FOURTH AMENDMENT
Exhibit 10.1
Execution Version
This FOURTH AMENDMENT, dated as of July 2, 2021 (this “Agreement”), to the THIRD AMENDED AND RESTATED CREDIT AGREEMENT dated as of October 31, 2018, (as amended by that certain FIRST AMENDMENT, dated as of February 19, 2020, that certain SECOND AMENDMENT, dated as of March 13, 2020, and that certain THIRD AMENDMENT, dated as of March 1, 2021 and as otherwise amended from time to time prior to the date hereof, the “Existing Credit Agreement”), among SCIENCE APPLICATIONS INTERNATIONAL CORPORATION, a Delaware corporation (the “Borrower”), the Subsidiaries of the Borrower party hereto, the LENDERS party thereto and CITIBANK, N.A., as Administrative Agent and Collateral Agent (the “Administrative Agent”) (capitalized terms used but not defined herein have the meaning provided in the Amended Credit Agreement (as defined below)). CITIBANK, N.A. has been appointed to act as lead arranger and bookrunner in connection with this Agreement (in such capacities, the “Arranger”).
SECTION 1.Amendment of the Existing Credit Agreement. Effective as of the Fourth Amendment Effective Date (as defined below):
a.the Existing Credit Agreement shall be amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Third Amended and Restated Credit Agreement attached as Exhibit A hereto (the “Amended Credit Agreement”).
b.A new Schedule I-B is hereby added to the Amended Credit Agreement in the form attached hereto as Exhibit B.
c.A new Exhibit A-5 is hereby added to the Amended Credit Agreement in the form attached hereto as Exhibit C.
d.All other schedules and exhibits to the Existing Credit Agreement shall continue in full force and effect.
SECTION 2.Transactions on the Fourth Amendment Effective Date.
(a)With effect from and including the Fourth Amendment Effective Date, each Person identified on the signature pages hereof as a “Term 2 Lender” (each, a “Term 2 Lender”) shall become party to the Amended Credit Agreement as a “Lender” and shall have a commitment in the amount set forth on Schedule I-B to this Agreement for such Term 2 Lender (such commitment, a “Term 2 Commitment”) and shall have all of the rights and obligations of a “Lender” under the Amended Credit Agreement and the other Loan Documents. The Term 2 Lenders, the Administrative Agent and the
Borrower agree that this Section 2 is necessary and appropriate, in each of their reasonable opinions, to effect the provisions of Section 2.23(b) of the Amended Credit Agreement and shall constitute an Incremental Assumption Agreement pursuant to and in accordance with Section 2.23(b) of the Amended Credit Agreement.
(b)Upon the occurrence of the Fourth Amendment Effective Date, each Term 2 Lender, severally and not jointly, shall make a Term 2 Advance to the Borrower in accordance with this Section 2(b) and Sections 2.01 and 2.23(b) of the Existing Credit Agreement by delivering to the Administrative Agent immediately available funds in an amount equal to its Term 2 Commitment.
(c)Upon the incurrence of the Term 2 Advance pursuant to this Agreement, such Term 2 Advance shall be a new and separate Class of A Type Term Loans. The Term 2 Advance shall be subject to scheduled amortization set forth in the Amended Credit Agreement with the remaining outstanding principal amount thereof due and payable in full on the Term Loan Maturity Date.
(d)The Term 2 Commitment of each Term 2 Lender shall automatically terminate upon the funding of the Term 2 Advance on the Fourth Amendment Effective Date.
SECTION 3.Conditions to Effectiveness of Agreement. The obligations of each Term 2 Lender to make the Term 2 Advance and the amendment of the Existing Credit Agreement and associated provisions set forth herein shall become effective as of the first date on which the following occur (the “Fourth Amendment Effective Date”):
(a)The Administrative Agent shall have received duly executed counterparts of this Agreement from (A) the Loan Parties, (B) the Term 2 Lenders and (C) the Administrative Agent.
(b)The Sequoia Acquisition shall be consummated substantially contemporaneously with the initial funding under the Term 2 Facility in accordance with the terms described in the Equity Purchase Agreement, dated as of June 3, 2021 (the “Acquisition Agreement”), by and between Xxxx Xxxxxxxx (the “Seller”), Xxxxxxxx and Associates, LLC, and the Borrower. The (i) representations and warranties made by or on behalf of the Seller in the Acquisition Agreement as are material to the interests of the Term 2 Lenders or the Arranger (in their capacities as such), but only to the extent that the Borrower (or any of its affiliates) has the right to terminate its obligations (or to refuse to consummate the Sequoia Acquisition) under the Acquisition Agreement as a result of a breach of any of such representations and warranties, shall be true and correct and (ii) Specified Representations shall be true and correct in all material respects (or in all respects, if qualified by materiality). The Administrative Agent shall have received a certificate, dated the Fourth Amendment Effective Date from a Financial Officer of the Borrower certifying compliance with this Section 3(b).
(c)The Administrative Agent shall have received on or before the Fourth Amendment Effective Date the following, in form and substance satisfactory to the Administrative Agent and (except for any Term 2 Notes) in sufficient copies for each Term 2 Lender:
(i)A certificate of the Secretary or Assistant Secretary of each Loan Party dated the Fourth Amendment Effective Date and certifying (A) that attached thereto is a true and complete copy of the by-laws (or comparable organizational document) of such Loan Party as in effect on the Fourth Amendment Effective Date and at all times since the date of the resolutions described in the immediately following clause (B), (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors (or comparable governing body) of such Loan Party authorizing the execution, delivery and performance of the Loan Documents delivered on or about the Fourth Amendment Effective Date to which such Loan Party is a party and, in the case of the Borrower, the Borrowing under the Term 2 Facility, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of
incorporation (or comparable organizational document) of such Loan Party have not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (iii) immediately below and (D) as to the incumbency and specimen signature of each Responsible Officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party.
(ii)A certificate of another Responsible Officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (i) above.
(iii)Certified copies of the certificate or articles of incorporation (or comparable organizational document), including all amendments thereto, of each Loan Party as in effect on the Fourth Amendment Effective Date, certified as of a recent date by the Secretary of State (or comparable entity) of the jurisdiction of its organization, and a certificate as to the good standing (where such concept is applicable) of each Loan Party as of a recent date, from such Secretary of State (or comparable entity).
(iv)A favorable opinion of Xxxxxx & Xxxxxx Xxxx Xxxxxxx LLP, counsel for the Borrower and the other Loan Parties, dated as of the Fourth Amendment Effective Date, addressed to the Administrative Agent, the Collateral Agent and the Term 2 Lenders in form and substance reasonably satisfactory to the Administrative Agent and covering such other matters relating to the Loan Documents and the Transactions as the Administrative Agent shall reasonably request, and the Borrower hereby requests such counsel to deliver such opinion.
(v)Any Term 2 Notes, to the extent requested at least three Business Days prior to the Fourth Amendment Effective Date by the respective Term 2 Lender pursuant to Section 2.16 of the Amended Credit Agreement.
(d)the Administrative Agent shall have received a Notice of Borrowing with respect to the Term 2 Advance to be made on the Fourth Amendment Effective Date setting forth the information specified in Section 2.02(a) of the Amended Credit Agreement.
(e)The Administrative Agent shall have received a solvency certificate from a Financial Officer of the Borrower in the form of Exhibit H to the Amended Credit Agreement.
(f) All fees required to be paid by the Borrower hereunder or as separately agreed by the Borrower and the Arranger or the Term 2 Lenders and all invoiced expenses of the Administrative Agent and the Arranger relating hereto (including those of counsel to the Administrative Agent and the Arranger), shall have in each case been paid.
(g) The Arranger shall have received, at least three Business Days prior to the Fourth Amendment Effective Date, all documentation and other information required by regulatory authorities under applicable “know your customer”, anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act, and the Borrower shall deliver a certification substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association, that such Arranger has requested at least ten Business Days prior to the Fourth Amendment Effective Date.
(h)The Security and Guarantee Documents shall be in full force and effect on the Fourth Amendment Effective Date. The Collateral Agent, on behalf of the Secured Parties, shall have a
security interest in the Collateral of the type and priority described in each Security and Guarantee Document.
Notwithstanding the foregoing, if, after the use by the Loan Parties of commercially reasonable efforts to cause the conditions relating to the collateral and guarantee matters set forth in Section 3(h) above to be satisfied as of the Fourth Amendment Effective Date (other than Collateral in which a security interest therein may be perfected by (A) the filing of a Uniform Commercial Code financing statement, (B) taking delivery and possession of stock (or other equity interest) certificates and related stock powers executed in blank (other than in respect of any Excluded Subsidiary) of the Loan Parties or any subsidiary of the Loan Parties organized outside of the United States) or (C) the filing of a short form security agreement with the United States Patent and Trademark Office or the United States Copyright Office), such conditions shall not be a condition precedent to the funding of the Term 2 Advance on the Fourth Amendment Effective Date, but shall be accomplished as promptly as practicable after the Fourth Amendment Effective Date and in any event within 30 days or such later date as the Administrative Agent may agree to in its sole discretion.
The Administrative Agent shall notify the Borrower, the Revolving Credit Lenders, the Term Advance Lenders, the Tranche B Lenders, Tranche B2 Lenders and the Term 2 Lenders of the Fourth Amendment Effective Date, and such notice shall be conclusive and binding absent manifest error.
SECTION 4.Representations and Warranties. The Borrower hereby represents and warrants to the Administrative Agent and each Lender on the Fourth Amendment Effective Date that:
(a)This Agreement has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(b)The Specified Representations of each Loan Party set forth in the Loan Documents are true and correct (i) in the case of the representations and warranties qualified or modified as to materiality in the text thereof, in all respects and (ii) otherwise, in all material respects, in each case on and as of the Fourth Amendment Effective Date, except in the case of any such representation and warranty that expressly relates to an earlier date, in which case such representation and warranty shall be so true and correct, or true and correct in all material respects, as applicable, on and as of such earlier date.
(c)No Default or Event of Default under Section 6.01(a) or (e) of the Existing Credit Agreement has occurred and is continuing or would result from the transactions provided for in this Agreement.
SECTION 5.Effects on Loan Documents; No Novation. (a) Except as expressly set forth herein, this Agreement shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement, the Amended Credit Agreement or any other Loan Document, all of which shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.
(b)Except as expressly set forth herein, the execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents or in any way limit, impair or otherwise affect the rights and remedies of the Administrative Agent or the Lenders under the Loan Documents. Nothing herein shall be deemed to entitle the Borrower or any other Loan Party to a consent to, or a waiver, amendment, modification or
other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Amended Credit Agreement or any other Loan Document in similar or different circumstances.
(c)On and after the Fourth Amendment Effective Date, (i) each reference in the Amended Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference to the “Credit Agreement”, “thereunder”, “thereof”, “therein” or words of like import in any other Loan Document, shall be deemed a reference to the Amended Credit Agreement and the Borrower and the other parties hereto acknowledge and agree that this Agreement shall constitute a Loan Document for all purposes of the Existing Credit Agreement, the Amended Credit Agreement and the other Loan Documents, (ii) the Term 2 Advance shall constitute “Advances” under and as defined in the Amended Credit Agreement, (iii) each Term 2 Lender shall constitute a “Lender” under and as defined in the Amended Credit Agreement, (iv) the Term 2 Commitment shall constitute a “Commitment” under and as defined in the Amended Credit Agreement and (v) this Agreement shall constitute an “Incremental Assumption Agreement” under and as defined in the Amended Credit Agreement.
(d)Neither this Agreement nor the effectiveness of the Amended Credit Agreement shall extinguish the obligations for the payment of money outstanding under the Existing Credit Agreement or discharge or release the Lien or priority of any Security and Guarantee Document or any other security therefor or any guarantee thereof. Nothing herein contained shall be construed as a substitution or novation of the Obligations outstanding under the Existing Credit Agreement or the Security and Guarantee Documents or instruments guaranteeing or securing the same, which shall remain in full force and effect, except as may be expressly modified hereby. Nothing expressed or implied in this Agreement, the Amended Credit Agreement or any other document contemplated hereby or thereby shall be construed as a release or other discharge of any Loan Party under any Loan Document from any of its obligations and liabilities thereunder.
SECTION 6.Further Assurances. Except to the extent the same would expand or add to the requirements of Section 3, the Borrower agrees to take any further action that is reasonably requested by Administrative Agent to effect the purposes of this Agreement and the transactions contemplated hereby.
SECTION 8.Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or email shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 9.Notices. All notices, requests and demands to or upon the respective parties hereto shall be given in the manner, and become effective, as set forth in Section 9.02 of the Amended Credit Agreement.
[Remainder of page intentionally left blank.]
SCIENCE APPLICATIONS
INTERNATIONAL CORPORATION
By: | /s/ Xxxxxxx X. XxXxx | ||||
Name: Xxxxxxx X. XxXxx | |||||
Title: Treasurer |
GUARANTORS
KOVERSE, INC.
By: | /s/ Xxxxxxx X. XxXxx | ||||
Name: Xxxxxxx X. XxXxx | |||||
Title: Treasurer |
ATAC SERVICES, LLC
By: | /s/ Xxxxxxx X. XxXxx | ||||
Name: Xxxxxxx X. XxXxx | |||||
Title: Treasurer |
VALINAR, LLC
By: | /s/ Xxxxxxx X. XxXxx | ||||
Name: Xxxxxxx X. XxXxx | |||||
Title: Treasurer |
ENGILITY LLC
By: | /s/ Xxxxxxx X. XxXxx | ||||
Name: Xxxxxxx X. XxXxx | |||||
Title: Treasurer |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
ENGILITY SERVICES, LLC
By: | /s/ Xxxxxxx X. XxXxx | ||||
Name: Xxxxxxx X. XxXxx | |||||
Title: Treasurer |
SAIC GEMINI HUNTSVILLE, LLC
By: | /s/ Xxxxxxx X. XxXxx | ||||
Name: Xxxxxxx X. XxXxx | |||||
Title: Treasurer |
TASC SERVICES CORPORATION
By: | /s/ Xxxxxxx X. XxXxx | ||||
Name: Xxxxxxx X. XxXxx | |||||
Title: Treasurer |
SAIC INTERNATIONAL HOLDINGS, INC.
By: | /s/ Xxxxxxx X. XxXxx | ||||
Name: Xxxxxxx X. XxXxx | |||||
Title: Treasurer |
ODYSSEY DRIVE I, LTD.
