior to such replacement, but shall notbe required to issue additional Letters of Credit.(k) SubjecttotheappointmentandacceptanceofasuccessorIssuingBank,theIssuingBankmayresignasanIssuingBankatanytimeuponthirtydays’priorwrittennoticetotheAdministrativeAgent,theCompanyandtheLenders,inwhichcase,suchIssuingBankshallbereplacedin accordance with Section 2.06(i)(i) above.(l) Cash Collateralization .. If any Event of Default shall occur and be continuing, on theBusinessDaythattheCompanyreceivesnoticefromtheAdministrativeAgentortheRequiredLenders56 |
(or,ifthematurityoftheLoanshasbeenaccelerated,RevolvingLenderswithLCExposurerepresentinggreaterthan50%ofthetotalLCExposure)demandingthedepositofcashcollateralpursuanttothisparagraph,theCompanyshalldepositinanaccountwiththeAdministrativeAgent,inthenameoftheAdministrativeAgentandforthebenefitoftheRevolvingLenders(the“LC Collateral Account ”),anamount in cash equal to 105% of the Dollar Amount of the LC Exposure as of such date plus any accruedandunpaidinterestthereon;provided thattheobligationtodepositsuchcashcollateralshallbecomeeffectiveimmediately,andsuchdepositshallbecomeimmediatelydueandpayable,withoutdemandorothernoticeofanykind,upontheoccurrenceofanyEventofDefaultwithrespecttotheCompanydescribedinclause(h)or(i)ofSection7.01.TheCompanyalsoshalldepositcashcollateralpursuanttothisparagraphasandtotheextentrequiredbySection2.11(b).SuchdepositshallbeheldbytheAdministrativeAgentascollateralforthepaymentandperformanceoftheSecuredObligations.TheAdministrativeAgentshallhaveexclusivedominionandcontrol,includingtheexclusiverightofwithdrawal,oversuchaccountandtheCompanyherebygrantstheAdministrativeAgentasecurityinterestintheLCCollateralAccount.Otherthananyinterestearnedontheinvestmentofsuchdeposits,whichinvestmentsshallbemadeattheoptionandsolediscretionoftheAdministrativeAgentandattheCompany’sriskandexpense,suchdepositsshallnotbearinterest.Interestorprofits,ifany,onsuchinvestmentsshallaccumulateinsuchaccount.MoneysinsuchaccountshallbeappliedbytheAdministrativeAgenttoreimbursetheIssuingBankforLCDisbursementsforwhichithasnotbeenreimbursedand,totheextentnotsoapplied,shallbeheldforthesatisfactionofthereimbursementobligationsoftheCompanyfortheLCExposureatsuchtimeor,ifthematurityoftheLoanshasbeenaccelerated(butsubjecttotheconsentofRevolvingLenderswithLCExposurerepresentinggreaterthan50%ofthetotalLCExposure),beappliedtosatisfyotherSecuredObligations.IftheCompanyisrequiredtoprovideanamountofcashcollateralhereunderasaresultoftheoccurrenceofanEventofDefault,suchamount(totheextentnotappliedasaforesaid)shallbereturnedtotheCompanywithinthree (3) Business Days after all Events of Default have been cured or waived.(m) Letters of Credit Issued for Account of Subsidiaries ..NotwithstandingthataLetterofCreditissuedoroutstandinghereundersupportsanyobligationsof,orisfortheaccountof,aSubsidiary,orstatesthataSubsidiaryisthe“accountparty,”“applicant,”“customer,”“instructingparty,” or the like of or for such Letter of Credit, and without derogating from any rights of the applicableIssuingBank(whetherarisingbycontract,atlaw,inequityorotherwise)againstsuchSubsidiaryinrespectofsuchLetterofCredit,theCompany(i) shallreimburse,indemnifyandcompensatetheapplicableIssuingBankhereunderforsuchLetterofCredit(includingtoreimburseanyandalldrawingsthereunder)asifsuchLetterofCredithadbeenissuedsolelyfortheaccountoftheCompanyand(ii) irrevocablywaivesanyandalldefensesthatmightotherwisebeavailabletoitasaguarantororsuretyofanyoralloftheobligationsofsuchSubsidiaryinrespectofsuchLetterofCredit.TheCompanyherebyacknowledgesthattheissuanceofsuchLettersofCreditforitsSubsidiariesinurestothebenefitoftheCompany,andthattheCompany’sbusinessderivessubstantialbenefitsfromthebusinesses of such Subsidiaries.(n) Issuing Bank Agreements ..UnlessotherwiserequestedbytheAdministrativeAgent,eachIssuingBankshallreportinwritingtotheAdministrativeAgent(i)promptlyfollowingtheendofeachcalendarmonth,theaggregateamountofLettersofCreditissuedbyitandoutstandingattheendofsuchmonth,(ii)onorpriortoeachBusinessDayonwhichsuchIssuingBankexpectstoissue,amend,reneworextendanyLetterofCredit,thedateofsuchissuance,amendment,renewalorextension,andtheaggregatefaceamountoftheLetterofCredittobeissued,amended,renewedorextendedbyitandoutstanding after giving effect to such issuance, amendment, renewal or extension occurred (and whethertheamountthereofchanged),itbeingunderstoodthatsuchIssuingBankshallnotpermitanyissuance,renewal,extensionoramendmentresultinginanincreaseintheamountofanyLetterofCredittooccurwithout first obtaining written confirmation from the Administrative Agent that it is then permitted underthisAgreement,(iii)oneachBusinessDayonwhichsuchIssuingBankmakesanypaymentunderany57 |
LetterofCredit,thedateofsuchpaymentundersuchLetterofCreditandtheamountofsuchpayment,(iv)onanyBusinessDayonwhichtheBorrowerfailstoreimburseanypaymentunderanyLetterofCreditrequiredtobereimbursedtosuchIssuingBankonsuchday,thedateofsuchfailureandtheamount of such payment and (v) on any other Business Day, such other information as the AdministrativeAgent shall reasonably request.SECTION 2.07. Funding of Borrowings ..(a)EachLendershallmakeeachLoantobemadebyithereunderontheproposeddatethereofbywiretransferofimmediatelyavailablefunds(i)inthecaseofLoansdenominatedinDollarstotheCompany,by12:00noon,NewYorkCitytime,totheaccountoftheAdministrativeAgentmostrecentlydesignatedbyitforsuchpurposebynoticetotheLendersand(ii)inthecaseofeachLoandenominatedinaForeignCurrencyortoaForeignSubsidiaryBorrower,by12:00noon,LocalTime,inthecityoftheAdministrativeAgent’sEurocurrencyPaymentOfficeforsuchcurrencyandBorrowerandatsuchEurocurrencyPaymentOfficeforsuchcurrencyandBorrower;provided that(i)DelayedDrawTermLoansshallbemadeinasingleadvanceasprovidedinSection2.01(b)and(ii)SwinglineLoansshallbemadeasprovidedinSection2.05.TheAdministrativeAgentwillmakesuchLoansavailabletotherelevantBorrowerbypromptlycreditingtheamountssoreceived,inlikefunds,to(x)anaccountoftheCompanymaintainedwiththeAdministrativeAgentinNewYorkCityorChicagoanddesignatedbytherelevantBorrowerintheapplicableBorrowingRequest,inthecaseofLoansdenominatedinDollarstotheCompanyand(y)anaccountofsuchBorrowermaintainedwiththeAdministrativeAgentintherelevantjurisdictionanddesignatedbysuchBorrowerintheapplicableBorrowingRequest,inthecaseofLoansdenominatedinaForeignCurrencyortoaForeignSubsidiaryBorrower;provided thatABRRevolvingLoansmadetofinancethereimbursementofanLCDisbursementasprovidedinSection2.06(e)shallberemittedbytheAdministrative Agent to the Issuing Bank.(b) UnlesstheAdministrativeAgentshallhavereceivednoticefromaLenderpriortotheproposeddateofanyBorrowingthatsuchLenderwillnotmakeavailabletotheAdministrativeAgentsuchLender’sshareofsuchBorrowing,theAdministrativeAgentmayassumethatsuchLenderhasmadesuchshareavailableonsuchdateinaccordancewithparagraph(a)ofthisSectionandmay,inrelianceuponsuchassumption,makeavailabletotherelevantBorroweracorrespondingamount.Insuchevent,ifaLenderhasnotinfactmadeitsshareoftheapplicableBorrowingavailabletotheAdministrativeAgent,thentheapplicableLenderandsuchBorrowerseverallyagreetopaytotheAdministrativeAgentforthwithondemandsuchcorrespondingamountwithinterestthereon,foreachdayfromandincludingthedatesuchamountismadeavailabletosuchBorrowertobutexcludingthedateofpaymenttotheAdministrativeAgent,at(i)inthecaseofsuchLender,thegreateroftheFederal Funds Effective applicable Overnight RateandaratedeterminedbytheAdministrativeAgentin accordancewithbankingindustryrulesoninterbankcompensation(including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency ) or(ii)inthe case of such Borrower, the interest rate applicable to ABR Loans, or in the case of Foreign Currencies, in accordance with such market practice, in each case, as applicable ..IfsuchLenderpayssuchamountto theAdministrativeAgent,thensuchamountshallconstitutesuchLender’sLoanincludedinsuchBorrowing.SECTION 2.08. Interest Elections ..(a)EachBorrowinginitiallyshallbeoftheTypeand Agreed Currency specifiedintheapplicableBorrowingRequestand,inthecaseofaEurocurrency Term Benchmark Borrowing,shallhaveaninitialInterestPeriodasspecifiedinsuchBorrowingRequest. Thereafter,therelevantBorrowermayelecttoconvertsuchBorrowingtoadifferentTypeortocontinuesuchBorrowingand,inthecaseofaEurocurrency Term Benchmark Borrowing,mayelectInterest Periodstherefor,allasprovidedinthisSection.ABorrowermayelectdifferentoptionswithrespecttodifferentportionsoftheaffectedBorrowing,inwhichcaseeachsuchportionshallbeallocatedratablyamongtheLendersholdingtheLoanscomprisingsuchBorrowing,andtheLoanscomprisingeachsuch58 |
portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings,which may not be converted or continued.(b) TomakeanelectionpursuanttothisSection,aBorrower,ortheCompanyonitsbehalf,shallnotifytheAdministrativeAgentofsuchelection(bytelephoneorirrevocablewrittennoticeinthecaseofaBorrowingdenominatedinDollarsorbyirrevocablewrittennotice(viaanInterestElectionRequestsignedbysuchBorrower,ortheCompanyonitsbehalf)inthecaseofaBorrowingdenominatedinaForeignCurrency)bythetimethataBorrowingRequestwouldberequiredunderSection2.03ifsuchBorrowerwererequestingaBorrowingoftheTyperesultingfromsuchelectiontobemadeontheeffectivedateofsuchelection.EachsuchtelephonicInterestElectionRequestshallbeirrevocableandshallbeconfirmedpromptlybyhanddeliveryortelecopytotheAdministrativeAgentofawrittenInterestElectionRequestsignedbytherelevantBorrower,ortheCompanyonitsbehalf.Notwithstandinganycontraryprovisionherein,thisSectionshallnotbeconstruedtopermitanyBorrower to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Eurocurrency Term Benchmark LoansthatdoesnotcomplywithSection 2.02(d)or(iii) convertanyBorrowingtoa BorrowingofaTypenotavailableundertheClassofCommitmentspursuanttowhichsuchBorrowingwas made.(c) EachtelephonicandwrittenInterestElectionRequestshallspecifythefollowinginformation in compliance with Section 2.02:(i) thenameoftheapplicableBorrowerandtheAgreed Currency and principal amount of the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated toeachresultingBorrowing(inwhichcasetheinformationtobespecifiedpursuanttoclauses(iii) and (iv) below shall be specified for each resulting Borrowing);(ii) theeffectivedateoftheelectionmadepursuanttosuchInterestElectionRequest,which shall be a Business Day;(iii) whethertheresultingBorrowingistobeanABRBorrowingor a Eurocurrency , in the case of Borrowings denominated in Dollars, or a Term Benchmark Borrowing or an RFR Borrowing; and(iv) iftheresultingBorrowingisaEurocurrency Term Benchmark Borrowing,the InterestPeriodandAgreedCurrencytobeapplicabletheretoaftergivingeffecttosuchelection,whichInterestPeriodshallbeaperiodcontemplatedbythedefinitionoftheterm“Interest Period”.IfanysuchInterestElectionRequestrequestsaEurocurrency Term Benchmark Borrowingbutdoesnot specifyanInterestPeriod,thentheapplicableBorrowershallbedeemedtohaveselectedanInterestPeriodofonemonth’sduration.Notwithstanding the foregoing, in no event shall any Borrower be permitted to request pursuant to this Section 2.08(c) a CBR Loan or, prior to a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, a Daily Simple SOFR Loan (it being understood and agreed that a Central Bank Rate and Daily Simple SOFR shall only apply to the extent provided in Sections 2.08(e) (solely with respect to the Central Bank Rate), 2.14(a) and 2.14(f)). 59 |
(d) PromptlyfollowingreceiptofanInterestElectionRequest,theAdministrativeAgentshalladviseeachLenderofthedetailsthereofandofsuchLender’sportionofeachresultingBorrowing.(e) IftherelevantBorrowerfailstodeliveratimelyInterestElectionRequestwithrespecttoaEurocurrency Term Benchmark Revolving Borrowingin Dollars priortotheendofthe InterestPeriodapplicablethereto,then,unlesssuchBorrowingisrepaidasprovidedherein,attheendofsuchInterestPeriod(i) in the case of a Borrowing denominated in Dollars, suchBorrowingshallbe converted to an ABR Borrowing and (ii) in the case of a Borrowing denominated deemed to have an Interest Period that is one month. If the relevant Borrower fails to deliver a timely and complete Interest Election Request with respect to a TermBenchmark Borrowing in a Foreign Currency (or in Dollars by a Foreign Subsidiary Borrower) in respect of which the applicable Borrower shall have failed to deliver an Interest Election Request priortothethird (3rd) Business Day preceding the endofsuch the Interest Period, such therefor, then, unless such Term Benchmark Borrowing is repaid as provided herein, such Borrower shall be deemed to have selected that such Term Benchmark Borrowingshallautomatically continue as a Eurocurrency be continued as a TermBenchmark Borrowing in the same its original Agreed CurrencywithanInterestPeriodofonemonthunless (x) such Eurocurrency Borrowing is or was repaid in accordance with Section 2.11 or (y) such Borrower shall have given the Administrative Agent an Interest Election Request requesting that, attheendofsuchInterestPeriod, such Eurocurrency Borrowing continue as a Eurocurrency Borrowing for the same or another Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing andtheAdministrativeAgent,attherequestoftheRequiredLenders,sonotifiestheCompany,then,solongasanEventofDefaultiscontinuing(i) nooutstandingBorrowingborrowed by the Company maybe convertedtoorcontinuedasaEurocurrency Term Benchmark Borrowing, and (ii) unlessrepaid,(x) each Eurocurrency Term Benchmark Borrowingborrowed by the Company and each RFR Borrowing, in each case denominated in Dollars, shallbeconvertedtoanABRBorrowing(and any such Eurocurrency Borrowing in a Foreign Currency shall be redenominated in Dollars at the time of such conversion) at at theendoftheInterestPeriodapplicabletheretoand(iii) unless repaid, each Eurocurrency y) each Term Benchmark Borrowingby denominated in aForeignSubsidiary Borrower shall automatically be continued as a Eurocurrency Borrowing with an Interest Period of one month. Currency shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Agreed Currency other than Dollars shall either be (1) converted to an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Amount of such Foreign Currency) at the end of the Interest Period, as applicable, therefor or (2) prepaid at the end of the applicable Interest Period, as applicable, in full; provided that if no election is made by the relevant Borrower by the earlier of (A) the date that is three Business Days after receipt by the Company of such notice and (B) the last day of the current Interest Period for the applicable Term Benchmark Loan, such Borrower shall be deemed to have elected clause (1) above. (f) N otwithstanding anything in this Agreement or any other Loan Document to the contrary, interest on all “Eurocurrency Loans” outstanding immediately prior to the Amendment No. 1 Effective Date shall continue to accrue and be paid based upon the “Adjusted LIBO Rate ” applicable pursuant to the terms of this Agreement as in effect immediately prior to the Amendment No. 1 Effective Date (the “Existing Agreement”), solely until the expiration of the current “Interest Period” (as defined in the Existing Agreement and taking into account any grace periods or extensions of such “Interest Period” approved prior to the Amendment No. 1 Effective Date) applicable thereto (at which time such Eurocurrency Loans may be reborrowed as or converted to ABR Borrowings or Term Benchmark Borrowings in accordance with this Section 2.08). 60 |
61 September 30, 2022 $1,250,000 December 31, 2021 Principal Amount December 31, 2022 $625,000 $1,250,000 SECTION 2.09. Termination and Reduction of Commitments ..(a)Unlesspreviouslyterminated,(i)theaggregateDelayedDrawTermLoanCommitmentsshallbeautomaticallyandpermanentlyreducedtozeroonthedateanyDelayedDrawTermLoansaremadepursuanttoSection2.01(b),andinanyeventshallbeautomaticallyandpermanentlyreducedtozeroontheDelayedDrawTermLoan Termination Date and (ii) all other Commitments shall terminate on the Maturity Date.(b) TheCompanymayatanytimeterminate,orfromtimetotimereduce,theRevolvingCommitmentsortheDelayedDrawTermLoanCommitments;providedthat(i)eachreductionoftheapplicableCommitmentsshallbeinanamountthatisanintegralmultipleof$1,000,000andnotlessthan$5,000,000and(ii)theCompanyshallnotterminateorreducetheRevolvingCommitmentsif,aftergivingeffecttoanyconcurrentprepaymentoftheLoansinaccordancewithSection2.11,theDollarAmountoftheTotalRevolvingCreditExposurewouldexceedtheaggregateRevolving Commitments.(c) TheCompanyshallnotifytheAdministrativeAgentofanyelectiontoterminateorreducetheCommitmentsunderparagraph(b)ofthisSectionatleastthree(3)BusinessDayspriortotheeffectivedateofsuchterminationorreduction,specifyingsuchelectionandtheeffectivedatethereof.Promptlyfollowingreceiptofanynotice,theAdministrativeAgentshalladvisetheLendersofthecontentsthereof.EachnoticedeliveredbytheCompanypursuanttothisSectionshallbeirrevocable;provided thatanoticeofterminationoftheCommitmentsdeliveredbytheCompanymaystatethatsuchnoticeisconditionedupontheeffectivenessofothercreditfacilitiesorothertransactionsspecifiedtherein,inwhichcasesuchnoticemayberevokedbytheCompany(bynoticetotheAdministrativeAgentonorpriortothespecifiedeffectivedate)ifsuchconditionisnotsatisfied.AnyterminationorreductionoftheCommitmentsshallbepermanent.EachreductionoftheCommitmentsshallbemaderatably among the Lenders in accordance with their respective Commitments.SECTION 2.10. Repayment and Amortization of Loans; Evidence of Debt .. (a) Each Borrowerhereby unconditionally promises to pay (i) to the Administrative Agent for the account of each RevolvingLenderthethenunpaidprincipalamountofeachRevolvingLoanmadetosuchBorrowerontheMaturityDateinthecurrencyofsuchLoanand(ii)inthecaseoftheCompany,totheSwinglineLenderthethenunpaidprincipalamountofeachSwinglineLoanontheearlieroftheMaturityDateandthefirstdateaftersuchSwinglineLoanismadethatisthe15thorlastdayofacalendarmonthandisatleasttwoBusinessDaysaftersuchSwinglineLoanismade;provided thatoneachdatethataRevolvingBorrowingismade,theCompanyshallrepayallSwinglineLoansthenoutstandingandtheproceedsofanysuchBorrowingshallbeappliedbytheAdministrativeAgenttorepayanySwinglineLoansoutstanding. The Company shall repay the Delayed Draw Term Loans on each date set forth below in theaggregateprincipalamountsetforthoppositesuchdate(asadjustedfromtimetotimepursuanttoSection 2.11(a) and Section 2.11(d)): March 31, 2023 $1,250,000 March 31, 2022 June 30, 2023 $625,000 $1,250,000 September 30, 2021 September 30, 2023 $1,250,000 June 30, 2022 $625,000 December 31, 2023 $625,000 $1,250,000 Date |
62 March 31, 2025 $1,875,000 $1,250,000 June 30, 2025 September 30, 2024 $1,875,000 $1,875,000 September 30, 2025 $2,500,000 December 31, 2025 December 31, 2024 $2,500,000 June 30, 2024 $1,875,000 March 31, 2026 March 31, 2024 $2,500,000 Totheextentnotpreviouslyrepaid,allunpaidDelayedDrawTermLoansshallbepaidinfullinDollarsby the Company on the Maturity Date.(b) EachLendershallmaintaininaccordancewithitsusualpracticeanaccountoraccountsevidencingtheindebtednessofeachBorrowertosuchLenderresultingfromeachLoanmadebysuchLender,includingtheamountsofprincipalandinterestpayableandpaidtosuchLenderfromtime to time hereunder.(c) TheAdministrativeAgentshallmaintainaccountsinwhichitshallrecord(i)theamountofeachLoanmadehereunder,theClass,AgreedCurrencyandTypethereofandtheInterestPeriodapplicablethereto,(ii)theamountofanyprincipalorinterestdueandpayableortobecomedueandpayablefromeachBorrowertoeachLenderhereunderand(iii)theamountofanysumreceivedbythe Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.(d) Theentriesmadeintheaccountsmaintainedpursuanttoparagraph(b)or(c)ofthisSectionshallbeprima facie evidenceoftheexistenceandamountsoftheobligationsrecordedtherein;provided thatthefailureofanyLenderortheAdministrativeAgenttomaintainsuchaccountsoranyerror therein shall not in any manner affect the Obligations.(e) AnyLendermayrequestthatLoansmadebyittoanyBorrowerbeevidencedbyapromissorynote.Insuchevent,therelevantBorrowershallprepare,executeanddelivertosuchLenderapromissorynotepayabletotheorderofsuchLender(or,ifrequestedbysuchLender,tosuchLenderanditsregisteredassigns)andintheformattachedheretoasExhibitL.Thereafter,theLoansevidencedbysuchpromissorynoteandinterestthereonshallatalltimes(includingafterassignmentpursuanttoSection9.04)berepresentedbyoneormorepromissorynotesinsuchformpayabletotheorderofthepayeenamedtherein(or,ifsuchpromissorynoteisaregisterednote,tosuchpayeeanditsregisteredassigns).SECTION 2.11. Prepayment of Loans ..(a) AnyBorrowershallhavetherightatanytimeandfromtimetotimetoprepayanyBorrowinginwholeorinpart,subjecttopriornoticeinaccordancewiththeprovisionsofthisSection2.11(a). The applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify theAdministrativeAgent(and,inthecaseofprepaymentofaSwinglineLoan,theSwinglineLender)bywrittennotice(promptlyfollowedbytelephonicconfirmationofsuchrequest)ofanyprepaymenthereunder(i)( x ) inthecaseofprepaymentof(1) aEurocurrency Term Benchmark Borrowing denominated in Dollars ,notlaterthan11:00 a.m., Local Time 11:00 a.m., New York City time ,three(3) BusinessDays(in the case of a Eurocurrency before the date of prepayment or (2) an RFR Borrowing denominated in Dollars) or , not later than 11:00 a.m. New York City time, five (5 ) Business Days before the date of prepayment, and (y) in the case of prepayment of a Term Benchmark Borrowing denominated in Euros, not later than 12:00 p.m., New York City time, four(4)BusinessDays(in the case of a $1,250,000 |
Eurocurrency Borrowing denominated in a Foreign Currency), in each case beforethedateof prepayment,(ii)inthecaseofprepaymentofanABRBorrowing,notlaterthan11:00a.m.,NewYorkCitytime,oneBusinessDaybeforethedateofprepaymentor(iii)inthecaseofprepaymentofaSwinglineLoan,notlaterthan12:00noon,NewYorkCitytime,onthedateofprepayment.EachsuchnoticeshallbeirrevocableandshallspecifytheprepaymentdateandtheprincipalamountofeachBorrowingorportionthereoftobeprepaid;provided that,ifanoticeofprepaymentisgiveninconnectionwithaconditionalnoticeofterminationoftheCommitmentsascontemplatedbySection2.09,thensuchnoticeofprepaymentmayberevokedifsuchnoticeofterminationisrevokedinaccordance with Section 2.09. Promptly following receipt of any such notice relating to a Borrowing, theAdministrativeAgentshalladvisetheLendersofthecontentsthereof.EachpartialprepaymentofanyBorrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of thesameTypeasprovidedinSection2.02.EachprepaymentofaRevolvingBorrowingshallbeappliedratably to the Revolving Loans included in the prepaid Revolving Borrowing, each voluntary prepaymentofaDelayedDrawTermLoanBorrowingshallbeappliedratablytotheDelayedDrawTermLoansoftheapplicableClassincludedintheprepaidDelayedDrawTermLoanBorrowinginsuchorderofapplicationasdirectedbytheCompany,andeachmandatoryprepaymentofaDelayedDrawTermLoanBorrowing shall be applied in accordance with Section 2.11(d). Prepayments shall be accompanied by (i)accruedinteresttotheextentrequiredbySection2.13and(ii)breakfundingpaymentspursuanttoSection 2.16.(b) Ifatanytime,(i)otherthanasaresultoffluctuationsincurrencyexchangerates,thesumoftheaggregateprincipalDollarAmountofalloftheRevolvingCreditExposures(calculated,with respect to those Credit Events denominated in Foreign Currencies, as of the most recent RevaluationDatewithrespecttoeachsuchCreditEvent)exceedstheaggregateRevolvingCommitmentsor(ii)solelyasaresultoffluctuationsincurrencyexchangerates,thesumoftheaggregateprincipalDollarAmountofalloftheRevolvingCreditExposures(socalculated)exceeds105%oftheaggregateRevolvingCommitments,theBorrowersshallineachcaseimmediatelyrepayRevolvingBorrowingsorcashcollateralizeLCExposureinanaccountwiththeAdministrativeAgentpursuanttoSection2.06(j),asapplicable,inanaggregateprincipalamountsufficienttocausetheaggregateDollarAmountofallRevolvingCreditExposures(socalculated)tobelessthanorequaltotheaggregateRevolvingCommitments.(c) In the event and on each occasion that any Net Proceeds are received by or on behalfof the Company or any of its Subsidiaries in respect of any Prepayment Event, the Company shall, withinthree(3)BusinessDaysaftersuchNetProceedsarereceived,prepaytheObligationsassetforthinSection 2.11(d)belowinanaggregateamountequalto100%ofsuchNetProceeds;provided that,inthecaseofanyeventdescribedinclause(b)ofthedefinitionoftheterm“PrepaymentEvent”,iftheCompanyshalldelivertotheAdministrativeAgentacertificateofanAuthorizedOfficertotheeffectthattheCompanyoritsrelevantSubsidiariesintendstoapplytheNetProceedsfromsuchevent(oraportionthereofspecifiedinsuchcertificate),within365daysafterreceiptofsuchNetProceeds,toacquire(orreplaceorrebuild)realproperty,equipmentorothertangibleassets(excludinginventory)tobe used in the business of the Companyand/or its Subsidiaries, and certifying that no Default or Event ofDefaulthasoccurredandiscontinuing,thennoprepaymentshallberequiredpursuanttothisparagraphinrespectoftheNetProceedsspecifiedinsuchcertificate;provided ,further thattotheextentofanysuch Net Proceeds therefrom that have not been so applied by the end of such 365-day period (or within aperiodof180daysthereafterifbytheendofsuchinitial365-dayperiodtheCompanyoroneormoreSubsidiariesshallhaveenteredintoanagreementwithanunaffiliatedthirdpartytoacquiresuchassetswithsuchNetProceeds),atwhichtimeaprepaymentshallberequiredinanamountequaltosuchNetProceeds that have not been so applied.63 |
(d) All such amounts pursuant to Section2.11(c) shall be applied (x) first ,to prepay theDelayedDrawTermLoansintheinverseorderofmaturityand(y)second ,torepaytheRevolvingLoans(including Swingline Loans) ratably without a reduction in the Revolving Commitments. Prepayments ofthe Delayed Draw Term Loans may not be reborrowed.(e) NotwithstandinganythinginthisSection2.11tothecontrary,(i)theBorrowersshallnotberequiredtoprepayanyamountthatwouldotherwiseberequiredtobepaidpursuanttothisSection2.11totheextentthat(A)therelevantassetdispositiondescribedinclause(a)ofthedefinitionofPrepaymentEventisconsummatedbyanyForeignSubsidiary,or(B)therelevanteventsdescribedinclause(b)ofthedefinitionofPrepaymentEventproduceNetProceedsreceivedbyanyForeignSubsidiary,asthecasemaybe,solelytotheextentandforsolongastherepatriationtotheCompanyofanysuchamountorapplicationofanysuchamounttotheObligationsofanyForeignSubsidiaryBorrowerwouldbeprohibitedunderanylaw,regulationororderofanyGovernmentalAuthorityorconflictwiththefiduciarydutiesofsuchForeignSubsidiary’sdirectors,orresultin,orcouldreasonablybeexpectedtoresultin,amaterialriskofpersonalorcriminalliabilityforanyofficer,director,employee,manager,memberofmanagementorconsultantofsuchForeignSubsidiary(theBorrowersherebyagreetocausetheapplicableForeignSubsidiarytopromptlytakeallcommerciallyreasonableactionsrequiredbyapplicablelaw,regulationororderofsuchGovernmentalAuthoritytopermitsuchrepatriationorapplicationofproceeds);itbeingunderstoodthatoncetherepatriationoftherelevantaffectedNetProceedsorapplicationofanysuchamounttotheObligationsofanyForeignSubsidiaryBorrower,asthecasemaybe,ispermittedundertheapplicablelaw,regulationororderofsuchGovernmentalAuthorityand,totheextentapplicable,wouldnolongerconflictwiththefiduciarydutiesofsuchdirector,orresultin,orcouldreasonablybeexpectedtoresultin,amaterialriskofpersonalorcriminalliabilityforthePersonsdescribedabove,therelevantForeignSubsidiarywillpromptly(andinanyeventnotlaterthantwo(2)BusinessDaysaftersuchrepatriationorapplicationofproceedswouldbepermitted)(netofadditionalTaxespayableorreservedagainstasaresultthereof)causetheapplicationofanysuchamounttotherepaymentoftheObligationsasrequiredpursuanttoSection2.11(c),and(ii)iftheBorrowersdetermineingoodfaiththattherepatriationtotheCompanyofanyamounts required to make the repayment of the Obligations as required pursuant to Section 2.11(c) wouldresultinmaterialandadversetaxconsequences,takingintoaccountanyforeigntaxcreditorbenefitactuallyrealizedinconnectionwithsuchrepatriation(suchamount,a“Restricted Amount ”),asreasonablydeterminedbytheCompany,theamounttheBorrowersshallberequiredtomandatorilyprepaypursuanttoSection2.11(c)shallbereducedbytheRestrictedAmountuntilsuchtimeasitmayrepatriatetotheCompanytheRestrictedAmountwithoutincurringsuchmaterialandadversetaxliability;providedthattotheextentthattherepatriationofanyNetProceedsfromtherelevantForeignSubsidiarywouldnolongerhaveanadversetaxconsequence,anamountequaltotheNetProceedsnotpreviouslyappliedpursuanttotheObligations,shallbepromptly(anyinanyeventwithintwo(2)BusinessDaysaftersuchrepatriationispermitted)appliedtotherepaymentoftheObligationspursuantto Section 2.11(c).SECTION 2.12. Fees ..(a)TheCompanyagreestopaytotheAdministrativeAgentfortheaccountofeachLenderafacilityfee,whichshallaccrueattheApplicableRateonthedailyamountoftheRevolvingCommitmentofsuchLender(whetherusedorunused)duringtheperiodfromandincludingtheRestatementEffectiveDatetobutexcludingthedateonwhichsuchRevolvingCommitmentterminates;provided that,ifsuchLendercontinuestohaveanyRevolvingCreditExposureafteritsRevolvingCommitmentterminates,thensuchfacilityfeeshallcontinuetoaccrueonthedailyamountofsuchLender’sRevolvingCreditExposurefromandincludingthedateonwhichitsRevolvingCommitmentterminatestobutexcludingthedateonwhichsuchLenderceasestohaveanyRevolvingCreditExposure;provided further thatnofacilityfeeshallbepaidtoaDefaultingLenderasprovidedinSection2.24(a).AccruedfacilityfeesshallbepayableinarrearsonthelastdayofMarch,June,SeptemberandDecemberofeachyearandonthedateonwhichanyRevolvingCommitmentsterminate,64 |
commencingonthefirstsuchdatetooccurafterthedatehereof;provided thatanyfacilityfeesaccruingafterthedateonwhichanyRevolvingCommitmentsterminateshallbepayableondemand.Allfacilityfeesshallbecomputedonthebasisofayearof360daysandshallbepayablefortheactualnumberofdays elapsed (including the first day but excluding the last day).(b) TheCompanyagreestopay(i)totheAdministrativeAgentfortheaccountofeachRevolvingLenderaparticipationfeewithrespecttoitsparticipationsinLettersofCredit,whichshallaccrueatthesameApplicableRateusedtodeterminetheinterestrateapplicabletoEurocurrency Term Benchmark RevolvingLoansontheaveragedailyDollarAmountofsuchLender’sLCExposure (excludinganyportionthereofattributabletounreimbursedLCDisbursements)duringtheperiodfromandincludingtheRestatementEffectiveDatetobutexcludingthelaterofthedateonwhichsuchRevolvingLender’sRevolvingCommitmentterminatesandthedateonwhichsuchLenderceasestohaveanyLCExposure,and(ii)totheIssuingBankforitsownaccountafrontingfee,whichshallaccrueatarateperannumseparatelyagreeduponbetweentheCompanyandtheIssuingBankontheaveragedailyDollarAmountoftheLCExposure(excludinganyportionthereofattributabletounreimbursedLCDisbursements) during the period from and including the RestatementEffective Date to but excluding thelaterofthedateofterminationoftheRevolvingCommitmentsandthedateonwhichthereceasestobeanyLCExposure,aswellastheIssuingBank’sstandardfeesandcommissionswithrespecttotheissuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any LetterofCreditorprocessingofdrawingsthereunder.ParticipationfeesandfrontingfeesaccruedthroughandincludingthelastdayofMarch,June,SeptemberandDecemberofeachyearshallbepayableonthethird(3rd)BusinessDayfollowingsuchlastday,commencingonthefirstsuchdatetooccuraftertheRestatementEffectiveDate;provided thatallsuchfeesshallbepayableonthedateonwhichtheRevolvingCommitmentsterminateandanysuchfeesaccruingafterthedateonwhichtheRevolvingCommitmentsterminateshallbepayableondemand.AnyotherfeespayabletotheIssuingBankpursuanttothisparagraphshallbepayablewithinten(10)daysafterdemand.Allparticipationfeesandfrontingfeesshallbecomputedonthebasisofayearof360daysandshallbepayablefortheactualnumber of days elapsed (including the first day but excluding the last day).(c) TheCompanyagreestopaytotheAdministrativeAgent,foritsownaccount,feespayableintheamountsandatthetimesseparatelyagreeduponbetweentheCompanyandtheAdministrative Agent.(d) Allfeespayablehereundershallbepaidonthedatesdue,inDollars(exceptasotherwiseexpresslyprovidedinthisSection)andimmediatelyavailablefunds,totheAdministrativeAgent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of facility feesand participation fees, to the Lenders. Fees paid shall not be refundable under any circumstances.SECTION 2.13. Interest .. (a) The Loans comprising each ABR Borrowing shall bear interest attheAlternateBaseRateplustheApplicableRate.EachSwinglineLoanshallbearinterestattheAlternateBaseRateplustheApplicableRateoranalternateinterestrateagreeduponbetweentheCompany and the Swingline Lender.(b) TheLoanscomprisingeachEurocurrency Term Benchmark Borrowingshallbear interestattheAdjustedLIBO Term SOFR RateortheAdjustedEURIBORRate,asapplicableforthe InterestPeriodineffectforsuchBorrowingplustheApplicableRate.Each RFR Loan shall bear interest at a rate per annum equal to the applicable Adjusted Daily Simple RFR plus the Applicable Rate. (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any feeorotheramountpayablebyanyBorrowerhereunderisnotpaidwhendue,whetheratstatedmaturity,upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment,65 |
atarateperannumequalto(i)inthecaseofoverdueprincipalofanyLoan,2%plustherateotherwiseapplicabletosuchLoanasprovidedintheprecedingparagraphsofthisSectionor(ii)inthecaseofanyother amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.(d) AccruedinterestoneachLoanshallbepayableinarrearsoneachInterestPaymentDateforsuchLoanand,inthecaseofRevolvingLoans,uponterminationoftheRevolvingCommitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payableondemand,(ii)intheeventofanyrepaymentorprepaymentofanyLoan(otherthanaprepaymentofanABRRevolvingLoanpriortotheendoftheAvailabilityPeriod),accruedinterestontheprincipalamountrepaidorprepaidshallbepayableonthedateofsuchrepaymentorprepaymentand(iii)intheeventofanyconversionofanyEurocurrency Term Benchmark Loanpriortotheendofthecurrent InterestPeriodtherefor,accruedinterestonsuchLoanshallbepayableontheeffectivedateofsuchconversion.(e) Allinteresthereundershallbecomputedonthebasisofayearof360days,exceptthatinterestcomputedbyreferencetotheAlternateBaseRateattimeswhentheAlternateBaseRateisbasedonthePrimeRateshallbecomputedonthebasisofayearof365days(or366daysinaleapyear)andshallbepayablefortheactualnumberofdayselapsed(includingthefirstdaybutexcludingthelastday).All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. TheapplicableAlternateBase Rate,AdjustedLIBO Term SOFR Rate,LIBO Term SOFR Rate,AdjustedEURIBORRateor , EURIBOR Rate, Adjusted Daily Simple RFR or Daily Simple RFR shallbedeterminedbytheAdministrative Agent, and such determination shall be conclusive absent manifest error.SECTION 2.14. Alternate Rate of Interest ..(a)Subjecttoclauses(b),(c),(d),(e), and (f)and (g) ofthisSection2.14,ifprior to the commencement of any Interest Period for a Eurocurrency Borrowing : (i) (i) theAdministrativeAgentdetermines(whichdeterminationshallbe conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, thatadequateandreasonablemeansdonotexistfor ascertaining the Adjusted LIBO TermSOFR Rate, the LIBO Rate, or the Adjusted EURIBOR Rate or the EURIBOR Rate, as applicable (including because the Relevant Screen Rate is not availableorpublishedonacurrentbasis),fortheapplicableAgreedCurrencyandsuchInterestPeriodor (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple RFR ; or (ii) (ii) theAdministrativeAgentisadvisedbytheRequiredLendersthatthe Adjusted LIBO Rate, the LIBO (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the Adjusted Term SOFR Rate, or theAdjustedEURIBOR Rateor the EURIBOR Rate, as applicable, fortheapplicableAgreedCurrencyandsuch InterestPeriodwillnotadequatelyandfairlyreflectthecosttosuchLenders(or Lender) of makingormaintainingtheirLoans(or its Loan) includedinsuchBorrowingforthe applicableAgreedCurrencyandsuchInterestPeriodor (B) at any time, the applicable Adjusted Daily Simple RFR or RFR will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in the applicable RFR Borrowing ; thentheAdministrativeAgentshallgivenoticethereoftotheCompanyandtheLendersbytelephone,telecopyorelectronicmailaspromptlyaspracticablethereafterand,until(x) theAdministrativeAgent notifiestheCompanyandtheLendersthatthecircumstancesgivingrisetosuchnoticenolongerexist, (A with respect to the relevant Benchmark and (y) the relevant Borrower or the Company on behalf of 66 |
such Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans denominated in Dollars, (1 )anyInterestElectionRequestthatrequeststheconversionofanyBorrowingto,or continuationofanyBorrowingas,aEurocurrency Borrowing in the applicable currency or for the applicable Interest Period , as the case may be, shall be ineffective, (B) if TermBenchmark Borrowing and anyBorrowingRequestthat requestsaEurocurrency Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing, and (C) if Term Benchmark Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request , as applicable, for (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings also is the subject of Section 2.14(a)(i) or (ii) above and (2) any Borrowing Request requests a Eurocurrency Borrowing that requests an RFR Borrowing shall instead be deemed to be a Borrowing Request , as applicable, for an ABR Borrowing and (B) for Loans denominated inaForeignCurrency, then such request shall be any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as , a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing or an RFR Borrowing, in each case, for the relevant Benchmark shall be ineffective;provided thatifthecircumstancesgivingrisetosuchnoticeaffectonlyoneTypeof Borrowings,thenallotherTypesofBorrowingsshallbepermitted.Furthermore,ifanyEurocurrency Term Benchmark Loan or RFR LoaninanyAgreedCurrencyisoutstandingonthedateof theCompany’sreceiptofthenoticefromtheAdministrativeAgentreferredtointhisSection2.14(a)withrespecttoaRelevantRateapplicabletosuchEurocurrency Term Benchmark Loan or RFR Loan, thenuntil(x) theAdministrativeAgentnotifiestheCompanyandtheLendersthatthecircumstances givingrisetosuchnoticenolongerexist,(i) if such Eurocurrency Loan is with respect to the relevant Benchmark and (y) the relevant Borrower or the Company on behalf of such Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans denominatedinDollars,then (1) any Term Benchmark Loan shall onthelastdayoftheInterestPeriodapplicabletosuchLoan(or the next succeeding Business Day if such day is not a Business Day), such Loan shall , beconvertedbythe AdministrativeAgentto,andshallconstitute,an ABR Loan (x) an RFR Borrowing denominatedin Dollarson such day and (ii) if such Eurocurrency Loan is so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings also is the subject of Section 2.14(a)(i) or (ii) above, on such day, and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to , and shall constitute an ABR Loan and (B) for Loans denominatedinany Agreed a Foreign Currency other than Dollars , then such , any Term Benchmark Loanshall,onthelastdayoftheInterestPeriod applicabletosuchLoan(or the next succeeding Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for the applicable Foreign Currency plus the CBR Spread; provided, that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Foreign Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Foreign Currency shall ,atthe Company’selectionpriortosuchday:(A)beprepaidbytheCompany applicable Borrower onsuchday or(B)solelyforthepurposeofcalculatingtheinterestrateapplicabletosuchEurocurrency Term Benchmark Loan,suchEurocurrency Term Benchmark LoandenominatedinanyAgreed Foreign Currency other than Dollars shall be deemed to be a Eurocurrency TermBenchmark Loan denominated in DollarsandshallaccrueinterestatthesameinterestrateapplicabletoEurocurrency Term Benchmark Loans denominated in Dollars at such time.(b) NotwithstandinganythingtothecontraryhereinorinanyotherLoanDocument(andanySwapAgreementshallbedeemednottobea“LoanDocument”forpurposesofthisSection 2.14) , if a Benchmark Transition Event or an Early Opt-in Election , as applicable, and its related BenchmarkReplacementDatehaveoccurredpriortotheReferenceTimeinrespectofanysettingofthe67 |