By: | Science Applications International Corporation, its general partner |
By: | /s/ Xxxxxxx X. XxXxx | ||||
Name: Xxxxxxx X. XxXxx | |||||
Title: Treasurer |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
CITIBANK, N.A., as the Administrative Agent, the Collateral Agent and Term 2 Lender | |||||
By: | /s/ Xxxxxx Xxxxxxxx | ||||
Name: Xxxxxx Xxxxxxxx | |||||
Title: Managing Director |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
Bank of America, N.A., as Term 2 Lender | |||||
By: | /s/ Xxxx Xxxxx | ||||
Name: Xxxx Xxxxx | |||||
Title: Director |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
U.S. Bank National Association, as Term 2 Lender | |||||
By: | /s/ Xxxx X. Xxxxxxx | ||||
Name: Xxxx X. Xxxxxxx | |||||
Title: Vice President |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
PNC Bank, National Association, as Term 2 Lender | |||||
By: | /s/ Xxxx X. Xxxxxxxx | ||||
Name: Xxxx X. Xxxxxxxx | |||||
Title: Senior Vice President |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
Capital One, National Association, as Term 2 Lender | |||||
By: | /s/ Xxxxxx Xxxxxxx | ||||
Name: Xxxxxx Xxxxxxx | |||||
Title: Managing Director |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
JPMorgan Chase Bank, N.A., as Term 2 Lender | |||||
By: | /s/ Xxxxx Gang | ||||
Name: Xxxxx Gang | |||||
Title: Executive Director |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
TD Bank, N.A., as Term 2 Lender | |||||
By: | /s/ M. Xxxxxxxxxx Xxxxxxx | ||||
Name: M. Xxxxxxxxxx Xxxxxxx | |||||
Title: Senior Vice President |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
MUFG Bank, LTD., as Term 2 Lender | |||||
By: | /s/ Xxxxxx Xxxxxxxxxx | ||||
Name: M. Xxxxxx Xxxxxxxxxx | |||||
Title: Managing Director |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
Sumitomo Mitsui Banking Corporation, as Term 2 Lender | |||||
By: | /s/ Jun Ashley | ||||
Name: Jun Ashley | |||||
Title: Director |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
Xxxxx Fargo Bank, National Association, as Term 2 Lender | |||||
By: | /s/ Xxxx Xxxxxxx | ||||
Name: Xxxx Xxxxxxx | |||||
Title: Managing Director |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
Truist Bank, as Term 2 Lender | |||||
By: | /s/ Xxxxx Xxxx | ||||
Name: Xxxxx Xxxx | |||||
Title: Director |
[SIGNATURE PAGE TO FOURTH AMENDMENT]
SCHEDULE I
Schedule I-B - Allocation of Term 2 Commitments
Lender | Amount of Term 2 Commitments | ||||
Citibank, N.A. | $9,090,910 | ||||
Bank of America, N.A. | $9,090,909 | ||||
Truist Bank | $9,090,909 | ||||
MUFG Bank, Ltd. | $9,090,909 | ||||
PNC Bank National Association | $9,090,909 | ||||
U.S. Bank National Association | $9,090,909 | ||||
Xxxxx Fargo Bank, National Association | $9,090,909 | ||||
Capital One, National Association | $9,090,909 | ||||
JPMorgan Chase Bank, N.A. | $9,090,909 | ||||
Sumitomo Mitsui Banking Corporation | $9,090,909 | ||||
TD Bank, N.A. | $9,090,909 | ||||
Total | $100,000,000 |
EXHIBIT A
AMENDED CREDIT AGREEMENT
EXECUTION VERSIONExecution Version
Deal CUSIP: 00000XXX0
Tranche B Loans CUSIP: 00000XXX0
Tranche B2 Loans CUSIP: 00000XXX0
Revolving Credit Advances CUSIP: 00000XXX0
Term Advances CUSIP: 00000XXX0
Term 2 Advances CUSIP: 00000XXX0
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of October 31, 2018
Among
as Borrower
and
THE LENDERS PARTY HERETO
and
CITIBANK, N.A.
as Administrative Agent and Collateral Agent
CITIBANK, N.A.,
BOFA SECURITIES, INC.,
MUFG BANK, LTD.
PNC CAPITAL MARKETS LLC,
SUNTRUST XXXXXXXX XXXXXXXX, INC.,
U.S. BANK NATIONAL ASSOCIATION AND
XXXXX FARGO SECURITIES, LLC
as Joint Lead Arrangers and Joint Bookrunners
CAPITAL ONE, NATIONAL ASSOCIATION,
SUMITOMO MITSUI BANKING CORPORATION, AND
TD SECURITIES (USA) LLC
as Co-Documentation Agents
TABLE OF CONTENTS*
Page
ARTICLE 1
DEFINITIONS AND ACCOUNTING TERMS
Section 1.01. | Certain Defined Terms | 2 | ||||||
Section 1.02. | Computation of Time Periods | 50 | ||||||
Section 1.03. | Accounting Terms | 50 | ||||||
Section 1.04. | Terms Generally | 51 | ||||||
Section 1.05. | [Reserved] | 51 | ||||||
Section 1.06. | Certain Additional Committed Currencies | 51 | ||||||
Section 1.07. | Pro Forma Calculations | 52 | ||||||
Section 1.08. | Classification of Loans and Borrowings | 53 |
ARTICLE II
AMOUNT AND TERMS OF THE TRANCHE B LOANS, TRANCHE B2 LOANS, TERM ADVANCES, TERM 2 ADVANCES, REVOLVING CREDIT ADVANCES AND LETTERS OF CREDIT
Section 2.01. | The Tranche B Loans | 53 | ||||||
Section 2.02. | Making the Advances | 55 | ||||||
Section 2.03. | Issuance of and Drawings and Reimbursement Under Letters of Credit | 57 | ||||||
Section 2.04. | Fees | 61 | ||||||
Section 2.05. | Optional Termination or Reduction of the Commitments | 62 | ||||||
Section 2.06. | Repayment of Advances and Letter of Credit Drawings | 62 | ||||||
Section 2.07. | Interest on Advances | 64 | ||||||
Section 2.08. | Interest Rate Determination | 65 | ||||||
Section 2.09. | Optional Conversion of Advances | 67 | ||||||
Section 2.10. | Prepayments of Advances | 67 | ||||||
Section 2.11. | Increased Costs | 70 | ||||||
Section 2.12. | Illegality | 71 | ||||||
Section 2.13. | Payments and Computations | 72 | ||||||
Section 2.14. | Taxes | 74 | ||||||
Section 2.15. | Sharing of Payments, Etc | 78 | ||||||
Section 2.16. | Evidence of Debt | 79 | ||||||
Section 2.17. | Use of Proceeds | 79 | ||||||
Section 2.18. | Mitigation Obligations; Replacement of Lenders | 80 | ||||||
Section 2.19. | Cash Collateral | 81 | ||||||
Section 2.20. | Defaulting Lenders | 82 | ||||||
Section 2.21. | [Reserved] | 84 | ||||||
Section 2.22. | Extension of Termination Date | 84 |
*The Table of Contents is not part of this Agreement
i
Section 2.23. | Incremental Facilities | 86 | ||||||
Section 2.24. | Specified Refinancing Debt | 89 |
ARTICLE III
CONDITIONS TO EFFECTIVENESS AND LENDING
Section 3.01. | Conditions Precedent to Effectiveness | 91 | ||||||
Section 3.02. | Conditions Precedent to a Borrowing on the Engility Closing Date | 96 | ||||||
Section 3.03. | Conditions Precedent to a Borrowing on the Fall-Away Date | 96 | ||||||
Section 3.04. | Conditions Precedent to Each Revolving Credit Borrowing and Issuance | 99 |
ARTICLE IV
Section 4.01. | Representations and Warranties of the Borrower | 100 |
ARTICLE V
COVENANTS OF THE LOAN PARTIES
Section 5.01. | Affirmative Covenants | 106 | ||||||
Section 5.02. | [Reserved] | 113 | ||||||
Section 5.03. | Negative Covenants | 113 | ||||||
Section 5.04. | [Reserved] | 127 | ||||||
Section 5.05. | Financial Covenants | 128 |
ARTICLE VI
EVENTS OF DEFAULT
Section 6.01. | Events of Default | 128 | ||||||
Section 6.02. | Actions in Respect of the Letters of Credit upon Default | 131 | ||||||
Section 6.03. | Application of Funds | 132 |
ARTICLE VII
[RESERVED]
ARTICLE VIII
THE AGENT
ii
Section 8.01. | Authorization and Authority | 133 | ||||||
Section 8.02. | Rights as a Lender | 134 | ||||||
Section 8.03. | Duties of Agent; Exculpatory Provision | 134 | ||||||
Section 8.04. | Reliance by Agent | 135 | ||||||
Section 8.05. | Delegation of Duties | 135 | ||||||
Section 8.06. | Resignation of Agent | 136 | ||||||
Section 8.07. | Non-Reliance on Agent and Other Lenders | 137 | ||||||
Section 8.08. | No OTher Duties, etc. | 137 | ||||||
Section 8.09. | Agent May File Proofs of Claims | 137 | ||||||
Section 8.10. | Collateral and Guaranty Matters | 138 | ||||||
Section 8.11. | Cash Management Banks and Hedge Banks | 139 |
ARTICLE IX
Section 9.01. | Amendments, Etc. | 139 | ||||||
Section 9.02. | Notices, Etc | 142 | ||||||
Section 9.03. | No Waiver; Remedies | 144 | ||||||
Section 9.04. | Costs and Expenses | 144 | ||||||
Section 9.05. | Right of Set-off | 147 | ||||||
Section 9.06. | Binding Effect | 147 | ||||||
Section 9.07. | Assignments and Participations | 147 | ||||||
Section 9.08. | Confidentiality | 152 | ||||||
Section 9.09. | Governing Law | 153 | ||||||
Section 9.10. | Execution in Counterparts | 153 | ||||||
Section 9.11 | Judgment | 153 | ||||||
Section 9.12. | Jurisdiction, Etc. | 154 | ||||||
Section 9.13. | Substitution of Currency | 154 | ||||||
Section 9.14. | No Liability of the Issuing Banks | 155 | ||||||
Section 9.15. | Patriot Act Notice | 155 | ||||||
Section 9.16. | Other Relationships; No Fiduciary Duty | 155 | ||||||
Section 9.17. | Waiver of Jury Trial | 156 | ||||||
Section 9.18. | Interest Rate Limitation | 156 | ||||||
Section 9.19. | Effect of Restatement | 156 | ||||||
Section 9.20. | Acknowledgement and Consent to Bail-In of EEA Financial Institutions | 156 | ||||||
Section 9.21. | Certain ERISA Matters | 157 |
iii
Schedules
Schedule I – Commitments
Schedule I-A – Tranche B2 Commitments
Schedule I-B – Term 2 Advances Commitments
Schedule II – Guarantors
Schedule 1.01(a) - Mortgaged Property
Schedule 1.01(b) – Existing Contracts Prohibiting Subsidiary Guarantees Schedule 4.01(l) – Subsidiaries
Schedule 4.01(o) – Intellectual Property
Schedule 4.01(v) – UCC Filing Offices
Schedule 4.01(y) – Insurance
Schedule 4.01(z)-1 – Real Property Owned
Schedule 4.01(z)-2 – Real Property Leased
Schedule 4.01(aa) – Mortgage Filing Offices
Schedule 5.01(n) – Post-Closing Obligations
Schedule 5.03(a) - Existing Liens
Schedule 5.03(k)(viii) - Existing Indebtedness
Schedule 5.03(l) - Burdensome Agreements
Exhibits
Exhibit A-1 - Form of Revolving Credit Note
Exhibit A-2 - Form of Term Note
Exhibit A-3 - Form of Tranche B Note
Exhibit A-4 - Form of Tranche B2 Note
Exhibit A-5 - Form of Term 2 Advances Note
Exhibit B - Form of Notice of Borrowing
Exhibit C - Form of Assignment and Assumption
Exhibit D - [Reserved]
Exhibit D - [Reserved]
Exhibit E - Form of Tax Compliance Certificates
Exhibit F -Form of Guarantee and Collateral Agreement Exhibit G -Form of Perfection Certificate
Exhibit F -Form of Guarantee and Collateral Agreement Exhibit G -Form of Perfection Certificate
Exhibit H -Form of Solvency Certificate
Exhibit I -Form of Mortgage
iv
THIRD AMENDED AND RESTATED CREDIT AGREEMENT dated as of October 31, 2018 (as further amended, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”), among SCIENCE APPLICATIONS INTERNATIONAL CORPORATION, a Delaware corporation (the “Borrower”), the Lenders (as defined in Article I), and CITIBANK, N.A. (“Citibank”), as administrative agent hereunder (in such capacity, the “Administrative Agent”) and as collateral agent hereunder and under the Security and Guarantee Documents (in such capacity, the “Collateral Agent” and together in its capacity as Administrative Agent and Collateral Agent, the “Agent”) for the Lenders.
Pursuant to the Credit Agreement dated as of June 27, 2013 (the “Original Credit Agreement”), the Lenders (as defined therein) extended credit to the Borrower in the form of Term Advances (as defined therein) in an initial aggregate principal amount of $500,000,000, Revolving Credit Commitments (as defined therein) and Letter of Credit Commitments (as defined therein).
Pursuant to the Amended and Restated Credit Agreement dated as of March 17, 2015 (the “First Amended & Restated Credit Agreement”), among the Borrower, Citibank, as administrative agent, and the Lenders (as defined therein), the Original Credit Agreement (including the exhibits and schedules thereto) was amended and restated in its entirety and replaced by the First Amended & Restated Credit Agreement.
Pursuant to the Second Amended and Restated Credit Agreement dated as of May 4, 2015 (the “Second Amended & Restated Credit Agreement”), among the Borrower, Citibank, as administrative agent, and the Lenders (as defined therein), the First Amended & Restated Credit Agreement (including the exhibits and schedules thereto) was amended and restated in its entirety and replaced by the Second Amended & Restated Credit Agreement.
The Borrower has requested that upon satisfaction of the conditions set forth in Section 3.01, the Second Amended & Restated Credit Agreement (including the exhibits and schedules thereto) be amended and restated in its entirety and replaced by this Agreement.
The Borrower and the Agent have agreed to so amend and restate the Second Amended & Restated Credit Agreement on the terms and subject to the conditions set forth herein.
Accordingly, the parties hereto, intending to be legally bound, agree as follows:
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ARTICLE I
DEFINITIONS AND ACCOUNTING TERMS
Section 1.01. Certain Defined Terms. As used in this Agreement, the
following terms shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):
applicable to both the singular and plural forms of the terms defined):
“A Type Term Loans” has the meaning specified in Section 2.23(b)(i).
“Acquired Business” has the meaning assigned to such term in the
“Acquired Business” has the meaning assigned to such term in the
definition of “Engility Acquisition”.
“Acquired Entity” has the meaning specified in Section 5.03(j)(vi).
“Acquisition Revolving Credit Incremental Commitment Amount” means
$200,000,000.
“Administrative Agent” has the meaning specified in the preamble hereto.
“Administrative Questionnaire” means an Administrative Questionnaire in
“Administrative Questionnaire” means an Administrative Questionnaire in
a form supplied by the Agent.
“Advance” means a Revolving Credit Advance, a Term Advance, a Term 2 Advance, an Incremental Advance, Tranche B Loan and/or a Tranche B2 Loan, as the
context may require.
context may require.