then-currentBenchmark,then(x)ifaBenchmarkReplacementisdeterminedinaccordancewithclause(1)or (2) ofthedefinitionof“BenchmarkReplacement”with respect to Dollars forsuchBenchmark ReplacementDate,suchBenchmarkReplacementwillreplacesuchBenchmarkforallpurposeshereunderandunderanyLoanDocumentinrespectofsuchBenchmarksettingandsubsequentBenchmarksettingswithoutanyamendmentto,orfurtheractionorconsentofanyotherpartyto,thisAgreementoranyotherLoanDocumentand(y)ifaBenchmarkReplacementisdeterminedinaccordancewithclause(3 2 )ofthedefinitionof“BenchmarkReplacement”with respect to any Agreed Currency forsuchBenchmarkReplacementDate,suchBenchmarkReplacementwillreplacesuch BenchmarkforallpurposeshereunderandunderanyLoanDocumentinrespectofanyBenchmarksettingatorafter5:00p.m.(NewYorkCitytime)onthefifth(5th)BusinessDayafterthedatenoticeofsuchBenchmarkReplacementisprovidedtotheLenderswithoutanyamendmentto,orfurtheractionorconsentofanyotherpartyto,thisAgreementoranyotherLoanDocumentsolongastheAdministrativeAgenthasnotreceived,bysuchtime,writtennoticeofobjectiontosuchBenchmarkReplacementfromLenders comprising the Required Lenders of each affected Class.(c) Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, (x ) with respect to a Loan denominated in Dollars, if a Term SOFR Transition Event and its related Benchmark Replacement Date , or (y ) with respect to a Loan denominated in euro, if a Term ESTR Transition Event and its related Benchmark Replacement Date, as applicable, have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document ; provided that, this clause (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Company a Term SOFR Notice or a Term ESTR Notice, as applicable. For the avoidance of doubt, the Administrative Agent shall not be required to deliver any (x) Term SOFR Notice after the occurrence of a Term SOFR Transition Event, or (y) Term ESTR Notice after the occurrence of a Term ESTR Transition Event, and may do so in its sole discretion. (c) ( d) In connection with the implementation of a Benchmark Replacement, Notwithstanding anything to the contrary herein or in any other Loan Document , theAdministrative AgentwillhavetherighttomakeBenchmarkReplacementConformingChangesfromtimetotimeand,notwithstandinganythingtothecontraryhereinorinanyotherLoanDocument,anyamendmentsimplementingsuchBenchmarkReplacementConformingChangeswillbecomeeffectivewithoutanyfurther action or consent of any other party to this Agreement or any other Loan Document.(d) ( e) TheAdministrativeAgentwillpromptlynotifytheCompanyandtheLendersof(i)anyoccurrenceofaBenchmarkTransitionEventor an Early Opt-in Election, as applicable ,(ii)the implementationofanyBenchmarkReplacement,(iii)theeffectivenessofanyBenchmarkReplacementConformingChanges,(iv)theremovalorreinstatementofanytenorofaBenchmarkpursuanttoclause(f e )belowand(v)thecommencementorconclusionofanyBenchmarkUnavailabilityPeriod.Any determination,decisionorelectionthatmaybemadebytheAdministrativeAgentor,ifapplicable,anyLender(orgroupofLenders)pursuanttothisSection2.14,includinganydeterminationwithrespecttoatenor,rateoradjustmentoroftheoccurrenceornon-occurrenceofanevent,circumstanceordateandanydecisiontotakeorrefrainfromtakinganyactionoranyselection,willbeconclusiveandbindingabsentmanifesterrorandmaybemadeinitsortheirsolediscretionandwithoutconsentfromanyotherpartytothisAgreementoranyotherLoanDocument,except,ineachcase,asexpresslyrequiredpursuant to this Section 2.14.(e) ( f) NotwithstandinganythingtothecontraryhereinorinanyotherLoanDocument,atanytime(includinginconnectionwiththeimplementationofaBenchmarkReplacement),68 |
(i)ifthethen-currentBenchmarkisatermrate(includingthe TermSOFR, Term ESTR, LIBO Rateor EURIBORRate)andeither(A)anytenorforsuchBenchmarkisnotdisplayedonascreenorotherinformationservicethatpublishessuchratefromtimetotimeasselectedbytheAdministrativeAgentinitsreasonablediscretionor(B)theregulatorysupervisorfortheadministratorofsuchBenchmarkhasprovidedapublicstatementorpublicationofinformationannouncingthatanytenorforsuchBenchmarkisorwillbenolongerrepresentative,thentheAdministrativeAgentmaymodifythedefinitionof“InterestPeriod”foranyBenchmarksettingsatoraftersuchtimetoremovesuchunavailableornon-representativetenorand(ii)ifatenorthatwasremovedpursuanttoclause(i)aboveeither(A)issubsequentlydisplayedonascreenorinformationserviceforaBenchmark(includingaBenchmarkReplacement)or(B)isnot,orisnolonger,subjecttoanannouncementthatitisorwillnolongerberepresentativeforaBenchmark(includingaBenchmarkReplacement),thentheAdministrativeAgentmay modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstatesuch previously removed tenor.(f) ( g) UpontheCompany’sreceiptofnoticeofthecommencementofaBenchmarkUnavailabilityPeriod,theCompanymayrevokeanyrequestforaEurocurrency Term Benchmark Borrowing or RFR Borrowingof,conversiontoorcontinuationofEurocurrency Term Benchmark Loans or RFR Loanstobemade,convertedorcontinuedduringanyBenchmarkUnavailabilityPeriodand, failingthat,either(x)theCompanywillbedeemedtohaveconvertedanysuch requestfor(1) a Eurocurrency Term Benchmark BorrowingdenominatedinDollarsintoarequestforaBorrowingofor conversiontoABR Loans or (y) any Eurocurrency (A) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event or (y) any request relating to a Term Benchmark Borrowing or RFR BorrowingdenominatedinaForeignCurrencyshallbeineffective.DuringanyBenchmark UnavailabilityPeriodoratanytimethatatenorforthethen-currentBenchmarkisnotanAvailableTenor,thecomponentofABRbaseduponthethen-currentBenchmarkorsuchtenorforsuchBenchmark,asapplicable,willnotbeusedinanydeterminationofABR.Furthermore,ifanyEurocurrency Term Benchmark Loan or RFR LoaninanyAgreedCurrencyisoutstandingonthedateof theCompany’sreceiptofnoticeofthecommencementofaBenchmarkUnavailabilityPeriodwithrespecttoaRelevantRateapplicabletosuchEurocurrency Term Benchmark Loan or RFR Loan,then untilsuchtimeasaBenchmarkReplacementforsuchAgreedCurrencyisimplementedpursuanttothisSection2.14,(i A )if such Eurocurrency Loan is for Loans denominatedinDollars,then (1) any Term Benchmark Loan shall onthelastdayoftheInterestPeriodapplicabletosuchLoan(or the next succeeding Business Day if such day is not a Business Day), such Loan shall , beconvertedbythe AdministrativeAgentto,andshallconstitute,an ABR Loan (x) an RFR Borrowing denominatedin Dollarson such day or (ii) if such Eurocurrency Loan is so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan shall on and from such day, be converted by the Administrative Agent to , and shall constitute an ABR Loan and (B) for Loans denominatedinanyAgreed Foreign Currencyother than Dollars, then such , any Term Benchmark Loan shall, on the last day of the Interest Period applicable tosuchLoan(or the next succeeding Business Day if such day is not a Business Day), at the Borrower’s bear interest at the Central Bank Rate for the applicable Foreign Currency plus the CBR Spread; provided that if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Foreign Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in any Foreign Currency shall, at the Company’s electionpriortosuchday:(A)beprepaidbytherelevant Borroweronsuchday or(B)solelyforthepurposeofcalculatingtheinterestrateapplicabletosuchEurocurrency Term Benchmark Loan,suchEurocurrency Term Benchmark LoandenominatedinanyAgreed Foreign Currency other than Dollars shall be deemed to be a Eurocurrency TermBenchmark Loan denominated in 69 |
DollarsandshallaccrueinterestatthesameinterestrateapplicabletoEurocurrency Term Benchmark Loans denominated in Dollars at such time.SECTION 2.15. Increased Costs ..(a)IfanyChangeinLawshall:impose,modifyordeemapplicableanyreserve,specialdeposit,liquidityorsimilarrequirement(includinganycompulsoryloanrequirement,insurancechargeorotherassessment)againstassetsof,depositswithorfortheaccountof,orcreditextendedby,anyLender(exceptanysuchreserverequirementreflectedintheAdjustedLIBO Rate or the Adjusted EURIBOR Rate, as applicable ) or the Issuing Bank; (ii) imposeonanyLenderortheIssuingBankortheLondon applicable offshore interbankmarketfor the applicable Agreed Currency anyothercondition,costorexpense (otherthanTaxes)affectingthisAgreementorLoansmadebysuchLenderoranyLetterofCredit or participation therein; or(iii) subjectanyRecipienttoanyTaxes(otherthan(A)IndemnifiedTaxes,(B)Taxesdescribedinclauses(b)through(d)ofthedefinitionofExcludedTaxesand(C)ConnectionIncomeTaxes)onitsloans,loanprincipal,lettersofcredit,commitments,orotherobligations, or its deposits, reserves, other liabilities or capital attributable thereto;andtheresultofanyoftheforegoingshallbetoincreasethecosttosuchLenderorsuchotherRecipientofmaking,continuing,convertingintoormaintaininganyLoanorofmaintainingitsobligationtomakeanysuchLoan(including,withoutlimitation,pursuanttoanyconversionofanyBorrowingdenominatedinanAgreedCurrencyintoaBorrowingdenominatedinanyotherAgreedCurrency)ortoincreasethecosttosuchLender,theIssuingBankorsuchotherRecipientofparticipatingin,issuingormaintaininganyLetterofCredit(including,withoutlimitation,pursuanttoanyconversionofanyBorrowingdenominatedinanAgreedCurrencyintoaBorrowingdenominatedinanyotherAgreedCurrency)ortoreducetheamountofanysumreceivedorreceivablebysuchLender,theIssuingBankorsuchotherRecipienthereunder,whetherofprincipal,interestorotherwise(including,withoutlimitation,pursuanttoanyconversionofanyBorrowingdenominatedinanAgreedCurrencyintoaBorrowingdenominatedinanyotherAgreedCurrency),thentheapplicableBorrowerwillpaytosuchLender,theIssuingBankorsuchotherRecipient,asthecasemaybe,suchadditionalamountoramountsaswillcompensatesuchLender,theIssuingBankorsuchotherRecipient,asthecasemaybe,forsuchadditionalcostsincurredor reduction suffered as reasonably determined by such Lender or the Issuing Bank (which determinationshallbemadeingoodfaith(andnotonanarbitraryorcapriciousbasis)andconsistentwithsimilarlysituatedcustomersoftheapplicableLenderortheIssuingBankunderagreementshavingprovisionssimilartothisSection2.15afterconsiderationofsuchfactorsassuchLenderortheIssuingBankthenreasonably determines to be relevant).(b) IfanyLenderortheIssuingBankdeterminesthatanyChangeinLawregardingcapitalorliquidityrequirementshasorwouldhavetheeffectofreducingtherateofreturnonsuchLender’sortheIssuingBank’scapitaloronthecapitalofsuchLender’sortheIssuingBank’sholdingcompany,ifany,asaconsequenceofthisAgreementortheLoansmadeby,orparticipationsinLettersofCreditheldby,suchLender,ortheLettersofCreditissuedbytheIssuingBank,toalevelbelowthatwhichsuchLenderortheIssuingBankorsuchLender’sortheIssuingBank’sholdingcompanycouldhave achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’spoliciesandthepoliciesofsuchLender’sortheIssuingBank’sholdingcompanywithrespecttocapitaladequacyandliquidity),thenfromtimetotimetheapplicableBorrowerwillpaytosuchLenderortheIssuingBank,asthecasemaybe,suchadditionalamountoramountsaswillcompensatesuchLenderortheIssuingBankorsuchLender’sortheIssuingBank’sholdingcompanyforanysuchreductionsufferedasreasonablydeterminedbysuchLenderortheIssuingBank(whichdeterminationshallbemadeingoodfaith(andnotonanarbitraryorcapriciousbasis)andconsistentwithsimilarlysituated70 |
customersoftheapplicableLenderortheIssuingBankunderagreementshavingprovisionssimilartothisSection2.15afterconsiderationofsuchfactorsassuchLenderortheIssuingBankthenreasonablydetermines to be relevant).(c) AcertificateofaLenderortheIssuingBanksettingforththeamountoramountsandreasonablecalculationswithrespecttheretonecessarytocompensatesuchLenderortheIssuingBankoritsholdingcompany,asthecasemaybe,asspecifiedinparagraph(a)or(b)ofthisSectionshallbedeliveredtotheCompanyandshallbeconclusiveabsentmanifesterror.TheCompanyshallpay,orcausetheotherBorrowerstopay,suchLenderortheIssuingBank,asthecasemaybe,theamountshown as due on any such certificate within ten (10) days after receipt thereof.(d) FailureordelayonthepartofanyLenderortheIssuingBanktodemandcompensationpursuanttothisSectionshallnotconstituteawaiverofsuchLender’sortheIssuingBank’srighttodemandsuchcompensation;provided thattheCompanyshallnotberequiredtocompensateaLenderortheIssuingBankpursuanttothisSectionforanyincreasedcostsorreductionsincurredmorethan90dayspriortothedatethatsuchLenderortheIssuingBank,asthecasemaybe,notifiestheCompanyoftheChangeinLawgivingrisetosuchincreasedcostsorreductionsandofsuchLender’sortheIssuingBank’sintentiontoclaimcompensationtherefor;provided further that,iftheChangeinLawgivingrisetosuchincreasedcostsorreductionsisretroactive,thenthe90-dayperiodreferred to above shall be extended to include the period of retroactive effect thereof.SECTION 2.16. Break Funding Payments ..In (a) With respect to Loans that are not RFR Loans, in the event of (a i ) the payment of any principal of any Eurocurrency TermBenchmark Loan other thanonthelastdayofanInterestPeriodapplicablethereto(includingasaresultofanEventofDefaultorasaresultofanyprepaymentpursuanttoSection2.11),(b ii ) theconversionofany Eurocurrency Term Benchmark LoanotherthanonthelastdayoftheInterestPeriodapplicablethereto, (c iii ) thefailuretoborrow,convert,continueorprepayanyEurocurrency Term Benchmark Loanonthe datespecifiedinanynoticedeliveredpursuanthereto(regardlessofwhethersuchnoticemayberevokedunderSection 2.11(a)andisrevokedinaccordancetherewith)or , (d iv ) theassignmentofany Eurocurrency TermBenchmark Loan other than on the last day of the Interest Period applicable thereto as aresultofarequestbytheCompanypursuanttoSection 2.19or (v) the failure by a Borrower to make any payment of any Loan (or interest due thereon) denominated in a Foreign Currency on its scheduled due date or any payment thereof in a different currency ,then,inanysuchevent,theBorrowersshall compensateeachLenderfortheloss,costandexpenseattributabletosuchevent. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate or the Adjusted EURIBOR Rate, as applicable, that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the relevant currency of a comparable amount and period from other banks in the eurocurrency market ..AcertificateofanyLendersettingforth anyamountoramountsthatsuchLenderisentitledtoreceivepursuanttothisSectionshallbedeliveredtotheapplicable Borrower Company andshallbeconclusiveabsentmanifesterror.Theapplicable BorrowershallpaysuchLendertheamountshownasdueonanysuchcertificatewithinten(10) daysafter receipt thereof.(b) W ith respect to RFR Loans , in the event of (i) the payment of any principal of any RFR Loan other than on the Interest Payment Date applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (ii) the failure to borrow or prepay 71 |
any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11( a ) and is revoked in accordance therewith), (iii) the assignment of any RFR Loan other than on the Interest Payment Date applicable thereto as a result of a request by a Borrower pursuant to Section 2.19 or (iv) the failure by a Borrower to make any payment of any Loan (or interest due thereof) denominated in a Foreign Currency on its scheduled due date or any payment thereof in a different currency, then, in any such event, the Borrower s shall compensate each Lender for the loss, cost and expense attributable to such event. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Company and shall be conclusive absent manifest error. The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within ten ( 10 ) days after receipt thereof. SECTION 2.17. Taxes ..(a)Payments Free of Taxes ..AnyandallpaymentsbyoronaccountofanyobligationofanyLoanPartyunderanyLoanDocumentshallbemadewithoutdeductionorwithholdingforanyTaxes,exceptasrequiredbyapplicablelaw.Ifanyapplicablelaw(asdeterminedinthegoodfaithdiscretionofanapplicablewithholdingagent)requiresthedeductionorwithholdingofanyTaxfromanysuchpaymentbyawithholdingagent,thentheapplicablewithholdingagentshallbeentitled to make such deduction or withholding and shall timely pay the full amount deducted or withheldtotherelevantGovernmentalAuthorityinaccordancewithapplicablelawand,ifsuchTaxisanIndemnifiedTax,thenthesumpayablebytheapplicableLoanPartyshallbeincreasedasnecessarysothataftersuchdeductionorwithholdinghasbeenmade(includingsuchdeductionsandwithholdingsapplicabletoadditionalsumspayableunderthisSection2.17)theapplicableRecipientreceivesanamount equal to the sum it would have received had no such deduction or withholding been made.(b) Payment of Other Taxes by the Borrowers ..TherelevantBorrowershalltimelypaytotherelevantGovernmentalAuthorityinaccordancewithapplicablelaw,orattheoptionoftheAdministrative Agent timely reimburse it for, Other Taxes.(c) Evidence of Payments ..AssoonaspracticableafteranypaymentofTaxesbyanyLoanPartytoaGovernmentalAuthoritypursuanttothisSection2.17,suchLoanPartyshalldelivertotheAdministrativeAgenttheoriginaloracertifiedcopyofareceiptissuedbysuchGovernmentalAuthorityevidencingsuchpayment,acopyofthereturnreportingsuchpaymentorotherevidenceofsuch payment reasonably satisfactory to the Administrative Agent.(d) Indemnification by the Loan Parties ..TheLoanPartiesshallindemnifyeachRecipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (includingIndemnifiedTaxesimposedorassertedonorattributabletoamountspayableunderthisSection)payableorpaidbysuchRecipientorrequiredtobewithheldordeductedfromapaymenttosuchRecipientandanyreasonableexpensesarisingtherefromorwithrespectthereto,whetherornotsuchIndemnifiedTaxeswerecorrectlyorlegallyimposedorassertedbytherelevantGovernmentalAuthority.AcertificateastotheamountofsuchpaymentorliabilitydeliveredtotherelevantBorrowerbyaLender(withacopytotheAdministrativeAgent),orbytheAdministrativeAgentonitsownbehalforonbehalfof a Lender, shall be conclusive absent manifest error.(e) Indemnification by the Lenders ..EachLendershallseverallyindemnifytheAdministrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable tosuchLender(butonlytotheextentthatanyLoanPartyhasnotalreadyindemnifiedtheAdministrativeAgentforsuchIndemnifiedTaxesandwithoutlimitingtheobligationoftheLoanPartiestodoso),(ii)anyTaxesattributabletosuchLender’sfailuretocomplywiththeprovisionsofSection9.04(c)relatingtothemaintenanceofaParticipantRegisterand(iii)anyExcludedTaxesattributabletosuchLender,ineachcase,thatarepayableorpaidbytheAdministrativeAgentinconnectionwithanyLoanDocument,andanyreasonableexpensesarisingtherefromorwithrespectthereto,whetherornotsuchTaxeswere72 |
correctlyorlegallyimposedorassertedbytherelevantGovernmentalAuthority.AcertificateastotheamountofsuchpaymentorliabilitydeliveredtoanyLenderbytheAdministrativeAgentshallbeconclusiveabsentmanifesterror.EachLenderherebyauthorizestheAdministrativeAgenttosetoffandapplyanyandallamountsatanytimeowingtosuchLenderunderanyLoanDocumentorotherwisepayablebytheAdministrativeAgenttotheLenderfromanyothersourceagainstanyamountduetotheAdministrative Agent under this paragraph (e).(f) Status of Lenders.(i) AnyLenderthatisentitledtoanexemptionfromorreductionofwithholdingTaxwithrespecttopaymentsmadeunderanyLoanDocumentshalldelivertotheBorrowersandtheAdministrativeAgent,atthetimeortimesreasonablyrequestedbytheBorrowersortheAdministrativeAgent,suchproperlycompletedandexecuteddocumentationreasonablyrequestedbytheBorrowersortheAdministrativeAgentaswillpermitsuchpaymentstobemadewithoutwithholdingoratareducedrateofwithholding.Inaddition,anyLender,ifreasonablyrequestedbytheBorrowersortheAdministrativeAgent,shalldeliversuchotherdocumentationprescribedbyapplicablelaworreasonablyrequestedbytheBorrowersortheAdministrativeAgentaswillenabletheBorrowersortheAdministrativeAgenttodeterminewhetherornotsuchLenderissubjecttobackupwithholdingorinformationreportingrequirements.Notwithstandinganythingtothecontraryintheprecedingtwosentences,thecompletion,executionandsubmissionofsuchdocumentation(otherthansuchdocumentationsetforthinSection2.17(f)(ii)(A),(ii)(B)and(ii)(D)below)shallnotberequiredifintheLender’sreasonablejudgmentsuchcompletion,executionorsubmissionwould subject such Lender to any material unreimbursed cost or expense or would materiallyprejudice the legal or commercial position of such Lender.(ii) Withoutlimitingthegeneralityoftheforegoing,intheeventthatanyBorrowerisaU.S. Person:(A)anyLenderthatisaU.S.PersonshalldelivertosuchBorrowerandtheAdministrativeAgentonorpriortothedateonwhichsuchLenderbecomesaLenderunderthisAgreement(andfromtimetotimethereafteruponthereasonablerequestofsuchBorrowerortheAdministrativeAgent),anexecutedIRSFormW-9certifyingthatsuch Lender is exempt from U.S. Federal backup withholding tax;(B)anyForeignLendershall,totheextentitislegallyentitledtodoso,delivertosuchBorrowerandtheAdministrativeAgent(insuchnumberofcopiesasshallberequestedbytherecipient)onorpriortothedateonwhichsuchForeignLenderbecomesaLenderunderthisAgreement(andfromtimetotimethereafteruponthereasonablerequestofsuchBorrowerortheAdministrativeAgent),whicheverofthefollowing is applicable:(1)inthecaseofaForeignLenderclaimingthebenefitsofanincometaxtreatytowhichtheUnitedStatesisaparty(x)withrespecttopaymentsofinterestunderanyLoanDocument,anexecutedIRSFormW-8BENorIRSFormW-8BEN-E,asapplicable,establishinganexemptionfrom,orreductionof,U.S.FederalwithholdingTaxpursuanttothe“interest”articleofsuchtaxtreatyand(y)withrespecttoanyotherapplicablepaymentsunderanyLoanDocument,IRSFormW-8BENorIRSFormW-8BEN-E,asapplicable,establishinganexemptionfrom,orreductionof,U.S.FederalwithholdingTaxpursuanttothe“business profits” or “other income” article of such tax treaty;73 |
(2)inthecaseofaForeignLenderclaimingthatitsextensionofcreditwillgenerate U.S. effectively connected income, an executed IRS Form W-8ECI;(3)inthecaseofaForeignLenderclaimingthebenefitsoftheexemptionforportfoliointerestunderSection881(c)oftheCode,(x)acertificatesubstantiallyintheformofExhibitJ-1totheeffectthatsuchForeignLenderisnota“bank”withinthemeaningofSection881(c)(3)(A)oftheCode,a“10percentshareholder”ofsuchBorrowerwithinthemeaningofSection881(c)(3)(B)oftheCode,ora“controlledforeigncorporation”describedinSection881(c)(3)(C)oftheCode(a“U.S. Tax Compliance Certificate ”)and(y)anexecuted IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or(4)totheextentaForeignLenderisnotthebeneficialowner,anexecutedIRSFormW-8IMY,accompaniedbyIRSFormW-8ECI,IRSFormW-8BENorIRSForm W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantiallyintheformofExhibitJ-2orExhibitJ-3,IRSFormW-9,and/orothercertificationdocumentsfromeachbeneficialowner,asapplicable;provided thatiftheForeignLenderisapartnershipandoneormoredirectorindirectpartnersofsuchForeignLenderareclaimingtheportfoliointerestexemption,suchForeignLendermayprovideaU.S.TaxComplianceCertificatesubstantiallyinthe form of Exhibit J-4 on behalf of each such direct and indirect partner;(C)anyForeignLendershall,totheextentitislegallyentitledtodoso,delivertosuchBorrowerandtheAdministrativeAgent(insuchnumberofcopiesasshallberequestedbytherecipient)onorpriortothedateonwhichsuchForeignLenderbecomesaLenderunderthisAgreement(andfromtimetotimethereafteruponthereasonablerequestofsuchBorrowerortheAdministrativeAgent),executedoriginalsofanyotherformprescribedbyapplicablelawasabasisforclaimingexemptionfromorareductioninU.S.FederalwithholdingTax,dulycompleted,togetherwithsuchsupplementarydocumentationasmaybeprescribedbyapplicablelawtopermitsuchBorrowerortheAdministrativeAgenttodeterminethewithholdingordeductionrequired to be made; and(D)ifapaymentmadetoaLenderunderanyLoanDocumentwouldbesubjecttoU.S.FederalwithholdingTaximposedbyFATCAifsuchLenderweretofailtocomplywiththeapplicablereportingrequirementsofFATCA(includingthosecontainedinSection1471(b)or1472(b)oftheCode,asapplicable),suchLendershalldeliver to such Borrower and the Administrative Agent at the time or times prescribed bylawandatsuchtimeortimesreasonablyrequestedbysuchBorrowerortheAdministrativeAgentsuchdocumentationprescribedbyapplicablelaw(includingasprescribedbySection1471(b)(3)(C)(i)oftheCode)andsuchadditionaldocumentationreasonably requested by such Borrower or the Administrative Agent as may be necessaryforsuchBorrowerandtheAdministrativeAgenttocomplywiththeirobligationsunderFATCAandtodeterminethatsuchLenderhascompliedwithsuchLender’sobligationsunderFATCAortodeterminetheamounttodeductandwithholdfromsuchpayment.Solelyforpurposesofthisclause(D),“FATCA”shallincludeanyamendmentsmadetoFATCA after the date of this Agreement.(iii) EachLenderagreesthatifanyformorcertificationitpreviouslydeliveredexpiresorbecomesobsoleteorinaccurateinanyrespect,itshallupdatesuchformorcertificationor74 |
promptly notify the Company and the Administrative Agent in writing of its legal inability todo so.(g) Treatment of Certain Refunds ..Ifanypartydetermines,initssolediscretionexercisedingoodfaith,thatithasreceivedarefundofanyTaxesastowhichithasbeenindemnifiedpursuanttothisSection2.17(includingbythepaymentofadditionalamountspursuanttothisSection2.17),itshallpaytotheindemnifyingpartyanamountequaltosuchrefund(butonlytotheextentofindemnitypaymentsmadeunderthisSection2.17withrespecttotheTaxesgivingrisetosuchrefund),netofallout-of-pocketexpenses(includingTaxes)ofsuchindemnifiedpartyandwithoutinterest(otherthananyinterestpaidbytherelevantGovernmentalAuthoritywithrespecttosuchrefund).Suchindemnifying party, upon the request of such indemnified party, shall repay to such indemnified party theamountpaidoverpursuanttothisparagraph(g)(plusanypenalties,interestorotherchargesimposedbytherelevantGovernmentalAuthority)intheeventthatsuchindemnifiedpartyisrequiredtorepaysuchrefundtosuchGovernmentalAuthority.Notwithstandinganythingtothecontraryinthisparagraph(g),innoeventwilltheindemnifiedpartyberequiredtopayanyamounttoanindemnifyingpartypursuanttothisparagraph(g)thepaymentofwhichwouldplacetheindemnifiedpartyinalessfavorablenetafter-TaxpositionthantheindemnifiedpartywouldhavebeeniniftheTaxsubjecttoindemnificationandgivingrisetosuchrefundhadnotbeendeducted,withheldorotherwiseimposedandtheindemnificationpaymentsoradditionalamountswithrespecttosuchTaxhadneverbeenpaid.ThisparagraphshallnotbeconstruedtorequireanyindemnifiedpartytomakeavailableitsTaxreturns(oranyotherinformationrelatingtoitsTaxesthatitdeemsconfidential)totheindemnifyingpartyoranyother Person.(h) Survival ..Eachparty’sobligationsunderthisSection2.17shallsurvivetheresignationorreplacementoftheAdministrativeAgentoranyassignmentofrightsby,orthereplacementof,aLender,theterminationoftheCommitmentsandtherepayment,satisfactionordischarge of all obligations under any Loan Document.(i) Defined Terms ..ForpurposesofthisSection 2.17,theterm“Lender”includestheIssuing Bank and the term “applicable law” includes FATCA.SECTION 2.18. Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of Set-offs ..(a) EachBorrowershallmakeeachpaymentrequiredtobemadebyithereunder(whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable underSection2.15,2.16or2.17,orotherwise)priorto(i)inthecaseofpaymentsdenominatedinDollarsbythe Company, 12:00 noon, New York City time and (ii) in the case of payments denominated in a ForeignCurrencyorbyaForeignSubsidiaryBorrower,12:00 noon, Local Time , in the city of not later than the Applicable Time specified by theAdministrativeAgent ’s Eurocurrency Payment Office for such currency Agent ,ineachcaseonthedatewhendue,inimmediatelyavailablefunds,withoutset-offor counterclaim.Anyamountsreceivedaftersuchtimeonanydatemay,inthediscretionoftheAdministrativeAgent,bedeemedtohavebeenreceivedonthenextsucceedingBusinessDayforpurposesofcalculatinginterestthereon.Allsuchpaymentsshallbemade(i)inthesamecurrencyinwhichtheapplicableCreditEventwasmade(orwheresuchcurrencyhasbeenconvertedtoeuro,ineuro)and(ii)totheAdministrativeAgentatitsofficesat10SouthDearbornStreet,Chicago,Illinois60603or,inthecaseofaCreditEventdenominatedinaForeignCurrencyortoaForeignSubsidiaryBorrower,theAdministrativeAgent’sEurocurrencyPaymentOfficeforsuchcurrency,exceptpaymentsto be made directly to the Issuing Bank or Swingline Lender as expressly provided herein and except thatpaymentspursuanttoSections2.15,2.16,2.17and9.03shallbemadedirectlytothePersonsentitledthereto.TheAdministrativeAgentshalldistributeanysuchpaymentsdenominatedinthesamecurrency75 |
receivedbyitfortheaccountofanyotherPersontotheappropriaterecipientpromptlyfollowingreceiptthereof.IfanypaymenthereundershallbedueonadaythatisnotaBusinessDay,thedateforpaymentshall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest,interestthereonshallbepayablefortheperiodofsuchextension.NotwithstandingtheforegoingprovisionsofthisSection,if,afterthemakingofanyCreditEventinanyForeignCurrency,currencycontrolorexchangeregulationsareimposedinthecountrywhichissuessuchcurrencywiththeresultthatthetypeofcurrencyinwhichtheCreditEventwasmade(the“Original Currency ”)nolongerexistsoranyBorrowerisnotabletomakepaymenttotheAdministrativeAgentfortheaccountoftheLendersinsuchOriginalCurrency,thenallpaymentstobemadebysuchBorrowerhereunderinsuchcurrencyshallinsteadbemadewhendueinDollarsinanamountequaltotheDollarAmount(asofthedateofrepayment)ofsuchpaymentdue,itbeingtheintentionofthepartiesheretothattheBorrowerstakeallrisks of the imposition of any such currency control or exchange regulations.(b) AtanytimethatpaymentsarenotrequiredtobeappliedinthemannerrequiredbySection7.02,ifanyproceedsofCollateralreceivedbytheAdministrativeAgentnotconstituting(A) aspecific payment of principal, interest, fees or other sum payable under the Loan Documents (which shallbeappliedasspecifiedbytheCompany)or(B) amandatoryprepayment(whichshallbeappliedinaccordancewithSection 2.11),shallbeappliedinthefollowingorder:first ,topayanyfees,indemnities,orexpensereimbursementsthenduetotheAdministrativeAgentandtheIssuingBankfromanyBorrower,second ,topayanyfeesorexpensereimbursementsthenduetotheLendersfromanyBorrowerratably,third ,topayinterestthendueandpayableontheLoansratably,fourth ,to(x)prepayprincipal on the Loans and unreimbursed LC Disbursements and (y) pay any amounts owing with respecttoBankingServicesObligationsandSwapObligations,ratablyamongtheSecuredPartiesinproportiontotherespectiveamountsdescribedinthisclausefourthheldbythem,fifth ,topayanamounttotheAdministrative Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount ofall outstanding Letters of Credit and the aggregate amount of any unpaid LC Disbursements, to be held ascashcollateralforsuchObligationsandsixth ,tothepaymentofanyotherSecuredObligationduetotheAdministrativeAgentoranySecuredPartybyanyBorrowerratably.Notwithstandingtheforegoing,amountsreceivedfromanyLoanPartyshallnotbeappliedtoanyExcludedSwapObligationofsuchLoanPartybutappropriateadjustmentsshallbemadewithrespecttopaymentsfromtheotherLoanParties or on account of theirassets to preserve the allocation to the Obligations set forth in the precedingsentence.NotwithstandinganythingtothecontrarycontainedinthisAgreement,unlesssodirectedbytheCompany,orunlessaDefaultisinexistence,noneoftheAdministrativeAgentoranyLendershallapply any payment which it receives to any Eurocurrency TermBenchmark Loan of a Class, except (a) on theexpirationdateoftheInterestPeriodapplicabletoanysuchEurocurrency Term Benchmark Loanor (b) intheevent,andonlytotheextent,thattherearenooutstandingABRLoansofthesameClassand,inanyevent,theBorrowersshallpaythebreakfundingpaymentrequiredinaccordancewithSection 2.16.TheAdministrativeAgentandtheLendersshallhavethecontinuingandexclusiverighttoapplyandreverseandreapplyanyandallsuchproceedsandpaymentstoanyportionoftheSecuredObligations,providedthat,nosuchapplication,reversalorreapplicationshallbeperformedinanymanner for the purpose of increasing the amount of interest,fees or break funding payments to be paid bythe Borrowers.(c) AttheelectionoftheAdministrativeAgent,allpaymentsofprincipal,interest,LCDisbursements,fees,premiums,reimbursableexpenses(including,withoutlimitation,allreimbursementfor fees and expenses pursuant to Section9.03), and other sums payable under the Loan Documents, maybepaidfromtheproceedsofBorrowingsmadehereunderwhethermadefollowingarequestbyaBorrower(ortheCompanyonbehalfofaBorrower)pursuanttoSection 2.03oradeemedrequestasprovidedinthisSectionormaybedeductedfromanydepositaccountofsuchBorrowermaintainedwiththeAdministrativeAgent.EachBorrowerherebyirrevocablyauthorizes(i) theAdministrativeAgenttomakeaBorrowingforthepurposeofpayingeachpaymentofprincipal,interestandfeesasitbecomes76 |
duehereunderoranyotheramountdueundertheLoanDocumentsandagreesthatallsuchamountscharged shall constitute Loans (including Swingline Loans) and that all such Borrowings shall be deemedtohavebeenrequestedpursuanttoSections 2.03or2.05,asapplicableand(ii) theAdministrativeAgenttochargeanydepositaccountoftherelevantBorrowermaintainedwiththeAdministrativeAgentforeachpaymentofprincipal,interestandfeesasitbecomesduehereunderoranyotheramountdueunderthe Loan Documents.(d) IfanyLendershall,byexercisinganyrightofset-offorcounterclaimorotherwise,obtainpaymentinrespectofanyprincipaloforinterestonanyofitsLoansorparticipationsinLCDisbursementsorSwinglineLoansresultinginsuchLenderreceivingpaymentofagreaterproportionoftheaggregateamountofitsLoansandparticipationsinLCDisbursementsandSwinglineLoansandaccrued interest thereon than the proportion received by any other Lender, then the Lender receiving suchgreaterproportionshallpurchase(forcashatfacevalue)participationsintheLoansandparticipationsinLC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of allsuchpaymentsshallbesharedbytheLendersratablyinaccordancewiththeaggregateamountofprincipalofandaccruedinterestontheirrespectiveLoansandparticipationsinLCDisbursementsandSwinglineLoans;providedthat(i)ifanysuchparticipationsarepurchasedandalloranyportionofthepaymentgivingrisetheretoisrecovered,suchparticipationsshallberescindedandthepurchasepricerestored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall notbeconstruedtoapplytoanypaymentmadebyanyBorrowerpursuanttoandinaccordancewiththeexpresstermsofthisAgreementoranypaymentobtainedbyaLenderasconsiderationfortheassignmentoforsaleofaparticipationinanyofitsLoansorparticipationsinLCDisbursementsandSwinglineLoanstoanyassigneeorparticipant,otherthantotheCompanyoranySubsidiaryorAffiliatethereof(astowhichtheprovisionsofthisparagraphshallapply).EachBorrowerconsentstotheforegoingandagrees,totheextentitmayeffectivelydosounderapplicablelaw,thatanyLenderacquiringaparticipationpursuanttotheforegoingarrangementsmayexerciseagainstsuchBorrowerrightsofset-offandcounterclaimwithrespecttosuchparticipationasfullyasifsuchLenderwereadirect creditor of such Borrower in the amount of such participation.(e) UnlesstheAdministrativeAgentshallhavereceivednoticefromtherelevantBorrowerpriortothedateonwhichanypaymentisduetotheAdministrativeAgentfortheaccountoftheLendersortheIssuingBankhereunderthatsuchBorrowerwillnotmakesuchpayment,theAdministrativeAgentmayassumethatsuchBorrowerhasmadesuchpaymentonsuchdateinaccordanceherewithandmay,inrelianceuponsuchassumption,distributetotheLendersortheIssuingBank,asthecasemaybe,theamountdue.Insuchevent,ifsuchBorrowerhasnotinfactmadesuchpayment,theneachoftheLendersortheIssuingBank,asthecasemaybe,severallyagreestorepaytotheAdministrativeAgentforthwithondemandtheamountsodistributedtosuchLenderorIssuingBankwithinterestthereon,foreachdayfromandincludingthedatesuchamountisdistributedtoittobutexcludingthedateofpaymenttotheAdministrativeAgent,atthegreater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency). applicable Overnight Rate .. (f) IfanyLendershallfailtomakeanypaymentrequiredtobemadebyitpursuanttoSection2.05(c),2.06(d)or(e),2.07(b),2.18(e)or9.03(c),thentheAdministrativeAgentmay,initsdiscretion(notwithstandinganycontraryprovisionhereof),(i)applyanyamountsthereafterreceivedbytheAdministrativeAgentfortheaccountofsuchLenderandforthebenefitoftheAdministrativeAgent,theSwinglineLenderortheIssuingBanktosatisfysuchLender’sobligationstoitundersuchSectionsuntilallsuchunsatisfiedobligationsarefullypaidand/or(ii)holdanysuchamountsinasegregatedaccountoverwhichtheAdministrativeAgentshallhaveexclusivecontrolascashcollateralfor,and77 |
applicationto,anyfuturefundingobligationsofsuchLenderundersuchSections;inthecaseofeachof(i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.SECTION 2.19. Mitigation Obligations; Replacement of Lenders ..(a)IfanyLenderrequestscompensationunderSection2.15,orifanyBorrowerisrequiredtopayanyIndemnifiedTaxesoradditional amounts to any Lender or any Governmental Authority for the account of any Lender pursuanttoSection2.17,thensuchLendershallusereasonableeffortstodesignateadifferentlendingofficeforfundingorbookingitsLoanshereunderortoassignitsrightsandobligationshereundertoanotherofitsoffices,branchesorAffiliates,if,inthejudgmentofsuchLender,suchdesignationorassignment(i)wouldeliminateorreduceamountspayablepursuanttoSection2.15or2.17,asthecasemaybe,inthefutureand(ii)wouldnotsubjectsuchLendertoanyunreimbursedcostorexpenseandwouldnototherwisebedisadvantageoustosuchLender.TheCompanyherebyagreestopayallreasonablecostsand expenses incurred by any Lender in connection with any such designation or assignment.(b) If(i)anyLenderrequestscompensationunderSection2.15,(ii)anyBorrowerisrequiredtopayanyIndemnifiedTaxesoradditionalamountstoanyLenderoranyGovernmentalAuthorityfortheaccountofanyLenderpursuanttoSection2.17,(iii)anyLenderbecomesaDefaultingLender,or(iv)ifanyLenderdoesnotconsenttoanyproposedamendment,supplement,modification,consentorwaiverofanyprovisionofthisAgreementoranyotherLoanDocumentthatrequirestheconsentofeachoftheLendersoreachoftheLendersaffectedthereby(solongastheconsentoftheRequiredLenders(withthepercentageinsuchdefinitionbeingdeemedtobe50%forthispurpose)hasbeen obtained),then the Company may, at its sole expense and effort, upon notice to such Lender and theAdministrativeAgent,requiresuchLendertoassignanddelegate,withoutrecourse(inaccordancewithandsubjecttotherestrictionscontainedinSection9.04),allitsinterests,rights(otherthanitsexistingrightstopaymentspursuanttoSections2.15or2.17)andobligationsundertheLoanDocumentstoanassigneethatshallassumesuchobligations(whichassigneemaybeanotherLender,ifaLenderacceptssuchassignment);provided that(i)theCompanyshallhavereceivedthepriorwrittenconsentoftheAdministrativeAgent(andifaRevolvingCommitmentisbeingassigned,theIssuingBankandtheSwinglineLender),whichconsentshallnotunreasonablybewithheld,(ii)suchLendershallhavereceivedpaymentofanamountequaltotheoutstandingprincipalofitsLoansandparticipationsinLCDisbursementsandSwinglineLoans,accruedinterestthereon,accruedfeesandallotheramountspayabletoithereunder,fromtheassignee(totheextentofsuchoutstandingprincipalandaccruedinterestandfees)ortheCompany(inthecaseofallotheramounts)and(iii)inthecaseofanysuchassignmentresultingfromaclaimforcompensationunderSection2.15orpaymentsrequiredtobemadepursuanttoSection2.17,suchassignmentwillresultinareductioninsuchcompensationorpayments.A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result ofawaiverbysuchLenderorotherwise,thecircumstancesentitlingtheCompanytorequiresuchassignmentanddelegationceasetoapply.Eachpartyheretoagreesthat(i) anassignmentrequiredpursuanttothisparagraphmaybeeffectedpursuanttoanAssignmentandAssumptionexecutedbytheBorrower,theAdministrativeAgentandtheassignee(or,totheextentapplicable,anagreementincorporatinganAssignmentandAssumptionbyreferencepursuanttoanApprovedElectronicPlatformastowhichtheAdministrativeAgentandsuchpartiesareparticipants),and(ii) theLenderrequiredtomakesuchassignmentneednotbeapartytheretoinorderforsuchassignmenttobeeffectiveandshallbedeemedtohaveconsentedtoanbeboundbythetermsthereof;provided that,followingtheeffectivenessofanysuchassignment,theotherpartiestosuchassignmentagreetoexecuteanddeliversuchdocumentsnecessarytoevidencesuchassignmentasreasonablyrequestedbytheapplicableLender; provided that any such documents shall be without recourse to or warranty by the parties thereto.SECTION 2.20. Expansion Option ..TheCompanymayfromtimetotimeelecttoincreasetheRevolvingCommitmentsorenterintooneormoretranchesoftermloans(eachan“Incremental Term Loan ”),ineachcaseinminimumincrementsof$10,000,000solongas,aftergivingeffectthereto,the78 |
aggregate amount of such increases and all such Incremental Term Loans does not exceed $275,000,000.The Company may arrange for any such increase or tranche to be provided by one or more Lenders (eachLendersoagreeingtoanincreaseinitsRevolvingCommitment,ortoparticipateinsuchIncrementalTermLoans,an“Increasing Lender ”),orbyoneormorenewbanks,financialinstitutionsorotherentities (each such new bank, financial institution or other entity, an “Augmenting Lender ”; provided thatno Ineligible Institution may be an Augmenting Lender), which agree to increase their existing RevolvingCommitments,ortoparticipateinsuchIncrementalTermLoans,orprovidenewRevolvingCommitments,asthecasemaybe;provided that(i) eachAugmentingLender,shallbesubjecttotheapprovaloftheCompanyandtheAdministrativeAgentandeachIssuingBankandSwinglineLendertotheextenttheconsentoftheIssuingBankortheSwinglineLenderwouldberequiredtoeffectanassignment under Section 9.04(b), and (ii) (x) in the case of an Increasing Lender, the Company and suchIncreasingLenderexecuteanagreementsubstantiallyintheformofExhibit C hereto,and(y) inthecaseofanAugmentingLender,theCompanyandsuchAugmentingLenderexecuteanagreementsubstantiallyintheformofExhibit D hereto.NoconsentofanyLender(otherthan(i)theLendersparticipatingintheincreaseoranyIncrementalTermLoanand(ii)inthecaseofanyincreaseoftheRevolvingCommitments,eachIssuingBank)shallberequiredforanyincreaseinRevolvingCommitmentsorIncrementalTermLoanpursuanttothisSection 2.20.IncreasesandnewRevolvingCommitmentsandIncrementalTermLoanscreatedpursuanttothisSection 2.20shallbecomeeffectiveonthedateagreedbytheCompany,theAdministrativeAgentandtherelevantIncreasingLendersorAugmentingLenders,andtheAdministrativeAgentshallnotifyeachLenderthereof.Notwithstandingtheforegoing,noincreaseintheRevolvingCommitments(orintheRevolvingCommitmentofanyLender)ortrancheofIncrementalTermLoansshallbecomeeffectiveunderthisparagraphunless,(i) onthe proposed date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions setforthinparagraphs (a)and(b)ofSection 4.02shallbesatisfiedorwaivedbytheRequiredLendersandthe Administrative Agent shall have received a certificate to that effect dated such date and executed by aFinancialOfficeroftheCompanyand(B) theCompanyshallbeincompliance(onapro formabasis)withthecovenantscontainedinSection 6.10and(ii) theAdministrativeAgentshallhavereceiveddocumentsandopinionsconsistentwiththosedeliveredontheRestatementEffectiveDateastotheorganizationalpowerandauthorityoftheBorrowerstoborrowhereunderaftergivingeffecttosuchincrease.OntheeffectivedateofanyincreaseintheRevolvingCommitmentsoranyIncrementalTermLoansbeingmade,(i) eachrelevantIncreasingLenderandAugmentingLendershallmakeavailabletothe Administrative Agent such amounts in immediately available funds as the Administrative Agent shalldetermine,forthebenefitoftheotherLenders,asbeingrequiredinordertocause,aftergivingeffecttosuchincreaseandtheuseofsuchamountstomakepaymentstosuchotherLenders,eachLender’sportionoftheoutstandingRevolvingLoansofalltheLenderstoequalitsApplicablePercentageofsuchoutstandingRevolvingLoans,and(ii) exceptinthecaseofanyIncrementalTermLoans,theBorrowersshallbedeemedtohaverepaidandreborrowedalloutstandingRevolvingLoansasofthedateofanyincreaseintheRevolvingCommitments(withsuchreborrowingtoconsistoftheTypesofRevolvingLoans,withrelatedInterestPeriodsifapplicable,specifiedinanoticedeliveredbytheapplicableBorrower,ortheCompanyonbehalfoftheapplicableBorrower,inaccordancewiththerequirementsofSection 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding sentenceshallbeaccompaniedbypaymentofallaccruedinterestontheamountprepaidand,inrespectofeachEurocurrency Term Benchmark Loan,shallbesubjecttoindemnificationbytheBorrowerspursuantto theprovisionsofSection 2.16ifthedeemedpaymentoccursotherthanonthelastdayoftherelatedInterestPeriods.TheIncrementalTermLoans(a) shallrankpari passuinrightofpaymentwiththeRevolvingLoansandtheDelayedDrawTermLoans,(b) shallnotmatureearlierthantheMaturityDate(butmayhaveamortizationpriortosuchdate)andshallnothaveaWeightedAverageLifetoMaturityearlierthantheDelayedDrawTermLoansand(c) shallbetreatedsubstantiallythesameas(andinanyeventnomorefavorablythan)theRevolvingLoansandtheDelayedDrawTermLoans;provided that(i) thetermsandconditionsapplicabletoanytrancheofIncrementalTermLoansmaturingaftertheMaturityDatemayprovideformaterialadditionalordifferentfinancialorothercovenantsor79 |
prepaymentrequirementsapplicableonlyduringperiodsaftertheMaturityDateand(ii) theIncrementalTermLoansmaybepriceddifferentlythantheRevolvingLoansandtheDelayedDrawTermLoans.IncrementalTermLoansmaybemadehereunderpursuanttoanamendmentorrestatement(an“Incremental Term Loan Amendment ”)ofthisAgreementand,asappropriate,theotherLoanDocuments,executedbytheBorrowers,eachIncreasingLenderparticipatinginsuchtranche,eachAugmenting Lender participating in such tranche, if any, and the Administrative Agent. The IncrementalTermLoanAmendmentmay,withouttheconsentofanyotherLenders,effectsuchamendmentstothisAgreementandtheotherLoanDocumentsasmaybenecessaryorappropriate,inthereasonableopinionoftheAdministrativeAgent,toeffecttheprovisionsofthisSection 2.20.NothingcontainedinthisSection 2.20shallconstitute,orotherwisebedeemedtobe,acommitmentonthepartofanyLendertoincreaseitsRevolvingCommitmenthereunder,orprovideIncrementalTermLoans,atanytime.Inconnection with any increase of the Revolving Commitments or Incremental Term Loans pursuant to thisSection 2.20,anyAugmentingLenderbecomingapartyheretoshall(1) executesuchdocumentsandagreementsastheAdministrativeAgentmayreasonablyrequestand(2) inthecaseofanyAugmentingLenderthatisorganizedunderthelawsofajurisdictionoutsideoftheUnitedStatesofAmerica,providetotheAdministrativeAgent,itsname,address,taxidentificationnumberand/orsuchotherinformationasshallbenecessaryfortheAdministrativeAgenttocomplywith“knowyourcustomer”andAnti-Money Laundering Laws, rules and regulations, including without limitation, the Patriot Act.SECTION 2.21. (Intentionally omitted) ..SECTION 2.22. Judgment Currency .. If for the purposes of obtaining judgment in any court it isnecessarytoconvertasumduefromanyBorrowerhereunderinthecurrencyexpressedtobepayableherein(the“specified currency ”)intoanothercurrency,thepartiesheretoagree,tothefullestextentthattheymayeffectivelydoso,thattherateofexchangeusedshallbethatatwhichinaccordancewithnormalbankingprocedurestheAdministrativeAgentcouldpurchasethespecifiedcurrencywithsuchothercurrencyattheAdministrativeAgent’smainNewYorkCityofficeontheBusinessDayprecedingthatonwhichfinal,non-appealablejudgmentisgiven.TheobligationsofeachBorrowerinrespectofanysumduetoanyLenderortheAdministrativeAgenthereundershall,notwithstandinganyjudgmentinacurrencyotherthanthespecifiedcurrency,bedischargedonlytotheextentthatontheBusinessDayfollowingreceiptbysuchLenderortheAdministrativeAgent(asthecasemaybe)ofanysumadjudgedtobesodueinsuchothercurrencysuchLenderortheAdministrativeAgent(asthecasemaybe)mayinaccordancewithnormal,reasonablebankingprocedurespurchasethespecifiedcurrencywithsuchothercurrency. If the amount of the specified currency so purchased is less than the sum originally due to suchLender or the Administrative Agent, as the case may be, in the specified currency, each Borrower agrees,tothefullestextentthatitmayeffectivelydoso,asaseparateobligationandnotwithstandinganysuchjudgment,toindemnifysuchLenderortheAdministrativeAgent,asthecasemaybe,againstsuchloss,andiftheamountofthespecifiedcurrencysopurchasedexceeds(a)thesumoriginallyduetoanyLenderortheAdministrativeAgent,asthecasemaybe,inthespecifiedcurrencyand(b)anyamountssharedwithotherLendersasaresultofallocationsofsuchexcessasadisproportionatepaymenttosuchLenderunderSection2.18,suchLenderortheAdministrativeAgent,asthecasemaybe,agreestoremitsuch excess to such Borrower.SECTION 2.23. Designation of Foreign Subsidiary Borrowers ..TheCompanymayatanytimeandfromtimetotime,withnotlessthanfive(5)BusinessDays’priornoticetotheLenders,andsubjecttotherequirementssetforthinthedefinitionofEligibleForeignSubsidiary,designateanyEligibleForeignSubsidiaryasaForeignSubsidiaryBorrowerbydeliverytotheAdministrativeAgentofaBorrowingSubsidiaryAgreementexecutedbysuchSubsidiaryandtheCompanyandthesatisfactionoftheotherconditionsprecedentsetforthinSection4.03,anduponsuchdeliveryandsatisfactionsuchSubsidiaryshallforallpurposesofthisAgreementbeaForeignSubsidiaryBorrowerandapartytothisAgreement.EachForeignSubsidiaryBorrowershallremainaForeignSubsidiaryBorroweruntilthe80 |
CompanyshallhaveexecutedanddeliveredtotheAdministrativeAgentaBorrowingSubsidiaryTerminationwithrespecttosuchSubsidiary,whereuponsuchSubsidiaryshallceasetobeaForeignSubsidiaryBorrowerandapartytothisAgreement.Notwithstandingtheprecedingsentence,noBorrowingSubsidiaryTerminationwillbecomeeffectiveastoanyForeignSubsidiaryBorroweratatimewhenanyprincipaloforinterestonanyLoantosuchBorrowershallbeoutstandinghereunder,provided thatsuchBorrowingSubsidiaryTerminationshallbeeffectivetoterminatetherightofsuchForeignSubsidiaryBorrowertomakefurtherBorrowingsunderthisAgreement.AssoonaspracticableuponreceiptofaBorrowingSubsidiaryAgreement,theAdministrativeAgentshallfurnishacopythereof to each Lender.SECTION 2.24. Defaulting Lenders ..NotwithstandinganyprovisionofthisAgreementtothecontrary,ifanyLenderbecomesaDefaultingLender,thenthefollowingprovisionsshallapplyforsolong as such Lender is a Defaulting Lender:(a) fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant toSection 2.12(a);(b) anypaymentofprincipal,interest,feesorotheramountsreceivedbytheAdministrativeAgentfortheaccountofsuchDefaultingLender(whethervoluntaryormandatory,atmaturity,pursuanttoSection7.02orotherwise)orreceivedbytheAdministrativeAgentfromaDefaultingLenderpursuanttoSection 9.08shallbeappliedatsuchtimeortimesasmaybedeterminedbytheAdministrativeAgentasfollows:first,tothepaymentofanyamountsowingbysuchDefaultingLender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amountsowingbysuchDefaultingLendertoanyIssuingBankorSwinglineLenderhereunder;third,tocashcollateralize LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth,astheCompanymayrequest(solongasnoDefaultorEventofDefaultexists),tothefundingofanyLoaninrespectofwhichsuchDefaultingLenderhasfailedtofunditsportionthereofasrequiredbythisAgreement,asdeterminedbytheAdministrativeAgent;fifth,ifsodeterminedbytheAdministrativeAgentandtheCompany,tobeheldinadepositaccountandreleasedpro ratainorderto(x) satisfysuchDefaultingLender’spotentialfuturefundingobligationswithrespecttoLoansunderthisAgreementand(y) cashcollateralizefutureLCExposurewithrespecttosuchDefaultingLenderwithrespecttofutureLettersofCreditissuedunderthisAgreement,inaccordancewiththisSection;sixth,tothepaymentofanyamountsowingtotheLenders,theIssuingBanksorSwinglineLendersasaresultofanyjudgmentofacourtofcompetentjurisdictionobtainedbyanyLender,theIssuingBanksorSwinglineLendersagainstsuchDefaultingLenderasaresultofsuchDefaultingLender’sbreachofitsobligationsunderthisAgreementorunderanyotherLoanDocument;seventh,solongasnoDefaultorEventofDefaultexists,tothepaymentofanyamountsowingtoaBorrowerasaresultofanyjudgmentofacourtofcompetentjurisdictionobtainedbysuchBorroweragainstsuchDefaultingLenderasaresultofsuchDefaultingLender’sbreachofitsobligationsunderthisAgreementorunderanyotherLoanDocument;andeighth,tosuchDefaultingLenderorasotherwisedirectedbyacourtofcompetentjurisdiction;provided thatif(x) suchpaymentisapaymentoftheprincipalamountofanyLoansorLCDisbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and(y) suchLoansweremadeortherelatedLettersofCreditwereissuedatatimewhentheconditionssetforthinSection 4.02weresatisfiedorwaived,suchpaymentshallbeappliedsolelytopaytheLoansof,andLCDisbursementsowedto,allnon-DefaultingLendersonapro ratabasispriortobeingappliedtothepaymentofanyLoansof,orLCDisbursementsowedto,suchDefaultingLenderuntilsuchtimeasallLoansandfundedandunfundedparticipationsintheBorrowers’obligationscorrespondingtosuchDefaultingLender’sLCExposureandSwinglineLoansareheldbytheLenderspro ratainaccordancewiththeCommitmentswithoutgivingeffecttoclause (d)below.Anypayments,prepaymentsorotheramountspaidorpayabletoaDefaultingLenderthatareapplied(orheld)topayamountsowedbya81 |
DefaultingLenderortopostcashcollateralpursuanttothisSectionshallbedeemedpaidtoandredirected by such Defaulting Lender, and each Lender irrevocably consents hereto;(c) theCommitmentandRevolvingCreditExposureofsuchDefaultingLendershallnotbeincludedindeterminingwhethertheRequiredLendershavetakenormaytakeanyactionhereunder(includinganyconsenttoanyamendment,waiverorothermodificationpursuanttoSection9.02);provided ,that,exceptasotherwiseprovidedinSection9.02,thisclause(c)shallnotapplytothevoteofaDefaultingLenderinthecaseofanamendment,waiverorothermodificationrequiringtheconsent of such Lender or each Lender directly affected thereby;(d) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes aDefaulting Lender then:(i) alloranypartoftheSwinglineExposureandLCExposureofsuchDefaultingLender (other than, in the case of a Defaulting Lender that is a Swingline Lender, the portionofsuchSwinglineExposurereferredtoinclause (b)ofthedefinitionofsuchterm)shallbereallocatedamongthenon-DefaultingLendersinaccordancewiththeirrespectiveApplicablePercentagesbutonlytotheextentthatsuchreallocationdoesnot,astoanynon-Defaulting Lender, cause the Dollar Amount of such non-Defaulting Lender’s RevolvingCredit Exposure to exceed its Revolving Commitment;(ii) ifthereallocationdescribedinclause(i)abovecannot,orcanonlypartially,beeffected,theCompanyshallwithinthree(3)BusinessDaysfollowingnoticebytheAdministrative Agent (x) first , prepay such Swingline Exposure and (y) second , upon requestoftheAdministrativeAgent,cashcollateralizeforthebenefitoftheIssuingBankonlytheBorrowers’ obligations corresponding to such Defaulting Lender’s LC Exposure (after givingeffecttoanypartialreallocationpursuanttoclause(i)above)inaccordancewiththeprocedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;(iii) iftheCompanycashcollateralizesanyportionofsuchDefaultingLender’sLCExposure pursuant to clause (ii) above, the Borrowers shall not be required to pay any fees tosuchDefaultingLenderpursuanttoSection2.12(b)withrespecttosuchDefaultingLender’sLC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;(iv) iftheLCExposureofthenon-DefaultingLendersisreallocatedpursuanttoclause(i)above,thenthefeespayabletotheLenderspursuanttoSection2.12(b)shallbeadjustedin accordance with such non-Defaulting Lenders’ Applicable Percentages; and(v) ifalloranyportionofsuchDefaultingLender’sLCExposureisneitherreallocatednorcashcollateralizedpursuanttoclause(i)or(ii)above,then,withoutprejudicetoanyrightsorremediesoftheIssuingBankoranyotherLenderhereunder,allfacilityfeesthatotherwisewouldhavebeenpayabletosuchDefaultingLender(solelywithrespecttotheportionofsuchDefaultingLender’sCommitmentthatwasutilizedbysuchLCExposure)andletterofcreditfeespayableunderSection2.12(b)withrespecttosuchDefaultingLender’sLCExposureshallbepayabletotheIssuingBankuntilandtotheextentthatsuchLC Exposure is reallocated and/or cash collateralized; and(e) solongassuchLenderisaDefaultingLender,theSwinglineLendershallnotberequiredtofundanySwinglineLoanandtheIssuingBankshallnotberequiredtoissue,amendorincreaseanyLetterofCredit,unlessitissatisfiedthattherelatedexposureandtheDefaultingLender’sthenoutstandingLCExposurewillbe100%coveredbytheRevolvingCommitmentsofthe82 |
non-DefaultingLendersand/orcashcollateralwillbeprovidedbytheCompanyinaccordancewithSection2.24(d),andparticipatinginterestsinanysuchnewlymadeSwinglineLoanoranynewlyissuedorincreasedLetterofCreditshallbeallocatedamongnon-DefaultingLendersinamannerconsistentwith Section 2.24(d)(i) (and such Defaulting Lender shall not participate therein).If(i)aBankruptcyEventoraBail-InActionwithrespecttoaLenderParentshalloccurfollowingthedatehereofandforsolongassucheventshallcontinueor(ii)theSwinglineLenderortheIssuingBankhasagoodfaithbeliefthatanyLenderhasdefaultedinfulfillingitsobligationsunderoneormoreotheragreementsinwhichsuchLendercommitstoextendcredit,theSwinglineLendershallnotberequiredtofundanySwinglineLoanandtheIssuingBankshallnotberequiredtoissue,amendorincreaseanyLetterofCredit,unlesstheSwinglineLenderortheIssuingBank,asthecasemaybe,shallhaveenteredintoarrangementswiththeCompanyorsuchLender,reasonablysatisfactorytotheSwinglineLenderortheIssuingBank,asthecasemaybe,todefeaseanyrisktoitinrespectofsuchLender hereunder.IntheeventthattheAdministrativeAgent,theCompany,theSwinglineLenderandtheIssuingBankeachagreesthataDefaultingLenderhasadequatelyremediedallmattersthatcausedsuchLendertobeaDefaultingLender,thentheSwinglineExposureandLCExposureoftheLendersshallbereadjustedtoreflecttheinclusionofsuchLender’sCommitmentandonsuchdatesuchLendershallpurchaseatparsuchoftheLoansoftheotherLenders(otherthanSwinglineLoans)astheAdministrativeAgentshalldeterminemaybenecessaryinorderforsuchLendertoholdsuchLoansinaccordance with its Applicable Percentage.ARTICLE IIIRepresentations and Warranties Each Borrower represents and warrants to the Lenders that:SECTION 3.01. Organization; Powers; Subsidiaries ..EachoftheCompanyanditsSubsidiariesisdulyorganized,validlyexistingandingoodstanding(totheextentsuchconceptisapplicableintherelevantjurisdiction)underthelawsofthejurisdictionofitsorganization,hasallrequisitepowerandauthority to carry on its business as now conducted and, except where the failure to do so, individually orintheaggregate,couldnotreasonablybeexpectedtoresultinaMaterialAdverseEffect,isqualifiedtodobusinessin,andisingoodstanding(totheextentsuchconceptisapplicable)in,everyjurisdictionwheresuchqualificationisrequired.Asofthedatehereof,Schedule3.01heretoidentifieseachSubsidiary,ifsuchSubsidiaryisaMaterialSubsidiary,thejurisdictionofitsincorporationororganization,asthecasemaybe,thepercentageofissuedandoutstandingsharesofeachclassofitscapitalstockorotherequityinterestsownedbytheCompanyandtheotherSubsidiariesand,ifsuchpercentageisnot100%(excludingdirectors’qualifyingsharesasrequiredbylaw),adescriptionofeachclassissuedandoutstanding.AlloftheoutstandingsharesofcapitalstockandotherequityinterestsofeachSubsidiaryarevalidlyissuedandoutstandingandfullypaidandnonassessableandallsuchsharesandotherequityinterestsindicatedonSchedule3.01asownedbytheCompanyoranotherSubsidiaryasof the date hereof are owned, beneficially and of record, by the Company or any Subsidiary free and clearof all Liens, other than Liens created under the Loan Documents. There are no outstanding commitmentsorotherobligationsoftheCompanyoranySubsidiarytoissue,andnooptions,warrantsorotherrightsof any Person to acquire, any shares of any class of capital stock or other equity interests of the Companyor any Subsidiary.SECTION 3.02. Authorization; Enforceability ..TheTransactionsarewithineachBorrower’sorganizationalpowersandhavebeendulyauthorizedbyallnecessaryorganizationalactionsand,if83 |
required,actionsbyequityholders.ThisAgreementandeachotherLoanDocumenttowhicheachLoanPartyisapartyhavebeendulyexecutedanddeliveredbysuchLoanPartyandconstitutealegal,validand binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicablebankruptcy,insolvency,reorganization,moratoriumorotherlawsaffectingcreditors’rightsgenerallyandsubjecttogeneralprinciplesofequity,regardlessofwhetherconsideredinaproceedinginequityorat law.SECTION 3.03. Governmental Approvals; No Conflicts ..TheTransactions(a)donotrequirethe Company or any of its Subsidiaries to obtain or make any consent or approval of, registration or filingwith,oranyotheractionby,anyGovernmentalAuthority,exceptsuchashavebeenobtainedormadeandareinfullforceandeffectandexceptforfilingsnecessarytoperfectLienscreatedpursuanttotheLoanDocuments,(b)willnotviolateanyapplicablelaworregulationorthecharter,by-lawsorotherorganizationaldocumentsoftheCompanyoranyofitsSubsidiariesoranyorderofanyGovernmentalAuthorityapplicabletotheCompanyoranyofitsSubsidiaries,(c)willnotviolateorresultinadefaultunderanyindenture,agreementorotherinstrumentbindingupontheCompanyoranyofitsSubsidiariesoritsassets,orgiverisetoarightthereundertorequireanypaymenttobemadebytheCompanyoranyofitsSubsidiaries,and(d)willnotresultinthecreationorimpositionofanyLienonanyassetoftheCompany or any of its Subsidiaries, other than Liens created under the Loan Documents.SECTION 3.04. Financial Condition; No Material Adverse Change ..(a)TheCompanyhasheretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholdersequityandcashflowsasofandforthefiscalyearendedDecember31,2020reportedonbyDeloitteLLP.Suchfinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionandresultsofoperationsandcashflowsoftheCompanyanditsconsolidatedSubsidiariesasofsuchdatesandforsuch periods in accordance with GAAP.(b) SinceDecember31,2020,therehasbeennomaterialadversechangeinthebusiness, assets, operations or financial condition of the Company and its Subsidiaries, taken as a whole.SECTION 3.05. Properties ..(a)EachoftheCompanyanditsSubsidiarieshasgoodtitleto,orvalidleaseholdinterestsin,allitsrealandpersonalpropertymaterialtoitsbusiness,exceptforminordefectsintitlethatdonotmateriallyinterferewithitsabilitytoconductitsbusinessascurrentlyconducted or to utilize such properties for their intended purposes.(b) EachoftheCompanyanditsSubsidiariesowns,orislicensedtouse,alltrademarks,tradenames,copyrights,patentsandotherintellectualpropertymaterialtoitsbusiness,and,totheknowledgeoftheCompany,theusethereofbytheCompanyanditsSubsidiariesdoesnotinfringeupontherightsofanyotherPerson,exceptforanysuchinfringementsthat,individuallyorintheaggregate, could not reasonably be expected to result in a Material Adverse Effect.SECTION 3.06. Litigation and Environmental Matters ..(a)Therearenoactions,suits,proceedingsorinvestigationsbyorbeforeanyarbitratororGovernmentalAuthoritypendingagainstor,to the knowledge of any Borrower, threatened against or affecting the Company or any of its Subsidiaries(i)astowhichthereisareasonablepossibilityofanadversedeterminationandthat,ifadverselydetermined,couldreasonablybeexpected,individuallyorintheaggregate,toresultinaMaterialAdverseEffector(ii)thatinvolvethisAgreementortheTransactions.Therearenolaborcontroversiespendingagainstor,totheknowledgeoftheCompany,threatenedagainstoraffectingtheCompanyoranyofitsSubsidiaries(i)whichcouldreasonablybeexpected,individuallyorintheaggregate,toresultin a Material Adverse Effect, or (ii) that involve this Agreement or the Transactions.84 |
(b) Exceptwithrespecttoanyothermattersthat,individuallyorintheaggregate,couldnotreasonablybeexpectedtoresultinaMaterialAdverseEffect,neithertheCompanynoranyofitsSubsidiaries(i)hasfailedtocomplywithanyEnvironmentalLawortoobtain,maintainorcomplywithanypermit,licenseorotherapprovalrequiredunderanyEnvironmentalLaw,(ii)hasbecomesubjecttoanyEnvironmentalLiability,(iii)hasreceivednoticeofanyclaimwithrespecttoanyEnvironmentalLiability or (iv) knows of any basis for any Environmental Liability.SECTION 3.07. Compliance with Laws and Agreements ..EachoftheCompanyanditsSubsidiariesisincompliancewithalllaws,regulationsandordersofanyGovernmentalAuthorityapplicabletoitoritspropertyandallindentures,agreementsandotherinstrumentsbindinguponitoritsproperty,exceptwherethefailuretodoso,individuallyorintheaggregate,couldnotreasonablybeexpected to result in a Material Adverse Effect.SECTION 3.08. Investment Company Status ..NeithertheCompanynoranyofitsSubsidiariesis an “investment company” as defined in, or subject to regulation under, the Investment Company Act of1940.SECTION 3.09. Taxes ..EachoftheCompanyanditsSubsidiarieshastimelyfiledorcausedtobe filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxesrequiredtohavebeenpaidbyit,except(a)TaxesthatarebeingcontestedingoodfaithbyappropriateproceedingsandforwhichtheCompanyorsuchSubsidiary,asapplicable,hassetasideonitsbooksadequatereservesor(b)totheextentthatthefailuretodosocouldnotreasonablybeexpectedtoresultin a Material Adverse Effect.SECTION 3.10. ERISA .. No ERISA Event has occurred or is reasonably expected to occur that,whentakentogetherwithallothersuchERISAEventsforwhichliabilityisreasonablyexpectedtooccur, could reasonably be expected to result in a Material Adverse Effect.SECTION 3.11. Disclosure ..(a)TheCompanyhasdisclosedtotheLendersallagreements,instrumentsandcorporateorotherrestrictionstowhichitoranyofitsSubsidiariesissubject,andallothermattersknowntoit,that,individuallyorintheaggregate,couldreasonablybeexpectedtoresultinaMaterialAdverseEffect.Noneofthereports,financialstatements,certificatesorotherinformationfurnishedbyoronbehalfoftheCompanyoranySubsidiarytotheAdministrativeAgentoranyLenderinconnectionwiththeInformationMemorandum,thenegotiationofthisAgreementordeliveredhereunder(asmodifiedorsupplementedbyotherinformationsofurnished)containsanymaterialmisstatementoffactoromitstostateanymaterialfactnecessarytomakethestatementstherein,inthelightofthecircumstancesunderwhichtheyweremade,notmisleading;provided that,withrespecttoprojected financial information, the Borrowers represent only that such information was prepared in goodfaith based upon assumptions believed to be reasonable at the time.(b) AsoftheRestatementEffectiveDate,tothebestknowledgeoftheCompany,theinformationincludedinthemostrecentBeneficialOwnershipCertification,ifany,providedonorpriortotheRestatementEffectiveDatetoanyLenderinconnectionwiththisAgreementistrueandcorrectinall respects.SECTION 3.12. Federal Reserve Regulations ..NopartoftheproceedsofanyLoanhavebeenusedorwillbeused,whetherdirectlyorindirectly,foranypurposethatentailsaviolationofanyoftheRegulations of the Board, including Regulations T, U and X.85 |
SECTION 3.13. Liens ..TherearenoLiensonanyoftherealorpersonalpropertiesoftheCompany or any Subsidiary except for Liens permitted by Section 6.02.SECTION 3.14. No Default .. No Default or Event of Default has occurred and is continuing.SECTION 3.15. Anti-Corruption Laws and Sanctions ..TheCompanyhasimplementedandmaintainsineffectpoliciesandproceduresdesignedtoensurecompliancebytheCompany,itsSubsidiariesandtheirrespectivedirectors,officers,employeesandagentswithAnti-CorruptionLaws,Anti-MoneyLaunderingLawsandapplicableSanctions,andtheCompany,itsSubsidiariesandtheirrespectiveofficersandemployeesandtotheknowledgeoftheCompanyitsdirectorsandagents,areincompliancewithAnti-CorruptionLaws,Anti-MoneyLaunderingLawsandapplicableSanctionsinallmaterialrespectsand,inthecaseofanyForeignSubsidiaryBorrower,isnotknowinglyengagedinanyactivitythatcouldreasonablybeexpectedtoresultinsuchBorrowerbeingdesignatedasaSanctionedPerson.Noneof(a)theCompany,anySubsidiaryortotheknowledgeoftheCompanyorsuchSubsidiaryanyoftheirrespectivedirectors,officersoremployees,or(b)totheknowledgeoftheCompany, any agent of the Company or any Subsidiary that will act in any capacity in connection with orbenefitfromthecreditfacilityestablishedhereby,isaSanctionedPerson.NoBorrowingorLetterofCredit,useofproceedsorotherTransactionswillviolateanyAnti-CorruptionLaworapplicableSanctions.TheforegoingrepresentationsinthisSection 3.15willnotapplytoanypartyheretotowhichCouncilRegulation(EC) 2271/96(the“Blocking Regulation ”)applies,ifandtotheextentthatsuchrepresentationsareorwouldbeunenforceablebyorinrespectofthatpartypursuantto,orwouldotherwiseresultinabreachand/orviolationof,(i) anyprovisionoftheBlockingRegulation(oranylaworregulationimplementingtheBlockingRegulationinanymemberstateoftheEuropeanUnion)or(ii) any similar blocking or anti-boycott law in the United Kingdom.SECTION 3.16. Insurance ..TheCompanymaintains,andhascausedeachSubsidiarytomaintain,withfinanciallysoundandreputableinsurancecompanies,insuranceonalltheirrealandpersonal property in such amounts, subject to such deductibles and self-insurance retentions and coveringsuchpropertiesandrisksasareadequateandcustomarilymaintainedbycompaniesengagedinthesameor similar businesses operating in the same or similar locations.SECTION 3.17. Security Interest in Collateral ..TheprovisionsofthisAgreementandtheotherLoanDocumentscreatelegalandvalidperfectedLiensonalltheCollateralinfavoroftheAdministrativeAgent,forthebenefitoftheSecuredParties,andsuchLiensconstituteperfectedandcontinuingLiensontheCollateral,securingtheSecuredObligations,enforceableagainsttheapplicableLoanPartyandallthirdparties,andhavingpriorityoverallotherLiensontheCollateralexceptinthecaseof(a) PermittedEncumbrances,totheextentanysuchPermittedEncumbranceswouldhavepriorityovertheLiensinfavoroftheAdministrativeAgentpursuanttoanyapplicablelawand(b) Liensperfectedonlybypossession(includingpossessionofanycertificateoftitle)totheextenttheAdministrative Agent has not obtained or does not maintain possession of such Collateral.SECTION 3.18. Use of Proceeds ..TheproceedsoftheLoanshavebeenusedandwillbeused,whether directly or indirectly as set forth in Section 5.08.SECTION 3.19. Solvency ..(a) ImmediatelyaftertheconsummationoftheTransactionstooccuronorbeforetheRestatementEffectiveDate,theCompanyanditsSubsidiaries,takenasawhole,areandwillbesolventas provided in the certificates provided pursuant to Sections 4.01(g) and 4.04(d), respectively, and will beSolvent at all other times after the RestatementEffectiveDate.86 |
(b) TheCompanydoesnotintendto,norwillitpermitanyofitsSubsidiariesto,andtheCompanydoesnotbelievethatitoranyofitsSubsidiarieswill,incurdebtsbeyonditsabilitytopaysuchdebtsastheymature,takingintoaccountthetimingofandamountsofcashtobereceivedbyitoranysuchSubsidiaryandthetimingoftheamountsofcashtobepayableonorinrespectofitsIndebtedness or the Indebtedness of any such Subsidiary.SECTION 3.20. Affected Financial Institutions ..NoLoanPartyisanAffectedFinancialInstitution.SECTION 3.21. Plan Assets; Prohibited Transactions ..NoneoftheCompanyoranyofitsSubsidiariesisanentitydeemedtohold“planassets”(withinthemeaningofthePlanAssetRegulations),andneithertheexecution,deliverynorperformanceoftheTransactions,includingthemakingofanyLoanandtheissuanceofanyLetterofCredithereunder,willgiverisetoanon-exemptprohibited transaction under Section 406 of ERISA or Section 4975 of the Code.ARTICLE IVConditions SECTION 4.01. Restatement Effective Date ..TheamendmentandrestatementoftheExistingCreditAgreementandtheobligationsoftheLenderstomakeLoansandoftheIssuingBanktoissueLettersofCredithereundershallnotbecomeeffectiveuntilthedateonwhicheachofthefollowingconditions is satisfied (or waived in accordance with Section 9.02):(a) TheAdministrativeAgent(oritscounsel)shallhavereceived(i)fromeachpartyhereto(includinganyDepartingLender)either(A)acounterpartofthisAgreementsignedonbehalfofsuchparty(which,subjecttoSection9.06(b),mayincludeanyElectronicSignaturestransmittedbytelecopy,emailedpdf,oranyotherelectronicmeansthatreproducesanimageofanactualexecutedsignaturepage)or(B)writtenevidencesatisfactorytotheAdministrativeAgent(which,subjecttoSection9.06(b),mayincludeanyElectronicSignaturestransmittedbytelecopy,emailedpdforanyotherelectronicmeansthatreproducedanimageofanactualexecutedsignaturepageofthisAgreement)thatsuchpartyhassignedacounterpartofthisAgreementand(ii) dulyexecutedcopiesoftheLoanDocuments(oramendmentsto,amendmentsandrestatementsoforreaffirmationsoftheExistingLoanDocuments)andsuchothercertificates,documents,instrumentsandagreementsastheAdministrativeAgentshallreasonablyrequestinconnectionwiththetransactionscontemplatedbythisAgreementandtheotherLoanDocuments,includinganypromissorynotesrequestedbyaLenderpursuanttoSection 2.10payabletotheorderofeachsuchrequestingLender,allinformandsubstancereasonablysatisfactorytotheAdministrativeAgentanditscounselandasfurtherdescribedinthelistofclosingdocuments attached as Exhibit E ..(b) TheAdministrativeAgentshallhavereceivedsuchdocumentsandcertificatesastheAdministrativeAgentoritscounselmayreasonablyrequestrelatingtotheorganization,existenceandgoodstandingoftheinitialLoanParties,theauthorizationoftheTransactionsandanyotherlegalmattersrelatingtosuchLoanParties,theLoanDocumentsortheTransactions,allinformandsubstancesatisfactorytotheAdministrativeAgentanditscounselandasfurtherdescribedinthelistofclosingdocuments attached as Exhibit E ..(c) The Administrative Agent shall have received favorable written opinions (addressedtotheAdministrativeAgentandtheLendersanddatedtheRestatementEffectiveDate)of(a)XxxxxxxXxxxxx,GeneralCounseloftheCompanyand(b)Xxxxxx&XxxxxxxXXX,U.S.counseltotheLoanParties, in each case, covering such other matters relating to the Loan Parties, the Loan Documents or the87 |
TransactionsastheAdministrativeAgentshallreasonablyrequest.TheCompanyherebyrequestssuchcounsels to deliver such opinions.(d) TheLenders,theAdministrativeAgentandtheLeadArrangersshallhavereceivedorbeenauthorizedtodeductfromtheproceedsoftheCreditEventstooccurontheRestatementEffectiveDateallfeesrequiredtobepaidbytheCompanyonorbeforetheRestatementEffectiveDate,andallexpensesforwhichinvoiceshavebeenpresentednotlessthantwo(2)BusinessDayspriortotheRestatement Effective Date (except as otherwise reasonably agreed by the Company).(e) The Lead Arrangers shall have received (i) audited consolidated financial statementsoftheCompanyforthefiscalyearsendedDecember31,2019andDecember31,2020;(ii)unauditedconsolidatedfinancialstatementsforanyinterimperiodorperiodsofeachoftheCompanyendedafterthedateofthemostrecentauditedfinancialstatements,totheextentavailable;and(iii)customaryadditionalauditedandunauditedfinancialstatementsforallrecent,probableorpendingacquisitionsbytheCompanyoranyofitsSubsidiaries.Thefilingoftherequiredfinancialstatementsunderclauses(i)and (ii) above on form 10-K and/or form 10-Q by the Company, as applicable will satisfy such requirementsfor the Company.(f) TheAdministrativeAgentshallhavereceivedacopyoftheplanandforecastcoveringaperiodofnotlessthanfour(4)years(includingaprojectedconsolidatedbalancesheet,incomestatementandcashflowstatement)oftheCompanyanditsSubsidiariesinformreasonablysatisfactorytotheAdministrativeAgentanddemonstrating,inthereasonablejudgmentoftheAdministrativeAgent,theabilityoftheCompanyandtheotherBorrowerstorepaytheirdebtsandtocomply with the financial covenants hereunder.(g) TheAdministrativeAgentshallhavereceived(i)acertificateintheformofExhibitM,datedtheRestatementEffectiveDateandsignedbythechieffinancialofficeroftheCompany,certifyingthattheCompanyanditsSubsidiariesaresolventasprovidedthereinasoftheRestatementEffectiveDateimmediatelyaftertheconsummationoftheTransactionsbeingeffectedonorbeforetheRestatement Effective Dateand (ii) a certificate dated as of the Restatement Effective Date and signed bythepresident,vicepresidentoraFinancialOfficeroftheCompanyconfirmingcompliancewiththeconditions set forth in Section 4.02(a) and (b) hereof.(h) TheAdministrativeAgentshallhavereceived,atleastfive(5)dayspriortotheRestatementEffectiveDate,alldocumentationandotherinformationrequiredbyregulatoryauthoritiesunderapplicable“knowyourcustomer”andAnti-MoneyLaunderingLaws,rulesandregulations,includingthePATRIOTAct.TotheextenttheCompanyqualifiesasa“legalentitycustomer”undertheBeneficialOwnershipRegulation,atleastfive(5)dayspriortotheRestatementEffectiveDate,anyLenderthathasrequested,inawrittennoticetotheCompanyatleastten(10)dayspriortotheRestatementEffectiveDate,aBeneficialOwnershipCertificationinrelationtotheCompanyshallhavereceivedsuchBeneficialOwnershipCertification(provided that,upontheexecutionanddeliverybysuchLenderofitssignaturepagetothisAgreement,theconditionsetforthinthissentenceshallbedeemed to be satisfied).(i) The Administrative Agent (or its counsel) shall have received the following:(i)eachdocument(includinganyUCCfinancingstatement)requiredbytheCollateralDocumentsorunderlaworreasonablyrequestedbytheAdministrativeAgenttobefiled,registeredorrecorded in order to create in favor of the Administrative Agent, for the benefit of the Secured Parties (ortoreaffirmorre-evidencetheperfectionof),aperfectedLienontheCollateraldescribedtherein,prior88 |