“Affiliate” means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or
is under common Control with the Person specified.
“Agent” has the meaning specified in the preamble hereto.
“Agent’s Account” means (a) in the case of Advances denominated in
Dollars, the account of the Agent maintained by the Agent at Citibank at its office at 0000 Xxxxx Xxxx, OPS III, Xxx Xxxxxx, Xxxxxxxx 00000, Account No. 00000000, Attention: Agency Operations, (b) in the case of Advances denominated in any Committed Currency, the account of the Agent designated in writing from time to time by the Agent to the Borrower and the Lenders for such purpose and (c) in any such case, such other account of the Agent as is designated in writing from time to time by the Agent to the Borrower and the Lenders for such purpose.
Dollars, the account of the Agent maintained by the Agent at Citibank at its office at 0000 Xxxxx Xxxx, OPS III, Xxx Xxxxxx, Xxxxxxxx 00000, Account No. 00000000, Attention: Agency Operations, (b) in the case of Advances denominated in any Committed Currency, the account of the Agent designated in writing from time to time by the Agent to the Borrower and the Lenders for such purpose and (c) in any such case, such other account of the Agent as is designated in writing from time to time by the Agent to the Borrower and the Lenders for such purpose.
“Agent Parties” has the meaning specified in Section 9.02(d)(ii).
“Agreement” has the meaning specified in the preamble hereto.
“Agreement” has the meaning specified in the preamble hereto.
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“Alabama Property” means the real property and improvements thereon
located at 0000 Xxxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxx 00000.
located at 0000 Xxxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxx 00000.
“Anti-Corruption Laws” means all laws, rules, and regulations of any
jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning
jurisdiction applicable to the Borrower or its Subsidiaries from time to time concerning
or relating to bribery or corruption, including the United States Foreign Corrupt Practices Act of 1977 (12 U.S.C. §78dd-1) and the U.K. Bribery Act of 2010.
“Applicable Lending Office” means, with respect to each Lender, such
Lender’s Domestic Lending Office in the case of a Base Rate Advance and such Lender’s
Lender’s Domestic Lending Office in the case of a Base Rate Advance and such Lender’s
Eurocurrency Lending Office in the case of a Eurocurrency Rate Advance.
“Applicable Margin” means, as of any date, (a) with respect to Tranche
“Applicable Margin” means, as of any date, (a) with respect to Tranche
B2 Loans, (1) at any time prior to the Third Amendment Effective Date, for Tranche B2
Loans in the form of Eurocurrency Rate Advances, 2.25% per annum and (y) for Tranche B2 Loans in the form of Base Rate Advances, 1.25% per annum and (2) at any time on or following the Third Amendment Effective Date, (x) for Tranche B2 Loans in the form of Eurocurrency Rate Advances, 1.875% per annum and (y) for Tranche B2 Loans in the
form of Base Rate Advances, 0.875% per annum, (b) with respect to Tranche B Loans,
(x) for Tranche B Loans in the form of Eurocurrency Rate Advances, 1.875% per annum and (y) for Tranche B Loans in the form of Base Rate Advances, 0.875% per annum, (c) with respect to any Term Advance, Term 2 Advance or Revolving Credit Advance, (i) a
percentage per annum determined by reference to the Leverage Ratio at the end of the
most recent fiscal quarter of the Borrower as set forth below; provided that, until the end of the first full fiscal quarter ending after the Effective Date, the “Applicable Margin”
shall be determined as if Level 2 was applicable and (d) with respect to any Incremental
Advance, the rate(s) set forth in the applicable Incremental Assumption Agreement:
Loans in the form of Eurocurrency Rate Advances, 2.25% per annum and (y) for Tranche B2 Loans in the form of Base Rate Advances, 1.25% per annum and (2) at any time on or following the Third Amendment Effective Date, (x) for Tranche B2 Loans in the form of Eurocurrency Rate Advances, 1.875% per annum and (y) for Tranche B2 Loans in the
form of Base Rate Advances, 0.875% per annum, (b) with respect to Tranche B Loans,
(x) for Tranche B Loans in the form of Eurocurrency Rate Advances, 1.875% per annum and (y) for Tranche B Loans in the form of Base Rate Advances, 0.875% per annum, (c) with respect to any Term Advance, Term 2 Advance or Revolving Credit Advance, (i) a
percentage per annum determined by reference to the Leverage Ratio at the end of the
most recent fiscal quarter of the Borrower as set forth below; provided that, until the end of the first full fiscal quarter ending after the Effective Date, the “Applicable Margin”
shall be determined as if Level 2 was applicable and (d) with respect to any Incremental
Advance, the rate(s) set forth in the applicable Incremental Assumption Agreement:
Leverage Ratio | Applicable Margin for Eurocurrency Rate Advances | Applicable Margin for Base Rate Advances | ||||||
Level 1 | ||||||||
<2.00:1.00 | 1.250% | 0.250% | ||||||
Xxxxx 0 | ||||||||
<3.00:1.00 but ≥2.00:1.00 | 1.500% | 0.500% | ||||||
Xxxxx 0 | ||||||||
<4.00:1.00 but ≥ 3.00:1.00 | 1.750% | 0.750% | ||||||
Xxxxx 0 | ||||||||
≥ 4.00:1.00 | 2.000% | 1.000% |
Following the last day of the first full fiscal quarter ending after the
Effective Date, the Leverage Ratio shall be determined on the basis of the most recent
Effective Date, the Leverage Ratio shall be determined on the basis of the most recent
certificate of the Borrower to be delivered pursuant to Section 5.01(i) for the most
recently ended fiscal quarter or fiscal year and any change in the Leverage Ratio shall be
recently ended fiscal quarter or fiscal year and any change in the Leverage Ratio shall be
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effective one Business Day after the date on which the Agent receives such certificate;
provided, that for so long as the Borrower has not delivered such certificate when due
pursuant to Section 5.01(i), the Leverage Ratio shall be deemed to be at Level 4 until the respective certificate is delivered to the Agent.
provided, that for so long as the Borrower has not delivered such certificate when due
pursuant to Section 5.01(i), the Leverage Ratio shall be deemed to be at Level 4 until the respective certificate is delivered to the Agent.
“Applicable Percentage” means, as of any date, a percentage per annum
determined by reference to the Leverage Ratio at the end of the most recent fiscal quarter of the Borrower as set forth below; provided that, until the end of the first full fiscal
quarter ending after the Effective Date, the “Applicable Percentage” shall be determined as if Xxxxx 0 was applicable:
determined by reference to the Leverage Ratio at the end of the most recent fiscal quarter of the Borrower as set forth below; provided that, until the end of the first full fiscal
quarter ending after the Effective Date, the “Applicable Percentage” shall be determined as if Xxxxx 0 was applicable:
Leverage Ratio | Applicable Percentage | ||||
Level 1 | |||||
<2.00:1.00 | 0.200 | % | |||
Xxxxx 0 | |||||
<3.00:1.00 but ≥ 2.00:1.00 | 0.250 | % | |||
Xxxxx 0 | |||||
<4.00:1.00 but ≥ 3.00:1.00 | 0.300 | % | |||
Xxxxx 0 | |||||
≥ 4.00:1.00 | 0.350 | % |
Following the last day of the first full fiscal quarter ending after the
Effective Date, the Leverage Ratio shall be determined on the basis of the most recent
Effective Date, the Leverage Ratio shall be determined on the basis of the most recent
certificate of the Borrower to be delivered pursuant to Section 5.01(i) for the most
recently ended fiscal quarter or fiscal year and any change in the Leverage Ratio shall be effective one Business Day after the date on which the Agent receives such certificate;
provided that for so long as the Borrower has not delivered such certificate when due
pursuant to Section 5.01(i), the Leverage Ratio shall be deemed to be at Level 4 until the respective certificate is delivered to the Agent.
recently ended fiscal quarter or fiscal year and any change in the Leverage Ratio shall be effective one Business Day after the date on which the Agent receives such certificate;
provided that for so long as the Borrower has not delivered such certificate when due
pursuant to Section 5.01(i), the Leverage Ratio shall be deemed to be at Level 4 until the respective certificate is delivered to the Agent.
“Appropriate Lender” means, at any time, (a) with respect to any of the Term Facility, Term 2 Facility, the Revolving Credit Facility, the Tranche B Facility, the Tranche B2 Facility or any Specified Incremental Facility, a Lender that has a Commitment with respect to such Facility or holds a Term Advance, Term 2 Advance, Revolving Credit Advance, Tranche B Loan, Tranche B2 Loan or Specified Incremental Term Advance, respectively, at such time and (b) with respect to the Letter of Credit Facility, (i) the Issuing Banks and (ii) if any Letters of Credit have been issued hereunder, the Revolving Credit Lenders.
“Approved Fund” means any Fund that is administered or managed by
(a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
(a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender.
“Arrangers” means Citibank, N.A., BofA Securities, Inc. (or any other
registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment
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banking, commercial lending services or related businesses may be transferred following the date of this Agreement), MUFG Bank Ltd., PNC Capital Markets LLC, SunTrust
Xxxxxxxx Xxxxxxxx, Inc., U.S. Bank National Association and Xxxxx Fargo Securities,
LLC.
Xxxxxxxx Xxxxxxxx, Inc., U.S. Bank National Association and Xxxxx Fargo Securities,
LLC.
“Asset Sale” means the Disposition (by way of merger, casualty,
condemnation or otherwise) by the Borrower or any of its Subsidiaries to any Person
condemnation or otherwise) by the Borrower or any of its Subsidiaries to any Person
other than a Loan Party of (a) any Equity Interests of any of the Borrower’s Subsidiaries (other than directors’ qualifying shares) or (b) any other assets of the Borrower or any of its Subsidiaries, other than, in the case of either (a) or (b), as applicable, (i) inventory,
cash and Cash Equivalents Disposed of in the Ordinary Course of Business, (ii) damaged, obsolete, surplus or worn out assets and scrap, (iii) assets Disposed of in transactions
constituting Investments permitted under Section 5.03(j), Restricted Payments permitted under Section 5.03(h), or Dispositions permitted under 5.03(n)(x) and (iv) any
Dispositions or series of related Dispositions having a value not in excess of $3,000,000 (which shall automatically be increased to $10,000,000 on the Engility Closing Date
without any action by any party hereto).
constituting Investments permitted under Section 5.03(j), Restricted Payments permitted under Section 5.03(h), or Dispositions permitted under 5.03(n)(x) and (iv) any
Dispositions or series of related Dispositions having a value not in excess of $3,000,000 (which shall automatically be increased to $10,000,000 on the Engility Closing Date
without any action by any party hereto).
“Assignment and Assumption” means an assignment and assumption
entered into by a Lender and an Eligible Assignee (with the consent of any party whose
entered into by a Lender and an Eligible Assignee (with the consent of any party whose
consent is required by Section 9.07), and accepted by the Agent, in substantially the form of Exhibit C or any other form approved by the Agent.
“Assuming Lender” has the meaning specified in Section 2.22(d).
“Assumption Agreement” has the meaning specified in Section 2.22(d).
“Auto-Extension Letter of Credit” has the meaning specified in Section
“Assumption Agreement” has the meaning specified in Section 2.22(d).
“Auto-Extension Letter of Credit” has the meaning specified in Section
2.01(d)(ii).
“Available Amount” of a Letter of Credit at any time means the stated
amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any L/C Related Document, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.
amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any L/C Related Document, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.
“Available Amount Basket” means, at any time of determination (any
such time, the applicable “Reference Time”), an amount equal to, without duplication:
such time, the applicable “Reference Time”), an amount equal to, without duplication:
(x) the sum of:
(i) $70,000,000; plus
(ii) the Borrower’s Aggregate Excess Cash Flow Share;
plus
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(iii) the Net Cash Proceeds of any Qualified Equity
Issuance received by the Borrower after the Effective Date and on or prior to the Reference Time and at such time Not Otherwise Applied; plus
Issuance received by the Borrower after the Effective Date and on or prior to the Reference Time and at such time Not Otherwise Applied; plus
(iv) the Net Cash Proceeds of any Indebtedness of the
Borrower or any Subsidiary of the Borrower owed or issued to any Person (other than the
Borrower or any Subsidiary of the Borrower owed or issued to any Person (other than the
Borrower or any Subsidiary of the Borrower) that has been incurred or issued after the
Effective Date and prior to the Reference Time and subsequently exchanged or converted into a Qualified Equity Issuance and at such time Not Otherwise Applied; plus
Effective Date and prior to the Reference Time and subsequently exchanged or converted into a Qualified Equity Issuance and at such time Not Otherwise Applied; plus
(v) the aggregate amount of cash and Cash Equivalents
received by the Borrower or any of its Subsidiaries from any sale of any Investment (other than to the Borrower or any Subsidiary of the Borrower) and cash and Cash Equivalent returns, profits, distributions and similar amounts received by the Borrower or any Subsidiary of the Borrower on Investments, in each case (A) solely with respect to Investments made in a Person that is not the Borrower or any Subsidiary of the Borrower using the Available Amount Basket and (B) to the extent (1) not already included in Consolidated Net Income, (2) not in excess of the original Investment made using the Available Amount Basket and (3) at such time Not Otherwise Applied; minus
received by the Borrower or any of its Subsidiaries from any sale of any Investment (other than to the Borrower or any Subsidiary of the Borrower) and cash and Cash Equivalent returns, profits, distributions and similar amounts received by the Borrower or any Subsidiary of the Borrower on Investments, in each case (A) solely with respect to Investments made in a Person that is not the Borrower or any Subsidiary of the Borrower using the Available Amount Basket and (B) to the extent (1) not already included in Consolidated Net Income, (2) not in excess of the original Investment made using the Available Amount Basket and (3) at such time Not Otherwise Applied; minus
(vi) all or any portion of the Available Amount Basket that has
been applied after the Effective Date but prior to the Reference Time to make Investments, Restricted Payments or prepayments, redemptions, purchases, defeasements or other satisfactions of Junior Financing prior to the scheduled maturity thereof.
been applied after the Effective Date but prior to the Reference Time to make Investments, Restricted Payments or prepayments, redemptions, purchases, defeasements or other satisfactions of Junior Financing prior to the scheduled maturity thereof.
“B Type Term Loans” has the meaning specified in Section 2.23(b)(i).
“Bail-In Action” means, as to any EEA Financial Institution, the exercise
“Bail-In Action” means, as to any EEA Financial Institution, the exercise
of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of such EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the
Council of the European Union, the implementing law for such EEA Member Country
from time to time which is described in the EU Bail-In Legislation Schedule.
from time to time which is described in the EU Bail-In Legislation Schedule.
“Bankruptcy Law” means any proceeding of the type referred to in
Section 6.01(e) or Title 11, U.S. Code, or any similar foreign, federal or state law for the
Section 6.01(e) or Title 11, U.S. Code, or any similar foreign, federal or state law for the
relief of debtors.