andsuperiorinrighttoanyotherPerson(otherthanwithrespecttoLiensexpresslypermittedbySection 6.02), in proper form for filing, registration or recordation; and(ii)(A)thecertificates(ifany)representingtheEquityInterestspledgedpursuanttotheCollateralDocuments,togetherwithanundatedstockpowerforeachsuchcertificateexecutedinblankbyadulyauthorizedofficerofthepledgorthereof,and(B)eachpromissorynote(ifany)pledgedtotheAdministrativeAgentpursuanttotheCollateralDocumentsendorsed(withoutrecourse)inblank(oraccompanied by an executed transfer form in blank) by the pledgor thereof.(j) EachDepartingLendershallhavereceivedpaymentinfullofallofitsoutstanding“Obligations”owingundertheExistingCreditAgreement(otherthanobligationstopayfeesandexpenseswithrespecttowhichtheCompanyhasnotreceivedaninvoice,contingentindemnityobligations and other contingent obligations owing to it under the Existing Loan Documents).(k) TheAdministrativeAgentshallhavereceivedsuchotherdocumentsastheAdministrativeAgent,theIssuingBanks,anyLenderortheirrespectivecounselmayhavereasonablyrequested.TheAdministrativeAgentshallnotifytheCompanyandtheLendersoftheRestatementEffectiveDate,and such notice shall be conclusive and binding.SECTION 4.02. Each Other Credit Event .. The obligation of each Lender to make a Loan on theoccasionofanyBorrowing,andoftheIssuingBankstoissue,amend,reneworextendanyLetterofCredit, is subject to the satisfaction of the following conditions:(a) TherepresentationsandwarrantiesoftheBorrowerssetforthinthisAgreementshallbetrueandcorrectinallmaterialrespects(andinallrespectsifqualifiedbyMaterialAdverseEffectorothermaterialityqualifier)onandasofthedateofsuchBorrowingorthedateofissuance,amendment, renewal or extension of such Letter of Credit, as applicable.(b) AtthetimeofandimmediatelyaftergivingeffecttosuchBorrowingortheissuance,amendment,renewalorextensionofsuchLetterofCredit,asapplicable,noDefaultshallhaveoccurred and be continuing.(c) Nolaworregulationshallprohibit,andnoorder,judgmentordecreeofanyGovernmental Authority shall enjoin, prohibit or restrain, any Lender from making the requested Loan ortheIssuingBankoranyLenderfromissuing,renewing,extendingorincreasingthefaceamountoforparticipating in the Letter of Credit requested to be issued, renewed, extended or increased.EachBorrowingandeachissuance,amendment,renewalorextensionofaLetterofCreditshallbedeemed to constitute a representation and warranty by the Borrowers on the date thereof as to the mattersspecified in paragraphs (a) and (b) of this Section.SECTION 4.03. Designation of a Foreign Subsidiary Borrower ..ThedesignationofaForeignSubsidiaryBorrowerpursuanttoSection2.23issubjecttotheconditionprecedentthattheCompanyorsuchproposedForeignSubsidiaryBorrowershallhavefurnishedorcausedtobefurnishedtotheAdministrative Agent:(a) Copies,certifiedbytheSecretaryorAssistantSecretaryofsuchSubsidiary,ofitsBoardofDirectors’resolutions(andresolutionsofotherbodies,ifanyaredeemednecessarybycounselfortheAdministrativeAgent)approvingtheBorrowingSubsidiaryAgreementandanyotherLoan89 |
DocumentstowhichsuchSubsidiaryisbecomingapartyandsuchdocumentsandcertificatesastheAdministrativeAgentoritscounselmayreasonablyrequestrelatingtotheorganization,existenceandgood standing of such Subsidiary;(b) Anincumbencycertificate,executedbytheSecretaryorAssistantSecretaryofsuchSubsidiary,whichshallidentifybynameandtitleandbearthesignatureoftheofficersofsuchSubsidiaryauthorizedtorequestBorrowingshereunderandsigntheBorrowingSubsidiaryAgreementandtheotherLoanDocumentstowhichsuchSubsidiaryisbecomingaparty,uponwhichcertificatetheAdministrativeAgentandtheLendersshallbeentitledtorelyuntilinformedofanychangeinwritingbythe Company or such Subsidiary;(c) OpinionsofcounseltosuchSubsidiary,informandsubstancereasonablysatisfactorytotheAdministrativeAgentanditscounsel,withrespecttothelawsofitsjurisdictionoforganizationandsuchothermattersasarereasonablyrequestedbycounseltotheAdministrativeAgentand addressed to the Administrative Agent and the Lenders; and(d) AnypromissorynotesrequestedbyanyLender,andanyotherinstrumentsanddocuments reasonably requested by the Administrative Agent.ARTICLE VAffirmative Covenants UntiltheCommitmentshaveexpiredorbeenterminatedandtheprincipalofandinterestoneachLoanandallfeespayablehereundershallhavebeenpaidinfullandallLettersofCreditshallhave expired or terminated, in each case, without any pending draw, and all LC Disbursements shall havebeen reimbursed, the Company covenants and agrees with the Lenders that:SECTION 5.01. Financial Statements and Other Information ..TheCompanywillfurnishtotheAdministrative Agent and each Lender:(a) withinninety(90)daysaftertheendofeachfiscalyearoftheCompany,itsauditedconsolidatedbalancesheetandrelatedstatementsofoperations,stockholders’equityandcashflowsasof the end of and for such year, setting forth in each case in comparative form the figures for the previousfiscalyear,allreportedonbyDeloitteLLPorotherindependentpublicaccountantsofrecognizednationalstanding(withouta“goingconcern”orlikequalificationorexceptionandwithoutanyqualificationorexceptionastothescopeofsuchaudit)totheeffectthatsuchconsolidatedfinancialstatementspresentfairlyinallmaterialrespectsthefinancialconditionandresultsofoperationsoftheCompanyanditsconsolidatedSubsidiariesonaconsolidatedbasisinaccordancewithGAAPconsistently applied;(b) withinfortyfive(45)daysaftertheendofeachofthefirstthreefiscalquartersofeachfiscalyearoftheCompany,itsconsolidatedbalancesheetandrelatedstatementsofoperations,stockholders’equityandcashflowsasoftheendofandforsuchfiscalquarterandthethenelapsedportion of the fiscal year, setting forth in each case in comparative form the figures for the correspondingperiodorperiodsof(or,inthecaseofthebalancesheet,asoftheendof)thepreviousfiscalyear,allcertifiedbyoneofitsFinancialOfficersaspresentingfairlyinallmaterialrespectsthefinancialconditionandresultsofoperationsoftheCompanyanditsconsolidatedSubsidiariesonaconsolidatedbasisinaccordancewithGAAPconsistentlyapplied,subjecttonormalyear-endauditadjustmentsandthe absence of footnotes;90 |
(c) concurrentlywithanydeliveryoffinancialstatementsunderclause(a)or(b)above,acertificateofaFinancialOfficeroftheCompany(i)certifyingastowhetheraDefaulthasoccurredand, if a Default has occurred, specifying the details thereof and any action taken or proposed to be takenwithrespectthereto,(ii)settingforthreasonablydetailedcalculationsdemonstratingcompliancewithSection6.10and(iii)statingwhetheranychangeinGAAPorintheapplicationthereofhasoccurredsincethedateoftheauditedfinancialstatementsreferredtoinSection3.04and,ifanysuchchangehasoccurred, specifying the effect of such change on the financial statements accompanying such certificate;(d) concurrentlywithanydeliveryoffinancialstatementsunderclause(a)above,acertificate of the accounting firm that reported on such financial statements stating whether they obtainedknowledgeduringthecourseoftheirexaminationofsuchfinancialstatementsofanyDefault(whichcertificate may be limited to the extent required by accounting rules or guidelines);(e) concurrentlywiththedeliveryofthecertificateofaFinancialOfficeroftheCompanyasrequiredbyclause(c)above,updatedversionsoftheExhibitstotheSecurityAgreement(providedthatiftherehavebeennochangestoanysuchExhibitssincethepreviousupdatingthereofrequiredhereby,theCompanyshallindicatethattherehasbeen“nochange”totheapplicableExhibit(s));(f) promptlyafterthesamebecomepubliclyavailable,copiesofallperiodicandotherreports,proxystatementsandothermaterialsfiledbytheCompanyoranySubsidiarywiththeSecuritiesandExchangeCommission,oranyGovernmentalAuthoritysucceedingtoanyorallofthefunctionsofsaidCommission,orwithanynationalsecuritiesexchange,ordistributedbytheCompanytoitsshareholders generally, as the case may be; and(g) promptlyfollowinganyrequesttherefor,(x)suchotherinformationregardingtheoperations,businessaffairsandfinancialconditionoftheCompanyoranySubsidiary,orcompliancewith the terms of this Agreement, as the Administrative Agent or any Lender may reasonably requestand(y)informationanddocumentationreasonablyrequestedbytheAdministrativeAgentoranyLenderforpurposesofcompliancewithapplicable“knowyourcustomer”andAnti-MoneyLaunderingLaws,rulesand regulations, including the Patriot Act and the Beneficial Ownership Regulation.AllfinancialstatementsandreportsreferredtoinSections5.01(a)and(b)shallbedeemedtohavebeendelivereduponthedateonwhichsuchdocumentsarefiledforpublicavailabilityontheU.S.SecuritiesandExchangeCommission’sElectronicDataGatheringandRetrievalSystemandthereceiptbytheAdministrativeAgentofelectronicnoticefromtheCompanywithalinktosuchfinancialstatementsandreports.Notwithstandinganythingcontainedherein,ineveryinstancetheCompanyshallberequiredtoprovidecopiesofthecompliancecertificatesrequiredbyclause (c)ofthisSection 5.01totheAdministrativeAgentbyelectronicmailofpdfdocuments,unlessotherwiserequestedbytheAdministrative Agent.SECTION 5.02. Notices of Material Events ..TheCompanywillfurnishtotheAdministrativeAgent and each Lender prompt written notice of the following:(a) the occurrence of any Default;(b) thefilingorcommencementofanyaction,suitorproceedingbyorbeforeanyarbitratororGovernmentalAuthorityagainstoraffectingtheCompanyoranyAffiliatethereofthat,ifadversely determined, could reasonably be expected to result in a Material Adverse Effect;91 |
(c) theoccurrenceofanyERISAEventthat,aloneortogetherwithanyotherERISAEvents that have occurred, could reasonably be expected to result in a Material Adverse Effect;(d) any other development that results in, or could reasonably be expected to result in, aMaterial Adverse Effect; and(e) anychangeintheinformationprovidedintheBeneficialOwnershipCertificationdelivered to such Lender, if any,that would result in a change to the list of beneficial owners identified insuch certification.EachnoticedeliveredunderthisSectionshallbeaccompaniedbyastatementofaFinancialOfficerorotherexecutiveofficeroftheCompanysettingforththedetailsoftheeventordevelopmentrequiringsuch notice and any action taken or proposed to be taken with respect thereto.SECTION 5.03. Existence; Conduct of Business ..TheCompanywill,andwillcauseeachofitsSubsidiariesto,doorcausetobedoneallthingsnecessarytopreserve,renewandkeepinfullforceandeffectitslegalexistenceandtherights,licenses,permits,privilegesandfranchisesmaterialtotheconductofitsbusiness;provided thattheforegoingshallnotprohibitanymerger,consolidation,liquidation or dissolution permitted under Section 6.03.SECTION 5.04. Payment of Obligations ..TheCompanywill,andwillcauseeachofitsSubsidiariesto,payitsobligations,includingTaxliabilities,that,ifnotpaid,couldreasonablybeexpectedtoresultinaMaterialAdverseEffectbeforethesameshallbecomedelinquentorindefault,exceptwhere(a)thevalidityoramountthereofisbeingcontestedingoodfaithbyappropriateproceedings,(b)theCompanyorsuchSubsidiaryhassetasideonitsbooksadequatereserveswithrespect thereto in accordance with GAAP and (c) the failure to make payment pending such contest couldnot reasonably be expected to result in a Material Adverse Effect.SECTION 5.05. Maintenance of Properties; Insurance ..TheCompanywill,andwillcauseeachofitsSubsidiariesto,(a) keepandmaintainallpropertymaterialtotheconductofitsbusinessingoodworkingorderandcondition,ordinarywearandtearexcepted,and(b) maintainwithfinanciallysoundand reputable carriers (i) insurance in such amounts (with no greater risk retention) and against such risks(includinglossordamagebyfireandlossintransit;theft,burglary,pilferage,larceny,embezzlement,andothercriminalactivities;businessinterruption;andgeneralliability)andsuchotherhazards,asiscustomarilymaintainedbycompaniesofestablishedreputeengagedinthesameorsimilarbusinessesoperatinginthesameorsimilarlocationsand(ii) allinsurancerequiredpursuanttotheCollateralDocuments.TheCompanywillfurnishtotheLenders,uponrequestoftheAdministrativeAgent,informationinreasonabledetailastotheinsurancesomaintained.TheCompanyshalldelivertotheAdministrativeAgentendorsements(x) toall“AllRisk”physicaldamageinsurancepoliciesonalloftheLoanParties’tangiblepersonalpropertyandassetsinsurancepoliciesnamingtheAdministrativeAgentaslenderlosspayee,and(y) toallgeneralliabilityandotherliabilitypoliciesnamingtheAdministrativeAgentanadditionalinsured.IntheeventtheCompanyoranyofitsSubsidiariesatanytimeortimeshereaftershallfailtoobtainormaintainanyofthepoliciesorinsurancerequiredhereinortopayanypremium in whole or in part relating thereto, then the Administrative Agent, without waiving or releasinganyobligationsorresultingDefaulthereunder,mayatanytimeortimesthereafter(butshallbeundernoobligationtodoso)obtainandmaintainsuchpoliciesofinsuranceandpaysuchpremiumsandtakeanyotheractionwithrespecttheretowhichtheAdministrativeAgentdeemsadvisable.Allsumssodisbursed by the Administrative Agent shall constitute part of the Obligations, payable as provided in thisAgreement.TheCompanywillfurnishtotheAdministrativeAgentandtheLenderspromptwrittennoticeofanycasualtyorotherinsureddamagetoanymaterialportionoftheCollateralorthe92 |
commencementofanyactionorproceedingforthetakingofanymaterialportionoftheCollateralorinterest therein under power of eminent domain or by condemnation or similar proceeding.SECTION 5.06. Books and Records; Inspection Rights .. The Company will, and will cause eachofitsSubsidiariesto,keepproperbooksofrecordandaccountinwhichfull,trueandcorrectentriesaremadeofalldealingsandtransactionsinrelationtoitsbusinessandactivities.TheCompanywill,andwillcauseeachofitsSubsidiariesto,permitanyrepresentativesdesignatedbytheAdministrativeAgentoranyLender,uponreasonablepriornotice,tovisitandinspectitsproperties,toexamineandmakeextractsfromitsbooksandrecords,andtodiscussitsaffairs,financesandconditionwithitsofficersandindependentaccountants,allatsuchreasonabletimesandasoftenasreasonablyrequested.TheCompanyacknowledgesthattheAdministrativeAgent,afterexercisingitsrightsofinspection,mayprepareanddistributetotheLenderscertainReportspertainingtotheCompanyanditsSubsidiaries’assets for internal use by the Administrative Agent and the Lenders.SECTION 5.07. Compliance with Laws ..TheCompanywill,andwillcauseeachofitsSubsidiariesto,(i)complywithalllaws,rules,regulationsandordersofanyGovernmentalAuthorityapplicabletoitoritsproperty(includingwithoutlimitationEnvironmentalLaws)and(ii)performinallmaterialrespectsitsobligationsundermaterialagreementstowhichitisaparty,ineachcaseexceptwhere the failure to do so, individually or in the aggregate, could not reasonably be expected to result in aMaterialAdverseEffect.TheCompanywillmaintainineffectandenforcepoliciesandproceduresdesignedtoensurecompliancebytheCompany,itsSubsidiariesandtheirrespectivedirectors,officers,employeesandagentswithAnti-CorruptionLaws,Anti-MoneyLaunderingLawsandapplicableSanctions.SECTION 5.08. Use of Proceeds ..(a) TheproceedsoftheDelayedDrawTermLoans,alongwithotherfunds(includingcertainproceedsofRevolvingLoans),shallbeusedtorepayinfulltheoutstandingPrivatePlacementNotes.(b) TheproceedsoftheRevolvingLoansaftertheRestatementEffectiveDateshallbeusedtorepayexistingindebtedness(includingtheoutstandingPrivatePlacementNotes),feesandexpensesassociatedwiththeTransactions,financetheworkingcapitalneeds,andforgeneralcorporatepurposes,oftheCompanyanditsSubsidiariesintheordinarycourseofbusiness(includingacquisitions(otherthanHostileAcquisitions),investmentsinjointventures,dividendsandsharerepurchases,alltothe extent permitted hereunder).(c) NopartoftheproceedsofanyLoanwillbeused,whetherdirectlyorindirectly,foranypurposethatentailsaviolationofanyoftheRegulationsoftheBoard,includingRegulationsT,UandX.NoBorrowerwillrequestanyBorrowingorLetterofCredit,andnoBorrowershalluse,andtheCompanyshallprocurethatitsSubsidiariesanditsortheirrespectivedirectors,officers,employeesandagentsshallnotuse,theproceedsofanyBorrowingorLetterofCredit(i)infurtheranceofanoffer,payment,promisetopay,orauthorizationofthepaymentorgivingofmoney,oranythingelseofvalue,toanyPersoninviolationofanyAnti-CorruptionLawsorAnti-MoneyLaunderingLaws,(ii)forthepurposeoffunding,financingorfacilitatinganyactivities,businessortransactionoforwithanySanctionedPerson,orinanySanctionedCountry,totheextentsuchactivities,businessesortransactionwouldbeprohibitedbySanctionsifconductedbyacorporationincorporatedintheUnitedStatesorinaEuropeanUnionmemberstateor(iii)inanymannerthatwouldresultintheviolationofanySanctionsapplicabletoanypartyhereto.Theforegoingclauses (ii)and(iii)ofthisSection 5.08(c)willnotapplyto any party hereto to which the Blocking Regulation applies, if and to the extent that such provisionsareorwouldbeunenforceablebyorinrespectofthatpartypursuantto,orwouldotherwiseresultina93 |
breachand/orviolationof,(i) anyprovisionoftheBlockingRegulation(oranylaworregulationimplementingtheBlockingRegulationinanymemberstateoftheEuropeanUnion)or(ii) anysimilarblocking or anti-boycott law in the United Kingdom.SECTION 5.09. Subsidiary Guaranty; Pledges; Additional Collateral; Further Assurances ..(a) Aspromptlyaspossiblebutinanyeventwithinthirty(30)days(orsuchlaterdateas may be agreed upon by the Administrative Agent) after any Person becomes a Subsidiaryand qualifiesas,oranySubsidiaryqualifiesindependentlyas,orisdesignatedbytheCompanyortheAdministrativeAgentas,aSubsidiaryGuarantorpursuanttothedefinitionof“MaterialSubsidiary”,orintheeventtheCompanyelectstodesignateanySubsidiaryasaSubsidiaryGuarantor,theCompanyshallprovidetheAdministrative Agent with written notice thereof setting forth information in reasonable detail describingthematerialassetsofsuchPersonandshallcauseeachsuchSubsidiarywhichalsoqualifiesasaSubsidiaryGuarantortodelivertotheAdministrativeAgentajoindertotheSubsidiaryGuarantyandtheSecurityAgreement(ineachcase)intheformcontemplatedtherebypursuanttowhichsuchSubsidiaryagreestobeboundbythetermsandprovisionsofthereof,suchSubsidiaryGuarantyandtheSecurityAgreementtobeaccompaniedbyappropriatecorporateresolutions,othercorporatedocumentationandlegalandjoinderopinions,astheAdministrativeAgentmayreasonablyrequest,informandsubstancereasonablysatisfactorytotheAdministrativeAgentanditscounsel.Notwithstandingtheforegoing,noReceivables Entity shall be required to become a Subsidiary Guarantor.(b) The Company will cause, and will cause each other Loan Party, other than a ForeignSubsidiaryBorrower, to cause, all of its owned personal property (whether tangible, intangible, or mixed)tobesubjectatalltimestofirstpriority,perfectedLiensinfavoroftheAdministrativeAgentforthebenefitoftheSecuredPartiestosecuretheSecuredObligationsinaccordancewiththetermsandconditionsoftheCollateralDocuments,subjectinanycasetoLienspermittedbySection 6.02.Withoutlimitingthegeneralityoftheforegoing,theCompany willcausetheApplicablePledgePercentageoftheissued and outstanding Equity Interests of each Pledge Subsidiary directly owned by the Company or anyotherLoanParty,otherthanaForeignSubsidiaryBorrower,tobesubjectatalltimestoafirstpriority,perfectedLienundertheUCCinfavoroftheAdministrativeAgenttosecuretheSecuredObligationsinaccordancewiththetermsandconditionsoftheCollateralDocumentsorsuchotherpledgeandsecuritydocumentsastheAdministrativeAgentshallreasonablyrequest,includingPledgeAgreementsrequiredtocreateafirstpriorityperfectedLienintheEquityInterestsofaFirst-TierForeignSubsidiarythatisaMaterialSubsidiaryunderthelawsofitsjurisdictionofincorporationororganization.Notwithstandingtheforegoing,nosuchPledgeAgreementinrespectoftheEquityInterestsofaFirst-TierForeignSubsidiarythatisaMaterialSubsidiaryshallberequiredhereunder totheextenttheAdministrativeAgent or its counsel determines that such pledge would not provide material credit support for the benefitof the Secured Parties pursuant to legally valid, binding and enforceable Pledge Agreements.(c) Withoutlimiting,butnotincontraventionof,theforegoing,theCompanywill,andwillcauseeachSubsidiaryto,executeanddeliver,orcausetobeexecutedanddelivered,totheAdministrativeAgentsuchdocuments,agreementsandinstruments,andwilltakeorcausetobetakensuchfurtheractions(includingthefilingandrecordingoffinancingstatementsandotherdocumentsandsuchotheractionsordeliveriesofthetyperequiredbySection 4.01,asapplicable),whichmayberequiredbylaworwhichtheAdministrativeAgentmay,fromtimetotime,reasonablyrequesttocarryoutthetermsandconditionsofthisAgreementandtheotherLoanDocumentsandtoensureperfectionand priority of the Liens created or intended to be created by the Collateral Documents, all at the expenseoftheCompany;providedthattheCompanyshallnotberequiredtocausesuchactiontobetakenifaDeemed Dividend Problem or Financial Assistance Problem would occur.94 |
(d) IfanyassetsareacquiredbyaLoanPartyaftertheRestatementEffectiveDate(otherthanassetsconstitutingCollateralundertheSecurityAgreementthatbecomesubjecttotheLienundertheSecurityAgreementuponacquisitionthereof),theCompanywillnotifytheAdministrativeAgentthereof,and,ifrequestedbytheAdministrativeAgent,theCompanywillcausesuchassetstobesubjectedtoaLiensecuringtheSecuredObligationsandwilltake,andcausetheotherLoanPartiestotake,suchactionsasshallbenecessaryorreasonablyrequestedbytheAdministrativeAgenttograntandperfectsuchLiens,includingactionsdescribedinparagraph (c)ofthisSection,allattheexpenseoftheCompany.SECTION 5.10. Lender Call and Narrative Discussions ..TheCompanywill,within90daysafterthecloseofeachfiscalyearoftheCompany(orsuchlaterdateastheAdministrativeAgentmayagree),attherequestoftheAdministrativeAgentanduponreasonablepriornotice,holdatelephonicmeetingwithallLenderswhochoosetoattendsuchmeetingatwhichmeetingshallbereviewedthefinancialresultsofthepreviousfiscalyearandthefinancialconditionoftheLoanPartiesandtheprojections presented for the current fiscal year of the Company.ARTICLE VINegative Covenants UntiltheCommitmentshaveexpiredorterminatedandtheprincipalofandinterestoneachLoanandallfeespayablehereunderhavebeenpaidinfullandallLettersofCredithaveexpiredorterminated,ineachcase,withoutanypendingdraw,andallLCDisbursementsshallhavebeenreimbursed, the Company covenants and agrees with the Lenders that:SECTION 6.01. Indebtedness ..TheCompanywillnot,andwillnotpermitanySubsidiaryto,create, incur, assume or permit to exist any Indebtedness, except:(a) theSecuredObligationsandanyotherIndebtednesscreatedundertheLoanDocuments;(b) IndebtednessexistingontheRestatementEffectiveDateandsetforthinSchedule6.01andextensions,renewalsandreplacementsofanysuchIndebtednesswithIndebtednessofasimilartype that does not, for purposes of this clause (b), increase the outstanding principal amount thereof;(c) IndebtednessoftheCompanytoanySubsidiaryandofanySubsidiarytotheCompanyoranyotherSubsidiary;provided thatIndebtednessofanySubsidiarythatisnotaLoanPartyto any Loan Party shall be subject to the limitations set forth in Section 6.04(c);(d) GuaranteesbytheCompanyofIndebtednessofanySubsidiaryandbyanySubsidiary of Indebtedness of the Company or any other Subsidiary;(e) IndebtednessoftheCompanyoranySubsidiaryincurredtofinancetheacquisition,constructionorimprovementofanyfixedorcapitalassets,includingCapitalLeaseObligationsandanyIndebtednessassumedinconnectionwiththeacquisitionofanysuchassetsorsecuredbyaLienonanysuchassetspriortotheacquisitionthereof,andextensions,renewalsandreplacementsofanysuchIndebtednessthatdonot,forpurposesofthisclause(e),increasetheoutstandingprincipalamountthereof;provided that(i)suchIndebtednessisincurredpriortoorwithin180daysaftersuchacquisitionorthecompletionofsuchconstructionorimprovementand(ii)theaggregateprincipalamountof95 |
Indebtednesspermittedbythisclause(e)shallnotexceed$35,000,000intheaggregateatanytimeoutstanding to finance the acquisition, construction or improvement of any other fixed or capital assets;(f) anyIndebtednessofaPersonpriortotheacquisitionthereofbytheCompanyoranySubsidiary;provided that(i)suchIndebtednessisnotincurredincontemplationoforinconnectionwithsuchacquisitionorsuchPersonbecomingaSubsidiary,asthecasemaybe,(ii)suchIndebtednessshallnothaverecoursetoanyotherpropertyorassetsoftheCompanyoranySubsidiaryand(iii)anyextensions,renewalsandreplacementsthereofthatdonotincreasetheoutstandingprincipalamountthereof;(g) IndebtednessoftheCompanyoranySubsidiaryasanaccountpartyinrespectoftrade letters of credit;(h) IndebtednessofForeignSubsidiariesinanaggregateprincipalamount,whenaggregatedwithanyIndebtednessoutstandingunderSection6.01(v),notinexcessofthegreaterof(x)6%ofConsolidatedTotalAssets(asreflectedinthemostrecentconsolidatedbalancesheetoftheCompany delivered pursuant to Section 5.01) and (y) $60,000,000 at any time outstanding;(i) Indebtedness under Swap Agreements permitted by Section 6.05;(j) Indebtednessarisingfromtheendorsementofitemsfordepositorcollectionofcommercial paper received in the ordinary course of business;(k) Indebtedness of the Company or any Subsidiary arising from the honoring by a bankorotherfinancialinstitutionofacheck,draftorsimilarinstrumentinadvertently(exceptinthecaseofdaylightoverdrafts)drawnagainstinsufficientfundsintheordinarycourseofbusiness;provided thatsuch Indebtedness is repaid within two (2) Business Days after being incurred;(l) obligationsowedtocustomersoftheCompanyoranySubsidiaryarisingfromthereceipt of advance payments from a customer in the ordinary course of business;(m) Permitted Unsecured Indebtedness;(n) IndebtednessoftheCompanyoranySubsidiaryasanaccountpartyinrespectoftrustaccountfundsorlettersofcreditestablishedorissuedfortheaccountoftheCompanyorsuchSubsidiary,asthecasemaybe,thatareestablishedorissuedinordertoprovidesecurityforworkers’compensationclaimsorpensionplans,paymentobligationsinconnectionwithself-insurance,reclamation or closure liabilities or similar requirements, in each case in the ordinary course of business;(o) obligationsoftheCompanyoranySubsidiaryarisinginrespectofperformancebondsandcompletion,guarantee,suretyandsimilarbonds,ineachcaseobtainedintheordinarycourseofbusinessandpursuanttocustomarytermsintheCompany’sandsuchSubsidiary’sindustrytosupportstatutoryandcontractualobligations(otherthanIndebtedness)arisingintheordinarycourseofbusiness;provided thattheamountofanysuchobligationsshallnotexceedthemaximumamountrequiredpursuant to the applicable statutory law or contract;(p) IndebtednessoftheCompanyoranySubsidiaryconsistingofthefinancingofinsurance premiums in the ordinary course of business;(q) [Reserved];96 |
(r) IndebtednessoftheCompanyoranySubsidiaryinrespectof(i)BankingServicesAgreements(orsimilaragreementsprovidedbyPersonsotherthanLendersandtheirAffiliates)and(ii)cash pooling arrangements and cash management incurred in the ordinary course of business in respect ofnettingservicesandsimilararrangementsineachcaseinconnectionwithcashmanagementanddepositaccounts,butonlytotheextent,withrespecttoanysucharrangements,thatthetotalamountofdepositssubjecttosucharrangementsequalsorexceedsthetotalamountofoverdraftsorsimilarobligationswithrespect thereto; provided that an overdraft account, not to exceed $50,000 shall be permitted;(s) IndebtednessoftheCompanyoranySubsidiaryconstitutingreimbursementobligationsinrespectofbankguarantees,lettersofcreditandothersimilarcreditenhancementsnotissued pursuant to this Agreement up to an aggregate amount of $5,000,000 at any time outstanding;(t) [Reserved];(u) IndebtednessoftheCompanyoranySubsidiaryincurredpursuanttoPermittedReceivablesFacilities;provided thattheAttributableReceivablesIndebtednessthereundershallnotexceed an aggregate amount of $60,000,000at any time outstanding; and(v) otherIndebtednessoftheCompanyandDomesticSubsidiaries;provided thattheaggregateprincipalamountofIndebtednessofDomesticSubsidiarieswhicharenotSubsidiaryGuarantorspermittedbythisclause(v),whenaggregatedwithanyIndebtednessoutstandingunderSection6.01(h),shallnotexceedthegreaterof(x)6%ofConsolidatedTotalAssets(asreflectedinthemostrecentconsolidatedbalancesheetoftheCompanydeliveredpursuanttoSection5.01)and(y)$60,000,000 at any time outstanding.SECTION 6.02. Liens ..TheCompanywillnot,andwillnotpermitanySubsidiaryto,create,incur,assumeorpermittoexistanyLienonanypropertyorassetnowownedorhereafteracquiredbyit,orassignorsellanyincomeorrevenues(includingaccountsreceivable)orrightsinrespectofanythereof, except:(a) (i)PermittedEncumbrancesandLienscreatedunderanyLoanDocumentsand(ii)cash collateral securing Letters of Credit pursuant to Section 2.06(c);(b) anyLienonanypropertyorassetoftheCompanyoranySubsidiaryexistingonthedatehereofandsetforthinSchedule6.02;provided that(i)suchLienshallnotapplytoanyotherpropertyorassetoftheCompanyoranySubsidiaryand(ii)suchLienshallsecureonlythoseobligationswhichitsecuresonthedatehereofandextensions,renewalsandreplacementsthereofthatdonot,forpurposes of this clause (b), increase the outstanding principal amount thereof;(c) anyLienexistingonanypropertyorassetpriortotheacquisitionthereofbytheCompanyoranySubsidiaryorexistingonanypropertyorassetofanyPersonthatbecomesaSubsidiaryafterthedatehereofpriortothetimesuchPersonbecomesaSubsidiary;providedthat(i)suchLienisnotcreatedincontemplationoforinconnectionwithsuchacquisitionorsuchPersonbecomingaSubsidiary,asthecasemaybe,(ii)suchLienshallnotapplytoanyotherpropertyorassetsoftheCompany or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on thedateofsuchacquisitionorthedatesuchPersonbecomesaSubsidiary,asthecasemaybeandextensions,renewalsandreplacementsthereofthatdonot,forpurposesofthisclause(c),increasetheoutstanding principal amount thereof;(d) Liensonfixedorcapitalassetsacquired,constructedorimprovedbytheCompanyoranySubsidiary;provided that(i) suchsecurityinterestssecureIndebtednesspermittedbyclause (e)of97 |
Section 6.01,(ii) suchsecurityinterestsandtheIndebtednesssecuredtherebyareincurredpriortoorwithinninety(90) daysaftersuchacquisitionorthecompletionofsuchconstructionorimprovement,(iii) theIndebtednesssecuredtherebydoesnotexceed90%(100%inthecaseofaCapitalLeaseObligation)ofthecostofacquiring,constructingorimprovingsuchfixedorcapitalassetsand(iv) suchsecurity interests shall not apply to any other property or assets of the Company or any Subsidiary;(e) Liens(i)consistingofcustomarybankers’Liensandrightsofsetoffcreatedorincurred on deposits or with respect to deposit accounts in the ordinary course of business, (ii) relating topooled deposit or sweep accounts of the Company or any Subsidiary to permit satisfaction of overdraft orsimilarobligationsincurredintheordinarycourseofbusinessoftheCompanyorsuchSubsidiaryor(iii)relatingtopurchaseordersandotheragreementsenteredintowithcustomerswithrespecttothesaleofgoods or delivery of services of the Company or any Subsidiary in the ordinary course of business;(f) LienssolelyonanycashearnestmoneydepositsmadebytheCompanyoranySubsidiaryinconnectionwithanyletterofintentorpurchaseagreementrelatingtoanInvestmentorother transaction permitted under this Agreement;(g) anyencumbranceorrestrictionwithrespecttotheEquityInterestsofanyjointventureorsimilararrangementpursuanttoanyjointventureorsimilaragreementtotheextentpermittedunder Section 6.04;(h) Liensoncashcollateralorotherinvestmentassetssecuringlettersofcreditnotissued pursuant to this Agreement up to an aggregate amount of $5,000,000 at any time outstanding;(i) LiensonPermittedReceivablesFacilityAssetsarisingunderPermittedReceivablesFacilities; and(j) Liensonassets(notconstitutingCollateral)oftheCompanyanditsSubsidiariesnototherwisepermittedaboveandsecuringIndebtednessandotherobligationsinanamountnotexceedingthegreaterof(x)6%ofConsolidatedTotalAssets(asreflectedinthemostrecentconsolidatedbalancesheet of the Company delivered pursuant to Section 5.01) and (y) $60,000,000 at any time outstanding.SECTION 6.03. Fundamental Changes and Asset Sales ..(a)TheCompanywillnot,andwillnot permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Persontomergeintoorconsolidatewithit,orsell,transfer,leaseorotherwisedisposeof(inonetransactionorinaseriesoftransactions)anyofitsassets,(includingpursuanttoaSaleandLeasebackTransaction),oralloranyoftheEquityInterestsofanyofitsSubsidiaries(ineachcase,whethernowownedorhereafteracquired),orliquidateordissolve,exceptthatifatthetimethereofandimmediatelyaftergivingeffecttheretonoDefaultshallhaveoccurredandbecontinuing(i)anyPersonmaymergeintotheCompanyinatransactioninwhichtheCompanyisthesurvivingcorporation,(ii)anySubsidiarymaymergeintoanotherSubsidiary;provided thatinthecaseofanymergerinvolvingaLoanPartysuchmergermustresultinaLoanPartyasthesurvivingentity(andanysuchmergerinvolvingtheCompanymustresultintheCompanyasthesurvivingentity),(iii)anyLoanPartyandanySubsidiarymaysell,transfer,leaseorotherwise dispose of its assets to another Loan Party and any Subsidiary that is not a Loan Party may sell,transfer,leaseorotherwisedisposeofitsassetstoanyotherSubsidiary,(iv)anySubsidiarymaybedissolved, provided that (A) such Subsidiary is not a Material Subsidiary, (B) the assets of such dissolvedSubsidiaryaretransferredtoaLoanPartyoranotherSubsidiary,and(C)ifaSubsidiarybecomesaMaterialSubsidiaryasaresultofsuchtransferofassets,itwillcomplywiththerequirementsofSection5.09,(v)anyLoanPartyandanySubsidiarymaydisposeofdelinquentnotesoraccountsreceivableintheordinarycourseofbusinessforpurposesofcollectionandnotforthepurposeofanybulksaleorsecuritizationtransaction,(vi)anyLoanPartymaymakecharitabledonationsintheordinarycourseof98 |
businessinaccordancewithpastpractice,(vii)theCompanyanditsSubsidiariesmay(A)sellinventoryintheordinarycourseofbusiness,(B)effectsales,trade-insordispositionsofusedequipmentforvalueintheordinarycourseofbusinessconsistentwithpastpractice,(C)disposeofassetsinconnectionwiththeleasing,subleasingorlicensingofrealorpersonalproperty(includingintellectualproperty)intheordinarycourseofbusiness,(D)enterintoSaleandLeasebackTransactionspermittedbySection6.09,(E)sell,transfer,leaseorotherwisedisposeofitsassetsinconnectionwithanyLienspermittedunderSection6.02orwithanyinvestmentspermittedunderSection6.04,(F)sell,transfer,leaseorotherwisedisposeofitsassetstoanyjointventuresolongassuchdispositionisaninvestmentpermittedunderSection6.04,(G)abandonintellectualpropertythatis,inthereasonablejudgmentoftheCompany,nolongereconomicallypracticabletomaintainorusefulintheconductofthebusinessoftheCompanyanditsSubsidiaries,takenasawhole,(H)disposeofinterestsinjointventuresaspermittedunderSection6.04(f)and(I)makeanyothersales,transfers,leasesordispositionsthat,togetherwithallotherpropertyoftheCompanyanditsSubsidiariespreviouslyleased,soldordisposedofaspermittedbythisclause(I)duringanyfiscalyearoftheCompany,doesnotexceed10%ofConsolidatedTotalAssets(asreflectedinthemostrecentconsolidatedbalancesheetoftheCompanydeliveredpursuanttoSection5.01),and(viii)anySubsidiarythatisnotaLoanPartymayliquidateordissolveiftheCompanydeterminesingood faith that such liquidation or dissolution is in the best interests of the Company and is not materiallydisadvantageoustotheLenders;provided thatanysuchmergerorconsolidationinvolvingaPersonthatisnotawholly-ownedSubsidiaryimmediatelypriortosuchmergerorconsolidationshallnotbepermitted unless it is also permitted by Section 6.04.(b) TheCompanywillnot,andwillnotpermitanyofitsSubsidiariesto,engagetoanymaterialextentinanybusinessotherthanbusinessesofthetypeconductedbytheCompanyanditsSubsidiariesonthedateofexecutionofthisAgreementandbusinessesreasonablyrelatedthereto,including any environmental cleaning solutions business or line of business that owns or develops relatedtechnology.(c) TheCompanywillnot,andwillnotpermitanyofitsSubsidiariesto,changethebasis of its fiscal year from the basis in effect on the RestatementEffective Date.SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions ..TheCompanywillnot,andwillnotpermitanyofitsSubsidiariesto,purchase,holdoracquire(includingpursuanttoanymergerorconsolidationwithanyPersonthatwasnotawhollyownedSubsidiarypriortosuchmergerorconsolidation)anycapitalstock,evidencesofindebtednessorothersecurities(includinganyoption,warrantorotherrighttoacquireanyoftheforegoing)of,makeorpermittoexistanyloansoradvances to, Guarantee any obligations of, or make or permit to exist any investment or any other interestin,anyotherPerson,orpurchaseorotherwiseacquire(inonetransactionoraseriesoftransactions)anyPerson or any assets of any other Person constituting a business unit, except:(a) Permitted Investments;(b) (i) investments by the Company existing on the date hereof in the capital stock of itsSubsidiaries, (ii) other investments, capital contributions, loans, advances and book entries reflecting anyoftheforegoingbytheCompanyinortoanySubsidiaryandmadebyanySubsidiarytotheCompanyoranyotherSubsidiary,ineachcase,inthecaseofthisclause(ii),totheextent(x)existingontheRestatementEffectiveDateandsetforthonSchedule6.04(b)hereto,(y)anticipatedasoftheRestatementEffectiveDateandsetforthonSchedule6.04(b)heretoor(z)madeaftertheRestatementEffectiveDatebyconversionfromsuchinvestment,capitalcontribution,loan,advanceorbookentrytoanotherinvestment,capitalcontribution,loan,advanceorbookentryoflikeamountandinvolvingthe99 |
sameentities,and(iii)otherinvestmentsexistingontheRestatementEffectiveDateassetforthonSchedule 6.04(b) hereto;(c) investments,capitalcontributions,loans,advancesorbookentriesreflectinganyoftheforegoingmadebytheCompanyinortoanySubsidiaryandmadebyanySubsidiarytotheCompanyoranyotherSubsidiary;providedthat,inadditiontotheinvestments,capitalcontributions,loans,advancesandbookentriespermittedbyclause(b)above,investments,loans,advancesandcapitalcontributionsbytheCompanyandtheSubsidiaryGuarantorstoanySubsidiarythatisnotaSubsidiaryGuarantorshallbepermittedonlyif(x)atthetimeofandaftergivingeffecttosuchinvestment,loan,advanceorcapitalcontribution,noEventofDefaultexistsandiscontinuingand(y)iftheNetLeverageRatio,calculatedatthetimeofandaftergivingeffecttosuchinvestment,loan,advanceorcapitalcontributiononaproformabasis,isgreaterthan2.50to1.00,theaggregateamountofsuchinvestment,loan,advanceorcapitalcontribution,togetherwithallothersuchinvestments,loans,advancesandcapitalcontributionsunderthisclause(c)duringthethen-currentfiscalyearandallinvestments,loans,advancesandcapitalcontributionsinReceivablesEntitiesunderclause(r)ofthisSection6.04duringsuchfiscalyear,shallnotexceed$65,000,000;providedthat,iftheNetLeverageRatio,calculatedatthetimeofandaftergivingeffecttosuchinvestment,loan,advanceorcapitalcontribution,onaproformabasis,islessthanorequalto2.50to1.00,thereshallbenolimitontheaggregateamountofsuchinvestments, loans, advances or capital contributions;(d) Guarantees constituting Indebtedness permitted by Section 6.01;(e) Permitted Acquisitions;(f) investmentsinjointventuresandacquisitionsofEquityIntereststhatwouldconstitute Permitted Acquisitions but for the fact that Persons in which such Equity Interests are acquireddonotbecomewhollyownedSubsidiariesoftheBorrower;provided thatthesumoftheaggregateamountofsuchinvestments,plustheaggregateconsiderationpaidinallsuchacquisitions,madeunderthis clause (f) after the RestatementEffective Date shall not exceed the greater of (x) 6% of ConsolidatedTotalAssets(asreflectedinthemostrecentconsolidatedbalancesheetoftheCompanydeliveredpursuant to Section 5.01) and (y) $60,000,000 at any time outstanding;(g) accounts receivable and extensions of trade credit to and extended payment terms tocustomers in the ordinary course of business consistent with past practice;(h) investmentsintheformofpromissorynotesandothernon-cashconsiderationreceivedbytheCompanyoranySubsidiaryinconnectionwithanydispositionofassetstotheextentpermitted under Section 6.03;(i) investments made in lieu of a dividend permitted by Section 6.06;(j) investmentsconsistingofprepaidrentorsecuritydepositsmadebytheCompanyand its Subsidiaries in the ordinary course of business;(k) investmentsreceivedinconnectionwiththebankruptcyorreorganizationof,orsettlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinarycourse of business;100 |
(l) loansoradvancestodirectorsandemployeesoftheCompanyoranySubsidiarymadeintheordinarycourseofbusiness;provided thattheaggregateoutstandingamountofsuchloansand advances at any time shall not exceed $1,000,000;(m) capital expenditures not otherwise prohibited under this Agreement;(n) EquityInterestsoftheCompanyacquiredpursuanttoaRestrictedPaymentpermittedunderSection6.06andheldbytheCompany(providedthatanysuchacquisitionfinancedbytheproceedsofLoansshallbemadeincompliancewithapplicablelaws,rulesandregulations,includingRegulations T, U and X);(o) InvestmentsintheordinarycourseofbusinessconsistingofUniformCommercialCodeArticle3endorsementsforcollectionordepositandUniformCommercialCodeArticle4customary trade arrangements with customers consistent with past practices;(p) investments in the form of Swap Agreements permitted by Section6.05;(q) foranyfiscalquarteroftheCompanyanditsSubsidiaries,investments,loans,advances,capitalcontributionsorbookentriesevidencinganyoftheforegoing(otherthanacquisitions)inanaggregateamountforallsuchinvestmentsnottoexceedtheaggregateDollarAmountofRestrictedPaymentsreceivedincashorcashequivalents(orbookentriesevidencingsuchreceiptofcashorcashequivalents)bytheCompanyoranySubsidiaryGuarantorfromaSubsidiarythatisnotaSubsidiaryGuarantor during such fiscal quarter;(r) (i)contributionsofPermittedReceivablesFacilityAssetsandcashdeemedreceivedfromproceedsofPermittedReceivablesFacilityAssetstoanyReceivablesEntitytotheextentrequiredormadepursuanttoPermittedReceivablesFacilityDocumentsortotheextentnecessarytokeepsuchReceivablesEntityproperlycapitalizedtoavoidinsolvencyorconsolidationwithaLoanPartyoranyoftheSubsidiariesand(ii)loansoradvancesmadebytheCompanyoranyReceivablesSellertotheReceivablesEntityforthepurchasepriceoftheReceivablesandthePermittedReceivablesFacilityAssets; and(s) anyotherinvestment,capitalcontribution,loan,advanceorbookentriesreflectinganyoftheforegoing(otherthanacquisitions)solongastheaggregateamountofallsuchinvestments,capitalcontributions,loans,advancesorbookentriesdoesnotexceedthegreaterof(x)6%ofConsolidatedTotalAssets(asreflectedinthemostrecentconsolidatedbalancesheetoftheCompanydelivered pursuant to Section 5.01) and (y) $60,000,000 at any time.SECTION 6.05. Swap Agreements ..TheCompanywillnot,andwillnotpermitanyofitsSubsidiariesto,enterintoanySwapAgreement,except(a)SwapAgreementsenteredintotohedgeormitigateriskstowhichtheCompanyoranySubsidiaryhasactualoranticipatedexposure(otherthanthoseinrespectofEquityInterestsoftheCompanyoranyofitsSubsidiaries),and(b)SwapAgreementsenteredintoinordertoeffectivelycap,collarorexchangeinterestrates(fromfixedtofloatingrates,fromonefloatingratetoanotherfloatingrateorotherwise)withrespecttoanyinterest-bearingliabilityor investment of the Company or any Subsidiary.SECTION 6.06. Restricted Payments ..TheCompanywillnot,andwillnotpermitanyofitsSubsidiariesto,declareormake,oragreetopayormake,directlyorindirectly,anyRestrictedPayment,except(a)theCompanymaydeclareandpaydividendswithrespecttoitsEquityInterestspayablesolelyinadditionalsharesofitscommonstock,(b)SubsidiariesmaydeclareandpaydividendsratablywithrespecttotheirEquityInterests,(c)theCompanymaymakeRestrictedPaymentspursuanttoandin101 |
accordancewithstockoptionplansorotherbenefitplansformanagementoremployeesoftheCompanyanditsSubsidiaries,(d)anyReceivablesEntitymaydeclareandpaydividendsorotherdistributionstotheCompanyoranywholly-ownedSubsidiarythereof,(e)solongasnoDefaultorEventofDefaulthasoccurredandiscontinuing,RestrictedPaymentsconstitutingaquarterlycashdividendtotheshareholdersoftheCompanyshallbepermittedinanamountnottoexceed$7,500,000perquarter;and(f)theCompanymaymakeanyotherRestrictedPaymentsolongasnoDefaultorEventofDefaulthasoccurredandiscontinuingpriortomakingsuchRestrictedPaymentorwouldariseaftergivingeffectthereto(includingproformaeffect);providedthat,if,asofthedateofmakingsuchRestrictedPayment(andaftergivingproformaeffectthereto)theNetLeverageRatiofortheCompanyanditsconsolidatedSubsidiarieswouldexceed2.50to1.00,thentheaggregateamountofRestrictedPaymentspermittedpursuanttothisclause(f)shallnotexceed$60,000,000duringanyfiscalyearoftheCompany;providedfurtherthatif,asofthedateofmakingsuchRestrictedPayment(andaftergivingproformaeffectthereto) the Net Leverage Ratio for the Company and its consolidated Subsidiaries is less than or equal to2.50to1.00,thereshallbenolimitontheaggregateamountofRestrictedPaymentspermittedpursuantto this clause (f).SECTION 6.07. Transactions with Affiliates .. The Company will not, and will not permit any ofitsSubsidiariesto,sell,leaseorotherwisetransferanypropertyorassetsto,orpurchase,leaseorotherwiseacquireanypropertyorassetsfrom,orotherwiseengageinanyothertransactionswith,anyofitsAffiliates,exceptfor(a)transactionsintheordinarycourseofbusinessatpricesandontermsandconditionsnotlessfavorabletotheCompanyoraSubsidiarythancouldbeobtainedonanarm's-lengthbasisfromunrelatedthirdparties,(b)transactionsbetweenoramongtheCompanyanditswhollyownedSubsidiaries not involving any other Affiliate, (c) intercompany transactions for the purpose of improvingtheconsolidatedtaxefficiencyoftheCompanyanditsSubsidiaries,(d)paymentsbytheCompanyanditsSubsidiariespursuanttotaxsharingagreementsamongtheCompanyanditsSubsidiariesoncustomarytermsthatrequireeachpartytomakepaymentswhensuchtaxesaredueorrefundsreceivedofamountsequaltotheincometaxliabilitiesandrefundsgeneratedbyeachsuchpartycalculatedonaseparatereturnbasisandpaymentstothepartygeneratingtaxbenefitsandcreditsofamountsequaltothevalueofsuchtaxbenefitsandcreditsmadeavailabletothegroupbysuchparty,(e)anytransactionpermittedunderSection6.01,6.03,6.04or6.06,(f)employment,indemnification,benefitsandcompensationarrangements(includingarrangementsmadewithrespecttobonusesandequity-basedawards)enteredintointheordinarycourseofbusinesswithmembersoftheboardofdirectorsormanagementcommittee,officersandemployeesoftheCompanyoraSubsidiary,(g)anysubscriptionagreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rightsorsimilarrightswithemployees,officersordirectors,(h)transactionsbetweentheCompanyoranySubsidiaryandanyPerson,amemberofthegoverningboardofwhichisalsoamemberofthegoverningboardoftheCompanyoraSubsidiarywhichareexpresslyapprovedbythegoverningboardoftheCompanyorsuchSubsidiary,provided ,however,thatsuchmemberabstainsfromvotingasamemberofthegoverningboardoftheCompanyorsuchSubsidiaryonanymatterinvolvingsuchotherPerson,(i)thepaymentoffees,expenses,indemnitiesorotherpaymentspursuanttotheagreementssetforthonSchedule 6.07 and (j) transactions contemplated by any Permitted Receivables Facility Documents.SECTION 6.08. Restrictive Agreements ..TheCompanywillnot,andwillnotpermitanyofitsSubsidiariesto,directlyorindirectly,enterinto,incurorpermittoexistanyagreementorotherarrangementthatprohibits,restrictsorimposesanyconditionupon(a)theabilityoftheCompanyoranySubsidiarytocreate,incurorpermittoexistanyLieninfavoroftheAdministrativeAgentuponanyofitspropertyorassets,or(b)theabilityofanySubsidiarytopaydividendsorotherdistributionswithrespecttoholdersofitsEquityInterestsortomakeorrepayloansoradvancestotheCompanyoranyotherSubsidiaryortoGuaranteeIndebtednessoftheCompanyoranyotherSubsidiary;providedthat(i)theforegoingshallnotapplyto(A)restrictionsandconditionsimposedbylaworbythisAgreementorbythetermsofanyPermittedUnsecuredIndebtedness,and(B)customaryrestrictionsandconditions,102 |
includingnetworth,leverageandotherfinancialcovenantsandcustomarycovenantsregardingbusinessoperationsorencumbrances,onthen-marketterms(fortheapplicableIndebtedness)imposedundertheterms of any other Indebtedness permitted under clauses (b), (e), (f), (h), (i) or (v) of Section 6.01, (ii) theforegoingshallnotapplytorestrictionsandconditionsexistingonthedatehereofidentifiedonSchedule6.08(butshallapplytoanyextensionorrenewalof,oranyamendmentormodificationexpandingthescopeof,anysuchrestrictionorcondition)orexistingatthetimeofanyacquisition,(iii)theforegoingshallnotapplytocustomaryrestrictionsandconditionscontainedinagreementsrelatingtoaPermittedReceivablesFacilityoragreementswithsuretycompaniesthatwaiveorprohibitsubrogationofclaimsand/orprohibitpartiestosuchagreementsfromcollectingintercompanyobligationsuntilobligationstotheapplicablesuretycompanyhavebeenpaidorsatisfied,ineachcaseafteraclaimismadeuponsuchsuretycompany,(iv)theforegoingshallnotapplytocustomaryprovisionsinlicenses,governmentalpermits,leasesandothercontractsrestrictingtheassignmentthereof,(v)theforegoingshallnotapplytocustomaryprohibitionsorrestrictionsinjointventureagreementsandsimilaragreementsthatrelatesolelytotheactivitiesofjointventurespermittedunderSection6.04,(vi)clause(a)oftheforegoingshallnotapplytorestrictionsorconditionsimposedbyanyagreementrelatingtosecuredIndebtednesspermittedbythisAgreementifsuchrestrictionsorconditionsapplyonlytothepropertyorassetssecuringsuchIndebtedness,(vii)clause(a)oftheforegoingshallnotapplytocustomaryprovisionsinleasesandothercontractsrestrictingtheassignmentthereof,(viii)theforegoingshallnotapplytocustomaryrestrictionsandconditionscontainedinanyagreementrelatingtothedispositionofanypropertypermittedbySection6.03pendingtheconsummationofsuchdispositionand(ix)theforegoingshallnotapplytocustomaryrestrictionsandconditionscontainedinPermittedReceivablesFacilityDocuments.SECTION 6.09. Sale and Leasebacks. The Company shall not, nor shall it permit any Subsidiaryto,enterintoanySaleandLeasebackTransactionexceptthattheCompanyandanySubsidiarymaybecomeandremainliableaslessee,guarantororothersuretywithrespecttoanyleaseunderaSaleandLeasebackTransactionifandtotheextentthattheCompanyoranySubsidiarywouldbepermittedtoenterinto,andremainliableunder,suchleasetotheextentthatthetransactionwouldbepermittedunderSection 6.01.SECTION 6.10. Financial Covenants ..(a) Maximum Net Leverage Ratio ..TheCompanywillnotpermittheNetLeverageRatiodeterminedasoftheendofeachofitsfiscalquarterstobegreaterthan3.50to1.00;provided ,thattheCompanymay,inconnectionwithaSpecifiedAcquisition,solongasnoDefaultorEventofDefaultshallbecontinuinganduponwrittennoticebytheCompanytotheAdministrativeAgent,electtoincreasethemaximumNetLeverageRatiopermittedunderthisSection6.10(a)to4.00to1.00foraperiodoffourconsecutivefiscalquarterscommencingwiththefiscalquarterinwhichsuchSpecifiedAcquisitionoccurs(anysuchelectioninrespectofthemaximumNetLeverageRatiopursuanttothisSection6.10(a)beingreferredtoasan“Acquisition Holiday ”);provided ,further that(x)noAcquisitionHolidayshallbeavailableduringthetwo(2)consecutivefiscalquartersoccurringimmediatelyafteranyAcquisitionHolidayshallhaveconcluded,(y)theCompanymayonlyexerciseanAcquisitionHolidaytwiceduringthetermofthisAgreementand(z)fortheavoidanceofdoubt,afterthefourconsecutivefiscalquarterperiodreferredtoabove,theNetLeverageRatioshallreverttothelevelsrequiredinthisSection 6.10(a) had the Acquisition Holiday not occurred.(b) Minimum Interest Coverage Ratio ..TheCompanywillnotpermittheratio,determinedasoftheendofeachofitsfiscalquarters,of(i)ConsolidatedEBITDAfortheperiodof4consecutivefiscalquartersendingwiththeendofsuchfiscalquarterto(ii)ConsolidatedInterestExpenseforsuchperiod,allcalculatedfortheCompanyanditsSubsidiariesonaconsolidatedbasis,tobe less than 3.00 to 1.00.103 |
ARTICLE VIIEvents of Default SECTION 7.01. Events of Default ..Ifanyofthefollowingevents(“Events of Default ”)shalloccur:(a) anyBorrowershallfailtopayanyprincipalofanyLoanoranyreimbursementobligationinrespectofanyLCDisbursementwhenandasthesameshallbecomedueandpayable,whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;(b) anyBorrowershallfailtopayanyinterestonanyLoanoranyfeeoranyotheramount(otherthananamountreferredtoinclause(a)ofthisArticle)payableunderthisAgreementoranyotherLoanDocument,whenandasthesameshallbecomedueandpayable,andsuchfailureshallcontinue unremedied for a period of three (3) Business Days;(c) anyrepresentationorwarrantymadeordeemedmadebyoronbehalfofanyBorroweroranySubsidiaryinthisAgreementoranyotherLoanDocumentoranyamendmentormodificationthereoforwaiverthereunder,orinanyreport,certificate,financialstatementorotherdocumentfurnishedpursuanttoorinconnectionwiththisAgreementoranyotherLoanDocumentoranyamendmentormodificationthereoforwaiverthereunder,shallprovetohavebeenincorrectinanymaterialrespect(orinanyrespectifqualifiedbyMaterialAdverseEffectorothermaterialityqualifier)when made or deemed made;(d) (i)theCompanyshallfailtoobserveorperformanycovenant,conditionoragreementcontainedinSection5.02,5.03(solelywithrespecttoanyBorrower’soranyGuarantor’sexistence),5.08,5.09or5.10,orinArticleVIor(ii)ArticleXoranyLoanDocumentshallforanyreasonnotbeorshallceasetobeinfullforceandeffectorisdeclaredtobenullandvoid,ortheCompany or any Subsidiary takes any action for the purpose of terminating, repudiating or rescinding anyLoan Document or any of its obligations thereunder;(e) anyBorroweroranySubsidiaryGuarantor,asapplicable,shallfailtoobserveorperformanycovenant,conditionoragreementcontainedinthisAgreement(otherthanthosespecifiedinclause(a),(b)or(d)ofthisArticle)oranyotherLoanDocument,andsuchfailureshallcontinueunremediedforaperiodofthirty(30)daysafternoticethereoffromtheAdministrativeAgenttotheCompany (which notice will be given at the request of any Lender);(f) the Company or any Subsidiary shall fail to make any payment (whether of principalorinterestandregardlessofamount)inrespectofanyMaterialIndebtedness,whenandasthesameshallbecomedueandpayable,beyondtheperiodofgrace,ifanybutinnoeventbeyondfive(5)BusinessDays, provided in the instrument or document under which such Indebtedness was created;(g) anyeventorconditionoccursthatresultsinanyMaterialIndebtednessbecomingduepriortoitsscheduledmaturityorthatenablesorpermits(withorwithoutthegivingofnotice,thelapseoftimeorboth)theholderorholdersofanyMaterialIndebtednessoranytrusteeoragentonitsortheirbehalftocauseanyMaterialIndebtednesstobecomedue,ortorequiretheprepayment,repurchase,redemptionordefeasancethereof,priortoitsscheduledmaturity;provided thatthisclause(g)shallnotapplytosecuredIndebtednessthatbecomesdueasaresultofthevoluntarysaleortransferoftheproperty or assets securing such Indebtedness;104 |
(h) aninvoluntaryproceedingshallbecommencedoraninvoluntarypetitionshallbefiledseeking(i)liquidation,reorganizationorotherreliefinrespectoftheCompanyoranyMaterialSubsidiaryoritsdebts,orofasubstantialpartofitsassets,underanyFederal,stateorforeignbankruptcy,insolvency,receivershiporsimilarlawnoworhereafterineffector(ii)theappointmentofareceiver,trustee,custodian,sequestrator,conservatororsimilarofficialfortheCompanyoranyMaterialSubsidiaryorforasubstantialpartofitsassets,and,inanysuchcase,suchproceedingorpetitionshallcontinue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoingshall be entered;(i) theCompanyoranyMaterialSubsidiaryshall(i)voluntarilycommenceanyproceedingorfileanypetitionseekingliquidation,reorganizationorotherreliefunderanyFederal,stateorforeignbankruptcy,insolvency,receivershiporsimilarlawnoworhereafterineffect,(ii)consenttotheinstitutionof,orfailtocontestinatimelyandappropriatemanner,anyproceedingorpetitiondescribedinclause(h)ofthisArticle,(iii)applyfororconsenttotheappointmentofareceiver,trustee,custodian, sequestrator, conservator or similar official for the Company or any Material Subsidiary or forasubstantialpartofitsassets,(iv)fileanansweradmittingthematerialallegationsofapetitionfiledagainstitinanysuchproceeding,(v)makeageneralassignmentforthebenefitofcreditorsor(vi)takeany action for the purpose of effecting any of the foregoing;(j) theCompanyoranyMaterialSubsidiaryshallbecomeunable,admitinwritingitsinability or fail generally to pay its debts as they become due;(k) oneormorejudgmentsforthepaymentofmoneyinanaggregateamountinexcessof$35,000,000shallberenderedagainsttheCompany,anySubsidiaryoranycombinationthereofandthesameshallremainundischargedforaperiodof30consecutivedaysduringwhichexecutionshallnotbeeffectivelystayed,oranyactionshallbelegallytakenbyajudgmentcreditortoattachorlevyuponanyassetsoftheCompanyoranySubsidiarytoenforceanysuchjudgment;provided ,thatanysuchamountshallbecalculatedafterdeductingfromthesumsopayableanyamountofsuchjudgmentororderthatiscoveredbyavalidandbindingpolicyofinsuranceinfavoroftheCompanyorsuchSubsidiary(butonlyiftheapplicableinsurershallhavebeenadvisedofsuchjudgmentandoftheintentoftheCompanyorsuchSubsidiarytomakeaclaiminrespectofanyamountpayablebyitinconnectiontherewith and such insurer shall not have denied coverage);(l) anERISAEventshallhaveoccurredthat,whentakentogetherwithallotherERISAEvents that have occurred, could reasonably be expected to result in a Material Adverse Effect;(m) a Change in Control shall occur;(n) theoccurrenceofany“default”,asdefinedinanyLoanDocument(otherthanthisAgreement)orthebreachofanyofthetermsorprovisionsofanyLoanDocument(otherthanthisAgreement), which default or breach continues beyond any period of grace therein provided;(o) anymaterialprovisionofanyLoanDocumentforanyreasonceasestobevalid,bindingandenforceableinaccordancewithitsterms(ortheCompanyoranySubsidiaryshallchallengetheenforceabilityofanyLoanDocumentorshallassertinwriting,orengageinanyactionorinactionbasedonanysuchassertion,thatanyprovisionofanyoftheLoanDocumentshasceasedtobeorotherwise is not valid, binding and enforceable in accordance with its terms); or105 |
(p) anyCollateralDocumentshallforanyreasonfailtocreateavalidandperfectedfirstprioritysecurityinterestinanyportionoftheCollateralpurportedtobecoveredthereby,exceptaspermitted by the terms of any Loan Document;then,andineverysuchevent(otherthananeventwithrespecttoaBorrowerdescribedinclause(h)or(i)ofthisArticle),andatanytimethereafterduringthecontinuanceofsuchevent,theAdministrativeAgent may, and at the request of the Required Lenders shall, by notice to the Company, take any or all ofthefollowingactions,atthesameordifferenttimes:(i)terminatetheCommitments,andthereupontheCommitmentsshallterminateimmediately,(ii)declaretheLoansthenoutstandingtobedueandpayableinwhole(orinpart,inwhichcaseanyprincipalnotsodeclaredtobedueandpayablemaythereafterbedeclaredtobedueandpayable),andthereupontheprincipaloftheLoanssodeclaredtobedueandpayable,togetherwithaccruedinterestthereonandallfeesandotherSecuredObligationsoftheBorrowersaccruedhereunderandundertheotherLoanDocuments,shallbecomedueandpayableimmediately,withoutpresentment,demand,protestorothernoticeofanykind,allofwhichareherebywaivedbytheBorrowers,(iii)requirethattheBorrowersprovidecashcollateralasrequiredinSection2.06(j);and(iv)exerciseonbehalfofitself,theLendersandtheIssuingBanksallrightsandremediesavailabletoit,theLendersandtheIssuingBanksundertheLoanDocumentsandapplicablelaworequity; and in case of any event with respect to any Borrower described in clause (h) or (i) of this Article,theCommitmentsshallautomaticallyterminateandtheprincipaloftheLoansthenoutstandingandcashcollateralfortheLCExposure,togetherwithaccruedinterestthereonandallfeesandotherSecuredObligationsaccruedhereunderandundertheotherLoanDocuments(includinganybreakfundingpayment),shallautomaticallybecomedueandpayable,andtheobligationoftheBorrowerstocashcollateralizetheLCExposureasprovidedinclause(iii)aboveshallautomaticallybecomeeffective,ineachcase,withoutpresentment,demand,protestorothernoticeofanykind,allofwhichareherebywaived by the Borrowers.UpontheoccurrenceandduringthecontinuanceofanEventofDefault,theAdministrativeAgentmay,andattherequestoftheRequiredLendersshall,exerciseanyrightsandremediesprovidedtotheAdministrativeAgentundertheLoanDocumentsoratlaworequity,includingall remedies provided under the UCC.SECTION 7.02. Application of Payments ..Notwithstandinganythinghereintothecontrary,followingtheoccurrenceandduringthecontinuanceofanEventofDefault,andnoticethereoftotheAdministrative Agent by the Company or the Required Lenders:(a) allpaymentsreceivedonaccountoftheSecuredObligationsshall,subjecttoSection 2.24, be applied by the Administrative Agent as follows:first ,topaymentofthatportionoftheSecuredObligationsconstitutingfees,indemnities,expensesandotheramountspayabletotheAdministrativeAgent(includingfeesanddisbursementsandotherchargesofcounseltotheAdministrativeAgentpayableunderSection 9.03andamountspursuanttoSection 2.12(c)payabletotheAdministrativeAgentinitscapacity as such);second ,topaymentofthatportionoftheSecuredObligationsconstitutingfees,expenses,indemnitiesandotheramounts(otherthanprincipal,reimbursementobligationsinrespectofLCDisbursements,interestandLetterofCreditfees)payabletotheLendersandtheIssuing Banks (including fees and disbursements and other charges of counsel to the Lenders andthe Issuing Banks payable under Section 9.03) arising under the Loan Documents, ratably amongthem in proportion to the respective amounts described in this clause (ii) payable to them;106 |
third ,topaymentofthatportionoftheSecuredObligationsconstitutingaccruedandunpaidLetterofCreditfeesandchargesandinterestontheLoansandunreimbursedLCDisbursements,ratablyamongtheLendersandtheIssuingBanksinproportiontotherespectiveamounts described in this clause (iii) payable to them;fourth ,(A) topaymentofthatportionoftheSecuredObligationsconstitutingunpaid principal of the Loans and unreimbursed LC Disbursements and any other amounts owingwithrespecttoBankingServicesObligationsandSwapObligationsand(B) tocashcollateralizethatportionofLCExposurecomprisingtheundrawnamountofLettersofCredittotheextentnototherwisecashcollateralizedbytheCompanypursuanttoSection 2.06or2.24,ratablyamongtheLendersandtheIssuingBanksinproportiontotherespectiveamountsdescribedinthisclause (iv)payabletothem;provided that(x) anysuchamountsappliedpursuanttosubclause (B)aboveshallbepaidtotheAdministrativeAgentfortheratableaccountoftheapplicable Issuing Banks to cash collateralize Secured Obligations in respect of Letters of Credit,(y) subjecttoSection 2.06or2.24,amountsusedtocashcollateralizetheaggregateamountofLettersofCreditpursuanttothisclause (iv)shallbeusedtosatisfydrawingsundersuchLettersofCreditastheyoccurand(z) upontheexpirationofanyLetterofCredit(withoutanypendingdrawings),thepro ratashareofcashcollateralshallbedistributedtotheotherSecuredObligations, if any, in the order set forth in this Section 7.02;fifth ,tothepaymentinfullofallotherSecuredObligations,ineachcaseratablyamongtheAdministrativeAgent,theLendersandtheIssuingBanksbasedupontherespectiveaggregateamountsofallsuchSecuredObligationsowingtotheminaccordancewiththerespective amounts thereof then due and payable; andfinally ,thebalance,ifany,afterallSecuredObligationshavebeenindefeasiblypaid in full, to the Company or as otherwise required by law; and(b) ifanyamountremainsondepositascashcollateralafterallLettersofCredithaveeitherbeenfullydrawnorexpired(withoutanypendingdrawings),suchremainingamountshallbeapplied to the other Secured Obligations, if any, in the order set forth above.ARTICLE VIIIThe Administrative Agent SECTION 8.01. Authorization and Action ..(a)EachLenderandeachIssuingBankherebyirrevocablyappointstheentitynamedasAdministrativeAgentintheheadingofthisAgreementanditssuccessorsandassignstoserveastheadministrativeagentundertheLoanDocumentsandeachLenderand each Issuing Bank authorizes the Administrative Agent to take such actions as agent on its behalf andtoexercisesuchpowersunderthisAgreementandtheotherLoanDocumentsasaredelegatedtotheAdministrativeAgentundersuchagreementsandtoexercisesuchpowersasarereasonablyincidentalthereto. In addition, to the extent required under the laws of any jurisdiction other than within the UnitedStates,eachLenderandeachIssuingBankherebygrantstotheAdministrativeAgentanyrequiredpowersofattorneytoexecuteandenforceanyCollateralDocumentgovernedbythelawsofsuchjurisdiction on such Lender’s or such Issuing Bank’s behalf. Without limiting the foregoing, each Lenderand each Issuing Bank hereby authorizes the Administrative Agent to execute and deliver, and to performitsobligationsunder,eachoftheLoanDocumentstowhichtheAdministrativeAgentisaparty,andtoexerciseallrights,powersandremediesthattheAdministrativeAgentmayhaveundersuchLoanDocuments.107 |
(b) AstoanymattersnotexpresslyprovidedforhereinandintheotherLoanDocuments(includingenforcementorcollection),theAdministrativeAgentshallnotberequiredtoexerciseanydiscretionortakeanyaction,butshallberequiredtoactortorefrainfromacting(andshallbefullyprotectedinsoactingorrefrainingfromacting)uponthewritteninstructionsoftheRequiredLenders(orsuchothernumberorpercentageoftheLendersasshallbenecessary,pursuanttothetermsin the Loan Documents), and, unless and until revoked in writing, such instructions shall be binding uponeachLenderandeachIssuingBank;provided ,however ,thattheAdministrativeAgentshallnotberequiredtotakeanyactionthat(i) theAdministrativeAgentingoodfaithbelievesexposesittoliabilityunless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory toit from the Lenders and the Issuing Banks with respect to such action or (ii) is contrary to this AgreementoranyotherLoanDocumentorapplicablelaw,includinganyactionthatmaybeinviolationoftheautomatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization or reliefofdebtorsorthatmayeffectaforfeiture,modificationorterminationofpropertyofaDefaultingLenderinviolationofanyrequirementoflawrelatingtobankruptcy,insolvencyorreorganizationorreliefofdebtors;provided ,further ,thattheAdministrativeAgentmayseekclarificationordirectionfromtheRequiredLenderspriortotheexerciseofanysuchinstructedactionandmayrefrainfromactinguntilsuchclarificationordirectionhasbeenprovided.ExceptasexpresslysetforthintheLoanDocuments,theAdministrativeAgentshallnothaveanydutytodisclose,andshallnotbeliableforthefailuretodisclose,anyinformationrelatingtotheCompany,anySubsidiaryoranyAffiliateofanyoftheforegoingthatiscommunicatedtoorobtainedbythePersonservingasAdministrativeAgentoranyofitsAffiliatesinanycapacity.NothinginthisAgreementshallrequiretheAdministrativeAgenttoexpendorriskitsownfundsorotherwiseincuranyfinancialliabilityintheperformanceofanyofitsdutieshereunderorintheexerciseofanyofitsrightsorpowersifitshallhavereasonablegroundsforbelievingthatrepaymentofsuchfundsoradequateindemnityagainstsuchriskorliabilityisnotreasonably assured to it.(c) InperformingitsfunctionsanddutieshereunderandundertheotherLoanDocuments,theAdministrativeAgentisactingsolelyonbehalfoftheLendersandtheIssuingBanks(exceptinlimitedcircumstancesexpresslyprovidedforhereinrelatingtothemaintenanceoftheRegister),anditsdutiesareentirelymechanicalandadministrativeinnature.Withoutlimitingthegenerality of the foregoing:theAdministrativeAgentdoesnotassumeandshallnotbedeemedtohaveassumedanyobligationordutyoranyotherrelationshipastheagent,fiduciaryortrusteeoforforanyLender,IssuingBankorholderofanyotherobligationotherthanasexpresslysetforthhereinandintheotherLoanDocuments,regardlessofwhetheraDefaultoranEventofDefaulthasoccurredandiscontinuing(anditisunderstoodandagreedthattheuseoftheterm“agent”(oranysimilarterm)hereinorinanyotherLoanDocumentwithreferencetotheAdministrativeAgentisnotintendedtoconnoteanyfiduciarydutyorotherimplied(orexpress)obligationsarisingunderagencydoctrineofanyapplicablelaw,andthatsuchtermisusedasamatterofmarketcustomandisintendedtocreateorreflectonlyanadministrativerelationshipbetweencontractingparties);additionally,eachLenderagreesthatitwillnotassertanyclaimagainsttheAdministrativeAgentbasedonanallegedbreachoffiduciarydutybytheAdministrativeAgentin connection with this Agreement and/or the transactions contemplated hereby; andnothinginthisAgreementoranyLoanDocumentshallrequiretheAdministrativeAgenttoaccounttoanyLenderforanysumortheprofitelementofanysumreceived by the Administrative Agent for its own account.(d) TheAdministrativeAgentmayperformanyofitsdutiesandexerciseitsrightsandpowershereunderorunderanyotherLoanDocumentbyorthroughanyoneormoresub-xxxxxx000 |
appointedbytheAdministrativeAgent.TheAdministrativeAgentandanysuchsub-agentmayperformanyoftheirrespectivedutiesandexercisetheirrespectiverightsandpowersthroughtheirrespectiveRelatedParties.TheexculpatoryprovisionsofthisArticleshallapplytoanysuchsub-agentandtotheRelatedPartiesoftheAdministrativeAgentandanysuchsub-agent,andshallapplytotheirrespectiveactivitiespursuanttothisAgreement.TheAdministrativeAgentshallnotberesponsibleforthenegligenceormisconductofanysub-agentexcepttotheextentthatacourtofcompetentjurisdictiondeterminesinafinalandnonappealablejudgmentthattheAdministrativeAgentactedwithgrossnegligence or willful misconduct in the selection of such sub-agent.(e) NoneofanyCo-SyndicationAgent,anyCo-DocumentationAgentoranyLeadArrangershallhaveobligationsordutieswhatsoeverinsuchcapacityunderthisAgreementoranyotherLoan Document and shall incur no liability hereunder or thereunder in such capacity, but all such personsshall have the benefit of the indemnities provided for hereunder.(f) IncaseofthependencyofanyproceedingwithrespecttoanyLoanPartyunderanyFederal,stateorforeignbankruptcy,insolvency,receivershiporsimilarlawnoworhereafterineffect,theAdministrativeAgent(irrespectiveofwhethertheprincipalofanyLoanoranyreimbursementobligationshallthenbedueandpayableashereinexpressedorbydeclarationorotherwiseandirrespectiveofwhethertheAdministrativeAgentshallhavemadeanydemandontheCompany)shallbeentitled and empowered (but not obligated) by intervention in such proceeding or otherwise:tofileandproveaclaimforthewholeamountoftheprincipalandinterestowingandunpaidinrespectoftheLoans,LCDisbursementsandallotherObligationsthatareowingandunpaidandtofilesuchotherdocumentsasmaybenecessaryoradvisableinordertohavetheclaimsoftheLenders,theIssuingBanksandtheAdministrativeAgent(includinganyclaim under Sections 2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; andto collect and receive any monies or other property payable or deliverable on anysuch claims and to distribute the same;and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any suchproceeding is hereby authorized by each Lender, each Issuing Bank and each other Secured Party to makesuchpaymentstotheAdministrativeAgentand,intheeventthattheAdministrativeAgentshallconsentto the making of such payments directly to the Lenders, the Issuing Banks or the other Secured Parties, topaytotheAdministrativeAgentanyamountduetoit,initscapacityastheAdministrativeAgent,undertheLoanDocuments(includingunderSection 9.03).NothingcontainedhereinshallbedeemedtoauthorizetheAdministrativeAgenttoauthorizeorconsenttooracceptoradoptonbehalfofanyLenderorIssuingBankanyplanofreorganization,arrangement,adjustmentorcompositionaffectingtheObligationsortherightsofanyLenderorIssuingBankortoauthorizetheAdministrativeAgenttovotein respect of the claim of any Lender or Issuing Bank in any such proceeding.(g) TheprovisionsofthisArticlearesolelyforthebenefitoftheAdministrativeAgent,theLendersandtheIssuingBanks,and,exceptsolelytotheextentoftheCompany’srightstoconsentpursuant to and subject to the conditions set forth in this Article, none of the Company or any Subsidiary,oranyoftheirrespectiveAffiliates,shallhaveanyrightsasathirdpartybeneficiaryunderanysuchprovisions.EachSecuredParty,whetherornotapartyhereto,willbedeemed,byitsacceptanceofthebenefitsoftheCollateralandoftheGuaranteesoftheSecuredObligationsprovidedundertheLoanDocuments, to have agreed to the provisions of this Article.SECTION 8.02. Administrative Agent’s Reliance, Limitation of Liability, Etc .. (a) Neither theAdministrativeAgentnoranyofitsRelatedPartiesshallbe(i) liableforanyactiontakenoromittedto109 |
be taken by such party, the Administrative Agent or any of its Related Parties under or in connection withthisAgreementortheotherLoanDocuments(x) withtheconsentoforattherequestoftheRequiredLenders(orsuchothernumberorpercentageoftheLendersasshallbenecessary,orastheAdministrativeAgentshallbelieveingoodfaithtobenecessary,underthecircumstancesasprovidedintheLoanDocuments)or(y) intheabsenceofitsowngrossnegligenceorwillfulmisconduct(suchabsencetobepresumedunlessotherwisedeterminedbyacourtofcompetentjurisdictionbyafinalandnon-appealablejudgment)or(ii) responsibleinanymannertoanyoftheLendersforanyrecitals,statements,representationsorwarrantiesmadebyanyLoanPartyoranyofficerthereofcontainedinthisAgreementoranyotherLoanDocumentorinanycertificate,report,statementorotherdocumentreferredtoorprovidedforin,orreceivedbytheAdministrativeAgentunderorinconnectionwith,thisAgreementoranyotherLoanDocumentorforthevalue,validity,effectiveness,genuineness,enforceabilityorsufficiencyofthisAgreementoranyotherLoanDocument(including,fortheavoidanceofdoubt,inconnectionwiththeAdministrativeAgent’srelianceonanyElectronicSignaturetransmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actualexecutedsignaturepage)orforanyfailureofanyLoanPartytoperformitsobligationshereunderorthereunder.(b) TheAdministrativeAgentshallbedeemednottohaveknowledgeofany(i)noticeof any of the events or circumstances set forth or described in Section 5.02 unless and until written noticethereofstatingthatitisa“noticeunderSection5.02”inrespectofthisAgreementandidentifyingthespecificclauseundersaidSectionisgiventotheAdministrativeAgentbytheCompany,or(ii)noticeofanyDefaultorEventofDefaultunlessanduntilwrittennoticethereof(statingthatitisa“noticeofDefault”ora“noticeofanEventofDefault”)isgiventotheAdministrativeAgentbytheCompany,aLenderoranIssuingBank.Further,theAdministrativeAgentshallnotberesponsiblefororhaveanydutytoascertainorinquireinto(i) anystatement,warrantyorrepresentationmadeinorinconnectionwithanyLoanDocument,(ii) thecontentsofanycertificate,reportorotherdocumentdeliveredthereunderorinconnectiontherewith,(iii) theperformanceorobservanceofanyofthecovenants,agreements or other terms or conditions set forth in any Loan Document or the occurrence of any DefaultorEventofDefault,(iv) thesufficiency,validity,enforceability,effectivenessorgenuinenessofanyLoan Document or any other agreement, instrument or document, (v) the satisfaction of any condition setforthinArticle IVorelsewhereinanyLoanDocument,otherthantoconfirmreceiptofitems(whichontheirfacepurporttobesuchitems)expresslyrequiredtobedeliveredtotheAdministrativeAgentorsatisfactionofanyconditionthatexpresslyreferstothemattersdescribedthereinbeingacceptableorsatisfactorytotheAdministrativeAgent,or(vi) thecreation,perfectionorpriorityofLiensontheCollateral.Notwithstandinganythinghereintothecontrary,theAdministrativeAgentshallnotbeliablefor, or be responsible for any Liabilities, costs or expenses suffered by the Company, any Subsidiary, anyLenderoranyIssuingBankasaresultof,anydeterminationoftheRevolvingCreditExposure,anyofthe component amounts thereof or any portion thereof attributable to each Lender or Issuing Bank, or anyexchange rate or calculation of any Dollar Amount.(c) Withoutlimitingtheforegoing,theAdministrativeAgent(i)maytreatthepayeeofanypromissorynoteasitsholderuntilsuchpromissorynotehasbeenassignedinaccordancewithSection 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult withlegalcounsel(includingcounseltotheCompany),independentpublicaccountantsandotherexpertsselectedbyit,andshallnotbeliableforanyactiontakenoromittedtobetakeningoodfaithbyitinaccordancewiththeadviceofsuchcounsel,accountantsorexperts,(iv) makesnowarrantyorrepresentationtoanyLenderorIssuingBankandshallnotberesponsibletoanyLenderorIssuingBankforanystatements,warrantiesorrepresentationsmadebyoronbehalfofanyLoanPartyinconnectionwiththisAgreementoranyotherLoanDocument,(v) indeterminingcompliancewithanyconditionhereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilledto the satisfaction of a Lender or an Issuing Bank, may presume that such condition is satisfactory to such110 |