“Base Rate” means a fluctuating interest rate per annum in effect from
time to time, which rate per annum shall at all times be equal to the highest of:
time to time, which rate per annum shall at all times be equal to the highest of:
(a) the rate of interest announced publicly by Citibank in New York,
New York, from time to time, as Citibank’s base rate;
New York, from time to time, as Citibank’s base rate;
(b) ½ of one percent per annum above the Federal Funds Rate; and
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(c) the LIBOR Rate applicable to Dollars for a period of one month
(“One Month LIBOR”) plus 1.00% (for the avoidance of doubt, the One Month
LIBOR for any day shall be based on the rate appearing on Reuters LIBOR01
(“One Month LIBOR”) plus 1.00% (for the avoidance of doubt, the One Month
LIBOR for any day shall be based on the rate appearing on Reuters LIBOR01
Page (or other commercially available source providing such quotations as
designated by the Agent from time to time) at approximately 11:00 a.m. London
time on such day), except if such day is not a Business Day or is not a day for
trading between banks in Dollar deposits in the London interbank market, then
One Month LIBOR for such day shall be equivalent to One Month LIBOR for the
most recent preceding day that is a Business Day for trading between banks in
Dollar deposits in the London interbank market; provided that in no event shall
One Month LIBOR be less than 0%
designated by the Agent from time to time) at approximately 11:00 a.m. London
time on such day), except if such day is not a Business Day or is not a day for
trading between banks in Dollar deposits in the London interbank market, then
One Month LIBOR for such day shall be equivalent to One Month LIBOR for the
most recent preceding day that is a Business Day for trading between banks in
Dollar deposits in the London interbank market; provided that in no event shall
One Month LIBOR be less than 0%
“Base Rate Advance” means an Advance denominated in Dollars that
bears interest as provided in Section 2.07(a)(i).
bears interest as provided in Section 2.07(a)(i).
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in
ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to
Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“Bookrunner” means Citibank, N.A., BofA Securities, Inc. (or any other
registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment
registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment
banking, commercial lending services or related businesses may be transferred following the date of this Agreement), MUFG Bank Ltd., PNC Capital Markets LLC, SunTrust
Xxxxxxxx Xxxxxxxx, Inc., U.S. Bank National Association and Xxxxx Fargo Securities,
LLC.
Xxxxxxxx Xxxxxxxx, Inc., U.S. Bank National Association and Xxxxx Fargo Securities,
LLC.
“Borrower” has the meaning specified in the preamble hereto.
“Borrower Notice” has the meaning assigned to such term in the definition
of “Real Estate Collateral Requirements”.
“Borrower’s Aggregate Excess Cash Flow Share” means, as of any
Reference Time and with respect to each fiscal year of the Borrower for which a
compliance certificate has been delivered pursuant to Section 5.01(i)(i) as of such
Reference Time (commencing with the fiscal year ending on or about February 3, 2020), an aggregate amount (in no event less than zero) equal to the sum, for each such fiscal
year, of (i) the Borrower’s Retained Percentage for such fiscal year multiplied by (ii)
Excess Cash Flow for such fiscal year.
compliance certificate has been delivered pursuant to Section 5.01(i)(i) as of such
Reference Time (commencing with the fiscal year ending on or about February 3, 2020), an aggregate amount (in no event less than zero) equal to the sum, for each such fiscal
year, of (i) the Borrower’s Retained Percentage for such fiscal year multiplied by (ii)
Excess Cash Flow for such fiscal year.
“Borrower Refinancing” means, the refinancing of all outstanding
Indebtedness for borrowed money under the Second Amended and Restated Credit
Indebtedness for borrowed money under the Second Amended and Restated Credit
Agreement.
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“Borrower’s Retained Percentage” means, with respect to any fiscal year
of the Borrower, (a) 100% minus (b) the Excess Cash Flow Percentage with respect to such fiscal year.
of the Borrower, (a) 100% minus (b) the Excess Cash Flow Percentage with respect to such fiscal year.
“Borrowing” means Advances of the same Class and Type made,
converted or continued on the same date and, in the case of Eurocurrency Rate Advances, as to which a single Interest Period is in effect, and may refer to a Revolving Credit Borrowing, a Tranche B Borrowing, a Tranche B2 Borrowing, a Term Borrowing, a
Term 2 Borrowing or an Incremental Term Borrowing, as the context may require.
converted or continued on the same date and, in the case of Eurocurrency Rate Advances, as to which a single Interest Period is in effect, and may refer to a Revolving Credit Borrowing, a Tranche B Borrowing, a Tranche B2 Borrowing, a Term Borrowing, a
Term 2 Borrowing or an Incremental Term Borrowing, as the context may require.
“Borrowing Minimum” means, in respect of any Advance denominated in
Dollars, $5,000,000, in respect of any Advance denominated in Sterling, £5,000,000 and, in respect of any Advance denominated in Euros, €5,000,000.
Dollars, $5,000,000, in respect of any Advance denominated in Sterling, £5,000,000 and, in respect of any Advance denominated in Euros, €5,000,000.
“Borrowing Multiple” means, in respect of any Advance denominated in
Dollars, $1,000,000, in respect of any Advance denominated in Sterling, £1,000,000 and,
Dollars, $1,000,000, in respect of any Advance denominated in Sterling, £1,000,000 and,
in respect of any Advance denominated in Euros, €1,000,000.
“Building” means a building or structure with at least two walls and a roof
or any such building or structure in the course of construction.
“Business Day” means a day of the year on which banks are not required
or authorized by law to close in New York City and, if the applicable Business Day
relates to any Eurocurrency Rate Advances, on which dealings are carried on in the
London interbank market and banks are open for business in London and in the country
relates to any Eurocurrency Rate Advances, on which dealings are carried on in the
London interbank market and banks are open for business in London and in the country
of issue of the currency of such Eurocurrency Rate Advance (or, in the case of an
Advance denominated in Euro, which is also a TARGET Day).
Advance denominated in Euro, which is also a TARGET Day).
“Capital Expenditures” means, for any period, the additions to property,
plant and equipment and other capital expenditures of the Borrower or any of its Subsidiaries that are (or should be in accordance with GAAP) set forth in a consolidated statement of cash flows of the Borrower and its Subsidiaries for such period prepared in accordance with GAAP, but excluding in each case any such expenditure made to restore, replace or rebuild property subject to any damage, loss, destruction or condemnation, to the extent such expenditure is made with insurance proceeds, condemnation awards or damage recovery proceeds relating to any such damage, loss, destruction or condemnation.
plant and equipment and other capital expenditures of the Borrower or any of its Subsidiaries that are (or should be in accordance with GAAP) set forth in a consolidated statement of cash flows of the Borrower and its Subsidiaries for such period prepared in accordance with GAAP, but excluding in each case any such expenditure made to restore, replace or rebuild property subject to any damage, loss, destruction or condemnation, to the extent such expenditure is made with insurance proceeds, condemnation awards or damage recovery proceeds relating to any such damage, loss, destruction or condemnation.
“Capital Lease” has the meaning specified in the definition of Capital
Lease Obligations.
Lease Obligations.
“Capital Lease Obligations” means all monetary obligations of any Person
under any leasing or similar arrangement which, in accordance with GAAP, is classified as a capital lease (“Capital Lease”).
under any leasing or similar arrangement which, in accordance with GAAP, is classified as a capital lease (“Capital Lease”).
“Cash Collateral” shall have a meaning specified in the definition of Cash
Collateralize.
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“Cash Collateralize” means to pledge and deposit with or deliver to the
Agent, for the benefit of one or more of the Issuing Banks or Revolving Credit Lenders,
Agent, for the benefit of one or more of the Issuing Banks or Revolving Credit Lenders,
as collateral for L/C Obligations or obligations of Revolving Credit Lenders to fund
participations in respect of L/C Obligations, cash or deposit account balances or, if the
Agent and each applicable Issuing Bank shall agree in their sole discretion, other credit
support, in each case pursuant to documentation in form and substance satisfactory to the Agent and each applicable Issuing Bank (such collateral and other credit support,
including the proceeds thereof, “Cash Collateral”).
participations in respect of L/C Obligations, cash or deposit account balances or, if the
Agent and each applicable Issuing Bank shall agree in their sole discretion, other credit
support, in each case pursuant to documentation in form and substance satisfactory to the Agent and each applicable Issuing Bank (such collateral and other credit support,
including the proceeds thereof, “Cash Collateral”).
“Cash Equivalents” means: (a) direct obligations of, or obligations the
principal of and interest on which are unconditionally guaranteed by, the United States of
principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by the full
faith and credit of the United States of America), in each case maturing within one year
from the date of issuance thereof; (b) Investments in commercial paper maturing within
270 days from the date of issuance thereof and having, at such date of acquisition, the
faith and credit of the United States of America), in each case maturing within one year
from the date of issuance thereof; (b) Investments in commercial paper maturing within
270 days from the date of issuance thereof and having, at such date of acquisition, the
highest credit rating obtainable from S&P or from Moody’s; (c) Investments in
certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money
market deposit accounts issued or offered by, the Agent or any domestic office of any
commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than
$500,000,000 and that issues (or the parent of which issues) commercial paper rated at
least “Prime 2” (or the then equivalent grade) by Moody’s or “A 2” (or the then
equivalent grade) by S&P; (d) fully collateralized repurchase agreements with a term of
not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria of clause (c) above; (e) Investments in “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended, substantially all of whose assets are invested in Investments of the type
described in clauses (a) through (d) above; (f) securities with average maturities of 12
months or less from the date of acquisition issued or fully guaranteed by any state,
commonwealth or territory of the United States of America, by any political subdivision or taxing authority of any such state, commonwealth or territory having an investment
grade rating from either S&P or Moody’s (or the equivalent thereof); and (g) investment funds investing substantially all of their assets in securities of the types (including as to
credit quality and maturity) described in clauses (a) through (f) above.
certificates of deposit, banker’s acceptances and time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money
market deposit accounts issued or offered by, the Agent or any domestic office of any
commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than
$500,000,000 and that issues (or the parent of which issues) commercial paper rated at
least “Prime 2” (or the then equivalent grade) by Moody’s or “A 2” (or the then
equivalent grade) by S&P; (d) fully collateralized repurchase agreements with a term of
not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria of clause (c) above; (e) Investments in “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended, substantially all of whose assets are invested in Investments of the type
described in clauses (a) through (d) above; (f) securities with average maturities of 12
months or less from the date of acquisition issued or fully guaranteed by any state,
commonwealth or territory of the United States of America, by any political subdivision or taxing authority of any such state, commonwealth or territory having an investment
grade rating from either S&P or Moody’s (or the equivalent thereof); and (g) investment funds investing substantially all of their assets in securities of the types (including as to
credit quality and maturity) described in clauses (a) through (f) above.
“Cash Management Agreement” means any agreement to provide Cash
Management Services to any Loan Party or their respective Subsidiaries.
Management Services to any Loan Party or their respective Subsidiaries.
“Cash Management Bank” means each provider of Cash Management
Services, the obligations under which constitute Secured Cash Management Obligations.
Services, the obligations under which constitute Secured Cash Management Obligations.
“Cash Management Services” means treasury management services
(including depository arrangements, controlled disbursements, zero balance arrangements, cash sweeps, automated clearinghouse transactions, return items, overdrafts, temporary advances, interstate depository network services, electronic funds
(including depository arrangements, controlled disbursements, zero balance arrangements, cash sweeps, automated clearinghouse transactions, return items, overdrafts, temporary advances, interstate depository network services, electronic funds
9
transfer, purchasing or debit card arrangements and other customary cash management
arrangements) provided to any Loan Party or their respective Subsidiaries.
arrangements) provided to any Loan Party or their respective Subsidiaries.
“Change in Control” means an event or series of events by which any
Person or two or more Persons acting in concert shall have acquired beneficial ownership
Person or two or more Persons acting in concert shall have acquired beneficial ownership
(within the meaning of Rule 13d-3 of the SEC under the Exchange Act), directly or
indirectly, of Voting Stock of the Borrower (or other securities convertible into or
exchangeable for such Voting Stock) representing 35% or more of the combined voting
power of all Voting Stock of the Borrower (on a fully diluted basis).
indirectly, of Voting Stock of the Borrower (or other securities convertible into or
exchangeable for such Voting Stock) representing 35% or more of the combined voting
power of all Voting Stock of the Borrower (on a fully diluted basis).
“Change in Law” means the occurrence, after the Effective Date, of any of
the following: (a) the adoption or taking effect of any law, rule, regulation or treaty,
the following: (a) the adoption or taking effect of any law, rule, regulation or treaty,
(b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority or
(c) the making or issuance of any request, rule, guideline or directive (whether or not
having the force of law) by any Governmental Authority; provided that notwithstanding
anything herein to the contrary, (x) the Xxxx-Xxxxx Xxxx Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (y) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
interpretation, implementation or application thereof by any Governmental Authority or
(c) the making or issuance of any request, rule, guideline or directive (whether or not
having the force of law) by any Governmental Authority; provided that notwithstanding
anything herein to the contrary, (x) the Xxxx-Xxxxx Xxxx Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (y) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
“Citibank” has the meaning specified in the preamble hereto.
“Class”, when used in reference to any Advance or Borrowing, refers to whether such Advance, or the Advances comprising such Borrowing, are Revolving Credit Advances, Term Advances, Term 2 Advances, Incremental Advances, Tranche B or Tranche B2 Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment, a Letter of Credit Commitment, a Term Commitment, a Term 2 Commitment, an Incremental Commitment, Tranche B Commitment or a Tranche B2 Commitment.
“Co-Documentation Agents” means Capital One, National Association,
Sumitomo Mitsui Banking Corporation, and TD Securities (USA) LLC
Sumitomo Mitsui Banking Corporation, and TD Securities (USA) LLC
“Code” means the Internal Revenue Code of 1986.
“Collateral” means all the “Collateral” as defined in any Security and
Guarantee Documents and shall also include the Mortgaged Properties.
“Collateral Agent” has the meaning specified in the preamble hereto.
“Commitment” means a Revolving Credit Commitment, a Letter of Credit
Commitment, a Term Commitment, Term 2 Commitment, an Incremental Commitment, Tranche B Commitment or a Tranche B2 Commitment, as the context may require.
Commitment, a Term Commitment, Term 2 Commitment, an Incremental Commitment, Tranche B Commitment or a Tranche B2 Commitment, as the context may require.
10
“Committed Currencies” means lawful currency of the United Kingdom of Great Britain and Northern Ireland and Euros.
“Commodity Exchange Act” means the Commodity Exchange Act (7
U.S.C. § 1 et seq.), any successor statute, and any rule, regulation or order promulgated
U.S.C. § 1 et seq.), any successor statute, and any rule, regulation or order promulgated
thereunder, in each case as amended from time to time.
“Commodity Futures Trading Commission” means the U.S. Commodity
Futures Trading Commission.
“Communications” has the meaning specified in Section 9.02(d)(ii).