LenderorIssuingBankunlesstheAdministrativeAgentshallhavereceivednoticetothecontraryfromsuchLenderorIssuingBanksufficientlyinadvanceofthemakingofsuchLoanortheissuanceofsuchLetterofCreditand(vi) shallbeentitledtorelyon,andshallincurnoliabilityunderorinrespectofthisAgreementoranyotherLoanDocumentbyactingupon,anynotice,consent,certificateorotherinstrumentorwriting(whichwritingmaybeafax,anyelectronicmessage,Internetorintranetwebsitepostingorotherdistribution)oranystatementmadetoitorallyorbytelephoneandbelievedbyittobegenuineandsignedorsentorotherwiseauthenticatedbytheproperpartyorparties(whetherornotsuchPerson in fact meets the requirements set forth in the Loan Documents for being the maker thereof).SECTION 8.03. Posting of Communications ..(a)TheCompanyagreesthattheAdministrativeAgentmay,butshallnotbeobligatedto,makeanyCommunicationsavailabletotheLenders and the Issuing Banks by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak,ClearParoranyotherelectronicplatformchosenbytheAdministrativeAgenttobeitselectronictransmission system (the “Approved Electronic Platform ”).(b) AlthoughtheApprovedElectronicPlatformanditsprimarywebportalaresecuredwithgenerally-applicablesecurityproceduresandpoliciesimplementedormodifiedbytheAdministrativeAgentfromtimetotime(including,asoftheRestatementEffectiveDate,auserID/passwordauthorizationsystem)andtheApprovedElectronicPlatformissecuredthroughaper-dealauthorizationmethodwherebyeachusermayaccesstheApprovedElectronicPlatformonlyonadeal-by-dealbasis,eachoftheLenders,eachoftheIssuingBanksandtheCompanyacknowledgesandagreesthatthedistributionofmaterialthroughanelectronicmediumisnotnecessarilysecure,thattheAdministrativeAgentisnotresponsibleforapprovingorvettingtherepresentativesorcontactsofanyLenderthatareaddedtotheApprovedElectronicPlatform,andthattheremaybeconfidentialityandotherrisksassociatedwithsuchdistribution.EachoftheLenders,eachoftheIssuingBanksandtheCompanyherebyapprovesdistributionoftheCommunicationsthroughtheApprovedElectronicPlatform and understands and assumes the risks of such distribution.(c) THEAPPROVEDELECTRONICPLATFORMANDTHECOMMUNICATIONSAREPROVIDED“AS IS”AND“ASAVAILABLE”.THEAPPLICABLEPARTIES(ASDEFINEDBELOW)DONOTWARRANTTHEACCURACYORCOMPLETENESSOFTHECOMMUNICATIONS,ORTHEADEQUACYOFTHEAPPROVEDELECTRONICPLATFORMANDEXPRESSLYDISCLAIMLIABILITYFORERRORSOROMISSIONSINTHEAPPROVEDELECTRONICPLATFORMANDTHECOMMUNICATIONS.NOWARRANTYOFANYKIND,EXPRESS,IMPLIEDORSTATUTORY,INCLUDINGANYWARRANTYOFMERCHANTABILITY,FITNESSFORAPARTICULARPURPOSE,NON-INFRINGEMENTOFTHIRDPARTYRIGHTSORFREEDOMFROMVIRUSESOROTHERCODEDEFECTS,ISMADEBYTHEAPPLICABLEPARTIESINCONNECTIONWITHTHECOMMUNICATIONSORTHEAPPROVEDELECTRONICPLATFORM.INNOEVENTSHALLTHEADMINISTRATIVEAGENT,ANYLEADARRANGER,ANYCO-DOCUMENTATIONAGENT,ANYCO-SYNDICATIONAGENTORANYOFTHEIRRESPECTIVERELATEDPARTIES(COLLECTIVELY,“APPLICABLEPARTIES”)HAVEANYLIABILITYTOANYLOANPARTY,ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OFANYKIND,INCLUDINGDIRECTORINDIRECT,SPECIAL,INCIDENTALORCONSEQUENTIALDAMAGES,LOSSESOREXPENSES(WHETHERINTORT,CONTRACTOROTHERWISE)ARISINGOUTOFANYLOANPARTY’SORTHEADMINISTRATIVEAGENT’STRANSMISSIONOFCOMMUNICATIONSTHROUGHTHEINTERNETORTHEAPPROVEDELECTRONIC PLATFORM.“Communications ”means,collectively,anynotice,demand,communication,information,documentorothermaterialprovidedbyoronbehalfofanyLoanPartypursuanttoanyLoanDocumentorthe111 |
transactionscontemplatedthereinwhichisdistributedbytheAdministrativeAgent,anyLenderoranyIssuingBankbymeansofelectroniccommunicationspursuanttothisSection,includingthroughanApproved Electronic Platform.(d) EachLenderandeachIssuingBankagreesthatnoticetoit(asprovidedinthenextsentence)specifyingthatCommunicationshavebeenpostedtotheApprovedElectronicPlatformshallconstitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.Each Lender and Issuing Bank agrees (i)to notify the Administrative Agent in writing (which could be intheformofelectroniccommunication)fromtimetotimeofsuchLender’sorIssuingBank’s(asapplicable)emailaddresstowhichtheforegoingnoticemaybesentbyelectronictransmissionand(ii) that the foregoing notice may be sent to such email address.(e) EachoftheLenders,eachoftheIssuingBanksandtheCompanyagreesthattheAdministrativeAgentmay,but(exceptasmayberequiredbyapplicablelaw)shallnotbeobligatedto,storetheCommunicationsontheApprovedElectronicPlatforminaccordancewiththeAdministrativeAgent’s generally applicable document retention procedures and policies.(f) NothinghereinshallprejudicetherightoftheAdministrativeAgent,anyLenderorany Issuing Bank to give any notice or other communication pursuant to any Loan Document in any othermanner specified in such Loan Document.SECTION 8.04. The Administrative Agent Individually ..WithrespecttoitsCommitment,Loans(includingSwinglineLoans),LetterofCreditCommitmentsandLettersofCredit,thePersonservingastheAdministrativeAgentshallhaveandmayexercisethesamerightsandpowershereunderandissubjecttothesameobligationsandliabilitiesasandtotheextentsetforthhereinforanyotherLenderorIssuingBank,asthecasemaybe.Theterms“IssuingBanks”,“Lenders”,“RequiredLenders”andanysimilartermsshall,unlessthecontextclearlyotherwiseindicates,includetheAdministrativeAgentinitsindividualcapacityasaLender,IssuingBankorasoneoftheRequiredLenders,asapplicable.ThePersonservingastheAdministrativeAgentanditsAffiliatesmayacceptdepositsfrom,lendmoneyto,ownsecuritiesof,actasthefinancialadvisororinanyotheradvisorycapacityforandgenerallyengageinanykindofbanking,trustorotherbusinesswith,theCompany,anySubsidiaryoranyAffiliateofanyoftheforegoingasifsuchPersonwasnotactingastheAdministrativeAgentandwithout any duty to account therefor to the Lenders or the Issuing Banks.SECTION 8.05. Successor Administrative Agent .. (a) The Administrative Agent may resign atanytimebygiving30 days’priorwrittennoticethereoftotheLenders,theIssuingBanksandtheCompany,whetherornotasuccessorAdministrativeAgenthasbeenappointed.Uponanysuchresignation,(i)theAdministrativeAgentmayappointoneofitsAffiliatesactingthroughanofficeintheEuropeanUnionasasuccessorAdministrativeAgentand(ii)iftheAdministrativeAgenthasnotappointedoneofitsAffiliatesactingthroughanofficeintheEuropeanUnionasasuccessorAdministrativeAgentpursuanttoclause(i)above,theRequiredLendersshallhavetheright,withtheapprovaloftheCompany(suchapprovalnottobeunreasonablywithheldordelayed),toappointasuccessorAdministrativeAgent;providedthatnoconsentoftheCompanyshallberequiredifanEventofDefaulthasoccurredandiscontinuing.IfnosuccessorAdministrativeAgentshallhavebeensoappointedbytheRequiredLenders,andshallhaveacceptedsuchappointment,within30 daysaftertheretiringAdministrativeAgent’sgivingofnoticeofresignation,thentheretiringAdministrativeAgentmay,onbehalfoftheLendersandtheIssuingBanks,appointasuccessorAdministrativeAgent,whichshallbeabankwithanofficeinNewYork,NewYorkoranAffiliateofanysuchbank.Ineithercase,(otherthaniftheAdministrativeAgentappointsoneofitsAffiliatesactingthroughanofficeintheEuropeanUnionasasuccessorAdministrativeAgentpursuanttoclause(i)above)suchappointmentshallbesubjecttothepriorwrittenapprovaloftheCompany(whichapprovalmaynotbeunreasonably112 |
withheldandshallnotberequiredwhileanEventofDefaulthasoccurredandiscontinuing).UpontheacceptanceofanyappointmentasAdministrativeAgentbyasuccessorAdministrativeAgent,suchsuccessorAdministrativeAgentshallsucceedto,andbecomevestedwith,alltherights,powers,privilegesanddutiesoftheretiringAdministrativeAgent.UpontheacceptanceofappointmentasAdministrativeAgentbyasuccessorAdministrativeAgent,theretiringAdministrativeAgentshallbedischargedfromitsdutiesandobligationsunderthisAgreementandtheotherLoanDocuments.PriortoanyretiringAdministrativeAgent’sresignationhereunderasAdministrativeAgent,theretiringAdministrativeAgentshalltakesuchactionasmaybereasonablynecessarytoassigntothesuccessorAdministrative Agent its rights as Administrative Agent under the Loan Documents.(b) Notwithstandingparagraph(a)ofthisSection,intheeventnosuccessorAdministrativeAgentshallhavebeensoappointedandshallhaveacceptedsuchappointmentwithin30 daysaftertheretiringAdministrativeAgentgivesnoticeofitsintenttoresign,theretiringAdministrativeAgentmaygivenoticeoftheeffectivenessofitsresignationtotheLenders,theIssuingBanksandtheCompany,whereupon,onthedateofeffectivenessofsuchresignationstatedinsuchnotice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunderandundertheotherLoanDocuments;provided that,solelyforpurposesofmaintaininganysecurityinterestgrantedtotheAdministrativeAgentunderanyCollateralDocumentforthebenefitoftheSecuredParties,theretiringAdministrativeAgentshallcontinuetobevestedwithsuchsecurityinterestascollateralagentforthebenefitoftheSecuredParties,andcontinuetobeentitledtotherightssetforthinsuchCollateralDocumentandLoanDocument,and,inthecaseofanyCollateralinthepossessionoftheAdministrativeAgent,shallcontinuetoholdsuchCollateral,ineachcaseuntilsuchtimeasasuccessorAdministrativeAgentisappointedandacceptssuchappointmentinaccordancewiththisSection(itbeingunderstoodandagreedthattheretiringAdministrativeAgentshallhavenodutyorobligationtotakeanyfurtheractionunderanyCollateralDocument,includinganyactionrequiredtomaintaintheperfectionofanysuchsecurityinterest),and(ii) theRequiredLendersshallsucceedtoandbecomevestedwithalltherights,powers,privilegesanddutiesoftheretiringAdministrativeAgent;provided that(A) allpaymentsrequiredtobemadehereunderorunderanyotherLoanDocumenttotheAdministrativeAgentfortheaccountofanyPersonotherthantheAdministrativeAgentshallbemadedirectlytosuchPersonand(B) allnoticesandothercommunicationsrequiredorcontemplatedtobegivenormadetotheAdministrativeAgentshalldirectlybegivenormadetoeachLenderandeachIssuingBank.FollowingtheeffectivenessoftheAdministrativeAgent’sresignationfromitscapacityassuch,theprovisionsofthisArticleandSection9.03,aswellasanyexculpatory,reimbursementandindemnificationprovisionssetforthinanyotherLoanDocument,shallcontinueineffectforthebenefitof such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of anyactions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting asAdministrative Agent and in respect of the matters referred to in the proviso under clause (i) above.SECTION 8.06. Acknowledgments of Lenders and Issuing Banks ..(a)EachLenderandeachIssuingBankrepresentsandwarrantsthat(i)theLoanDocumentssetforththetermsofacommerciallendingfacility,(ii)itisengagedinmaking,acquiringorholdingcommercialloansandinprovidingotherfacilitiessetforthhereinasmaybeapplicabletosuchLenderorIssuingBank,ineachcaseintheordinarycourseofbusinessandnotforthepurposeofpurchasing,acquiringorholdinganyothertypeoffinancial instrument (and each Lender and each Issuing Bank agrees not to assert a claim in contraventionoftheforegoing),(iii)ithas,independentlyandwithoutrelianceupontheAdministrativeAgent,anyLeadArranger,anyCo-SyndicationAgent,anyCo-DocumentationAgentoranyotherLenderorIssuingBank,oranyoftheRelatedPartiesofanyoftheforegoing,andbasedonsuchdocumentsandinformationasithasdeemedappropriate,madeitsowncreditanalysisanddecisiontoenterintothisAgreementasaLender,andtomake,acquireorholdLoanshereunderand(iv)itissophisticatedwithrespecttodecisionstomake,acquireand/orholdcommercialloansandtoprovideotherfacilitiessetforthherein,asmaybeapplicabletosuchLenderorsuchIssuingBank,andeitherit,orthePerson113 |
exercisingdiscretioninmakingitsdecisiontomake,acquireand/orholdsuchcommercialloansortoprovidesuchotherfacilities,isexperiencedinmaking,acquiringorholdingsuchcommercialloansorprovidingsuchotherfacilities.EachLenderandeachIssuingBankalsoacknowledgesthatitwill,independentlyandwithoutrelianceupontheAdministrativeAgent,anyLeadArrangeranyCo-SyndicationAgent,anyCo-DocumentationAgentoranyotherLenderorIssuingBank,oranyoftheRelatedPartiesofanyoftheforegoing,andbasedonsuchdocumentsandinformation(whichmaycontainmaterial,non-publicinformationwithinthemeaningoftheUnitedStatessecuritieslawsconcerningtheCompanyanditsAffiliates)asitshallfromtimetotimedeemappropriate,continuetomakeitsowndecisionsintakingornottakingactionunderorbaseduponthisAgreement,anyotherLoan Document or any related agreement or any document furnished hereunder or thereunder.(b) EachLender,bydeliveringitssignaturepagetothisAgreementontheRestatementEffectiveDate,ordeliveringitssignaturepagetoanAssignmentandAssumptionoranyotherLoanDocumentpursuanttowhichitshallbecomeaLenderhereunder,shallbedeemedtohaveacknowledgedreceiptof,andconsentedtoandapproved,eachLoanDocumentandeachotherdocumentrequiredtobedeliveredto,orbeapprovedbyorsatisfactoryto,theAdministrativeAgentortheLendersontheRestatement Effective Date.(c) (i)EachLenderherebyagreesthat(x)iftheAdministrativeAgentnotifiessuchLenderthattheAdministrativeAgenthasdeterminedinitssolediscretionthatanyfundsreceivedbysuch Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment orrepaymentofprincipal,interest,feesorotherwise;individuallyandcollectively,a“Payment ”)wereerroneouslytransmittedtosuchLender(whetherornotknowntosuchLender),anddemandsthereturnofsuchPayment(oraportionthereof),suchLendershallpromptly,butinnoeventlaterthanoneBusinessDaythereafter,returntotheAdministrativeAgenttheamountofanysuchPayment(orportionthereof) as to which such a demand was made in same day funds, together with interest thereon in respectofeachdayfromandincludingthedatesuchPayment(orportionthereof)wasreceivedbysuchLendertothedatesuchamountisrepaidtotheAdministrativeAgentatthegreateroftheNYFRBRateandaratedeterminedbytheAdministrativeAgentinaccordancewithbankingindustryrulesoninterbankcompensationfromtimetotimeineffect,and(y)totheextentpermittedbyapplicablelaw,suchLendershallnotassert,andherebywaives,astotheAdministrativeAgent,anyclaim,counterclaim,defenseorrightofset-offorrecoupmentwithrespecttoanydemand,claimorcounterclaimbytheAdministrativeAgentforthereturnofanyPaymentsreceived,includingwithoutlimitationanydefensebasedon“dischargeforvalue”oranysimilardoctrine.AnoticeoftheAdministrativeAgenttoanyLenderunderthis paragraph shall be conclusive, absent manifest error.(ii)EachLenderherebyfurtheragreesthatifitreceivesaPaymentfromtheAdministrativeAgentoranyofitsAffiliates(x)thatisinadifferentamountthan,oronadifferentdatefrom,thatspecified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect tosuch Payment (a “Payment Notice ”) or (y) that was not preceded or accompanied by a Payment Notice, itshallbeonnotice,ineachsuchcase,thatanerrorhasbeenmadewithrespecttosuchPayment.EachLenderagreesthat,ineachsuchcase,orifitotherwisebecomesawareaPayment(orportionthereof)mayhavebeensentinerror,suchLendershallpromptlynotifytheAdministrativeAgentofsuchoccurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later thanoneBusinessDaythereafter,returntotheAdministrativeAgenttheamountofanysuchPayment(orportion thereof) as to which such a demand was made in same day funds, together with interest thereon inrespectofeachdayfromandincludingthedatesuchPayment(orportionthereof)wasreceivedbysuchLendertothedatesuchamountisrepaidtotheAdministrativeAgentatthegreateroftheNYFRBRateandaratedeterminedbytheAdministrativeAgentinaccordancewithbankingindustryrulesoninterbank compensation from time to time in effect.114 |
(iii)EachBorrowerandeachotherLoanPartyherebyagreesthat(x)intheeventanerroneousPayment(orportionthereof)arenotrecoveredfromanyLenderthathasreceivedsuchPayment(orportionthereof)foranyreason,theAdministrativeAgentshallbesubrogatedtoalltherightsofsuchLenderwithrespecttosuchamountand(y)anerroneousPaymentshallnotpay,prepay,repay,dischargeorotherwisesatisfyanyObligationsowedbyanyBorroweroranyotherLoanParty. , provided that this Section 8.06(c)(iii) shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Loans and interest thereon relative to the amount (and/or timing for payment) thereof that would have been payable had such erroneous Payment not been made by the Administrative Agent, and provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from, or on behalf of (including through the exercise of remedies under any Loan Document), the Borrowers for the purpose of making a payment on the Obligations. (iv)Eachparty’sobligationsunderthisparagraphshallsurvivetheresignationorreplacementoftheAdministrativeAgentoranytransferofrightsorobligationsby,orthereplacementof,aLender,theterminationoftheCommitmentsortherepayment,satisfactionordischargeofallSecured Obligations under any Loan Document.SECTION 8.07. Collateral Matters ..(a)ExceptwithrespecttotheexerciseofsetoffrightsinaccordancewithSection 9.08orwithrespecttoaSecuredParty’srighttofileaproofofclaiminaninsolvencyproceeding,noSecuredPartyshallhaveanyrightindividuallytorealizeuponanyoftheCollateral or to enforce any Guarantee of the Secured Obligations, it being understood and agreed that allpowers,rightsandremediesundertheLoanDocumentsmaybeexercisedsolelybytheAdministrativeAgent on behalf of the Secured Parties in accordance with the terms thereof.(b) Infurtheranceoftheforegoingandnotinlimitationthereof,noarrangementsinrespectofBankingServicestheobligationsunderwhichconstituteSecuredObligationsandnoSwapAgreementtheobligationsunderwhichconstituteSecuredObligations,willcreate(orbedeemedtocreate) in favor of any Secured Party that is a party thereto any rights in connection with the managementorreleaseofanyCollateraloroftheobligationsofanyLoanPartyunderanyLoanDocument.ByacceptingthebenefitsoftheCollateral,eachSecuredPartythatisapartytoanyBankingServicesAgreementorSwapAgreementinrespectofSwapObligations,asapplicable,shallbedeemedtohaveappointedtheAdministrativeAgenttoserveasadministrativeagentandcollateralagentundertheLoanDocumentsandagreedtobeboundbytheLoanDocumentsasaSecuredPartythereunder,subjecttothelimitations set forth in this paragraph.(c) TheSecuredPartiesirrevocablyauthorizetheAdministrativeAgent,atitsoptionandinitsdiscretion,tosubordinateanyLienonanypropertygrantedtoorheldbytheAdministrativeAgentunderanyLoanDocumenttotheholderofanyLienonsuchpropertythatispermittedbySection6.02. The Administrative Agent shall not be responsible for or have a duty to ascertain or inquireintoanyrepresentationorwarrantyregardingtheexistence,valueorcollectabilityoftheCollateral,theexistence, priority or perfection of the Administrative Agent’s Lien thereon or any certificate prepared byany Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to theLenders or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.SECTION 8.08. Credit Bidding ..TheSecuredPartiesherebyirrevocablyauthorizetheAdministrativeAgent,atthedirectionoftheRequiredLenders,tocreditbidalloranyportionoftheObligations(includingbyacceptingsomeoralloftheCollateralinsatisfactionofsomeoralloftheObligationspursuanttoadeedinlieuofforeclosureorotherwise)andinsuchmannerpurchase(eitherdirectlyorthroughoneormoreacquisitionvehicles)alloranyportionoftheCollateral(a) atanysale115 |
thereofconductedundertheprovisionsoftheBankruptcyCode,includingunderSections 363,1123or1129oftheBankruptcyCode,oranysimilarlawsinanyotherjurisdictionstowhichaLoanPartyissubject,or(b) atanyothersale,foreclosureoracceptanceofcollateralinlieuofdebtconductedby(orwiththeconsentoratthedirectionof)theAdministrativeAgent(whetherbyjudicialactionorotherwise)inaccordancewithanyapplicablelaw.Inconnectionwithanysuchcreditbidandpurchase,theObligationsowedtotheSecuredPartiesshallbeentitledtobe,andshallbe,creditbidbytheAdministrativeAgentatthedirectionoftheRequiredLendersonaratablebasis(withObligationswithrespecttocontingentorunliquidatedclaimsreceivingcontingentinterestsintheacquiredassetsonaratablebasisthatshallvestupontheliquidationofsuchclaimsinanamountproportionaltotheliquidated portion of the contingent claim amount used in allocating the contingent interests) for the assetorassetssopurchased(orfortheequityinterestsordebtinstrumentsoftheacquisitionvehicleorvehiclesthatareissuedinconnectionwithsuchpurchase).Inconnectionwithanysuchbid,(i) theAdministrativeAgentshallbeauthorizedtoformoneormoreacquisitionvehiclesandtoassignanysuccessfulcreditbidtosuchacquisitionvehicleorvehicles,(ii) eachoftheSecuredParties’ratableinterestsintheObligationswhichwerecreditbidshallbedeemedwithoutanyfurtheractionunderthisAgreementtobeassignedtosuchvehicleorvehiclesforthepurposeofclosingsuchsale,(iii) theAdministrativeAgentshallbeauthorizedtoadoptdocumentsprovidingforthegovernanceoftheacquisitionvehicleorvehicles(providedthatanyactionsbytheAdministrativeAgentwithrespecttosuchacquisitionvehicleorvehicles,includinganydispositionoftheassetsorequityintereststhereof,shallbegoverned,directlyorindirectly,by,andthegoverningdocumentsshallprovidefor,controlbythevoteoftheRequiredLendersortheirpermittedassigneesunderthetermsofthisAgreementorthegoverning documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective oftheterminationofthisAgreementandwithoutgivingeffecttothelimitationsonactionsbytheRequiredLenderscontainedinSection 9.02ofthisAgreement),(iv) theAdministrativeAgentonbehalfofsuchacquisitionvehicleorvehiclesshallbeauthorizedtoissuetoeachoftheSecuredParties,ratablyonaccountoftherelevantObligationswhichwerecreditbid,interests,whetherasequity,partnershipinterests,limitedpartnershipinterestsormembershipinterests,inanysuchacquisitionvehicleand/ordebtinstrumentsissuedbysuchacquisitionvehicle,allwithouttheneedforanySecuredPartyoracquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to anacquisitionvehiclearenotusedtoacquireCollateralforanyreason(asaresultofanotherbidbeinghigherorbetter,becausetheamountofObligationsassignedtotheacquisitionvehicleexceedstheamountofObligationscreditbidbytheacquisitionvehicleorotherwise),suchObligationsshallautomatically be reassigned to the Secured Parties pro rata with their original interest in such Obligationsandtheequityinterestsand/ordebtinstrumentsissuedbyanyacquisitionvehicleonaccountofsuchObligationsshallautomaticallybecancelled,withouttheneedforanySecuredPartyoranyacquisitionvehicletotakeanyfurtheraction.NotwithstandingthattheratableportionoftheObligationsofeachSecuredPartyaredeemedassignedtotheacquisitionvehicleorvehiclesassetforthinclause (ii)above,eachSecuredPartyshallexecutesuchdocumentsandprovidesuchinformationregardingtheSecuredParty (and/or any designee of the Secured Party which will receive interests in or debt instruments issuedbysuchacquisitionvehicle)astheAdministrativeAgentmayreasonablyrequestinconnectionwiththeformationofanyacquisitionvehicle,theformulationorsubmissionofanycreditbidortheconsummation of the transactions contemplated by such credit bid.SECTION 8.09. Foreign Law Matters ..(a)EachBorrower,onitsbehalfandonbehalfofitsSubsidiaries,andeachLender,onitsbehalfandonthebehalfofitsaffiliatedSecuredParties,herebyirrevocablyconstitutetheAdministrativeAgentastheholderofanirrevocablepowerofattorney(fondédepouvoirwithinthemeaningofArticle2692oftheCivilCodeofQuébec)inordertoholdhypothecsandsecuritygrantedbyeachBorroweroranySubsidiaryonpropertypursuanttothelawsoftheProvinceofQuébectosecureobligationsofanyBorroweroranySubsidiaryunderanybond,debentureorsimilartitleofindebtednessissuedbyanyBorroweroranySubsidiaryinconnectionwiththisAgreement,andagreethattheAdministrativeAgentmayactasthebondholderandmandatarywith116 |
respect to any bond, debenture or similar title of indebtedness that may be issued by any Borrower or anySubsidiaryandpledgedinfavoroftheSecuredPartiesinconnectionwiththisAgreement.NotwithstandingtheprovisionsofSection32oftheAnActrespectingthespecialpowersoflegalpersons(Québec),JPMorganChaseBank,N.A.asAdministrativeAgentmayacquireandbetheholderofanybondissuedbyanyBorroweroranySubsidiaryinconnectionwiththisAgreement(i.e.,thefondédepouvoirmayacquireandholdthefirstbondissuedunderanydeedofhypothecbyanyBorrowerorany Subsidiary).(b) TheAdministrativeAgentisherebyauthorizedtoexecuteanddeliveranydocumentsnecessaryorappropriatetocreateandperfecttherightsofpledgeforthebenefitoftheSecuredPartiesincludingarightofpledgewithrespecttotheentitlementstoprofits,thebalanceleftafterwindingupandthevotingrightsoftheCompanyasultimateparentofanysubsidiaryoftheCompanywhichisorganizedunderthelawsoftheNetherlandsandtheEquityInterestsofwhicharepledgedinconnectionherewith(a“Dutch Pledge ”).WithoutprejudicetotheprovisionsofthisAgreement and the other Loan Documents, the parties hereto acknowledge and agree with the creation ofparalleldebtobligationsoftheCompanyoranyrelevantSubsidiaryaswillbedescribedinanyDutchPledge(the“Parallel Debt ”),includingthatanypaymentreceivedbytheAdministrativeAgentinrespectoftheParallelDebtwill-conditionallyuponsuchpaymentnotsubsequentlybeingavoidedorreducedbyvirtueofanyprovisionsorenactmentsrelatingtobankruptcy,insolvency,preference,liquidationorsimilarlawsofgeneralapplication-bedeemedasatisfactionofaprorataportionofthecorrespondingamountsoftheSecuredObligations,andanypaymenttotheSecuredPartiesinsatisfactionoftheSecuredObligationsshall-conditionallyuponsuchpaymentnotsubsequentlybeingavoidedorreducedbyvirtueofanyprovisionsorenactmentsrelatingtobankruptcy,insolvency,preference,liquidationorsimilarlawsofgeneralapplication-bedeemedassatisfactionofthecorrespondingamountoftheParallelDebt.Thepartiesheretoacknowledgeandagreethat,forpurposesofaDutchPledge,anyresignationbytheAdministrativeAgentisnoteffectiveuntilitsrightsundertheParallelDebtareassigned to the successor Administrative Agent.(c) ThepartiesheretoacknowledgeandagreeforthepurposesoftakingandensuringthecontinuingvalidityofGermanlawgovernedpledges(Pfandrechte)withthecreationofparalleldebtobligations of the Borrowers as will be further described in a separate German law governed parallel debtundertaking.TheAdministrativeAgentshall(i)holdsuchparalleldebtundertakingasfiduciaryagent(Treuhaender)and(ii)administerandholdasfiduciaryagent(Treuhaender)anypledgecreatedunderaGermanlawgovernedCollateralDocumentwhichiscreatedinfavorofanySecuredPartyortransferredtoanySecuredPartyduetoitsaccessorynature(Akzessorietaet),ineachcaseinitsownnameandforthe account of the Secured Parties. Each Lender, on its own behalf and on behalf of its affiliated SecuredParties,herebyauthorizestheAdministrativeAgenttoenterasitsagentinitsnameandonitsbehalfintoanyGermanlawgovernedCollateralDocument,toacceptasitsagentinitsnameandonitsbehalfanypledgeundersuchCollateralDocumentandtoagreetoandexecuteasitsagentinitsnameandonitsbehalfanyamendments,supplementsandotheralterationstoanysuchCollateralDocumentandtoreleaseanysuchCollateralDocumentandanypledgecreatedunderanysuchCollateralDocumentinaccordance with the provisions herein and/or the provisions in any such Collateral Document.ARTICLE IXMiscellaneous SECTION 9.01. Notices ..(a)Exceptinthecaseofnoticesandothercommunicationsexpresslypermittedtobegivenbytelephone(andsubjecttoparagraph(b)below),allnoticesandother117 |
communicationsprovidedforhereinshallbeinwritingandshallbedeliveredbyhandorovernightcourier service, mailed by certified or registered mail or sent by telecopy, as follows:(i) iftoanyBorrower,toitc/oTennantCompany,10400CleanStreet,EdenPrairie,Minnesota55344,AttentionofThomasStueve,VicePresidentandTreasurer(TelecopyNo.(000)000-0000;TelephoneNo.(000)000-0000);Xxxxxx.Xxxxxx@xxxxxxxxx.xxx;Xxxxxxx.Xxxxxx@xxxxxxxxx.xxx,alongwithacopy(inthecaseofanoticeofDefault)totheattention of General Counsel at the same address;(ii) iftotheAdministrativeAgent,to(A)inthecaseofBorrowingsbytheCompanydenominated in Dollars, JPMorgan Chase Bank, N.A., 00 Xxxxx Xxxxxxxx Xxxxxx, Xxxxxxx, XX00000,XxxxxxxxxxxXxxxxxxxXxxxxx(XxxxxxxxXx.000-000-0000;xxxxxxxx.xxxxxx@xxxxx.xxx;xxx.xxxxxx.xxx@xxxxxxxx.xxx)xxx(X)xxxxxxxxxxxXxxxxxxxxx by any Foreign Subsidiary Borrower or denominated in Agreed Currencies otherthanDollars,JPMorganEuropeLimited,25BankStreet,CanaryWharf,LondonE145AJ,Attention of The Manager, Loan & Agency Services (Telecopy No. 011-44-207-777-2360);(iii) iftotheIssuingBank,toitatJPMorganChaseBank,N.A.,10SouthDearbornStreet,Chicago,IL60603,AttentionofCharitraShetty(TelecopyNo.000-000-0000;xxxxxxxx.xxxxxx@xxxxx.xxx; xxx.xxxxxx.xxx@xxxxxxxx.xxx);(iv) if to the Swingline Lender, to it at JPMorgan Xxxxx Xxxx, X.X., 00 Xxxxx XxxxxxxxXxxxxx,Xxxxxxx,XX00000,XxxxxxxxxxxXxxxxxxxXxxxxx(XxxxxxxxXx.000-000-0000;xxxxxxxx.xxxxxx@xxxxx.xxx; xxx.xxxxxx.xxx@xxxxxxxx.xxx); and(v) iftoanyotherLender,toitatitsaddress(ortelecopynumber)setforthinitsAdministrative Questionnaire.Noticessentbyhandorovernightcourierservice,ormailedbycertifiedorregisteredmail,shallbedeemedtohavebeengivenwhenreceived;noticessentbyfacsimileshallbedeemedtohavebeengivenwhensent(exceptthat,ifnotgivenduringnormalbusinesshoursfortherecipient,shallbedeemedtohavebeengivenattheopeningofbusinessonthenextbusinessdayfortherecipient).NoticesdeliveredthroughElectronicSystems,totheextentprovidedinparagraph (b)below,shallbeeffectiveasprovidedin said paragraph (b).(b) NoticesandothercommunicationstotheLendersandtheIssuingBankhereundermaybedeliveredorfurnishedbyusingElectronicSystemspursuanttoproceduresapprovedbytheAdministrativeAgent;providedthattheforegoingshallnotapplytonoticespursuanttoArticleIIunlessotherwiseagreedbytheAdministrativeAgentandtheapplicableLender.TheAdministrativeAgentortheCompanymay,initsdiscretion,agreetoacceptnoticesandothercommunicationstoithereunderbyelectroniccommunicationspursuanttoproceduresapprovedbyit;providedthatapprovalofsuchprocedures may be limited to particular notices or communications.(c) UnlesstheAdministrativeAgentotherwiseprescribes,(i)noticesandothercommunicationssenttoane-mailaddressshallbedeemedreceiveduponthesender’sreceiptofanacknowledgementfromtheintendedrecipient(suchasbythe“returnreceiptrequested”function,asavailable,returne-mailorotherwrittenacknowledgement),and(ii) noticesorcommunicationspostedtoanInternetorintranetwebsiteshallbedeemedreceiveduponthedeemedreceiptbytheintendedrecipient,atitse-mailaddressasdescribedintheforegoingclause (i),ofnotificationthatsuchnoticeorcommunicationisavailableandidentifyingthewebsiteaddresstherefor;provided that,forbothclauses(i)and(ii)above,ifsuchnotice,emailorothercommunicationisnotsentduringthenormalbusiness118 |
hoursoftherecipient,suchnoticeorcommunicationshallbedeemedtohavebeensentattheopeningofbusiness on the next business day for the recipient.(d) Anypartyheretomaychangeitsaddressortelecopynumberfornoticesandothercommunications hereunder by notice to the other parties hereto.(e) Electronic Systems.(i) TheCompanyagreesthattheAdministrativeAgentmay,butshallnotbeobligatedto,makeCommunications(asdefinedbelow)availabletotheIssuingBankandtheotherLenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or asubstantially similar Electronic System.(ii) Any Electronic System used by the Administrative Agent is provided “as is” and “asavailable.”TheAgentParties(asdefinedbelow)donotwarranttheadequacyofsuchElectronicSystemsandexpresslydisclaimliabilityforerrorsoromissionsintheCommunications.Nowarrantyofanykind,express,impliedorstatutory,includinganywarrantyofmerchantability,fitnessforaparticularpurpose,non-infringementofthird-partyrightsorfreedomfromvirusesorothercodedefects,ismadebyanyAgentPartyinconnectionwiththeCommunicationsoranyElectronicSystem.InnoeventshalltheAdministrativeAgentoranyofitsRelatedParties(collectively,the“Agent Parties ”)haveanyliabilitytoanyLoanParty,anyLender,theIssuingBankoranyotherPersonorentityfordamagesofanykind,includingdirectorindirect,special,incidentalorconsequentialdamages,lossesorexpenses(whetherintort,contractorotherwise)arisingoutofanyLoanParty’s or the Administrative Agent’s transmission of Communications through an ElectronicSystem.SECTION 9.02. Waivers; Amendments ..(a) NofailureordelaybytheAdministrativeAgent,theIssuingBankoranyLenderinexercisinganyrightorpowerhereunderorunderanyotherLoanDocumentshalloperateasawaiverthereof,norshallanysingleorpartialexerciseofanysuchrightorpower,oranyabandonmentordiscontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof ortheexerciseofanyotherrightorpower.TherightsandremediesoftheAdministrativeAgent,theIssuingBankandtheLendershereunderandundertheotherLoanDocumentsarecumulativeandarenotexclusiveofanyrightsorremediesthattheywouldotherwisehave.NowaiverofanyprovisionofthisAgreementorconsenttoanydeparturebyanyBorrowertherefromshallinanyeventbeeffectiveunlessthesameshallbepermittedbyparagraph(b)ofthisSection,andthensuchwaiverorconsentshallbeeffectiveonlyinthespecificinstanceandforthepurposeforwhichgiven.Withoutlimitingthegeneralityoftheforegoing,themakingofaLoanorissuanceofaLetterofCreditshallnotbeconstruedasawaiverofanyDefault,regardlessofwhethertheAdministrativeAgent,anyLenderortheIssuingBank may have had notice or knowledge of such Default at the time.(b) ExceptasprovidedinSection2.20withrespecttoanIncrementalTermLoanAmendment or pursuant to any fee letter entered into by the Company in connection with this AgreementandsubjecttoSection2.14(b), and (c)and (d) andclauses(c)and(f)below,neitherthisAgreementnor anyprovisionhereofmaybewaived,amendedormodifiedexceptpursuanttoanagreementoragreementsinwritingenteredintobytheBorrowersandtheRequiredLendersorbytheBorrowersandtheAdministrativeAgentwiththeconsentoftheRequiredLenders;provided thatnosuchagreementshall(i)increasetheCommitmentofanyLenderwithoutthewrittenconsentofsuchLender,(ii)reducetheprincipalamountofanyLoanorLCDisbursementorreducetherateofinterestthereon,orreduce119 |
anyfeespayablehereunder,withoutthewrittenconsentofeachLenderdirectlyaffectedthereby(exceptthatanyamendmentormodificationofthefinancialcovenantsinthisAgreement(ordefinedtermsusedin the financial covenants in this Agreement) shall not constitute a reduction in the rate of interest or feesforpurposesofthisclause(ii)),(iii)postponethescheduleddateofpaymentoftheprincipalamountofanyLoanorLCDisbursement,oranyinterestthereon,oranyfeespayablehereunder,orreducetheamountof,waiveorexcuseanysuchpayment,orpostponethescheduleddateofexpirationofanyCommitment,withoutthewrittenconsentofeachLenderdirectlyaffectedthereby(otherthananyreductionoftheamountof,oranyextensionofthepaymentdatefor,themandatoryprepaymentsrequired under Section 2.11, in each case which shall only require the approval of the Required Lenders),(iv)changeSection2.09(c)orSection2.18(b)or(d)inamannerthatwouldaltertheratablereductionofCommitmentsortheproratasharingofpaymentsrequiredthereby,withoutthewrittenconsentofeachLender,(v)changethepaymentwaterfallprovisionsofSection2.24(b)or7.02withoutthewrittenconsentofeachLender,(vi)changeanyoftheprovisionsofthisSectionorthedefinitionof“RequiredLenders”oranyotherprovisionhereofspecifyingthenumberorpercentageofLendersrequiredtowaive,amendormodifyanyrightshereunderormakeanydeterminationorgrantanyconsenthereunder,withoutthewrittenconsentofeachLender(itbeingunderstoodthat,solelywiththeconsentofthepartiesprescribedbySection2.20tobepartiestoanIncrementalTermLoanAmendment,IncrementalTermLoans may be included in the determination of Required Lenders on substantially the same basis astheCommitmentsandtheRevolvingLoansandDelayedDrawTermLoansareincludedontheRestatementEffectiveDate)or(vii)releasetheCompanyfromitsobligationsunderArticleXorallorsubstantiallyalloftheSubsidiaryGuarantorsfromtheirobligationsunderArticleXortheSubsidiaryGuaranty,ineachcase,withoutthewrittenconsentofeachLender,or(vii)exceptasprovidedinclause(d)ofthisSectionorinanyCollateralDocument,releaseallorsubstantiallyalloftheCollateral,asapplicable,withoutthewrittenconsentofeachLender;provided further thatnosuchagreementshallamend,modifyorotherwiseaffecttherightsordutiesoftheAdministrativeAgent,theIssuingBankortheSwinglineLenderhereunderwithoutthepriorwrittenconsentoftheAdministrativeAgent,theIssuing Bank or the Swingline Lender, as the case may be (it being understood that any change to Section2.24shallrequiretheconsentoftheAdministrativeAgent,theIssuingBankandtheSwinglineLender);provided further thatnosuchagreementshallamendormodifytheprovisionsofSection 2.06oranyletterofcreditapplicationandanybilateralagreementbetweentheCompanyandtheIssuingBankregarding the Issuing Bank’s Issuing Bank Sublimit (other than in the manner set forth in the definition ofIssuingBankSublimit)ortherespectiverightsandobligationsbetweentheCompanyandtheIssuingBankinconnectionwiththeissuanceofLettersofCreditwithoutthepriorwrittenconsentoftheAdministrativeAgentandtheIssuingBank,respectively.Notwithstandingtheforegoing,noconsentwithrespecttoanyamendment,waiverorothermodificationofthisAgreementshallberequiredofanyDefaultingLender,exceptwithrespecttoanyamendment,waiverorothermodificationreferredtoinclause(i),(ii)or(iii)ofthefirstprovisoofthisparagraphandthenonlyintheeventsuchDefaultingLender shall be directly affected by such amendment, waiver or other modification.(c) Notwithstandingtheforegoing,thisAgreementandanyotherLoanDocumentmaybeamended(oramendedandrestated)withthewrittenconsentoftheRequiredLenders,theAdministrativeAgentandtheBorrowerstoeachrelevantLoanDocument(x)toaddoneormorecreditfacilities (in addition to the Incremental Term Loans pursuant to an Incremental Term Loan Amendment)tothisAgreementandtopermitextensionsofcreditfromtimetotimeoutstandingthereunderandtheaccruedinterestandfeesinrespectthereoftoshareratablyinthebenefitsofthisAgreementandtheotherLoanDocumentswiththeRevolvingLoans,theDelayedDrawTermLoans,IncrementalTermLoansandtheaccruedinterestandfeesinrespectthereofand(y)toincludeappropriatelytheLendersholding such credit facilities in any determination of the Required Lenders and Lenders.(d) TheLendersherebyirrevocablyauthorizetheAdministrativeAgent,atitsoptionand in its sole discretion, to release any Liens granted to the Administrative Agent by the Loan Parties on120 |
anyCollateralandreleasetheSubsidiaryGuarantorsfromtheSubsidiaryGuaranty(i)upontheterminationofalltheCommitments,paymentandsatisfactioninfullincashofallSecuredObligations(other than the Unliquidated Obligations) and the cash collateralization of all Unliquidated Obligations inamannersatisfactorytotheAdministrativeAgent,(ii)underthecircumstancessetforthinSection9.17,(iii)constitutingpropertybeingsoldordisposedofiftheCompanycertifiestotheAdministrativeAgentthatthesaleordispositionismadeincompliancewiththetermsofthisAgreement(andtheAdministrativeAgentmayrelyconclusivelyonanysuchcertificate,withoutfurtherinquiry),(iv)constitutingpropertyleasedtotheCompanyoranySubsidiaryunderaleasewhichhasexpiredorbeenterminatedinatransactionpermittedunderthisAgreement,or(v)asrequiredtoeffectanysaleorotherdispositionofsuchCollateralinconnectionwithanyexerciseofremediesoftheAdministrativeAgentandtheLenderspursuanttoSection7.01(andtheLendersfurtherauthorizetheAdministrativeAgenttoexecuteanddeliveranydocumentsreasonablyrequestedbytheCompanytoevidencesuchterminationorrelease).Anysuchreleaseshallnotinanymannerdischarge,affect,orimpairtheObligationsoranyLiens(otherthanthoseexpresslybeingreleased)upon(orobligationsoftheLoanPartiesinrespectof)allinterestsretainedbytheLoanParties,includingtheproceedsofanysale,allofwhichshallcontinuetoconstitutepartoftheCollateral.Inaddition,eachoftheLenders,onbehalfofitselfandanyofitsAffiliatesthatareSecuredParties,irrevocablyauthorizestheAdministrativeAgent,atitsoptionandinitsdiscretion,(i) tosubordinateanyLienonanyassetsgrantedtoorheldbytheAdministrativeAgentunder any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(d)or(ii) intheeventthattheCompanyshallhaveadvisedtheAdministrativeAgentthat,notwithstandingtheusebytheCompanyofcommerciallyreasonableeffortstoobtaintheconsentofsuchholder(butwithouttherequirementtopayanysumstoobtainsuchconsent)topermittheAdministrativeAgenttoretainitsliens(onasubordinatedbasisascontemplatedbyclause (i)above),theholderofsuchotherIndebtedness requires, as a condition to the extension of such credit, that the Liens on such assets grantedtoorheldbytheAdministrativeAgentunderanyLoanDocumentbereleased,toreleasetheAdministrative Agent’s Liens on such assets.(e) If,inconnectionwithanyproposedamendment,waiverorconsentrequiringtheconsentof“eachLender”or“eachLenderdirectlyaffectedthereby,”theconsentoftheRequiredLendersisobtained,buttheconsentofothernecessaryLendersisnotobtained(anysuchLenderwhoseconsentisnecessarybutnotobtainedbeingreferredtohereinasa“Non-Consenting Lender ”),thentheCompanymayelecttoreplaceaNon-ConsentingLenderasaLenderpartytothisAgreement,providedthat, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactoryto the Company and the Administrative Agent shall agree, as of such date, to purchase for cash the Loansand other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption andtobecomeaLenderforallpurposesunderthisAgreementandtoassumeallobligationsoftheNon-ConsentingLendertobeterminatedasofsuchdateandtocomplywiththerequirementsofclause (b)ofSection 9.04,and(ii) eachBorrowershallpaytosuchNon-ConsentingLenderinsamedayfunds on the day of such replacement (1) the outstanding principal amount of its Loans and participationsinLCDisbursementsandallinterest,feesandotheramountsthenaccruedbutunpaidtosuchNon-ConsentingLenderbysuchBorrowerhereundertoandincludingthedateoftermination,includingwithoutlimitationpaymentsduetosuchNon-ConsentingLenderunderSections 2.15and2.17,and(2) anamount,ifany,equaltothepaymentwhichwouldhavebeenduetosuchLenderonthedayofsuchreplacementunderSection 2.16hadtheLoansofsuchNon-ConsentingLenderbeenprepaidonsuch date rather than sold to the replacement Lender.(f) Notwithstanding anything to the contrary herein the Administrative Agent may, withtheconsentoftheBorrowersonly,amend,modifyorsupplementthisAgreementoranyoftheotherLoan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.121 |