“Connection Income Taxes” means Other Connection Taxes that are
imposed on or measured by net income (however denominated) or that are franchise
imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.
“Consolidated” refers to the consolidation of accounts in accordance with
GAAP.
“Consolidated Group” means the Borrower and its Subsidiaries.
“Consolidated Net Income” means, for any Person and any period, the net
“Consolidated Net Income” means, for any Person and any period, the net
income of such Person and its Consolidated Subsidiaries for such period.
“Control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlled” has a
meaning correlative thereto.
meaning correlative thereto.
“Convert”, “Conversion” and “Converted” each refers to a conversion of
Advances of one Type into Advances of the other Type pursuant to Section 2.08 or 2.09.
Advances of one Type into Advances of the other Type pursuant to Section 2.08 or 2.09.
“Current Assets” means, at any time, the Consolidated current assets
(other than cash and Cash Equivalents) of the Borrower and its Consolidated Subsidiaries
(other than cash and Cash Equivalents) of the Borrower and its Consolidated Subsidiaries
at such time, but excluding the current portion of deferred tax assets.
“Current Liabilities” means, at any time, the Consolidated current
liabilities of the Borrower and its Consolidated Subsidiaries at such time, but excluding,
without duplication, (a) the current portion of any long term Indebtedness, (b)
outstanding Revolving Credit Advances and Letters of Credit, (c) the current portion of
interest and (d) the current portion of current and deferred income taxes.
without duplication, (a) the current portion of any long term Indebtedness, (b)
outstanding Revolving Credit Advances and Letters of Credit, (c) the current portion of
interest and (d) the current portion of current and deferred income taxes.
“Debtor Relief Laws” means the Bankruptcy Code of the United States of
America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.
America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect.
11
“Default” means any Event of Default or any event that would constitute
an Event of Default but for the requirement that notice be given or time elapse or both.
an Event of Default but for the requirement that notice be given or time elapse or both.
“Default Interest” has the meaning specified in Section 2.07(b).
“Defaulting Lender” means, subject to Section 2.18(c), any Lender that
(a) has failed to (i) fund all or any portion of its Advances within three Business Days of the date such Advances were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within three Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Bank in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors
or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.18(c)) upon delivery of written notice of such determination to the Borrower, each Issuing Bank, and each Lender.
“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition of any property by any Person (including any sale and leaseback transaction and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.
“Disqualified Equity Interest” means any Equity Interest which, by its
terms (or by the terms of any security or other Equity Interests into which it is
terms (or by the terms of any security or other Equity Interests into which it is
12
convertible or for which it is exchangeable), or upon the happening of any event or
condition (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable (other than solely for Equity Interests
that are not Disqualified Equity Interests and cash in lieu of fractional shares of such
Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the
occurrence of a change of control or asset sale event shall be subject to the prior
repayment in full of the Advances and all other accrued and payable Obligations), (b) is
redeemable at the option of the holder thereof (other than solely for Equity Interests that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of
condition (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable (other than solely for Equity Interests
that are not Disqualified Equity Interests and cash in lieu of fractional shares of such
Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the
occurrence of a change of control or asset sale event shall be subject to the prior
repayment in full of the Advances and all other accrued and payable Obligations), (b) is
redeemable at the option of the holder thereof (other than solely for Equity Interests that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of
such Equity Interests and except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full of the Advances and all other accrued and payable Obligations), in whole or in part, (c) requires scheduled cash payments of
dividends or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in the case of clauses (a) through (d), prior to the date that is 91 days after the latest maturity or
expiration date applicable to any Term Advance, Term 2 Advance, Tranche B Loan,
Tranche B2 Loan, Revolving Credit Advance, Revolving Credit Commitment,
Incremental Commitment or Incremental Advance that is outstanding at any date of
determination. Notwithstanding the preceding sentence, (A) if such Equity Interest is
issued pursuant to any plan for the benefit of directors, officers, employees, members of management, managers or consultants or by any such plan to such directors, officers,
employees, members of management, managers or consultants, in each case in the
Ordinary Course of Business of the Borrower or its Subsidiaries, such Equity Interest
shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased by the issuer thereof in order to satisfy applicable statutory or regulatory
obligations, and (B) no Equity Interest held by any future, present or former employee,
director, officer, manager, member of management or consultant (or their respective
Affiliates or immediate family members) of the Borrower (or any Subsidiary of the
Borrower) shall be considered a Disqualified Equity Interest because such Equity Interest is redeemable or subject to repurchase pursuant to any management equity subscription
agreement, stock option, stock appreciation right or other stock award agreement, stock
ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time.
dividends or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in the case of clauses (a) through (d), prior to the date that is 91 days after the latest maturity or
expiration date applicable to any Term Advance, Term 2 Advance, Tranche B Loan,
Tranche B2 Loan, Revolving Credit Advance, Revolving Credit Commitment,
Incremental Commitment or Incremental Advance that is outstanding at any date of
determination. Notwithstanding the preceding sentence, (A) if such Equity Interest is
issued pursuant to any plan for the benefit of directors, officers, employees, members of management, managers or consultants or by any such plan to such directors, officers,
employees, members of management, managers or consultants, in each case in the
Ordinary Course of Business of the Borrower or its Subsidiaries, such Equity Interest
shall not constitute Disqualified Equity Interests solely because it may be required to be repurchased by the issuer thereof in order to satisfy applicable statutory or regulatory
obligations, and (B) no Equity Interest held by any future, present or former employee,
director, officer, manager, member of management or consultant (or their respective
Affiliates or immediate family members) of the Borrower (or any Subsidiary of the
Borrower) shall be considered a Disqualified Equity Interest because such Equity Interest is redeemable or subject to repurchase pursuant to any management equity subscription
agreement, stock option, stock appreciation right or other stock award agreement, stock
ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time.
“Dollars” and the “$” sign each means lawful currency of the United
States of America.
States of America.
“Domestic Lending Office” means, with respect to any Lender, the office
of such Lender specified as its “Domestic Lending Office” in its Administrative Questionnaire delivered to the Agent, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Agent.
of such Lender specified as its “Domestic Lending Office” in its Administrative Questionnaire delivered to the Agent, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Agent.
13
“Domestic Subsidiary” shall mean any Subsidiary of the Borrower
incorporated or organized under the laws of the United States of America, any state
incorporated or organized under the laws of the United States of America, any state
thereof or the District of Columbia.
“EBITDA” means, for any Person and for any period, an amount equal to
the Consolidated Net Income of such Person and its Consolidated Subsidiaries for such
period plus without duplication and, (except in the case of clauses (k) and (l)(ii) below)
to the extent deducted in the calculation of Consolidated Net Income, (a) Interest
period plus without duplication and, (except in the case of clauses (k) and (l)(ii) below)
to the extent deducted in the calculation of Consolidated Net Income, (a) Interest
Expense of, and purchase discount fees in respect of any Receivables Facility incurred
by, such Person and its Consolidated Subsidiaries for that period, plus (b) the aggregate
amount of Consolidated federal and state taxes on or measured by income of such Person and its Consolidated Subsidiaries for that period whether or not payable during that
period, plus (c) Consolidated depreciation, amortization and all other noncash items
including non-cash compensation and impairment charges of such Person and its
Consolidated Subsidiaries for that period, minus (d) any gains attributable to the sale of
assets outside the Ordinary Course of Business, plus (e) any losses attributable to the sale of assets outside the Ordinary Course of Business and any loss on the sale of accounts
receivable pursuant to a Receivables Facility, plus (f) one-time costs and expenses
by, such Person and its Consolidated Subsidiaries for that period, plus (b) the aggregate
amount of Consolidated federal and state taxes on or measured by income of such Person and its Consolidated Subsidiaries for that period whether or not payable during that
period, plus (c) Consolidated depreciation, amortization and all other noncash items
including non-cash compensation and impairment charges of such Person and its
Consolidated Subsidiaries for that period, minus (d) any gains attributable to the sale of
assets outside the Ordinary Course of Business, plus (e) any losses attributable to the sale of assets outside the Ordinary Course of Business and any loss on the sale of accounts
receivable pursuant to a Receivables Facility, plus (f) one-time costs and expenses
related to the Engility Acquisition and any other transactions in connection therewith,
including any reorganization expenses, plus (g) transaction fees and expenses related to
any issuance of Equity Interests or incurrence of Indebtedness permitted under this
Agreement (in each case whether or not consummated), plus (h) one-time costs and
expenses related to any Permitted Acquisition and any other transactions in connection
therewith, including any reorganization expenses (in each case whether or not
consummated), plus (i) any earn-out obligation expense incurred in connection with any Permitted Acquisition or other permitted Investment made in compliance with Section
5.03(j), plus (j) the amount of any fee, cost, expense or reserve to the extent actually
reimbursed or reimbursable by third parties pursuant to indemnification or
including any reorganization expenses, plus (g) transaction fees and expenses related to
any issuance of Equity Interests or incurrence of Indebtedness permitted under this
Agreement (in each case whether or not consummated), plus (h) one-time costs and
expenses related to any Permitted Acquisition and any other transactions in connection
therewith, including any reorganization expenses (in each case whether or not
consummated), plus (i) any earn-out obligation expense incurred in connection with any Permitted Acquisition or other permitted Investment made in compliance with Section
5.03(j), plus (j) the amount of any fee, cost, expense or reserve to the extent actually
reimbursed or reimbursable by third parties pursuant to indemnification or
reimbursement provisions or similar agreements or insurance; provided that such Person in good faith expects to receive reimbursement for such fee, cost, expense or reserve
within the next four fiscal quarters (it being understood that to the extent not actually
received within such fiscal quarters, such reimbursement amounts shall be deducted in
calculating EBITDA for the fiscal quarter immediately following such four fiscal quarter period), plus (k) to the extent not otherwise included in the determination of EBITDA for such period, the amount of any proceeds of any business interruption insurance policy
representing the earnings for such period that such proceeds are intended to replace
(whether or not then received) so long as such Person in good faith expects to receive
such proceeds within the next four fiscal quarters (it being understood that to the extent
not actually received within such period such reimbursement amounts so added back but not so received shall be deducted in calculating EBITDA for the fiscal quarter
immediately following such four fiscal quarter period), plus (l) (i) restructuring charges
and related charges, accruals or reserves; and business optimization expense and related charges or expenses, including costs related to the opening, closure and/or consolidation of offices and facilities, retention charges, contract termination costs, recruiting and
signing bonuses and expenses, systems establishment costs, conversion costs and
consulting fees relating to the foregoing plus (ii) pro forma “run rate” cost savings,
operating expense reductions and synergies (net of actual amounts realized) related to
within the next four fiscal quarters (it being understood that to the extent not actually
received within such fiscal quarters, such reimbursement amounts shall be deducted in
calculating EBITDA for the fiscal quarter immediately following such four fiscal quarter period), plus (k) to the extent not otherwise included in the determination of EBITDA for such period, the amount of any proceeds of any business interruption insurance policy
representing the earnings for such period that such proceeds are intended to replace
(whether or not then received) so long as such Person in good faith expects to receive
such proceeds within the next four fiscal quarters (it being understood that to the extent
not actually received within such period such reimbursement amounts so added back but not so received shall be deducted in calculating EBITDA for the fiscal quarter
immediately following such four fiscal quarter period), plus (l) (i) restructuring charges
and related charges, accruals or reserves; and business optimization expense and related charges or expenses, including costs related to the opening, closure and/or consolidation of offices and facilities, retention charges, contract termination costs, recruiting and
signing bonuses and expenses, systems establishment costs, conversion costs and
consulting fees relating to the foregoing plus (ii) pro forma “run rate” cost savings,
operating expense reductions and synergies (net of actual amounts realized) related to
14
Permitted Acquisitions and other Investments, Dispositions and other Specified
Transactions (including, if continuing to be applicable for Specified Transactions
occurring prior to the Effective Date), cost savings initiatives and other similar initiatives that are reasonably identifiable, factually supportable and projected by the Borrower in
good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) and realized with 18 months after such Permitted Acquisition or other
Investment, Disposition or other Specified Transactions, cost savings initiative or other
initiative (provided that the aggregate amount of add backs made pursuant to clauses (h) and (l) above for any Test Period shall not exceed an amount equal to 15% of EBITDA
for the period of four consecutive fiscal quarters most recently ended prior to the
determination date (and such determination shall be made prior to the making of, and
without giving effect to, any adjustments pursuant to clauses (h), and (l) above)), plus
(m)(i) any losses or charges (and minus any gains) attributable to the early
extinguishment of Indebtedness (and the termination of any associated Hedge
Agreements or other derivative instruments) and (ii) any write-offs or amortizations
Transactions (including, if continuing to be applicable for Specified Transactions
occurring prior to the Effective Date), cost savings initiatives and other similar initiatives that are reasonably identifiable, factually supportable and projected by the Borrower in
good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) and realized with 18 months after such Permitted Acquisition or other
Investment, Disposition or other Specified Transactions, cost savings initiative or other
initiative (provided that the aggregate amount of add backs made pursuant to clauses (h) and (l) above for any Test Period shall not exceed an amount equal to 15% of EBITDA
for the period of four consecutive fiscal quarters most recently ended prior to the
determination date (and such determination shall be made prior to the making of, and
without giving effect to, any adjustments pursuant to clauses (h), and (l) above)), plus
(m)(i) any losses or charges (and minus any gains) attributable to the early
extinguishment of Indebtedness (and the termination of any associated Hedge
Agreements or other derivative instruments) and (ii) any write-offs or amortizations
made in such period of deferred financing costs and premiums paid or other expenses or charges incurred directly in connection with any early extinguishment of Indebtedness,
and minus (n) any items of income or loss in respect of equity in the income or loss of
unconsolidated affiliates or minority interests in the income or loss of Consolidated
Subsidiaries in each case as determined in accordance with GAAP, it being understood
that any items of loss or expense would be added to and any items of gain or income
would be deducted from Consolidated Net Income for the purpose of determining
EBITDA.
and minus (n) any items of income or loss in respect of equity in the income or loss of
unconsolidated affiliates or minority interests in the income or loss of Consolidated
Subsidiaries in each case as determined in accordance with GAAP, it being understood
that any items of loss or expense would be added to and any items of gain or income
would be deducted from Consolidated Net Income for the purpose of determining
EBITDA.
“EEA Financial Institution” means (a) any credit institution or investment
firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.
firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any member state of the European Union,
Iceland, Liechtenstein and Norway.
Iceland, Liechtenstein and Norway.
“EEA Resolution Authority” means any public administrative authority or
any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Effective Date” has the meaning specified in Section 3.01.
“Eligible Assignee” means any Person that meets the requirements to be
an assignee under Section 9.07(b)(iii), (v) and (vi) (subject to such consents, if any, as
may be required under Section 9.07(b)(iii)).
may be required under Section 9.07(b)(iii)).