SECTION 9.03. Expenses; Indemnity; Damage Waiver ..(a)TheCompanyshallpay(i)allreasonableout-of-pocketexpensesincurredbytheAdministrativeAgentanditsAffiliates,includingthereasonablefees,chargesanddisbursementsofcounselfortheAdministrativeAgent,inconnectionwiththesyndicationanddistribution(including,withoutlimitation,viatheinternetorthroughaservicesuchasIntralinks)ofthecreditfacilitiesprovidedforherein,thepreparationandadministrationofthisAgreementandtheotherLoanDocumentsoranyamendments,modificationsorwaiversoftheprovisionshereoforthereof(whetherornotthetransactionscontemplatedherebyortherebyshallbeconsummated),(ii)allreasonableout-of-pocketexpensesincurredbytheIssuingBankinconnectionwiththeissuance,amendment,renewalorextensionofanyLetterofCreditoranydemandforpaymentthereunderand(iii)allreasonableout-of-pocketexpensesincurredbytheAdministrativeAgent,theIssuingBankoranyLender,includingthefees,chargesanddisbursementsofanycounselfortheAdministrativeAgent,theIssuingBankoranyLender,inconnectionwiththeenforcementorprotectionofitsrightsinconnectionwiththisAgreement,includingitsrightsunderthisSection,orinconnectionwiththeLoansmadeorLettersofCreditissuedhereunder,includingallsuchout-of-pocketexpensesincurredduringanyworkout,restructuringornegotiationsinrespectofsuchLoansorLettersofCredit.ExceptasexpresslyotherwisesetforthinSection5.06,expensesbeingreimbursedbytheCompanyunderthisSectioninclude,withoutlimitingthegeneralityoftheforegoing,reasonablecostsandexpenses incurred in connection with (x) appraisals and insurance reviews and (y) field examinations andthepreparationofReportsbasedonthefeeschargedbyathirdpartyretainedbytheAdministrativeAgentorthereasonableinternallyallocatedfeesforeachPersonemployedbytheAdministrativeAgentwith respect to each field examination.(b) To the extent permitted by applicable law (i) the Company and any Loan Party shallnotassert,andtheCompanyandeachLoanPartyherebywaives,anyclaimagainsttheAdministrativeAgent,anyLeadArranger,anyCo-SyndicationAgent,anyCo-DocumentationAgent,anyIssuingBankandanyLender,andanyRelatedPartyofanyoftheforegoingPersons(eachsuchPersonbeingcalleda“Lender-Related Person ”)foranyLiabilitiesarisingfromtheusebyothersofinformationorothermaterials(including,withoutlimitation,anypersonaldata)obtainedthroughtelecommunications,electronicorotherinformationtransmissionsystems(includingtheInternet),excepttotheextentdeterminedbyacourtofcompetentjurisdictionbyafinalandnon-appealablejudgmenttohaveresultedfromthegrossnegligenceorwillfulmisconductofsuchLender-RelatedPersonorfromthematerialbreachinbadfaithbysuchLender-RelatedPersonofitsexpresscontractualobligationsundertheLoanDocuments pursuant to a claim made by the Company, and (ii) no party hereto shall assert, and each suchpartyherebywaives,anyLiabilitiesagainstanyotherpartyhereto,onanytheoryofliability,forspecial,indirect,consequentialorpunitivedamages(asopposedtodirectoractualdamages)arisingoutof,inconnectionwith,orasaresultof,thisAgreement,anyotherLoanDocument,oranyagreementorinstrumentcontemplatedherebyorthereby,theTransactions,anyLoanorLetterofCreditortheuseoftheproceedsthereof;provided that,nothinginthisSection9.03(b)shallrelievetheCompanyoranyLoanPartyofanyobligationitmayhavetoindemnifyanLender-RelatedPerson,asprovidedinSection9.03(c),againstanyspecial,indirect,consequentialorpunitivedamagesassertedagainstsuchLender-Related Person by a third party.(c) TheCompanyshallindemnifytheAdministrativeAgent,theIssuingBankandeachLenderandeachRelatedPartyofanyoftheforegoingPersons(eachsuchPersonbeingcalledan“Indemnitee ”)against,andholdeachIndemniteeharmlessfrom,anyandallLiabilitiesandrelatedexpenses, including the reasonable and documented out-of-pocket fees, charges and disbursements of anycounselforanyIndemnitee(butlimited,inthecaseoflegalfeesandcharges,toasinglefirmofcounselforallsuchIndemnitees,takenasawholeand,ifrelevant,ofasinglefirmoflocalcounselineachapplicablejurisdiction(whichmayincludeasinglefirmofspecialcounselactinginmultiplejurisdictions)forallsuchIndemnitees,takenasawhole(and,inthecaseofanactualorperceivedconflictofinterest,wheretheIndemniteeaffectedbysuchconflictnotifiestheCompanyoftheexistence122 |
ofsuchconflictandthereafterretainsitsowncounsel,ofanotherfirmofcounselforsuchaffectedIndemniteeand,ifrelevant,ofasinglefirmoflocalcounselineachappropriatejurisdiction(whichmayincludeasinglefirmofspecialcounselactinginmultiplejurisdictions)forsuchaffectedIndemnitee)),incurredbyorassertedagainstanyIndemniteearisingoutof,inconnectionwith,orasaresultof(i)theexecutionordeliveryofanyLoanDocumentoranyagreementorinstrumentcontemplatedthereby,(ii)theperformancebythepartiesheretooftheirrespectiveobligationsthereunderortheconsummationoftheTransactionsoranyothertransactionscontemplatedhereby,(iii)anyactiontakeninconnectionwiththis Agreement, including, but not limited to, the payment of principal, interest and fees, (iv) any Loan orLetterofCreditortheuseoftheproceedstherefrom(includinganyrefusalbytheIssuingBanktohonorademandforpaymentunderaLetterofCreditifthedocumentspresentedinconnectionwithsuchdemand do not strictly comply with the terms of such Letter of Credit), (v) any actual or alleged presenceorreleaseofHazardousMaterialsonorfromanypropertyownedoroperatedbytheCompanyoranyofitsSubsidiaries,oranyEnvironmentalLiabilityrelatedinanywaytotheCompanyoranyofitsSubsidiaries,or(vi)anyactualorprospectiveProceedingrelatingtoanyoftheforegoing,whetherornotsuchProceedingisbroughtbytheCompanyoranyotherLoanPartyoritsortheirrespectiveequityholders,Affiliates,creditorsoranyotherthirdPersonandwhetherbasedoncontract,tortoranyothertheoryandregardlessofwhetheranyIndemniteeisapartythereto;provided thatsuchindemnityshallnot,astoanyIndemnitee,beavailabletotheextentthatsuchLiabilitiesorrelatedexpenses(x)aredeterminedbyacourtofcompetentjurisdictionbyfinalandnonappealablejudgmenttohaveresultedfromthegrossnegligenceorwillfulmisconductofsuchIndemniteeoranyofitsRelatedParties,(y)resultfromaclaimbroughtbytheCompanyoranyofitsSubsidiariesagainstsuchIndemniteeformaterial breach of such Indemnitee’s or any of its Related Parties’ obligations under any Loan DocumentiftheCompanyorsuchSubsidiaryhasobtainedafinalandnonappealablejudgmentinitsfavoronsuchclaimasdeterminedbyacourtofcompetentjurisdictionor(z)resultfromanydisputesolelyamongIndemnitees(notarisingasaresultofanyactoromissionbytheCompanyoranyofitsSubsidiariesorAffiliates)otherthanclaimsagainstanyoftheIndemniteesinitscapacityorinfulfillingitsroleasAdministrative Agent, Co-Syndication Agent, Co-Documentation Agent, Lead Arranger, Issuing Bank orSwinglineLenderoranysimilarroleunderorinconnectionwiththisAgreement) ..APersonseekingto beindemnifiedunderthisSection9.03shallnotifytheCompanyofanyeventrequiringindemnificationwithin30daysfollowingsuchPerson’sreceiptofnoticeofcommencementofanyactionorproceeding,orsuchPerson’sobtainingknowledgeoftheoccurrenceofanyotherevent,givingrisetoaclaimforindemnificationhereunder,andfurthermoresuchPersonagreestonotifytheCompanyfromtimetotimeofthestatusofanysuchactionorproceeding;provided ,thatthefailuretosonotifytheCompanyshallnotaffecttheCompany’sdutyorobligationsunderthisSection9.03.ThisSection9.03(b)shallnotapplywithrespecttoTaxesotherthananyTaxesthatrepresentlosses,claimsordamagesarisingfromany non-Tax claim.(d) TotheextentthattheCompanyfailstopayanyamountrequiredtobepaidbyittotheAdministrativeAgent,theIssuingBankortheSwinglineLenderunderparagraph(a)or(b)ofthisSection,eachLenderseverallyagreestopaytotheAdministrativeAgent,andeachRevolvingLenderseverallyagreestopaytotheIssuingBankortheSwinglineLender,asthecasemaybe,suchLender’sApplicablePercentage(determinedasofthetimethattheapplicableunreimbursedexpenseorindemnitypaymentissought)ofsuchunpaidamount(itbeingunderstoodthattheCompany’sfailuretopayanysuchamountshallnotrelievetheCompanyofanydefaultinthepaymentthereof);provided thattheunreimbursedexpenseorindemnifiedloss,claim,damage,liabilityorrelatedexpense,asthecasemaybe,wasincurredbyorassertedagainsttheAdministrativeAgent,theIssuingBankortheSwinglineLender in its capacity as such.(e) AllamountsdueunderthisSectionshallbepayablenotlaterthanfifteen(15)daysafter written demand therefor.123 |
SECTION 9.04. Successors and Assigns ..(a)TheprovisionsofthisAgreementshallbebindinguponandinuretothebenefitofthepartiesheretoandtheirrespectivesuccessorsandassignspermitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that(i)noBorrowermayassignorotherwisetransferanyofitsrightsorobligationshereunderwithoutthepriorwrittenconsentofeachLender(andanyattemptedassignmentortransferbyanyBorrowerwithoutsuchconsentshallbenullandvoid)and(ii)noLendermayassignorotherwisetransferitsrightsorobligationshereunderexceptinaccordancewiththisSection.NothinginthisAgreement,expressedorimplied,shallbeconstruedtoconferuponanyPerson(otherthanthepartieshereto,theirrespectivesuccessorsandassignspermittedhereby(includinganyAffiliateoftheIssuingBankthatissuesanyLetterofCredit),Participants(totheextentprovidedinparagraph(c)ofthisSection)and,totheextentexpressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bankand the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.(b) (i)Subjecttotheconditionssetforthinparagraph(b)(ii)below,anyLendermayassigntooneormorePersons(otherthananIneligibleInstitution)alloraportionofitsrightsandobligationsunderthisAgreement(includingalloraportionofitsCommitmentandtheLoansatthetimeowingtoit)withthepriorwrittenconsent(suchconsentnottobeunreasonablywithheld,conditionedordelayed) of:(A) the Company (provided that the Company shall be deemed to have consentedtoanysuchassignmentunlessitshallobjecttheretobywrittennoticetotheAdministrativeAgentwithinten(10)BusinessDaysafterhavingreceivednoticethereof);provided ,further ,thatnoconsentoftheCompanyshallberequiredforanassignmenttoaLender,anAffiliateofaLender,anApprovedFundor,ifanEventofDefault has occurred and is continuing, any other assignee;(B)theAdministrativeAgent;provided thatnoconsentoftheAdministrativeAgentshallberequiredforanassignmentofalloranyportionofaDelayedDrawTermLoan to a Lender, an Affiliate of a Lender or an Approved Fund;(C)theIssuingBank;provided thatnoconsentoftheIssuingBankshallberequired for an assignment of all or any portion of a Delayed Draw Term Loan; and(D)theSwinglineLender;provided thatnoconsentoftheSwinglineLendershall be required for an assignment of all or any portion of a Delayed Draw Term Loan.(ii) Assignments shall be subject to the following additional conditions:(A) except in the case of an assignment to a Lender or an Affiliate of a Lender oranApprovedFundoranassignmentoftheentireremainingamountoftheassigningLender’sCommitmentorLoansofanyClass,theamountoftheCommitmentorLoansoftheassigningLendersubjecttoeachsuchassignment(determinedasofthedatetheAssignmentandAssumptionwithrespecttosuchassignmentisdeliveredtotheAdministrativeAgent)shallnotbelessthan$5,000,000(inthecaseofRevolvingCommitments and Revolving Loans) or $1,000,000 (in the case of a Delayed Draw TermLoanorDelayedDrawTermLoanCommitment)unlesseachoftheCompanyandtheAdministrativeAgentotherwiseconsent,provided thatnosuchconsentoftheCompanyshall be required if an Event of Default has occurred and is continuing;(B)eachpartialassignmentshallbemadeasanassignmentofaproportionatepartofalltheassigningLender’srightsandobligationsunderthisAgreement,provided124 |
thatthisclauseshallnotbeconstruedtoprohibittheassignmentofaproportionatepartofalltheassigningLender’srightsandobligationsinrespectofoneClassofCommitments or Loans;(C) the parties to each assignment shall execute and deliver to the AdministrativeAgent(x)anAssignmentandAssumptionor(y)totheextentapplicable,anagreementincorporatinganAssignmentandAssumptionbyreferencepursuanttoanApprovedElectronicPlatformastowhichtheAdministrativeAgentandthepartiestotheAssignmentandAssumptionareparticipants,togetherwithaprocessingandrecordationfeeof$3,500,suchfeetobepaidbyeithertheassigningLenderortheassigneeLenderor shared between such Lenders; and(D)theassignee,ifitshallnotbeaLender,shalldelivertotheAdministrativeAgentanAdministrativeQuestionnaireinwhichtheassigneedesignatesoneormorecreditcontactstowhomallsyndicate-levelinformation(whichmaycontainmaterialnon-publicinformationabouttheCompanyanditsAffiliatesandtheirRelatedPartiesortheir respective securities) will be made available and who may receive such informationinaccordancewiththeassignee’scomplianceproceduresandapplicablelaws,includingFederal and state securities laws.ForthepurposesofthisSection9.04(b),theterms“ApprovedFund”and“IneligibleInstitution” have the following meanings:“Approved Fund ”meansanyPerson(otherthananaturalperson)thatisengagedinmaking,purchasing,holdingorinvestinginbankloansandsimilarextensionsofcreditintheordinarycourse of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or(c) an entity or an Affiliate of an entity that administers or manages a Lender.“Ineligible Institution ”means(a)anaturalperson,(b)aDefaultingLenderoritsLenderParent,(c)theCompany,anyofitsSubsidiariesoranyofitsAffiliates,or(d)acompany,investmentvehicleortrustfor,orownedandoperatedfortheprimarybenefitof,anaturalpersonorrelative(s)thereof.(iii)Subjecttoacceptanceandrecordingthereofpursuanttoparagraph(b)(iv)ofthisSection,fromandaftertheeffectivedatespecifiedineachAssignmentandAssumptiontheassigneethereundershallbeapartyheretoand,totheextentoftheinterestassignedbysuchAssignmentandAssumption,havetherightsandobligationsofaLenderunderthisAgreement,andtheassigningLenderthereundershall,totheextentoftheinterestassignedbysuchAssignmentandAssumption,bereleasedfromitsobligationsunderthisAgreement(and,inthecaseofanAssignmentandAssumptioncoveringall of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be apartyheretobutshallcontinuetobeentitledtothebenefitsofSections2.15,2.16,2.17and9.03).AnyassignmentortransferbyaLenderofrightsorobligationsunderthisAgreementthatdoesnotcomplywiththisSection9.04shallbetreatedforpurposesofthisAgreementasasalebysuchLenderofaparticipation in such rights and obligations in accordance with paragraph (c) of this Section.(iv)TheAdministrativeAgent,actingforthispurposeasanon-fiduciaryagentofeachBorrower,shallmaintainatoneofitsofficesacopyofeachAssignmentandAssumptiondeliveredtoitand a register for the recordation of the names and addresses of the Lenders, and the Commitment of, andprincipalamount(andstatedinterest)oftheLoansandLCDisbursementsowingto,eachLenderpursuanttothetermshereoffromtimetotime(the“Register ”).TheentriesintheRegistershallbeconclusiveabsentmanifesterror,andtheBorrowers,theAdministrativeAgent,theIssuingBankandthe125 |
LendersshalltreateachPersonwhosenameisrecordedintheRegisterpursuanttothetermshereofasaLenderhereunderforallpurposesofthisAgreement,notwithstandingnoticetothecontrary.TheRegistershallbeavailableforinspectionbytheCompany,theIssuingBankandanyLender,atanyreasonable time and from time to time upon reasonable prior notice.(v)Uponitsreceiptof(x)adulycompletedAssignmentandAssumptionexecutedbyanassigningLenderandanassigneeor(y)totheextentapplicable,anagreementincorporatinganAssignmentandAssumptionbyreferencepursuanttoanApprovedElectronicPlatformastowhichtheAdministrativeAgentandthepartiestotheAssignmentandAssumptionareparticipants,theassignee’scompletedAdministrativeQuestionnaire(unlesstheassigneeshallalreadybeaLenderhereunder),theprocessingandrecordationfeereferredtoinparagraph(b)ofthisSectionandanywrittenconsenttosuchassignmentrequiredbyparagraph(b)ofthisSection,theAdministrativeAgentshallacceptsuchAssignmentandAssumptionandrecordtheinformationcontainedthereinintheRegister;provided thatifeithertheassigningLenderortheassigneeshallhavefailedtomakeanypaymentrequiredtobemadebyitpursuanttoSection2.05(c),2.06(d)or(e),2.07(b),2.18(e)or9.03(c),theAdministrativeAgentshall have no obligation to accept such Assignment and Assumption and record the information therein inthe Register unless and until such payment shall have been made in full, together with all accrued interestthereon.NoassignmentshallbeeffectiveforpurposesofthisAgreementunlessithasbeenrecordedinthe Register as provided in this paragraph.(c) AnyLendermay,withouttheconsentoftheCompany,theAdministrativeAgent,theIssuingBankortheSwinglineLender,sellparticipationstooneormorebanksorotherentities(a“Participant ”),otherthananIneligibleInstitution,inalloraportionofsuchLender’srightsandobligationsunderthisAgreement(includingalloraportionofitsCommitmentandtheLoansowingtoit);providedthat(A)suchLender’sobligationsunderthisAgreementshallremainunchanged,(B)suchLendershallremainsolelyresponsibletotheotherpartiesheretofortheperformanceofsuchobligationsand(C)theBorrowers,theAdministrativeAgent,theIssuingBankandtheotherLendersshallcontinuetodealsolelyanddirectlywithsuchLenderinconnectionwithsuchLender’srightsandobligationsunderthisAgreement.AnyagreementorinstrumentpursuanttowhichaLendersellssuchaparticipationshallprovidethatsuchLendershallretainthesolerighttoenforcethisAgreementandtoapproveanyamendment,modificationorwaiverofanyprovisionofthisAgreement;provided thatsuchagreementorinstrumentmayprovidethatsuchLenderwillnot,withouttheconsentoftheParticipant,agreetoanyamendment,modificationorwaiverdescribedinthefirstprovisotoSection9.02(b)thataffectssuchParticipant.EachBorroweragreesthateachParticipantshallbeentitledtothebenefitsofSections2.15,2.16and2.17(subjecttotherequirementsandlimitationstherein,includingtherequirementsunderSection2.17(f)(itbeingunderstoodthatthedocumentationrequiredunderSection2.17(f)shallbedeliveredtotheparticipatingLender))tothesameextentasifitwereaLenderandhadacquireditsinterestbyassignmentpursuanttoparagraph(b)ofthisSection;provided thatsuchParticipant(A)agreestobesubjecttotheprovisionsofSections2.18and2.19asifitwereanassigneeunderparagraph(b)ofthisSection;and(B)shallnotbeentitledtoreceiveanygreaterproratapaymentunderSections2.15or2.17,withrespecttoanyparticipation,thanitsparticipatingLenderwouldhavebeenentitledtoreceive,excepttotheextentsuchentitlementtoreceiveagreaterpaymentresultsfromaChangeinLawthatoccursaftertheParticipantacquiredtheapplicableparticipation.Totheextentpermitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were aLender,providedsuchParticipantagreestobesubjecttoSection2.18(d)asthoughitwereaLender.Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of eachBorrower,maintainaregisteronwhichitentersthenameandaddressofeachParticipantandtheprincipalamounts(andstatedinterest)ofeachParticipant’sinterestintheLoansorotherobligationsundertheLoanDocuments(the“Participant Register ”);provided thatnoLendershallhaveanyobligationtodisclosealloranyportionoftheParticipantRegister(includingtheidentityofanyParticipantoranyinformationrelatingtoaParticipant’sinterestinanyCommitments,Loans,Lettersof126 |
CreditoritsotherobligationsunderanyLoanDocument)toanyPersonexcepttotheextentthatsuchdisclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is inregisteredformunderSection5f.103-1(c)oftheUnitedStatesTreasuryRegulations.TheentriesintheParticipantRegistershallbeconclusiveabsentmanifesterror,andsuchLendershalltreateachPersonwhosenameisrecordedintheParticipantRegisterastheownerofsuchparticipationforallpurposesofthisAgreementnotwithstandinganynoticetothecontrary.Fortheavoidanceofdoubt,theAdministrativeAgent(initscapacityasAdministrativeAgent)shallhavenoresponsibilityformaintaining a Participant Register.(d) Any Lender may at any time pledge or assign a security interest in all or any portionofitsrightsunderthisAgreementtosecureobligationsofsuchLender,includingwithoutlimitationanypledgeorassignmenttosecureobligationstoaFederalReserveBank,andthisSectionshallnotapplytoanysuchpledgeorassignmentofasecurityinterest;providedthatnosuchpledgeorassignmentofasecurityinterestshallreleaseaLenderfromanyofitsobligationshereunderorsubstituteanysuchpledgee or assignee for such Lender as a party hereto.SECTION 9.05. Survival ..Allcovenants,agreements,representationsandwarrantiesmadebytheLoanPartiesintheLoanDocumentsandinthecertificatesorotherinstrumentsdeliveredinconnectionwithorpursuanttothisAgreementoranyotherLoanDocumentshallbeconsideredtohavebeenrelieduponbytheotherpartiesheretoandshallsurvivetheexecutionanddeliveryoftheLoanDocumentsandthemakingofanyLoansandissuanceofanyLettersofCredit,regardlessofanyinvestigationmadebyanysuchotherpartyoronitsbehalfandnotwithstandingthattheAdministrativeAgent,theIssuingBankoranyLendermayhavehadnoticeorknowledgeofanyDefaultorincorrectrepresentationorwarrantyatthetimeanycreditisextendedhereunder,andshallcontinueinfullforceandeffectaslongastheprincipaloforanyaccruedinterestonanyLoanoranyfeeoranyotheramountpayableunderthisAgreementoranyotherLoanDocumentisoutstandingandunpaidoranyLetterofCreditisoutstandingandsolongastheCommitmentshavenotexpiredorterminated.TheprovisionsofSections2.15,2.16,2.17and9.03andArticleVIIIshallsurviveandremaininfullforceandeffectregardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, theexpirationorterminationoftheLettersofCreditandtheCommitmentsortheterminationofthisAgreement or any other Loan Document or any provision hereof or thereof.SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution ..(a)ThisAgreementmaybeexecutedincounterparts(andbydifferentpartiesheretoondifferentcounterparts),eachofwhichshallconstituteanoriginal,butallofwhichwhentakentogethershallconstituteasinglecontract.ThisAgreement,theotherLoanDocumentsandanyseparateletteragreementswithrespectto(i)feespayabletotheAdministrativeAgentand(ii)increasesorreductionsoftheIssuingBankSublimitoftheIssuingBankconstitutetheentirecontractamongthepartiesrelatingtothesubjectmatterhereofand supersede any and all previous agreements and understandings, oral or written, relating to the subjectmatterhereof.ExceptasprovidedinSection4.01,thisAgreementshallbecomeeffectivewhenitshallhavebeenexecutedbytheAdministrativeAgentandwhentheAdministrativeAgentshallhavereceivedcounterpartshereofwhich,whentakentogether,bearthesignaturesofeachoftheotherpartieshereto,andthereaftershallbebindinguponandinuretothebenefitofthepartiesheretoandtheirrespectivesuccessors and assigns.(b) Deliveryofanexecutedcounterpartofasignaturepageof(x)thisAgreement,(y)anyotherLoanDocumentand/or(z)anydocument,amendment,approval,consent,information,notice(including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate, request,statement,disclosureorauthorizationrelatedtothisAgreement,anyotherLoanDocumentand/orthetransactionscontemplatedherebyand/orthereby(eachan“AncillaryDocument”)thatisanElectronicSignaturetransmittedbytelecopy,emailedpdf.oranyotherelectronicmeansthatreproducesanimage127 |
ofanactualexecutedsignaturepageshallbeeffectiveasdeliveryofamanuallyexecutedcounterpartofthisAgreement,suchotherLoanDocumentorsuchAncillaryDocument,asapplicable.Thewords“execution,”“signed,”“signature,”“delivery,”andwordsoflikeimportinorrelatingtothisAgreement,anyotherLoanDocumentand/oranyAncillaryDocumentshallbedeemedtoincludeElectronicSignatures,deliveriesorthekeepingofrecordsinanyelectronicform(includingdeliveriesbytelecopy,emailedpdf.oranyotherelectronicmeansthatreproducesanimageofanactualexecutedsignaturepage),eachofwhichshallbeofthesamelegaleffect,validityorenforceabilityasamanuallyexecutedsignature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be;providedthatnothinghereinshallrequiretheAdministrativeAgenttoacceptElectronicSignaturesinany form or format without its prior written consent and pursuant to procedures approved by it; provided,further,withoutlimitingtheforegoing,(i)totheextenttheAdministrativeAgenthasagreedtoacceptanyElectronicSignature,theAdministrativeAgentandeachoftheLendersshallbeentitledtorelyonsuchElectronicSignaturepurportedlygivenbyoronbehalfoftheCompanyoranyotherLoanPartywithoutfurtherverificationthereofandwithoutanyobligationtoreviewtheappearanceorformofanysuchElectronicsignatureand(ii)upontherequestoftheAdministrativeAgentoranyLender,anyElectronicSignatureshallbepromptlyfollowedbyamanuallyexecutedcounterpart.Withoutlimitingthe generality of the foregoing, the Company and each Loan Party hereby (i) agrees that, for all purposes,includingwithoutlimitation,inconnectionwithanyworkout,restructuring,enforcementofremedies,bankruptcyproceedingsorlitigationamongtheAdministrativeAgent,theLenders,theCompanyandtheLoanParties,ElectronicSignaturestransmittedbytelecopy,emailedpdf.oranyotherelectronicmeansthatreproducesanimageofanactualexecutedsignaturepageand/oranyelectronicimagesofthisAgreement,anyotherLoanDocumentand/oranyAncillaryDocumentshallhavethesamelegaleffect,validityandenforceabilityasanypaperoriginal,(ii)theAdministrativeAgentandeachoftheLendersmay,atitsoption,createoneormorecopiesofthisAgreement,anyotherLoanDocumentand/oranyAncillaryDocumentintheformofanimagedelectronicrecordinanyformat,whichshallbedeemedcreatedintheordinarycourseofsuchPerson’sbusiness,anddestroytheoriginalpaperdocument(andallsuchelectronicrecordsshallbeconsideredanoriginalforallpurposesandshallhavethesamelegaleffect,validityandenforceabilityasapaperrecord),(iii)waivesanyargument,defenseorrighttocontestthelegaleffect,validityorenforceabilityofthisAgreement,anyotherLoanDocumentand/oranyAncillaryDocumentbasedsolelyonthelackofpaperoriginalcopiesofthisAgreement,suchotherLoanDocumentand/orsuchAncillaryDocument,respectively,includingwithrespecttoanysignaturepagestheretoand(iv)waivesanyclaimagainstanyLender-RelatedPersonforanyLiabilitiesarisingsolelyfromtheAdministrativeAgent’sand/oranyLender’srelianceonoruseofElectronicSignaturesand/ortransmissionsbytelecopy,emailedpdf.oranyotherelectronicmeansthatreproducesanimageofanactualexecutedsignaturepage,includinganyLiabilitiesarisingasaresultofthefailureoftheCompany and/or any Loan Party to use any available security measures in connection with the execution,delivery or transmission of any Electronic Signature.SECTION 9.07. Severability ..AnyprovisionofanyLoanDocumentheldtobeinvalid,illegalorunenforceableinanyjurisdictionshall,astosuchjurisdiction,beineffectivetotheextentofsuchinvalidity,illegalityorunenforceabilitywithoutaffectingthevalidity,legalityandenforceabilityoftheremainingprovisionsthereof;andtheinvalidityofaparticularprovisioninaparticularjurisdictionshallnot invalidate such provision in any other jurisdiction.SECTION 9.08. Right of Setoff ..IfanEventofDefaultshallhaveoccurredandbecontinuing,eachLender,eachIssuingBank,andeachoftheirrespectiveAffiliatesisherebyauthorizedatanytimeandfromtimetotime,tothefullestextentpermittedbylaw,tosetoffandapplyanyandalldeposits(generalorspecial,timeordemand,provisionalorfinalandinwhatevercurrencydenominated)atanytimeheld,andotherobligationsatanytimeowing,bysuchLender,suchIssuingBankoranysuchAffiliate,toorforthecreditortheaccountofanyBorroweroranySubsidiaryGuarantoragainstanyandalloftheSecuredObligationsnoworhereafterexistingunderthisAgreementoranyotherLoan128 |
DocumenttosuchLenderorsuchIssuingBankortheirrespectiveAffiliates,irrespectiveofwhetherornotsuchLender,IssuingBankorAffiliateshallhavemadeanydemandunderthisAgreementoranyotherLoanDocumentandalthoughsuchobligationsmaybecontingentorunmaturedorareowedtoabranchofficeorAffiliateofsuchLenderorsuchIssuingBankdifferentfromthebranchofficeorAffiliateholdingsuchdepositorobligatedonsuchindebtedness;provided thatintheeventthatanyDefaultingLendershallexerciseanysuchrightofsetoff,(x) allamountssosetoffshallbepaidoverimmediatelytotheAdministrativeAgentforfurtherapplicationinaccordancewiththeprovisionsofSection 2.24and,pendingsuchpayment,shallbesegregatedbysuchDefaultingLenderfromitsotherfundsanddeemedheldintrustforthebenefitoftheAdministrativeAgent,theIssuingBanks,andtheLenders,and(y) theDefaultingLendershallprovidepromptlytotheAdministrativeAgentastatementdescribinginreasonabledetailtheObligationsowingtosuchDefaultingLenderastowhichitexercisedsuchrightofsetoff.TherightsofeachLender,eachIssuingBankandtheirrespectiveAffiliatesunderthisSectionareinadditiontootherrightsandremedies(includingotherrightsofsetoff)thatsuchLender,suchIssuingBankortheirrespectiveAffiliatesmayhave.EachLenderandIssuingBankagreestonotifytheCompanyandtheAdministrativeAgentpromptlyafteranysuchsetoffandapplication;provided that the failure to give such notice shall not affect the validity of such setoff and application.SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process ..(a) ThisAgreementshallbeconstruedinaccordancewithandgovernedbythelawofthe State of New York.(b) EachBorrowerherebyirrevocablyandunconditionallysubmits,foritselfanditsproperty,totheexclusivejurisdictionoftheSupremeCourtoftheStateofNewYorksittinginNewYorkCounty,BoroughofManhattan,andoftheUnitedStatesDistrictCourtfortheSouthernDistrictofNew York sitting in the Borough of Manhattan, and any appellate court from any thereof, in any action orproceedingarisingoutoforrelatingtoanyLoanDocument,orforrecognitionorenforcementofanyjudgment,andeachofthepartiesheretoherebyirrevocablyandunconditionallyagreesthatallclaimsinrespectofanysuchactionorproceedingmaybeheardanddeterminedinsuchNewYorkStateor,totheextentpermittedbylaw,insuchFederalcourt.Eachofthepartiesheretoagreesthatafinaljudgmentinanysuchactionorproceedingshallbeconclusiveandmaybeenforcedinotherjurisdictionsbysuitonthejudgmentorinanyothermannerprovidedbylaw.NothinginthisAgreementoranyotherLoanDocumentshallaffectanyrightthattheAdministrativeAgent,theIssuingBankoranyLendermayotherwisehavetobringanyactionorproceedingrelatingtothisAgreementoranyotherLoanDocumentagainst any Loan Party or its properties in the courts of any jurisdiction.(c) EachBorrowerherebyirrevocablyandunconditionallywaives,tothefullestextentitmaylegallyandeffectivelydoso,anyobjectionwhichitmaynoworhereafterhavetothelayingofvenueofanysuit,actionorproceedingarisingoutoforrelatingtothisAgreementoranyotherLoanDocumentinanycourtreferredtoinparagraph(b)ofthisSection.Eachofthepartiesheretoherebyirrevocablywaives,tothefullestextentpermittedbylaw,thedefenseofaninconvenientforumtothemaintenance of such action or proceeding in any such court.(d) EachpartytothisAgreementirrevocablyconsentstoserviceofprocessinthemannerprovidedfornoticesinSection9.01.EachForeignSubsidiaryBorrowerirrevocablydesignatesandappointstheCompany,asitsauthorizedagent,toacceptandacknowledgeonitsbehalf,serviceofanyandallprocesswhichmaybeservedinanysuit,actionorproceedingofthenaturereferredtoinSection9.09(b)inanyfederalorNewYorkStatecourtsittinginNewYorkCity.TheCompanyherebyrepresents,warrantsandconfirmsthattheCompanyhasagreedtoacceptsuchappointment(andanysimilarappointmentbyaSubsidiaryGuarantorwhichisaForeignSubsidiary).Saiddesignationand129 |
appointmentshallbeirrevocablebyeachsuchForeignSubsidiaryBorroweruntilallLoans,allreimbursementobligations,interestthereonandallotheramountspayablebysuchForeignSubsidiaryBorrowerhereunderandundertheotherLoanDocumentsshallhavebeenpaidinfullinaccordancewiththeprovisionshereofandthereofandsuchForeignSubsidiaryBorrowershallhavebeenterminatedasaBorrowerhereunderpursuanttoSection2.23.EachForeignSubsidiaryBorrowerherebyconsentstoprocessbeingservedinanysuit,actionorproceedingofthenaturereferredtoinSection9.09(b)inanyfederalorNewYorkStatecourtsittinginNewYorkCitybyserviceofprocessupontheCompanyasprovidedinthisSection9.09(d);provided that,totheextentlawfulandpossible,noticeofsaidserviceuponsuchagentshallbemailedbyregisteredorcertifiedairmail,postageprepaid,returnreceiptrequested,totheCompanyand(ifapplicableto)suchForeignSubsidiaryBorroweratitsaddresssetforthintheBorrowingSubsidiaryAgreementtowhichitisapartyortoanyotheraddressofwhichsuchForeignSubsidiaryBorrowershallhavegivenwrittennoticetotheAdministrativeAgent(withacopythereoftotheCompany).EachForeignSubsidiaryBorrowerirrevocablywaives,tothefullestextentpermittedbylaw,allclaimoferrorbyreasonofanysuchserviceinsuchmannerandagreesthatsuchserviceshallbedeemedineveryrespecteffectiveserviceofprocessuponsuchForeignSubsidiaryBorrowerinanysuchsuit,actionorproceedingandshall,tothefullestextentpermittedbylaw,betakenandheldtobevalidandpersonalserviceuponandpersonaldeliverytosuchForeignSubsidiaryBorrower.TotheextentanyForeignSubsidiaryBorrowerhasorhereaftermayacquireanyimmunityfrom jurisdiction of any court or from any legal process (whether from service or notice, attachment priortojudgment,attachmentinaidofexecutionofajudgment,executionorotherwise),eachForeignSubsidiaryBorrowerherebyirrevocablywaivessuchimmunityinrespectofitsobligationsundertheLoanDocuments.NothinginthisAgreementoranyotherLoanDocumentwillaffecttherightofanyparty to this Agreement to serve process in any other manner permitted by law.SECTION 9.10. WAIVER OF JURY TRIAL ..EACHPARTYHERETOHEREBYWAIVES,TOTHEFULLESTEXTENTPERMITTEDBYAPPLICABLELAW,ANYRIGHTITMAYHAVETOATRIALBYJURYINANYLEGALPROCEEDINGDIRECTLYORINDIRECTLYARISINGOUTOFORRELATINGTOTHISAGREEMENT,ANYOTHERLOANDOCUMENTORTHETRANSACTIONSCONTEMPLATEDHEREBYORTHEREBY(WHETHERBASEDONCONTRACT,TORTORANYOTHERTHEORY).EACHPARTYHERETO(A)CERTIFIESTHATNOREPRESENTATIVE,AGENTORATTORNEYOFANYOTHERPARTYHASREPRESENTED,EXPRESSLYOROTHERWISE,THATSUCHOTHERPARTYWOULDNOT,INTHEEVENTOFLITIGATION,SEEKTOENFORCETHEFOREGOINGWAIVERAND(B)ACKNOWLEDGESTHATITANDTHEOTHERPARTIESHERETOHAVEBEENINDUCEDTOENTERINTOTHISAGREEMENTBY,AMONGOTHERTHINGS,THEMUTUALWAIVERSANDCERTIFICATIONSIN THIS SECTION.SECTION 9.11. Headings ..ArticleandSectionheadingsandtheTableofContentsusedhereinare for convenience of reference only, are not part of this Agreement and shall not affect the constructionof, or be taken into consideration in interpreting, this Agreement.SECTION 9.12. Confidentiality ..EachoftheAdministrativeAgent,theIssuingBankandtheLendersagreestomaintaintheconfidentialityoftheInformation(asdefinedbelow),exceptthatInformationmaybedisclosed(a) toitsanditsAffiliates’directors,officers,employeesandagents,includingaccountants,legalcounselandotheradvisors(itbeingunderstoodthatthePersonstowhomsuchdisclosureismadewillbeinformedoftheconfidentialnatureofsuchInformationandinstructedtokeepsuchInformationconfidential),(b) totheextentrequestedbyanyGovernmentalAuthority(includinganyself-regulatoryauthority,suchastheNationalAssociationofInsuranceCommissioners),(c) totheextentrequiredbyapplicablelawsorregulationsorbyanysubpoenaorsimilarlegalprocess,(d) toanyotherpartytothisAgreement,(e) inconnectionwiththeexerciseofanyremediesunderthisAgreementoranyotherLoanDocumentoranysuit,actionorproceedingrelatingtothisAgreementor130 |
anyotherLoanDocumentortheenforcementofrightshereunderorthereunder,(f) subjecttoanagreementcontainingprovisionssubstantiallythesameasthoseofthisSection,to(1) anyassigneeoforParticipantin,oranyprospectiveassigneeoforParticipantin,anyofitsrightsorobligationsunderthisAgreementor(2) anyactualorprospectivecounterparty(oritsadvisors)toanyswaporderivativetransactionrelatingtoanyBorroweranditsobligations,(g) onaconfidentialbasisto(1)anyratingagencyinconnectionwithratingtheCompanyoritsSubsidiariesorthecreditfacilitiesprovidedforhereinor(2)theCUSIPServiceBureauoranysimilaragencyinconnectionwiththeissuanceandmonitoringofCUSIPnumberswithrespecttothecreditfacilitiesprovidedforherein,(h)withtheconsent of the Company or (i) to the extent such Information (1) becomes publicly available other than asaresultofabreachofthisSectionor(2) becomesavailabletotheAdministrativeAgent,theIssuingBankoranyLenderonanonconfidentialbasisfromasourceotherthantheCompanyoranyofitsSubsidiaries.ForthepurposesofthisSection,“Information ”meansallinformationreceivedfromtheCompanyrelatingtotheCompanyoritsbusiness,otherthananysuchinformationthatisavailabletotheAdministrativeAgent,theIssuingBankoranyLenderonanonconfidentialbasispriortodisclosurebytheCompanyandotherthaninformationpertainingtothisAgreementroutinelyprovidedbyarrangerstodataserviceproviders,includingleaguetableproviders,thatservethelendingindustryunlesstheCompanyhas,inawritingtotheAdministrativeAgent,revokeddisclosuretoanysuchdataserviceprovidersorleaguetableprovidersastofurtherfuturedisclosures;provided that,inthecaseofinformation received from the Company after the date hereof, such information is clearly identified at thetimeofdeliveryasconfidential.AnyPersonrequiredtomaintaintheconfidentialityofInformationasprovidedinthisSectionshallbeconsideredtohavecompliedwithitsobligationtodosoifsuchPersonhasexercisedthesamedegreeofcaretomaintaintheconfidentialityofsuchInformationassuchPersonwouldaccordtoitsownconfidentialinformation(andinanyeventincomplianceinallmaterialrespectswith applicable law regarding material non-public information).EACHLENDERACKNOWLEDGESTHATINFORMATIONASDEFINEDINTHEIMMEDIATELYPRECEDINGPARAGRAPHFURNISHEDTOITPURSUANTTOTHISAGREEMENTMAYINCLUDEMATERIALNON-PUBLICINFORMATIONCONCERNINGTHECOMPANYANDITSRELATEDPARTIESORTHEIRRESPECTIVESECURITIES,ANDCONFIRMSTHATITHASDEVELOPEDCOMPLIANCEPROCEDURESREGARDINGTHEUSEOFMATERIALNON-PUBLICINFORMATIONANDTHATITWILLHANDLESUCHMATERIALNON-PUBLICINFORMATIONINACCORDANCEWITHTHOSEPROCEDURESANDAPPLICABLELAW,INCLUDINGFEDERALANDSTATESECURITIESLAWS.ALLINFORMATION,INCLUDINGREQUESTSFORWAIVERSANDAMENDMENTS,FURNISHEDBYTHECOMPANYORTHEADMINISTRATIVEAGENTPURSUANTTO,ORINTHECOURSEOFADMINISTERING,THISAGREEMENTWILLBESYNDICATE-LEVELINFORMATION,WHICHMAYCONTAINMATERIALNON-PUBLICINFORMATIONABOUTTHECOMPANY,THEOTHERLOANPARTIESANDTHEIRRELATEDPARTIESORTHEIRRESPECTIVESECURITIES.ACCORDINGLY,EACHLENDERREPRESENTSTOTHECOMPANYANDTHEADMINISTRATIVEAGENTTHATITHASIDENTIFIEDINITSADMINISTRATIVEQUESTIONNAIREACREDITCONTACTWHOMAYRECEIVEINFORMATIONTHATMAYCONTAINMATERIALNON-PUBLICINFORMATIONINACCORDANCEWITHITSCOMPLIANCEPROCEDURESANDAPPLICABLE LAW.SECTION 9.13. USA PATRIOT Act ..EachLenderthatissubjecttotherequirementsofthePatriotActherebynotifieseachLoanPartythatpursuanttotherequirementsofthePatriotAct,itisrequiredtoobtain,verifyandrecordinformationthatidentifiessuchLoanParty,whichinformation131 |