15
“Engility Acquisition” shall mean the acquisition by the Borrower or one
of its Subsidiaries of Engility Holdings, Inc. (together with its subsidiaries, the “Acquired
of its Subsidiaries of Engility Holdings, Inc. (together with its subsidiaries, the “Acquired
Business”) pursuant to the Agreement and Plan of Merger, dated as of September 9, 2018 by and among Engility Holdings, Inc., the Borrower and Raptors Merger Sub, Inc. (the
“Engility Acquisition Agreement”)
“Engility Acquisition Agreement”)
“Engility Acquisition Agreement” has the meaning assigned to such term
in the definition of “Engility Acquisition”.
in the definition of “Engility Acquisition”.
“Engility Acquisition Agreement Material Adverse Effect” means with
respect to any Person (as defined in the Engility Acquisition Agreement) means any fact,
respect to any Person (as defined in the Engility Acquisition Agreement) means any fact,
circumstance, effect, change, event or development (an “Effect”) that, individually or in
the aggregate with all other Effects, (1) materially adversely affects or would reasonably be expected to materially adversely affect the business, financial condition or results of
operations of such Person and its Subsidiaries (as defined in the Engility Acquisition
Agreement), taken as a whole or (2) would reasonably be expected to prevent or
materially impair or delay the consummation of the transactions contemplated by the
Engility Acquisition Agreement excluding any Effect to the extent that, either alone or in combination, it results from or arises out of (i) changes or conditions generally affecting the industries in which such Person and any of its Subsidiaries operate, except to the
extent such Effect has a materially disproportionate adverse effect on such Person and its Subsidiaries, taken as a whole, relative to others in such industries in respect of the
business conducted in such industries, (ii) general economic or political conditions or
securities, credit, financial or other capital markets conditions, in each case in the United States or any foreign jurisdiction, except to the extent such Effect has a materially
disproportionate adverse effect on such Person and its Subsidiaries, taken as a whole,
relative to others in the industries in which such Person and any of its Subsidiaries
operate in respect of the business conducted in such industries, (iii) any failure, in and of itself, by such Person to meet any internal or published projections, forecasts, estimates
or predictions in respect of revenues, earnings or other financial or operating metrics for any period (it being understood that the facts or occurrences giving rise to or contributing to such failure may be deemed to constitute, or be taken into account in determining
whether there has been, or is reasonably expected to be, an Engility Acquisition
Agreement Material Adverse Effect, to the extent permitted by this definition), (iv) the
public announcement or pendency of the transactions contemplated hereby, including the impact thereof on the relationships, contractual or otherwise, of such Person or any of its Subsidiaries with employees, labor unions, customers, suppliers or partners, (v) any
change, in and of itself, in the market price or trading volume of such Person’s securities or in its credit ratings (it being understood that the facts or occurrences giving rise to or
contributing to such change may be deemed to constitute, or be taken into account in
determining whether there has been, or is reasonably expected to be, an Engility
Acquisition Agreement Material Adverse Effect, to the extent permitted by this
definition), (vi) any change in applicable Law, regulation or GAAP (or authoritative
interpretation thereof), except to the extent such Effect has a materially disproportionate adverse effect on such Person and its Subsidiaries, taken as a whole, relative to others in the industries in which such Person and any of its Subsidiaries operate in respect of the
business conducted in such industries, (vii) geopolitical conditions, the outbreak or
the aggregate with all other Effects, (1) materially adversely affects or would reasonably be expected to materially adversely affect the business, financial condition or results of
operations of such Person and its Subsidiaries (as defined in the Engility Acquisition
Agreement), taken as a whole or (2) would reasonably be expected to prevent or
materially impair or delay the consummation of the transactions contemplated by the
Engility Acquisition Agreement excluding any Effect to the extent that, either alone or in combination, it results from or arises out of (i) changes or conditions generally affecting the industries in which such Person and any of its Subsidiaries operate, except to the
extent such Effect has a materially disproportionate adverse effect on such Person and its Subsidiaries, taken as a whole, relative to others in such industries in respect of the
business conducted in such industries, (ii) general economic or political conditions or
securities, credit, financial or other capital markets conditions, in each case in the United States or any foreign jurisdiction, except to the extent such Effect has a materially
disproportionate adverse effect on such Person and its Subsidiaries, taken as a whole,
relative to others in the industries in which such Person and any of its Subsidiaries
operate in respect of the business conducted in such industries, (iii) any failure, in and of itself, by such Person to meet any internal or published projections, forecasts, estimates
or predictions in respect of revenues, earnings or other financial or operating metrics for any period (it being understood that the facts or occurrences giving rise to or contributing to such failure may be deemed to constitute, or be taken into account in determining
whether there has been, or is reasonably expected to be, an Engility Acquisition
Agreement Material Adverse Effect, to the extent permitted by this definition), (iv) the
public announcement or pendency of the transactions contemplated hereby, including the impact thereof on the relationships, contractual or otherwise, of such Person or any of its Subsidiaries with employees, labor unions, customers, suppliers or partners, (v) any
change, in and of itself, in the market price or trading volume of such Person’s securities or in its credit ratings (it being understood that the facts or occurrences giving rise to or
contributing to such change may be deemed to constitute, or be taken into account in
determining whether there has been, or is reasonably expected to be, an Engility
Acquisition Agreement Material Adverse Effect, to the extent permitted by this
definition), (vi) any change in applicable Law, regulation or GAAP (or authoritative
interpretation thereof), except to the extent such Effect has a materially disproportionate adverse effect on such Person and its Subsidiaries, taken as a whole, relative to others in the industries in which such Person and any of its Subsidiaries operate in respect of the
business conducted in such industries, (vii) geopolitical conditions, the outbreak or
16
escalation of hostilities, any acts of war (whether or not declared), sabotage or terrorism, or any escalation or worsening of any such acts of war, sabotage or terrorism threatened or underway as of the date of the Engility Acquisition Agreement, except to the extent
such Effect has a materially disproportionate adverse effect on such Person and its
Subsidiaries, taken as a whole, relative to others in the industries in which such Person
and any of its Subsidiaries operate in respect of the business conducted in such industries (viii) any hurricane, tornado, flood, earthquake or other natural disaster, except to the
extent such fact, circumstance, effect, change, event or development has a materially
disproportionate adverse effect on such Person and its Subsidiaries, taken as a whole,
relative to others in the industries in which such Person and any of its Subsidiaries
operate in respect of the business conducted in such industries, (ix) any litigation arising from allegations of a breach of fiduciary duty or other violation of applicable Law
relating to the Engility Acquisition Agreement or the transactions contemplated hereby, or (x) any taking of any action not required by the Engility Acquisition Agreement at the written request of the other Loan Parties hereto.
such Effect has a materially disproportionate adverse effect on such Person and its
Subsidiaries, taken as a whole, relative to others in the industries in which such Person
and any of its Subsidiaries operate in respect of the business conducted in such industries (viii) any hurricane, tornado, flood, earthquake or other natural disaster, except to the
extent such fact, circumstance, effect, change, event or development has a materially
disproportionate adverse effect on such Person and its Subsidiaries, taken as a whole,
relative to others in the industries in which such Person and any of its Subsidiaries
operate in respect of the business conducted in such industries, (ix) any litigation arising from allegations of a breach of fiduciary duty or other violation of applicable Law
relating to the Engility Acquisition Agreement or the transactions contemplated hereby, or (x) any taking of any action not required by the Engility Acquisition Agreement at the written request of the other Loan Parties hereto.
“Engility Acquisition Agreement Representations” means such
representations and warranties made by or on behalf of the Acquired Business in the
representations and warranties made by or on behalf of the Acquired Business in the
Engility Acquisition Agreement as are material to the interests of the Lenders or the
Arrangers (in their capacities as such), but only to the extent that the Borrower (or any of its affiliates) has the right to terminate its (or their) obligations (or to refuse to
consummate the Engility Acquisition) under the Engility Acquisition Agreement as a
result of a breach of any of such representations and warranties.
Arrangers (in their capacities as such), but only to the extent that the Borrower (or any of its affiliates) has the right to terminate its (or their) obligations (or to refuse to
consummate the Engility Acquisition) under the Engility Acquisition Agreement as a
result of a breach of any of such representations and warranties.
“Engility Closing Date” has the meaning specified in Section 3.02.
“Engility Loan Party” means Engility Holdings, Inc. and any subsidiary
“Engility Loan Party” means Engility Holdings, Inc. and any subsidiary
which would be required to be a Loan Party following the consummation of the Engility Acquisition without giving effect to the time periods set forth in Section 5.01(l).
“Engility Transaction” shall mean (i) the Engility Acquisition,
(ii) repayment of outstanding indebtedness for borrowed money of Engility Holdings,
Inc. under the Credit Agreement dated as of August 12, 2016 (as amended on February
13, 2017, August 14, 2017, and Xxxxx 00, 0000), (xxx) redemption, repurchase,
repayment, dischargement or defeasement of all outstanding indebtedness for borrowed money of Engility Holdings, Inc.’s under the Indenture, dated August 12, 2016 and (iv)
all fees, costs and expenses incurred in connection with the foregoing (including debt
prepayment premiums, if any).
13, 2017, August 14, 2017, and Xxxxx 00, 0000), (xxx) redemption, repurchase,
repayment, dischargement or defeasement of all outstanding indebtedness for borrowed money of Engility Holdings, Inc.’s under the Indenture, dated August 12, 2016 and (iv)
all fees, costs and expenses incurred in connection with the foregoing (including debt
prepayment premiums, if any).
“Environmental Law” means any federal, state, local or foreign statute,
law, ordinance, rule, regulation, code, order, judgment, decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of, or exposure to, any hazardous or toxic material.
law, ordinance, rule, regulation, code, order, judgment, decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of, or exposure to, any hazardous or toxic material.
17
“Environmental Permit” means any permit, approval, identification
number, license or other authorization required under any Environmental Law.
number, license or other authorization required under any Environmental Law.
“Equity Interests” means shares of capital stock, partnership interests,
membership interests in a limited liability company, beneficial interests in a trust or other
membership interests in a limited liability company, beneficial interests in a trust or other
equity interests in any Person, and any option, warrant or other right (other than
Indebtedness that is convertible into, or exchangeable for, any such equity interests)
entitling the holder thereof to purchase or otherwise acquire any such equity interest.
Indebtedness that is convertible into, or exchangeable for, any such equity interests)
entitling the holder thereof to purchase or otherwise acquire any such equity interest.
“Equivalent” (i) in Dollars of any Committed Currency on any date,
means the rate quoted by the Agent or an Issuing Bank, as applicable, as the spot rate for
means the rate quoted by the Agent or an Issuing Bank, as applicable, as the spot rate for
the purchase by such Person of Dollars with such Committed Currency through its
principal foreign exchange trading office at approximately 11:00 a.m. on the date two
Business Days prior to the date as of which the foreign exchange computation is made
and (ii) in any Committed Currency of Dollars on any date, means the rate quoted by the Agent or an Issuing Bank, as applicable, as the spot rate for the purchase by such Person of such Committed Currency with Dollars through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of
which the foreign exchange computation is made; provided, in each case, that the Agent or such Issuing Bank may obtain such spot rate from another financial institution
designated by the Agent or such Issuing Bank if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; and
provided further that such Issuing Bank may use such spot rate quoted on the date as of
which the foreign exchange computation is made in the case of any Letter of Credit
denominated in any Committed Currency.
principal foreign exchange trading office at approximately 11:00 a.m. on the date two
Business Days prior to the date as of which the foreign exchange computation is made
and (ii) in any Committed Currency of Dollars on any date, means the rate quoted by the Agent or an Issuing Bank, as applicable, as the spot rate for the purchase by such Person of such Committed Currency with Dollars through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of
which the foreign exchange computation is made; provided, in each case, that the Agent or such Issuing Bank may obtain such spot rate from another financial institution
designated by the Agent or such Issuing Bank if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; and
provided further that such Issuing Bank may use such spot rate quoted on the date as of
which the foreign exchange computation is made in the case of any Letter of Credit
denominated in any Committed Currency.
“ERISA” means the Employee Retirement Income Security Act of 1974,
as amended from time to time, and the rules and regulations promulgated and rulings issued thereunder.
as amended from time to time, and the rules and regulations promulgated and rulings issued thereunder.
“ERISA Affiliate” means any Person that for purposes of Title IV of
ERISA is a member of the Borrower’s controlled group, or under common control with
ERISA is a member of the Borrower’s controlled group, or under common control with
the Borrower, within the meaning of Section 414 of the Internal Revenue Code.
“ERISA Event” means (a) the occurrence of a “reportable event”, within
“ERISA Event” means (a) the occurrence of a “reportable event”, within
the meaning of Section 4043 of ERISA with respect to any Plan unless the 30-day notice requirement with respect to such event has been waived; (b) the filing pursuant to
Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to a Plan; (c) the provision by the
administrator of any Plan of a notice of intent to terminate such Plan pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment
referred to in Section 4041(e) of ERISA and the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (d) any failure by any Plan to meet the minimum funding standards (as
defined in Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, in each instance, whether or not waived; (e) the cessation of operations at a facility of the
Borrower or any ERISA Affiliate in the circumstances described in Section 4062(e) of
administrator of any Plan of a notice of intent to terminate such Plan pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment
referred to in Section 4041(e) of ERISA and the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (d) any failure by any Plan to meet the minimum funding standards (as
defined in Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, in each instance, whether or not waived; (e) the cessation of operations at a facility of the
Borrower or any ERISA Affiliate in the circumstances described in Section 4062(e) of
18
ERISA; (f) the withdrawal or partial withdrawal by the Borrower or any ERISA Affiliate from (i) a Multiple Employer Plan during a plan year for which it was a substantial
employer, as defined in Section 4001(a)(2) of ERISA or (ii) a Multiemployer Plan;
employer, as defined in Section 4001(a)(2) of ERISA or (ii) a Multiemployer Plan;
(g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by
any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning a determination that a Multiemployer Plan is, or is reasonably expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA or in
“endangered” or “critical” status within the meaning of Section 305 of ERISA or
any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning a determination that a Multiemployer Plan is, or is reasonably expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA or in
“endangered” or “critical” status within the meaning of Section 305 of ERISA or
Section 432 of the Code; (h) the conditions for the imposition of a lien under
Section 302(f) of ERISA shall have been met with respect to any Plan; (i) a
determination that any Plan is, or is expected to be, in “at risk” status (within the
meaning of Section 303 of ERISA); (j) the occurrence of a non-exempt “prohibited
transaction” (as defined in Section 4975 of the Code or Section 406 of ERISA) with
respect to a Plan with respect to which the Borrower or any ERISA Affiliate is a
“disqualified person” (within the meaning of Section 4975 of the Code) or a “party in
interest” (within the meaning of Section 406 of ERISA) which results in liability to the
Borrower or any of its Subsidiaries; or (k) the institution by the PBGC of proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or
condition described in Section 4042 of ERISA that constitutes grounds for the
termination of, or the appointment of a trustee to administer, a Plan.
determination that any Plan is, or is expected to be, in “at risk” status (within the
meaning of Section 303 of ERISA); (j) the occurrence of a non-exempt “prohibited
transaction” (as defined in Section 4975 of the Code or Section 406 of ERISA) with
respect to a Plan with respect to which the Borrower or any ERISA Affiliate is a
“disqualified person” (within the meaning of Section 4975 of the Code) or a “party in
interest” (within the meaning of Section 406 of ERISA) which results in liability to the
Borrower or any of its Subsidiaries; or (k) the institution by the PBGC of proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or
condition described in Section 4042 of ERISA that constitutes grounds for the
termination of, or the appointment of a trustee to administer, a Plan.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation
Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“Euro” means the lawful currency of the European Union as constituted
by the Treaty of Rome which established the European Community, as such treaty may be amended from time to time and as referred to in the EMU legislation.
by the Treaty of Rome which established the European Community, as such treaty may be amended from time to time and as referred to in the EMU legislation.
“Eurocurrency Lending Office” means, with respect to any Lender, the
office of such Lender specified as its “Eurocurrency Lending Office” in its Administrative Questionnaire delivered to the Agent, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Agent.
office of such Lender specified as its “Eurocurrency Lending Office” in its Administrative Questionnaire delivered to the Agent, or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Agent.
“Eurocurrency Liabilities” has the meaning assigned to that term in
Regulation D of the Board of Governors of the Federal Reserve System, as in effect from
Regulation D of the Board of Governors of the Federal Reserve System, as in effect from
time to time.
“Eurocurrency Rate” means, for any Interest Period for each Eurocurrency Rate Advance comprising part of the same Borrowing, an interest rate per annum equal
to the rate per annum obtained by dividing (a) the LIBOR Rate or, if for any reason such rate is not available, the average of the rate per annum at which deposits in Dollars or the applicable Committed Currency is offered by the principal office of each of the
Reference Banks in London, England to prime banks in the London interbank market at
11:00 A.M. (London time) two Business Days before the first day of such Interest Period in an amount substantially equal to such Reference Bank’s Eurocurrency Rate Advance
comprising part of such Borrowing to be outstanding during such Interest Period and for
11:00 A.M. (London time) two Business Days before the first day of such Interest Period in an amount substantially equal to such Reference Bank’s Eurocurrency Rate Advance
comprising part of such Borrowing to be outstanding during such Interest Period and for
19
a period equal to such Interest Period (provided that in no event shall the rate per annum under this clause (a), including if determined pursuant to the following sentence, be less
than 0% per annum) by (b) a percentage equal to 100% minus the Eurocurrency Rate
than 0% per annum) by (b) a percentage equal to 100% minus the Eurocurrency Rate
Reserve Percentage for such Interest Period. If no Screen Rate is available, the
Eurocurrency Rate for any Interest Period for each Eurocurrency Rate Advance
comprising part of the same Borrowing shall be determined by the Agent on the basis of applicable rates furnished to and received by the Agent from the Reference Banks two
Business Days before the first day of such Interest Period, subject, however, to the
provisions of Section 2.08. Notwithstanding the foregoing, the Eurocurrency Rate with
respect to any Interest Period shall be deemed to be 0.00% per annum if the
Eurocurrency Rate for such Interest Period determined pursuant to the preceding
provisions of this definition would otherwise be less than 0.00% per annum.
Eurocurrency Rate for any Interest Period for each Eurocurrency Rate Advance
comprising part of the same Borrowing shall be determined by the Agent on the basis of applicable rates furnished to and received by the Agent from the Reference Banks two
Business Days before the first day of such Interest Period, subject, however, to the
provisions of Section 2.08. Notwithstanding the foregoing, the Eurocurrency Rate with
respect to any Interest Period shall be deemed to be 0.00% per annum if the
Eurocurrency Rate for such Interest Period determined pursuant to the preceding
provisions of this definition would otherwise be less than 0.00% per annum.
“Eurocurrency Rate Advance” means (a) a Revolving Credit Advance
denominated in Dollars or a Committed Currency that bears interest as provided in Section 2.07(a)(ii) or (b) any other Advance denominated in Dollars that bears interest as provided in Section 2.07(a)(ii).
denominated in Dollars or a Committed Currency that bears interest as provided in Section 2.07(a)(ii) or (b) any other Advance denominated in Dollars that bears interest as provided in Section 2.07(a)(ii).
“Eurocurrency Rate Reserve Percentage” for any Interest Period for all
Eurocurrency Rate Advances comprising part of the same Borrowing means the reserve
Eurocurrency Rate Advances comprising part of the same Borrowing means the reserve
percentage applicable two Business Days before the first day of such Interest Period
under regulations issued from time to time by the Board of Governors of the Federal
Reserve System (or any successor) for determining the maximum reserve requirement
under regulations issued from time to time by the Board of Governors of the Federal
Reserve System (or any successor) for determining the maximum reserve requirement
(including, without limitation, any emergency, supplemental or other marginal reserve
requirement) for a member bank of the Federal Reserve System in New York City with
respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurocurrency Rate Advances is determined) having a term equal to such
Interest Period.
requirement) for a member bank of the Federal Reserve System in New York City with
respect to liabilities or assets consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurocurrency Rate Advances is determined) having a term equal to such
Interest Period.
“Events of Default” has the meaning specified in Section 6.01.
“Evidence of Flood Insurance” has the meaning assigned to such term in
“Evidence of Flood Insurance” has the meaning assigned to such term in
the definition of “Real Estate Collateral Requirements”.
“Excess Cash Flow” means, for any fiscal year of the Borrower, the
excess of (a) the sum, without duplication, of (i) EBITDA for such fiscal year and
(ii) reductions to noncash working capital of the Borrower and its Subsidiaries for such
fiscal year (i.e., the absolute value of the decrease, if any, in Current Assets minus
Current Liabilities from the beginning to the end of such fiscal year; provided that, for
purposes of calculating Excess Cash Flow, increases or decreases in working capital shall exclude (A) any changes in Current Assets or Current Liabilities solely as a result of
acquisitions or Dispositions by the Borrower and its Subsidiaries during the applicable
period and (B) any reclassification in accordance with GAAP of assets or liabilities, as
applicable, between current and noncurrent) over (b) the sum, without duplication, of
fiscal year (i.e., the absolute value of the decrease, if any, in Current Assets minus
Current Liabilities from the beginning to the end of such fiscal year; provided that, for
purposes of calculating Excess Cash Flow, increases or decreases in working capital shall exclude (A) any changes in Current Assets or Current Liabilities solely as a result of
acquisitions or Dispositions by the Borrower and its Subsidiaries during the applicable
period and (B) any reclassification in accordance with GAAP of assets or liabilities, as
applicable, between current and noncurrent) over (b) the sum, without duplication, of
(i) the amount of any Taxes payable in cash by the Borrower and its Subsidiaries with
respect to such fiscal year, (ii) Interest Expense for such fiscal year paid in cash, (iii)
respect to such fiscal year, (ii) Interest Expense for such fiscal year paid in cash, (iii)
20
Capital Expenditures made in cash during such fiscal year, except to the extent financed
with the proceeds of Indebtedness (other than a Revolving Credit Advance), equity
issuances, casualty proceeds, condemnation proceeds or other proceeds that would not be included in EBITDA, (iv) permanent repayments of Indebtedness (other than mandatory prepayments of Advances under Section 2.10(b) or optional prepayments or repurchases of Advances pursuant to Section 2.10(a)) made in cash by the Borrower or any of its
Subsidiaries during such fiscal year, but only to the extent that the Indebtedness so
prepaid by its terms cannot be reborrowed or redrawn and such prepayments do not occur in connection with a refinancing of all or any portion of such Indebtedness, (v) additions to noncash working capital for such fiscal year (i.e., the increase, if any, in Current
with the proceeds of Indebtedness (other than a Revolving Credit Advance), equity
issuances, casualty proceeds, condemnation proceeds or other proceeds that would not be included in EBITDA, (iv) permanent repayments of Indebtedness (other than mandatory prepayments of Advances under Section 2.10(b) or optional prepayments or repurchases of Advances pursuant to Section 2.10(a)) made in cash by the Borrower or any of its
Subsidiaries during such fiscal year, but only to the extent that the Indebtedness so
prepaid by its terms cannot be reborrowed or redrawn and such prepayments do not occur in connection with a refinancing of all or any portion of such Indebtedness, (v) additions to noncash working capital for such fiscal year (i.e., the increase, if any, in Current
Assets minus Current Liabilities from the beginning to the end of such fiscal year), (vi)
any Restricted Payments permitted under Section 5.03(h)(ii), 5.03(h)(iii) and 5.03(h)(iv), in each case made in cash by the Borrower during such fiscal year, (vii) cash
consideration paid during such fiscal year by the Borrower or any of its Subsidiaries to
make Permitted Acquisitions or other Investments in third parties (other than any
Subsidiary) permitted under Section 5.03(j) (except to the extent funded with the
proceeds of Indebtedness, equity issuances, casualty proceeds, condemnation proceeds or other proceeds that would not be included in EBITDA), (viii) the aggregate amount of
expenditures actually made by the Borrower or any of its Subsidiaries in cash during
any Restricted Payments permitted under Section 5.03(h)(ii), 5.03(h)(iii) and 5.03(h)(iv), in each case made in cash by the Borrower during such fiscal year, (vii) cash
consideration paid during such fiscal year by the Borrower or any of its Subsidiaries to
make Permitted Acquisitions or other Investments in third parties (other than any
Subsidiary) permitted under Section 5.03(j) (except to the extent funded with the
proceeds of Indebtedness, equity issuances, casualty proceeds, condemnation proceeds or other proceeds that would not be included in EBITDA), (viii) the aggregate amount of
expenditures actually made by the Borrower or any of its Subsidiaries in cash during
such periods to the extent that such expenditures are not expensed or deducted (or exceed the amount expensed or deducted) in calculating EBITDA for such period, (ix) all other
amounts added back to Consolidated Net Income for the purposes of calculating
amounts added back to Consolidated Net Income for the purposes of calculating
EBITDA to the extent paid in cash during such fiscal year and (x) any purchase discount fees or loss on the sale of accounts receivable incurred pursuant to a Receivables Facility.
“Excess Cash Flow Percentage” means 50.0% (or, if the Senior Secured
Leverage Ratio as of the last day of the applicable fiscal year shall have been (x) equal to
Leverage Ratio as of the last day of the applicable fiscal year shall have been (x) equal to
or greater than 2.50 to 1.00 but less than 3.00 to 1.00, 25%, or (y) less than 2.50 to 1.00,
0%).
0%).
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Excluded Subsidiary” means any Subsidiary that is (a) a Foreign
“Excluded Subsidiary” means any Subsidiary that is (a) a Foreign
Subsidiary or a Subsidiary that has no assets other than equity interests of one or more
Foreign Subsidiaries, (b) not wholly owned directly by the Borrower or one or more of its wholly owned Subsidiaries and is prohibited from guaranteeing the Facilities by any
contractual obligation (which obligation, for any such Subsidiary as of the Effective
Foreign Subsidiaries, (b) not wholly owned directly by the Borrower or one or more of its wholly owned Subsidiaries and is prohibited from guaranteeing the Facilities by any
contractual obligation (which obligation, for any such Subsidiary as of the Effective
Date, shall be in existence on the Effective Date and such Subsidiary shall be listed on
Schedule 1.01(b) hereto), (c) a Receivables Subsidiary, (d) prohibited by applicable law
from guaranteeing the Facilities, or which would require governmental (including
regulatory) consent, approval, license or authorization to provide a guarantee unless, such consent, approval, license or authorization has been received or (e) Raptors Merger Sub, Inc. until the occurrence of the Engility Closing Date.
Schedule 1.01(b) hereto), (c) a Receivables Subsidiary, (d) prohibited by applicable law
from guaranteeing the Facilities, or which would require governmental (including
regulatory) consent, approval, license or authorization to provide a guarantee unless, such consent, approval, license or authorization has been received or (e) Raptors Merger Sub, Inc. until the occurrence of the Engility Closing Date.
“Excluded Swap Obligation” means, with respect to any Guarantor, any
Swap Obligation (a) if, and to the extent that, and only for so long as, all or a portion of
Swap Obligation (a) if, and to the extent that, and only for so long as, all or a portion of
the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest
21
to secure, as applicable, such Swap Obligation (or any guarantee thereof) is or becomes
illegal under the Commodity Exchange Act or any rule, regulation or order of the
Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant,” as defined in the Commodity Exchange Act and the regulations
thereunder, at the time the guarantee of, or grant of such security interest by, such
Guarantor becomes or would become effective with respect to such Swap Obligation or
(b) upon the designation as such in any agreement with respect to such Swap Obligations between the relevant Guarantor and counterparty applicable to such Swap Obligations,
and agreed by the Agent; provided that if a Swap Obligation arises under a master
agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guarantee or
security interest is or becomes illegal.
illegal under the Commodity Exchange Act or any rule, regulation or order of the
Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant,” as defined in the Commodity Exchange Act and the regulations
thereunder, at the time the guarantee of, or grant of such security interest by, such
Guarantor becomes or would become effective with respect to such Swap Obligation or
(b) upon the designation as such in any agreement with respect to such Swap Obligations between the relevant Guarantor and counterparty applicable to such Swap Obligations,
and agreed by the Agent; provided that if a Swap Obligation arises under a master
agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guarantee or
security interest is or becomes illegal.
“Excluded Taxes” means any of the following Taxes imposed on or with
respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in an Advance or Commitment pursuant to a law in effect on the date on which (x) such Lender acquires such interest in the Advance or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.18(b)) or (y) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.14, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with
respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in an Advance or Commitment pursuant to a law in effect on the date on which (x) such Lender acquires such interest in the Advance or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.18(b)) or (y) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.14, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with
Section 2.14(f) and (d) any withholding Taxes imposed under FATCA.
“Extension Date” has the meaning specified in Section 2.22(a).
“Existing Mortgage” means that certain Mortgage, Assignment of Leases
and Rents, Security Agreement and Fixture Filing dated as of February 24, 2017 by
Odyssey Drive I, Ltd. in favor of the Collateral Agent with respect to the Alabama
Property, as amended.
Odyssey Drive I, Ltd. in favor of the Collateral Agent with respect to the Alabama
Property, as amended.
“Facility” means the Revolving Credit Facility, the Letter of Credit
Facility, the Term Facility, Term 2 Facility, the Tranche B Facility, the Tranche B2
Facility, the Term Facility, Term 2 Facility, the Tranche B Facility, the Tranche B2
Facility or any Specified Incremental Facility, as the context may require.
“Fall-Away Date” means the earlier to occur of (i) 3 Business Days
“Fall-Away Date” means the earlier to occur of (i) 3 Business Days
following the termination or public abandonment of the Engility Acquisition Agreement or (ii) the satisfaction or waiver of the conditions specified in Section 3.03.