includesthenameandaddressofsuchLoanPartyandotherinformationthatwillallowsuchLendertoidentify such Loan Party in accordance with the Patriot Act.SECTION 9.14. Interest Rate Limitation .. Notwithstanding anything herein to the contrary, if atany time the interest rate applicable to any Loan, together with all fees, charges and other amounts whicharetreatedasinterestonsuchLoanunderapplicablelaw(collectivelythe“Charges ”),shallexceedthemaximumlawfulrate(the“Maximum Rate ”)whichmaybecontractedfor,charged,taken,receivedorreservedbytheLenderholdingsuchLoaninaccordancewithapplicablelaw,therateofinterestpayableinrespectofsuchLoanhereunder,togetherwithallChargespayableinrespectthereof,shallbelimitedtotheMaximumRateand,totheextentlawful,theinterestandChargesthatwouldhavebeenpayableinrespectofsuchLoanbutwerenotpayableasaresultoftheoperationofthisSection shallbecumulatedandtheinterestandChargespayabletosuchLenderinrespectofotherLoansorperiodsshallbeincreased(butnotabovetheMaximumRatetherefor)untilsuchcumulatedamount,togetherwithinterest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received bysuch Lender.SECTION 9.15. No Advisory or Fiduciary Responsibility ..EachBorroweracknowledgesandagrees,andacknowledgesitsSubsidiaries’understanding,thatnoCreditPartywillhaveanyobligationsexceptthoseobligationsexpresslysetforthhereinandintheotherLoanDocumentsandeachCreditPartyisactingsolelyinthecapacityofanarm’slengthcontractualcounterpartytoeachBorrowerwithrespecttotheLoanDocumentsandthetransactionscontemplatedthereinandnotasafinancialadvisororafiduciaryto,oranagentof,anyBorroweroranyotherperson.EachBorroweragreesthatitwillnotassertanyclaimagainstanyCreditPartybasedonanallegedbreachoffiduciarydutybysuchCreditPartyinconnectionwiththisAgreementandthetransactionscontemplatedhereby.Additionally,eachBorroweracknowledgesandagreesthatnoCreditPartyisadvisingsuchBorrowerastoanylegal,tax,investment,accounting,regulatoryoranyothermattersinanyjurisdiction.EachBorrowershallconsultwithitsownadvisorsconcerningsuchmattersandshallberesponsibleformakingitsownindependentinvestigationandappraisalofthetransactionscontemplatedhereby,andtheCreditPartiesshallhavenoresponsibility or liability to the Borrowers with respect thereto.EachBorrowerfurtheracknowledgesandagrees,andacknowledgesitsSubsidiaries’understanding,thateachCreditPartyisafullservicesecuritiesorbankingfirmengagedinsecuritiestradingandbrokerageactivitiesaswellasprovidinginvestmentbankingandotherfinancialservices.Intheordinarycourseofbusiness,anyCreditPartymayprovideinvestmentbankingandotherfinancialservicesto,and/oracquire,holdorsell,foritsownaccountsandtheaccountsofcustomers,equity,debtandothersecuritiesandfinancialinstruments(includingbankloansandotherobligations)of,theBorrowersandothercompanieswithwhichitmayhavecommercialorotherrelationships.Withrespecttoanysecuritiesand/orfinancialinstrumentssoheldbyanyCreditPartyoranyofitscustomers,allrightsinrespectofsuchsecuritiesandfinancialinstruments,includinganyvotingrights,willbeexercised by the holder of the rights, in its sole xxxxxxxxxx.Xx addition, each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’understanding,thateachCreditPartyanditsaffiliatesmaybeprovidingdebtfinancing,equitycapitalorotherservices(includingfinancialadvisoryservices)toothercompaniesinrespectofwhichtheBorrowers or their Subsidiaries may have conflicting interests regarding the transactions described hereinandotherwise.NoCreditPartywilluseconfidentialinformationobtainedfromanyBorrowerbyvirtueofthetransactionscontemplatedbytheLoanDocumentsoritsotherrelationshipswiththeBorrowersinconnectionwiththeperformancebysuchCreditPartyofservicesforothercompanies,andnoCreditPartywillfurnishanysuchinformationtoothercompanies.EachBorroweralsoacknowledgesthatno132 |
CreditPartyhasanyobligationtouseinconnectionwiththetransactionscontemplatedbytheLoanDocuments, or to furnish to the Borrowers, confidential information obtained from other companies.SECTION 9.16. Appointment for Perfection ..EachLenderherebyappointseachotherLenderasitsagentforthepurposeofperfectingLiens,forthebenefitoftheAdministrativeAgentandtheSecured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law canbeperfectedonlybypossessionorcontrol.ShouldanyLender(otherthantheAdministrativeAgent)obtainpossessionorcontrolofanysuchCollateral,suchLendershallnotifytheAdministrativeAgentthereof, and, promptly upon the Administrative Agent’s request therefore, shall deliver such Collateral totheAdministrativeAgentorotherwisedealwithsuchCollateralinaccordancewiththeAdministrativeAgent’s instructions.SECTION 9.17. Releases of Subsidiary Guarantors ..(a) ASubsidiaryGuarantorshallautomaticallybereleasedfromitsobligationsundertheSubsidiaryGuarantyupontheconsummationofanytransactionpermittedbythisAgreementasaresultofwhichsuchSubsidiaryGuarantorceasestobeaSubsidiary;provided that,ifsorequiredbythisAgreement,theRequiredLendersshallhaveconsentedtosuchtransactionandthetermsofsuchconsentshallnothaveprovidedotherwise. InconnectionwithanyterminationorreleasepursuanttothisParagraph,uponatleastfive(5)BusinessDays’priorwrittenrequestbytheCompanytotheAdministrativeAgent,theAdministrativeAgentshall(andisherebyirrevocablyauthorizedbyeachLenderto)executeanddelivertoanyLoanParty,atsuchLoanParty’sexpense,alldocumentsthatsuchLoanPartyshallreasonablyrequesttoevidencesuchterminationorrelease. AnyexecutionanddeliveryofdocumentspursuanttothisSectionshallbewithoutrecoursetoorwarrantybytheAdministrativeAgent. Further, the Administrative Agent may (and is hereby irrevocably authorized by each Lender to),upontherequestoftheCompany,releaseanySubsidiaryGuarantor(otherthanaSubsidiaryGuarantorpartytotheLoansDocumentsasoftheRestatementEffectiveDate)fromitsobligationsundertheSubsidiaryGuarantyifsuchSubsidiaryGuarantorisnolongeraMaterialSubsidiaryandtherequirements of the definition of Material Subsidiary are otherwise satisfied.(b) AtsuchtimeastheprincipalandinterestontheLoans,allLCDisbursements,thefees,expensesandotheramountspayableundertheLoanDocumentsandtheotherObligations(otherthanobligationsunderanySwapAgreementoranyBankingServicesAgreement,andotherObligationsexpresslystatedtosurvivesuchpaymentandtermination)shallhavebeenpaidinfullincash,theCommitmentsshallhavebeenterminatedandnoLettersofCreditshallbeoutstanding,theSubsidiaryGuarantyandallobligations(otherthanthoseexpresslystatedtosurvivesuchtermination)ofeachSubsidiaryGuarantorthereundershallautomaticallyterminate,allwithoutdeliveryofanyinstrumentorperformance of any act by any Person.SECTION 9.18. Acknowledgment and Consent to Bail-In of Affected Financial Institutions ..NotwithstandinganythingtothecontraryinanyLoanDocumentorinanyotheragreement,arrangementorunderstandingamonganysuchparties,eachpartyheretoacknowledgesthatanyliabilityofanyAffectedFinancialInstitutionarisingunderanyLoanDocumentmaybesubjecttotheWrite-DownandConversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledgesand agrees to be bound by:(a) theapplicationofanyWrite-DownandConversionPowersbytheapplicableResolutionAuthoritytoanysuchliabilitiesarisinghereunderwhichmaybepayabletoitbyanypartyhereto that is an Affected Financial Institution; and133 |
(b) the effects of any Bail-In Action on any such liability, including, if applicable:(i) a reduction in full or in part or cancellation of any such liability;(ii) aconversionofall,oraportionof,suchliabilityintosharesorotherinstrumentsofownershipinsuchAffectedFinancialInstitution,itsparententity,orabridgeinstitutionthatmaybeissuedtoitorotherwiseconferredonit,andthatsuchsharesorotherinstrumentsofownershipwillbeacceptedbyitinlieuofanyrightswithrespecttoanysuchliabilityunderthis Agreement or any other Loan Document; or(iii) thevariationofthetermsofsuchliabilityinconnectionwiththeexerciseoftheWrite-Down and Conversion Powers of the applicable Resolution Authority.SECTION 9.19. Acknowledgment Regarding Any Supported QFCs ..TotheextentthattheLoanDocumentsprovidesupport,throughaguaranteeorotherwise,forSwapAgreementsoranyotheragreementorinstrumentthatisaQFC(suchsupport“QFCCreditSupport”andeachsuchQFCa“SupportedQFC”),thepartiesacknowledgeandagreeasfollowswithrespecttotheresolutionpoweroftheFederalDepositInsuranceCorporationundertheFederalDepositInsuranceActandTitle IIoftheDodd-FrankWallStreetReformandConsumerProtectionAct(togetherwiththeregulationspromulgatedthereunder,the“U.S.SpecialResolutionRegimes”)inrespectofsuchSupportedQFCandQFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents andanySupportedQFCmayinfactbestatedtobegovernedbythelawsoftheStateofNewYorkand/orofthe United States or any other state of the United States):IntheeventaCoveredEntitythatispartytoaSupportedQFC(each,a“CoveredParty”)becomessubject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC andthebenefitofsuchQFCCreditSupport(andanyinterestandobligationinorundersuchSupportedQFCandsuchQFCCreditSupport,andanyrightsinpropertysecuringsuchSupportedQFCorsuchQFCCreditSupport)fromsuchCoveredPartywillbeeffectivetothesameextentasthetransferwouldbeeffectiveundertheU.S. SpecialResolutionRegimeiftheSupportedQFCandsuchQFCCreditSupport(andanysuchinterest,obligationandrightsinproperty)weregovernedbythelawsoftheUnitedStatesorastateoftheUnitedStates.IntheeventaCoveredPartyoraBHCActAffiliateofaCoveredPartybecomessubjecttoaproceedingunderaU.S. SpecialResolutionRegime,DefaultRightsundertheLoanDocumentsthatmightotherwiseapplytosuchSupportedQFCoranyQFCCreditSupportthatmaybeexercised against such Covered Party are permitted to be exercised to no greater extent than such DefaultRightscouldbeexercisedundertheU.S. SpecialResolutionRegimeiftheSupportedQFCandtheLoanDocumentsweregovernedbythelawsoftheUnitedStatesorastateoftheUnitedStates.Withoutlimitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respecttoaDefaultingLendershallinnoeventaffecttherightsofanyCoveredPartywithrespecttoaSupported QFC or any QFC Credit Support.SECTION 9.20. Certain ERISA Matters .. (a) Each Lender (x)represents and warrants, as of thedatesuchPersonbecameaLenderpartyhereto,to,and(y) covenants,fromthedatesuchPersonbecameaLenderpartyheretotothedatesuchPersonceasesbeingaLenderpartyhereto,forthebenefitof,theAdministrativeAgent,andeachLeadArrangerandtheirrespectiveAffiliates,andnot,fortheavoidanceofdoubt,toorforthebenefitoftheBorrower Borrower s oranyotherLoanParty,thatatleastoneofthe following is and will be true:(i)suchLenderisnotusing“planassets”(withinthemeaningofthePlanAssetRegulations)of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,134 |
(ii)thetransactionexemptionsetforthinoneormorePTEs,suchasPTE84-14(aclassexemptionforcertaintransactionsdeterminedbyindependentqualifiedprofessionalassetmanagers),PTE95-60(aclassexemptionforcertaintransactionsinvolvinginsurancecompanygeneralaccounts),PTE90-1(aclassexemptionforcertaintransactionsinvolvinginsurancecompanypooledseparateaccounts),PTE91-38(aclassexemptionforcertaintransactionsinvolvingbankcollectiveinvestmentfunds)orPTE96-23(aclassexemptionforcertaintransactionsdeterminedbyin-houseassetmanagers),isapplicablewithrespecttosuchLender’sentranceinto,participationin,administrationofandperformance of the Loans, the Letters of Credit, the Commitments and this Agreement,(iii)(A)suchLenderisaninvestmentfundmanagedbya“QualifiedProfessionalAssetManager”(withinthemeaningofPartVIofPTE84-14),(B) suchQualifiedProfessionalAssetManagermadetheinvestmentdecisiononbehalfofsuchLendertoenterinto,participatein,administerandperformtheLoans,theLettersofCredit,theCommitmentsandthisAgreement,(C) theentranceinto,participationin,administrationofandperformanceoftheLoans,theLettersofCredit,theCommitmentsandthisAgreementsatisfiestherequirementsofsub-sections(b) through(g)ofPartIofPTE84-14and(D) tothebestknowledgeofsuchLender,therequirementsofsubsection (a)ofPartIofPTE84-14aresatisfiedwithrespecttosuchLender’sentranceinto,participationin,administrationofandperformanceof the Loans, the Letters of Credit, the Commitments and this Agreement, or(iv)suchotherrepresentation,warrantyandcovenantasmaybeagreedinwritingbetweenthe Administrative Agent, in its sole discretion, and such Lender.(b) In addition, unless sub-clause(i) in the immediately preceding clause (a) is true withrespecttoaLenderorsuchLenderhasprovidedanotherrepresentation,warrantyandcovenantasprovidedinsub-clause (iv)intheimmediatelyprecedingclause (a),suchLenderfurther(x) representsandwarrants,asofthedatesuchPersonbecameaLenderpartyhereto,to,and(y) covenants,fromthedatesuchPersonbecameaLenderpartyheretotothedatesuchPersonceasesbeingaLenderpartyhereto,forthebenefitof,theAdministrativeAgent,andeachLeadArrangerandtheirrespectiveAffiliates,andnot,fortheavoidanceofdoubt,toorforthebenefitoftheBorrower Borrower s orany otherLoanParty,thatnoneoftheAdministrativeAgent,oranyLeadArranger,anyCo-SyndicationAgent,anyCo-DocumentationAgentoranyoftheirrespectiveAffiliatesisafiduciarywithrespecttotheCollateralortheassetsofsuchLender(includinginconnectionwiththereservationorexerciseofanyrightsbytheAdministrativeAgentunderthisAgreement,anyLoanDocumentoranydocumentsrelated hereto or thereto).(c) TheAdministrativeAgent,andeachLeadArranger,Co-SyndicationAgentandCo-Documentation Agent hereby informs the Lenders that each such Person is not undertaking to provideinvestmentadviceortogiveadviceinafiduciarycapacity,inconnectionwiththetransactionscontemplatedhereby,andthatsuchPersonhasafinancialinterestinthetransactionscontemplatedherebyinthatsuchPersonoranAffiliatethereof(i) mayreceiveinterestorotherpaymentswithrespecttotheLoans,theLettersofCredit,theCommitments,thisAgreementandanyotherLoanDocuments(ii) mayrecognizeagainifitextendedtheLoans,theLettersofCreditortheCommitmentsforanamountlessthantheamountbeingpaidforaninterestintheLoans,theLettersofCreditortheCommitmentsbysuchLenderor(iii) mayreceivefeesorotherpaymentsinconnectionwiththetransactionscontemplatedhereby,theLoanDocumentsorotherwise,includingstructuringfees,commitmentfees,arrangementfees,facilityfees,upfrontfees,underwritingfees,tickingfees,agencyfees,administrativeagentorcollateralagentfees,utilizationfees,minimumusagefees,letterofcreditfees,frontingfees,deal-awayoralternatetransactionfees,amendmentfees,processingfees,termoutpremiums,banker’sacceptancefees,breakageorotherearlyterminationfeesorfeessimilartotheforegoing.135 |
ARTICLE XCross-Guarantee Inordertoinduce(x)theLenderstoextendcredittotheotherBorrowershereunderand(y)theLendersandtheirAffiliatestoenterintoSwapAgreementswiththeCompanyoranySubsidiary,butsubjecttothelastsentenceofthisArticleX,eachBorrowerherebyirrevocablyandunconditionallyguarantees,asaprimaryobligorandnotmerelyasasurety,totheAdministrativeAgent,forthebenefitoftheSecuredParties,thepaymentwhenandasdueoftheSecuredObligationsofsuchotherBorrowersandtheSpecifiedAncillaryObligationsofsuchotherBorrowersandtheSubsidiaries(collectively,the“Guaranteed Obligations ”);provided,however,thatGuaranteedObligationsconsistingofobligationsofanyLoanPartyarisingunderanySwapAgreementshallexcludeallExcludedSwapObligations.EachBorrowerfurtheragreesthatthedueandpunctualpaymentofsuchGuaranteedObligationsmaybeextendedorrenewed,inwholeorinpart,withoutnoticetoorfurtherassentfromit,andthatitwillremainbounduponitsguaranteehereundernotwithstandinganysuchextensionorrenewalofanysuchGuaranteedObligation.TheCompanyherebyirrevocablyandunconditionallyagreesthatifanyobligationguaranteedbyitisorbecomesunenforceable,invalidorillegal,itwill,asanindependentandprimaryobligation,indemnifytheAdministrativeAgent,theIssuingBankandtheLendersimmediatelyondemandagainstanycost,lossorliabilitytheyincurasaresultofanySubsidiaryoranyofitsAffiliatesnotpayinganyamountwhichwould,butforsuchunenforceability,invalidityorillegality,havebeenpayablebytheCompanyunderthisArticleXonthedatewhenitwouldhavebeendue(butsothat the amount payable by the Company under this indemnity will not exceed the amount which it wouldhavehadtopayunderthisArticleXiftheamountclaimedhadbeenrecoverableonthebasisofaguarantee).EachBorrowerwaivespresentmentto,demandofpaymentfromandprotesttoanyBorrowerofanyoftheGuaranteedObligations,andalsowaivesnoticeofacceptanceofitsobligationsandnoticeofprotestfornonpayment.TheobligationsofeachBorrowerhereundershallnotbeaffectedby(a)thefailureoftheAdministrativeAgent,theIssuingBankoranyLender(oranyofitsAffiliates)toassertanyclaimordemandortoenforceanyrightorremedyagainstanyBorrowerundertheprovisionsof this Agreement, any other Loan Document, any Swap Agreement, any Banking Services Agreement orotherwise;(b)anyextensionorrenewalofanyoftheGuaranteedObligations;(c)anyrescission,waiver,amendmentormodificationof,orreleasefrom,anyofthetermsorprovisionsofthisAgreement,anyotherLoanDocument,anySwapAgreement,anyBankingServicesAgreementoranyotheragreement;(d)anydefault,failureordelay,willfulorotherwise,intheperformanceofanyoftheGuaranteedObligations;(e)thefailureoftheAdministrativeAgent(oranyapplicableLender(oranyofitsAffiliates))totakeanystepstoperfectandmaintainanysecurityinterestin,ortopreserveanyrightsto,anysecurityorcollateralfortheGuaranteedObligations,ifany;(f)anychangeinthecorporate,partnershiporotherexistence,structureorownershipofanyBorroweroranyotherguarantorofanyoftheGuaranteedObligations;(g)theenforceabilityorvalidityoftheGuaranteedObligationsoranypartthereoforthegenuineness,enforceabilityorvalidityofanyagreementrelatingtheretoorwithrespecttoanycollateralsecuringtheGuaranteedObligationsoranypartthereof,oranyotherinvalidityorunenforceabilityrelatingtooragainstanyBorroweroranyotherguarantorofanyoftheGuaranteedObligations,foranyreasonrelatedtothisAgreement,anyotherLoanDocument,anySwapAgreement,anyBankingServicesAgreement,oranyprovisionofapplicablelaw,decree,orderorregulationofanyjurisdictionpurportingtoprohibitthepaymentbysuchBorroweroranyotherguarantoroftheGuaranteedObligations,ofanyoftheGuaranteedObligationsorotherwiseaffectinganytermofanyoftheGuaranteedObligations;or(h)anyotheract,omissionordelaytodoanyotheractwhichmayormightinanymannerortoanyextentvarytheriskofsuchBorrowerorotherwiseoperateasadischarge136 |
of a guarantor as a matter of law or equity or which would impair or eliminate any right of such Borrowerto subrogation.EachBorrowerfurtheragreesthatitsagreementhereunderconstitutesaguaranteeofpaymentwhendue(whetherornotanybankruptcyorsimilarproceedingshallhavestayedtheaccrualorcollectionofanyoftheGuaranteedObligationsoroperatedasadischargethereof)andnotmerelyofcollection, and waives any right to require that any resort be had by the Administrative Agent, the IssuingBankoranyLender(oranyofitsAffiliates)toanybalanceofanydepositaccountorcreditonthebooksoftheAdministrativeAgent,theIssuingBankoranyLenderinfavorofanyBorroweroranyotherPerson.TheobligationsofeachBorrowerhereundershallnotbesubjecttoanyreduction,limitation,impairmentorterminationforanyreason,andshallnotbesubjecttoanydefenseorset-off,counterclaim,recoupmentorterminationwhatsoever,byreasonoftheinvalidity,illegalityorunenforceability of any of the Guaranteed Obligations, any impossibility in the performance of any of theGuaranteed Obligations or otherwise.EachBorrowerfurtheragreesthatitsobligationshereundershallconstituteacontinuingandirrevocableguaranteeofallGuaranteedObligationsnoworhereafterexistingandshallcontinuetobeeffectiveorbereinstated,asthecasemaybe,ifatanytimepayment,oranypartthereof,ofanyGuaranteedObligation(includingapaymenteffectedthroughexerciseofarightofsetoff)isrescinded,orisormustotherwiseberestoredorreturnedbytheAdministrativeAgent,theIssuingBankoranyLender(oranyofitsAffiliates)upontheinsolvency,bankruptcyorreorganizationofanyBorrowerorotherwise(includingpursuanttoanysettlemententeredintobyaholderofGuaranteedObligationsinitsdiscretion).InfurtheranceoftheforegoingandnotinlimitationofanyotherrightwhichtheAdministrativeAgent,theIssuingBankoranyLender(oranyofitsAffiliates)mayhaveatlaworinequityagainstanyBorrowerbyvirtuehereof,uponthefailureofanyotherBorrowertopayanyGuaranteedObligationwhenandasthesameshallbecomedue,whetheratmaturity,byacceleration,afternoticeofprepaymentorotherwise,eachBorrowerherebypromisestoandwill,uponreceiptofwrittendemandbytheAdministrativeAgent,theIssuingBankoranyLender(oranyofitsAffiliates),forthwith pay, or cause to be paid, to the Administrative Agent, the Issuing Bank or any Lender (or any ofsuchLender’sAffiliates)incashanamountequalto theunpaidprincipalamountofsuchGuaranteedObligationsthendue,togetherwith accruedandunpaidinterestthereon.EachBorrowerfurtheragreesthatifpaymentinrespectofanyGuaranteedObligationshallbedueinacurrencyotherthanDollarsand/orataplaceofpaymentotherthanNew York,ChicagooranyotherEurocurrencyPaymentOfficeandif,byreasonofanyChangeinLaw,disruptionofcurrencyorforeignexchangemarkets,warorcivildisturbanceorotherevent,paymentofsuchGuaranteedObligationinsuchcurrencyoratsuchplaceofpaymentshallbeimpossibleor,inthereasonablejudgmentoftheAdministrativeAgent,theIssuingBankoranyLender(oranyofitsAffiliates),disadvantageoustotheAdministrativeAgent,theIssuingBankoranyLender(oranyofsuchLender’sAffiliates)inanymaterialrespect,then,attheelectionoftheAdministrativeAgent,suchBorrowershallmakepaymentofsuchGuaranteedObligationinDollars(basedupontheapplicableEquivalentAmountineffectonthedateofpayment)and/orinNew York,ChicagoorsuchotherEurocurrencyPaymentOfficeasisdesignatedbytheAdministrativeAgentorsuch Lender and, as a separate and independent obligation, shall indemnify the Administrative Agent, theIssuingBankandanyLender(andsuchLender’sAffiliates)againstanylossesorreasonableout-of-pocket expenses that it shall sustain as a result of such alternative payment.UponpaymentbyanyBorrowerofanysumsasprovidedabove,allrightsofsuchBorroweragainstanyBorrowerarisingasaresultthereofbywayofrightofsubrogationorotherwise137 |
shallinallrespectsbesubordinatedandjuniorinrightofpaymenttothepriorindefeasiblepaymentinfullincashofalltheGuaranteedObligationsowedbysuchBorrowertotheAdministrativeAgent,theIssuing Bank and the Lenders (or any of such Lender’s Affiliates).EachBorrowerjointlyandseverallyherebyabsolutely,unconditionallyandirrevocablyundertakestoprovidesuchfundsorothersupportasmaybeneededfromtimetotimebyeachotherBorrowertohonorallofitsobligationsunderthisArticleXinrespectofSpecifiedSwapObligations(provided,however,thateachBorrowershallonlybeliableunderthisparagraphforthemaximumamountofsuchliabilitythatcanbeherebyincurredwithoutrenderingitsobligationsunderthisparagraphorotherwiseunderthisArticleXvoidableunderapplicablelawrelatingtofraudulentconveyanceorfraudulenttransfer,andnotforanygreateramount).EachBorrowerintendsthatthisparagraphconstitute,andthisparagraphshallbedeemedtoconstitute,a“keepwell,support,orotheragreement”forthebenefitofeachotherBorrowerforallpurposesofSection1a(18)(A)(v)(II)oftheCommodity Exchange Act.NothingshalldischargeorsatisfytheliabilityofanyBorrowerhereunderexceptthefullperformance and payment in cash of the Guaranteed Obligations.NotwithstandinganythingcontainedinthisArticleXtothecontrary,noForeignSubsidiaryBorrowerwhichisandremainsanAffectedForeignSubsidiaryshallbeliablehereunderforanyoftheLoansmadeto,oranyotherGuaranteedObligationincurredsolelybyoronbehalfof,theCompany or any Subsidiary Guarantor which is a Domestic Subsidiary.NoBorrowerhereundershallbedeemedtobeaguarantorofanySwapObligationsifsuchBorrowerisnotanECP,totheextentthattheprovidingofsuchguarantybysuchBorrowerwouldviolatetheECPRulesoranyotherapplicablelaworregulation.ThisparagraphshallnotaffectanyGuaranteedObligationsotherthanSwapObligations,norshallitaffecttheGuaranteedObligationsofanyBorrowerwhoqualifiesasanECP.IfaSwapObligationarisesunderamasterSwapAgreementgoverningmorethanonetransaction,suchexclusionshallapplyonlytotheportionofsuchSwapObligation that is attributable to transactions for which such Guarantee is or becomes illegal.WithoutinanywaylimitingtheobligationsofanyBorrowerunderthisAgreement(includingunderthisArticleX)ortheotherLoanDocuments,eachQualifiedECPGuarantorherebyjointlyandseverallyabsolutely,unconditionallyandirrevocablyundertakestoprovidesuchfundsorothersupportasmaybeneededfromtimetotimebyeachotherBorrowertohonorallofitsobligationsunderthisArticleXinrespectofSwapObligations(provided,however,thateachQualifiedECPGuarantorshallonlybeliableunderthisparagraphforthemaximumamountofsuchliabilitythatcanbeherebyincurredwithoutrenderingitsobligationsunderthisparagraph,orotherwiseunderthisArticleX,asitrelatestosuchotherBorrower,voidableunderapplicablelawrelatingtofraudulentconveyanceorfraudulenttransfer,andnotforanygreateramount).TheobligationsofeachQualifiedECPGuarantorunderthisparagraphshallremaininfullforceandeffectuntiladischargeofsuchQualifiedECPGuarantor’sobligationsunderthisArticleXinaccordancewiththetermshereof.EachQualifiedECPGuarantorintendsthatthisparagraphconstitute,andthisparagraphshallbedeemedtoconstitute,a“keepwell,support,orotheragreement”forthebenefitofeachotherBorrowerforallpurposesofSection 1a(18)(A)(v)(II) of the Commodity Exchange Act.*Signature Pages Follow*138 |
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed bytheir respective authorized officers as of the day and year first above written.[ORIGINAL SIGNATURES ON FILE WITH ADMINISTRATIVE AGENT] XXXXXXX COMPANY , as the Company By: _______________________________________ Name: Xxxxxx Xxxxxxx Title Interim Chief Financial Officer Signature Page to Tennant Amended and Restated Credit Agreement |
JPMORGAN CHASE BANK, N.A. , individually as a Lender, as the Swingline Lender, as an Issuing Bank and as Administrative Agent By: _______________________________________ Name: Title: Signature Page to Tennant Amended and Restated Credit Agreement |
HSBC BANK USA, NATIONAL ASSOCIATION , individually as a Lender and as an Issuing Bank By: _______________________________________ Name: Title: Signature Page to Tennant Amended and Restated Credit Agreement |
U.S. BANK NATIONAL ASSOCIATION , individually as a Lender and as an Issuing Bank By: _______________________________________ Name: Title: Signature Page to Tennant Amended and Restated Credit Agreement |
BANK OF THE WEST , individually as a Lender By: _______________________________________ Name: Title: Signature Page to Tennant Amended and Restated Credit Agreement |
BMO XXXXXX BANK, NA , individually as a Lender By: _______________________________________ Name: Title: Signature Page to Tennant Amended and Restated Credit Agreement |
XXXXX FARGO BANK, NATIONAL ASSOCIATION , individually as a Lender By: _______________________________________ Name: Title: Signature Page to Tennant Amended and Restated Credit Agreement |
CAPITAL ONE, NATIONAL ASSOCIATION , individually as a Lender By: _______________________________________ Name: Title: Signature Page to Tennant Amended and Restated Credit Agreement |
XXXXXXX SACHS BANK USA , individually as a Lender By: _______________________________________ Name: Title: Signature Page to Tennant Amended and Restated Credit Agreement |
KEYBANK NATIONAL ASSOCIATION , individually as a Lender By: _______________________________________ Name: Title: Signature Page to Tennant Amended and Restated Credit Agreement |
TRUIST BANK , as successor to SunTrust Bank, as a Departing Lender By: _______________________________________ Name: Title: Signature Page to Tennant Amended and Restated Credit Agreement |
Departing Lender Schedule TRUIST BANK, as successor to SunTrust Bank |
BMO XXXXXX BANK, N.A. HSBC BANK USA, NATIONAL ASSOCIATION $51,136,363.64 DELAYED DRAW TERM LOAN COMMITMENT $11,363,636.36 $63,409,090.91 XXXXX FARGO BANK, NATIONAL ASSOCIATION $14,090,909.09 $51,136,363.64 $11,363,636.36 CAPITAL ONE, NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION $34,772,727.27 JPMORGAN CHASE BANK, N.A. $7,727,272.73 $63,409,090.91 LENDER XXXXXXX XXXXX BANK USA $14,090,909.09 $34,772,727.27 $65,454,545.45 $7,727,272.73 KEYBANK NATIONAL ASSOCIATION BANK OF THE WEST $34,772,727.27 $14,545,454.55 $7,727,272.73 $51,136,363.64 REVOLVING COMMITMENT AGGREGATE COMMITMENT $11,363,636.36 $450,000,000.00 $100,000,000.00 Schedule 2.01 Commitments |
Schedule 3.01 Subsidiaries |
Schedule 6.01 Existing Indebtedness |
Schedule 6.02 Existing Liens |
Schedule 6.04(b)(ii) Existing Investments |
Schedule 6.07 Agreements |
Schedule 6.08 Existing Restrictions |
Annex II ANNEX II Restated Exhibits K-1, K-2 and L (attached) |
EXHIBIT K-1 FORM OF BORROWING REQUEST JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders referred to below 00 Xxxxx Xxxxxxxx Xxxxxxx, Xxxxxxxx 00000 Attention: Charitra Shetty Facsimile: 000-000-00000 [JPMorgan Europe Limited 00 Xxxx Xxxxxx Xxxxxx Xxxxx Xxxxxx X00 0XX Attention: The Manager, Loan & Agency Services Facsimile: 011-44-207-777-2360] Re: Xxxxxxx Company [Date] Ladies and Gentlemen: Reference is hereby made to the Amended and Restated Credit Agreement dated as of April 5, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Xxxxxxx Company (the “Company”), the Foreign Subsidiary Borrowers from time to time party thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. The [undersigned Borrower][Company, on behalf of [Foreign Subsidiary Borrower],] hereby gives you notice pursuant to Section 2.03 of the Credit Agreement that it requests a Borrowing under the Credit Agreement, and in that connection the [undersigned Borrower][Company, on behalf of [Foreign Subsidiary Borrower],] specifies the following information with respect to such Borrowing requested hereby: 1. Name of Borrower: __________ 2. Aggregate principal amount of Borrowing:2 __________ 3. Date of Borrowing (which shall be a Business Day): __________ 4. Type of Borrowing (ABR, Term Benchmark, or RFR) and Class of Borrowing (Revolving Borrowing or Delayed Draw Term Loan Borrowing): __________ 1 If request is in respect of Revolving Loans in a Foreign Currency, please replace this address with the bracketed London address. 2 Not less than applicable amounts specified in Section 2.02(c). |
2 5. Interest Period and the last day thereof (if a Term Benchmark Borrowing):3 __________ 6. Agreed Currency: __________ 7. Location and number of the applicable Borrower’s account or any other account agreed upon by the Administrative Agent and such Borrower to which proceeds of Borrowing are to be disbursed: __________ [Signature Page Follows] 3 Which must comply with the definition of “Interest Period” and end not later than the Maturity Date. |
The undersigned hereby represents and warrants that the conditions to lending specified in Section[s] [4.01 and]1 4.02 of the Credit Agreement are satisfied as of the date hereof. Very truly yours, [XXXXXXX COMPANY, as the Company] [FOREIGN SUBSIDIARY BORROWER, as a Borrower] By:______________________________ Name: Title: 1 To be included only for Borrowings on the Effective Date. |
EXHIBIT K-2 FORM OF INTEREST ELECTION REQUEST JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders referred to below 00 Xxxxx Xxxxxxxx Xxxxxxx, Xxxxxxxx 00000 Attention: Charitra Shetty Facsimile: 000-000-00000 [JPMorgan Europe Limited 00 Xxxx Xxxxxx Xxxxxx Xxxxx Xxxxxx X00 0XX Attention: The Manager, Loan & Agency Services Facsimile: 011-44-207-777-2360] Re: Xxxxxxx Company [Date] Ladies and Gentlemen: Reference is hereby made to the Amended and Restated Credit Agreement dated as of April 5, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Xxxxxxx Company (the “Company”), the Foreign Subsidiary Borrowers from time to time party thereto, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. The [undersigned Borrower][Company, on behalf of [Subsidiary Borrower],] hereby gives you notice pursuant to Section 2.08 of the Credit Agreement that it requests to [convert][continue] an existing Borrowing under the Credit Agreement, and in that connection the [undersigned Borrower][Company, on behalf of [Foreign Subsidiary Borrower],] specifies the following information with respect to such [conversion][continuation] requested hereby: 1. List Borrower, date, Type, principal amount, Agreed Currency and Interest Period (if applicable) of existing Borrowing: __________ 2. Aggregate principal amount of resulting Borrowing: __________ 3. Effective date of interest election (which shall be a Business Day): __________ 1 If request is in respect of Revolving Loans in a Foreign Currency, please replace this address with the bracketed London address. |
4. Type of Borrowing (ABR, Term Benchmark or RFR) and Class of Borrowing (Revolving Borrowing or Delayed Draw Term Loan Borrowing): __________ 5. Interest Period and the last day thereof (if a Term Benchmark Borrowing):2 __________ 6. Agreed Currency: __________ [Signature Page Follows] 2 Which must comply with the definition of “Interest Period” and end not later than the Maturity Date. |
Very truly yours, [XXXXXXX COMPANY, as the Company] [FOREIGN SUBSIDIARY BORROWER, as a Borrower] By:______________________________ Name: Title: |
EXHIBIT L [FORM OF] [AMENDED AND RESTATED] NOTE [_____], 20[_] FOR VALUE RECEIVED, the undersigned, [COMPANY][FOREIGN SUBSIDIARY BORROWER], a [___________] (the “Borrower”), HEREBY UNCONDITIONALLY PROMISES TO PAY to the order of [NAME OF LENDER] (the “Lender”) the aggregate unpaid Dollar Amount of all Loans made by the Lender to the Borrower pursuant to the “Credit Agreement” (as defined below) on the Maturity Date or on such earlier date as may be required by the terms of the Credit Agreement. Capitalized terms used herein and not otherwise defined herein are as defined in the Credit Agreement. The undersigned Borrower promises to pay interest on the unpaid principal amount of each Loan made to it from the date of such Loan until such principal amount is paid in full at a rate or rates per annum determined in accordance with the terms of the Credit Agreement. Interest hereunder is due and payable at such times and on such dates as set forth in the Credit Agreement. At the time of each Loan, and upon each payment or prepayment of principal of each Loan, the Lender shall make a notation either on the schedule attached hereto and made a part hereof, or in such Xxxxxx’s own books and records, in each case specifying the amount of such Loan, the respective Interest Period thereof (in the case of Term Benchmark Loans) or the amount of principal paid or prepaid with respect to such Loan, as applicable; provided that the failure of the Lender to make any such recordation or notation shall not affect the Obligations of the undersigned Borrower hereunder or under the Credit Agreement. This Note is one of the notes referred to in, and is entitled to the benefits of, that certain Amended and Restated Credit Agreement dated as of April 5, 2021 by and among Xxxxxxx Company (the “Company”), the Foreign Subsidiary Borrowers from time to time party thereto (collectively with the Company, the “Borrowers”), the financial institutions from time to time party thereto as Lenders and JPMorgan Chase Bank, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). The Credit Agreement, among other things, (i) provides for the making of Loans by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the Dollar Amount of such Xxxxxx’s Commitment, the indebtedness of the Borrower resulting from each such Loan to it being evidenced by this Note, and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments of the principal hereof prior to the maturity hereof upon the terms and conditions therein specified. This Note is secured by the Collateral Documents. Reference is hereby made to the Collateral Documents for a description of the collateral thereby mortgaged, warranted, bargained, sold, released, conveyed, assigned, transferred, pledged and hypothecated, the nature and extent of the security for this Note, the rights of the holder of this Note, the Administrative Agent in respect of such security and otherwise. Demand, presentment, protest and notice of nonpayment and protest are hereby waived by the Borrower. Whenever in this Note reference is made to the Administrative Agent, the Lender or the Borrower, such reference shall be deemed to include, as applicable, a reference to their respective successors and assigns. The provisions of this Note shall be binding upon and shall inure to the benefit of |
2 said successors and assigns. The Borrower’s successors and assigns shall include, without limitation, a receiver, trustee or debtor in possession of or for the Borrower. This Note shall be construed in accordance with and governed by the law of the State of New York. [This Note amends and restates that certain Note, dated as of [_______], issued to the Lender pursuant to the Existing Credit Agreement (the “Existing Note”), and is given as a continuation, rearrangement and extension, and not as a novation, release, payment or satisfaction, of the Existing Note, and the issuance and delivery of this Note is in replacement of the Existing Note.] |
Note [BORROWER] By: Name: Title: |
SCHEDULE OF LOANS AND PAYMENTS OR PREPAYMENTS Date Amount of Loan Type of Loan Currency Interest Period/Rate Am ount of Principal Paid or Prepaid Unpaid Principal Balance Notation Made By |
Exhibit I EXHIBIT I CONSENT AND REAFFIRMATION Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the Amended and Restated Credit Agreement dated as of April 5, 2021 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Xxxxxxx Company (the “Company”), the Foreign Subsidiary Borrowers from time to time party thereto, the financial institutions from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, National Association, as Administrative Agent (the “Administrative Agent”), which Amendment No. 1 is dated as of November 10, 2022 (the “Amendment”). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Subsidiary Guaranty, each Collateral Document to which it is a party and any other Loan Document executed by it and (i) acknowledges and agrees that such agreements and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed, and (ii) reaffirms all Liens on the Collateral which have been granted by it in favor of the Administrative Agent (for itself and the other Secured Parties) pursuant to any of the Loan Documents. All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement, as the case may be, as so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated. Dated: November 10, 2022 [Signature Page Follows] |