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“FATCA” means (i) Sections 1471 through 1474 of the Code, as of the
date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), (ii) any current or future regulations or official interpretations thereof and (iii) any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, official rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.
date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), (ii) any current or future regulations or official interpretations thereof and (iii) any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, official rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.
“Federal Funds Rate” means, for any period, a fluctuating interest rate per
annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it; provided that in no event shall the Federal Funds Rate be less than 0% per annum for any day.
annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it; provided that in no event shall the Federal Funds Rate be less than 0% per annum for any day.
“Financial Covenant” means the covenant contained in Section 5.05 of
this Agreement.
“Financial Covenant Event of Default” has the meaning specified in
Section 6.01(c)(ii).
Section 6.01(c)(ii).
“Financial Covenant Step-up” has the meaning specified in Section
5.05(c).
“Financial Officer” of any Person means the chief financial officer,
principal accounting officer, treasurer or controller of such Person.
principal accounting officer, treasurer or controller of such Person.
“First Amendment Effective Date” means February 19, 2020.
“First Amended & Restated Credit Agreement” has the meaning specified
in the introductory statements hereto.
“Flood Insurance Policy” has the meaning specified in Section 5.01(c)(iii).
“Flood Laws” means the National Flood Insurance Act of 1968, the Flood
Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994, the Xxxxxxx-Xxxxxx Flood Insurance Act of 2012, as such statutes may be amended or re-codified from time to time, any substitution therefor, any regulations promulgated thereunder, and all other legal requirements relating to flood insurance.
Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994, the Xxxxxxx-Xxxxxx Flood Insurance Act of 2012, as such statutes may be amended or re-codified from time to time, any substitution therefor, any regulations promulgated thereunder, and all other legal requirements relating to flood insurance.
“Flood Hazard Determination” means a “Life-of-Loan” FEMA Standard
Flood Hazard Determination obtained by the Administrative Agent.
Flood Hazard Determination obtained by the Administrative Agent.
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“Flood Laws” has the meaning assigned to such term in the definition of
“Real Estate Collateral Requirements”.
“Real Estate Collateral Requirements”.
“Flood Hazard Property” means any Mortgaged Property that on the
relevant date of determination includes a Building and, as shown on a Flood Hazard
relevant date of determination includes a Building and, as shown on a Flood Hazard
Determination, such Building is located in a Special Flood Hazard Area.
“Foreign Lender” means a Lender that is not a U.S. Person.
“Foreign Lender” means a Lender that is not a U.S. Person.
“Foreign Subsidiary” shall mean any Subsidiary that is not a Domestic
Subsidiary.
“Fourth Amendment Effective Date” means July 2, 2021.
“Fronting Exposure” means, with respect to any Issuing Bank at any time
there is a Defaulting Lender, such Defaulting Lender’s Ratable Share of the outstanding L/C Obligations with respect to Letters of Credit issued by such Issuing Bank other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been
reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.
reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.
“Fund” means any Person (other than a natural Person) that is (or will be)
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.
“Funded Debt” means, for the Borrower and its Subsidiaries on a
Consolidated basis in accordance with GAAP, an amount equal to (a) all indebtedness in
Consolidated basis in accordance with GAAP, an amount equal to (a) all indebtedness in
respect of borrowed money, (b) all obligations of such Person evidenced by bonds, notes, debentures or similar instruments, (c) all obligations of such Person in respect of letters
of credit or other similar instruments (including reimbursement agreements with respect thereto) to the extent such letters of credit or other similar instruments are drawn and
unreimbursed, (d) all obligations of such Person to pay the deferred and unpaid purchase price of any property (including Capital Lease Obligations), but excluding trade accounts payable or accrued liabilities arising in the Ordinary Course of Business, and (e) all
obligations attributable to Synthetic Leases related to tangible property, of the Borrower and its Consolidated Subsidiaries as of the last day of such period.
of credit or other similar instruments (including reimbursement agreements with respect thereto) to the extent such letters of credit or other similar instruments are drawn and
unreimbursed, (d) all obligations of such Person to pay the deferred and unpaid purchase price of any property (including Capital Lease Obligations), but excluding trade accounts payable or accrued liabilities arising in the Ordinary Course of Business, and (e) all
obligations attributable to Synthetic Leases related to tangible property, of the Borrower and its Consolidated Subsidiaries as of the last day of such period.
“Funding Date” means either the Engility Closing Date or the Fall-Away
Date, as applicable.
Date, as applicable.
“GAAP” has the meaning specified in Section 1.03.
“Governmental Authority” means the government of the United States of
America or any other nation, or of any political subdivision thereof, whether state or
local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supranational bodies
such as the European Union or the European Central Bank).
local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supranational bodies
such as the European Union or the European Central Bank).
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“Guarantee and Collateral Agreement” means the Guarantee and
Collateral Agreement dated as of the Effective Date and the form of which is attached
Collateral Agreement dated as of the Effective Date and the form of which is attached
hereto as Exhibit F among the Borrower, the Guarantors and the Collateral Agent for the benefit of the Secured Parties.
“Guarantors” means each Domestic Subsidiary of the Borrower listed on
Schedule II (such Domestic Subsidiaries of the Borrower not to include any Excluded Subsidiary) and each other Domestic Subsidiary of the Borrower that is or becomes a party to any of the Security and Guarantee Documents, unless and until released as a Guarantor pursuant to the terms hereof or of the Security and Guarantee Documents.
Schedule II (such Domestic Subsidiaries of the Borrower not to include any Excluded Subsidiary) and each other Domestic Subsidiary of the Borrower that is or becomes a party to any of the Security and Guarantee Documents, unless and until released as a Guarantor pursuant to the terms hereof or of the Security and Guarantee Documents.
“Hazardous Materials” means (a) petroleum and petroleum products,
byproducts or breakdown products, radioactive materials, asbestos-containing materials,
byproducts or breakdown products, radioactive materials, asbestos-containing materials,
polychlorinated biphenyls and radon gas and (b) any other chemicals, materials or
substances designated, classified or regulated as hazardous or toxic or as a pollutant or
contaminant under any Environmental Law.
substances designated, classified or regulated as hazardous or toxic or as a pollutant or
contaminant under any Environmental Law.
“Hedge Agreements” means interest rate swap, cap or collar agreements,
interest rate future or option contracts, currency swap agreements, currency future or option contracts and other similar agreements.
interest rate future or option contracts, currency swap agreements, currency future or option contracts and other similar agreements.
“Hedge Bank” means each counterparty to any Hedge Agreement with a
Loan Party or their respective Subsidiaries, the obligations under which constitute Secured Hedging Obligations.
Loan Party or their respective Subsidiaries, the obligations under which constitute Secured Hedging Obligations.
“Incremental Advances” means the Incremental Revolving Credit
Advances and the Incremental Term Advances.
Advances and the Incremental Term Advances.
“Incremental Assumption Agreement” means an Incremental Assumption
Agreement among, and in form and substance reasonably satisfactory to, the Borrower, the Agent and one or more Incremental Lenders.
Agreement among, and in form and substance reasonably satisfactory to, the Borrower, the Agent and one or more Incremental Lenders.
“Incremental Commitment” means, with respect to any Lender, such
Lender’s Incremental Revolving Credit Commitment and Incremental Term Commitment.
Lender’s Incremental Revolving Credit Commitment and Incremental Term Commitment.
“Incremental Facility Amount” means (i) the greater of (a) $359,000,000
(which amount shall be increased to $615,000,000 on the Engility Closing Date) or (b) 100% of EBITDA of the Borrower and its Consolidated Subsidiaries for the most recently completed four consecutive fiscal quarters ending on or prior to such date minus the aggregate amount of all Incremental Term Commitments and Incremental Revolving Credit Commitments established prior to such time pursuant to Section 2.23(b) plus (ii) such additional amounts, so long as, for the purposes of this clause (ii), either (x) after giving pro forma effect to the incurrence or issuance of any such Incremental Term Advances or Incremental Revolving Credit Commitments and the pro forma adjustments described in Section 1.07 or (y) solely in the case of the proceeds of any such Incremental Term Advances or Incremental Revolving Credit Commitments which are, concurrently with the receipt thereof, to be used by the Borrower to finance, in whole or
(which amount shall be increased to $615,000,000 on the Engility Closing Date) or (b) 100% of EBITDA of the Borrower and its Consolidated Subsidiaries for the most recently completed four consecutive fiscal quarters ending on or prior to such date minus the aggregate amount of all Incremental Term Commitments and Incremental Revolving Credit Commitments established prior to such time pursuant to Section 2.23(b) plus (ii) such additional amounts, so long as, for the purposes of this clause (ii), either (x) after giving pro forma effect to the incurrence or issuance of any such Incremental Term Advances or Incremental Revolving Credit Commitments and the pro forma adjustments described in Section 1.07 or (y) solely in the case of the proceeds of any such Incremental Term Advances or Incremental Revolving Credit Commitments which are, concurrently with the receipt thereof, to be used by the Borrower to finance, in whole or
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in part, a Permitted Acquisition, after giving pro forma effect to the incurrence or
issuance of any such Incremental Term Advances or Incremental Revolving Credit
Commitments and the pro forma adjustments described in Section 1.07, in each case,
calculated as of the date of the applicable acquisition agreement (and for the avoidance of doubt clause (ii)(x) shall not be required to be satisfied), the Senior Secured Leverage
Ratio (calculated as if any Incremental Revolving Credit Commitment being incurred
were fully drawn on either the effective date thereof or the date of the applicable
acquisition agreement, as applicable) is equal to or less than 3.50 to 1.00.
issuance of any such Incremental Term Advances or Incremental Revolving Credit
Commitments and the pro forma adjustments described in Section 1.07, in each case,
calculated as of the date of the applicable acquisition agreement (and for the avoidance of doubt clause (ii)(x) shall not be required to be satisfied), the Senior Secured Leverage
Ratio (calculated as if any Incremental Revolving Credit Commitment being incurred
were fully drawn on either the effective date thereof or the date of the applicable
acquisition agreement, as applicable) is equal to or less than 3.50 to 1.00.
“Incremental Lenders” means the Incremental Revolving Credit Lenders
and the Incremental Term Lenders.
and the Incremental Term Lenders.
“Incremental Revolving Credit Advances” means Revolving Credit
Advances made by one or more Lenders to the Borrower pursuant to an Incremental
Advances made by one or more Lenders to the Borrower pursuant to an Incremental
Revolving Credit Commitment.
“Incremental Revolving Credit Commitment” means the commitment of
any Lender, established pursuant to Section 2.23(b), to make Revolving Credit Advances to the Borrower.
“Incremental Revolving Credit Lender” means a Revolving Credit Lender
with an Incremental Revolving Credit Commitment.
with an Incremental Revolving Credit Commitment.
“Incremental Term Advances” means any Advance made by one or more Lenders to the Borrower pursuant to Section 2.23(b), made in the form of (a) additional Term Advances, (b) additional Term 2 Advances, (c) additional Tranche B Loans, (cd) additional Tranche B2 Loans or (de) to the extent permitted by Section 2.23(b) and provided for in the relevant Incremental Assumption Agreement, Specified Incremental Term Advances.
“Incremental Term Borrowing” means a Borrowing comprised of
Incremental Term Advances.
Incremental Term Advances.
“Incremental Term Commitment” means the commitment of any Lender,
established pursuant to Section 2.23(b), to make any Incremental Term Advance to the Borrower.
established pursuant to Section 2.23(b), to make any Incremental Term Advance to the Borrower.
“Incremental Term Lender” means a Lender with an Incremental Term
Commitment or an outstanding Incremental Term Advance.
Commitment or an outstanding Incremental Term Advance.
“Indebtedness” of any specified Person means, without duplication, (a) all
indebtedness in respect of borrowed money, (b) all obligations of such Person evidenced by bonds, notes, debentures or similar instruments, (c) all obligations of such Person in
indebtedness in respect of borrowed money, (b) all obligations of such Person evidenced by bonds, notes, debentures or similar instruments, (c) all obligations of such Person in
respect of letters of credit or other similar instruments (including reimbursement
agreements with respect thereto), (d) the Indebtedness of any other Persons to the extent guaranteed by such Person, (e) all obligations of such Person to pay the deferred and
unpaid purchase price of any property (including Capital Lease Obligations), but
excluding trade accounts payable or accrued liabilities arising in the Ordinary Course of
agreements with respect thereto), (d) the Indebtedness of any other Persons to the extent guaranteed by such Person, (e) all obligations of such Person to pay the deferred and
unpaid purchase price of any property (including Capital Lease Obligations), but
excluding trade accounts payable or accrued liabilities arising in the Ordinary Course of
26
Business, (f) all obligations under any accounts receivable financings, (g) all obligations attributable to Synthetic Leases related to tangible property, (h) all indebtedness referred to in clauses (a) through (g) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien
upon or in property (including accounts and contracts rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such
Indebtedness; but only, for each of clause (a), (b), (e) and (g), if and to the extent any of
the foregoing indebtedness would appear as a liability upon an unconsolidated balance
sheet of such Person prepared in accordance with GAAP (but does not include contingent liabilities which appear only in a footnote to a balance sheet). Notwithstanding the
foregoing, in no event shall the term “Indebtedness” be deemed to include letters of
upon or in property (including accounts and contracts rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such
Indebtedness; but only, for each of clause (a), (b), (e) and (g), if and to the extent any of
the foregoing indebtedness would appear as a liability upon an unconsolidated balance
sheet of such Person prepared in accordance with GAAP (but does not include contingent liabilities which appear only in a footnote to a balance sheet). Notwithstanding the
foregoing, in no event shall the term “Indebtedness” be deemed to include letters of
credit that secure performance, bonds that secure performance, surety bonds or similar
instruments that are issued in the Ordinary Course of Business.
instruments that are issued in the Ordinary Course of Business.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of
imposed on or with respect to any payment made by or on account of any obligation of
the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.
“Indemnitee” has the meaning specified in Section 9.04(b).
“Information” has the meaning specified in Section 9.08.
“Information” has the meaning specified in Section 9.08.
“Information Memorandum” means the information memorandum dated
October 2018 used by the Arrangers in connection with the syndication of the
Commitments as of the Effective Date.
Commitments as of the Effective Date.
“Initial GAAP” has the meaning specified in Section 1.03.
“Interest Coverage Ratio” means, the ratio, determined as of the end of the
last fiscal quarter of the Borrower occurring prior to the applicable proposed Restricted
Payment for the most-recently ended four fiscal quarters, of (a) EBITDA to (b) Interest
Expense paid or payable in cash, all calculated for the Borrower and its Consolidated
Payment for the most-recently ended four fiscal quarters, of (a) EBITDA to (b) Interest
Expense paid or payable in cash, all calculated for the Borrower and its Consolidated
Subsidiaries.
“Interest Expense” means, for any period, for any Person, the sum,
without duplication, of total Consolidated interest expense (including that portion attributable to Capital Leases in conformity with GAAP) of such Person and its
without duplication, of total Consolidated interest expense (including that portion attributable to Capital Leases in conformity with GAAP) of such Person and its
Consolidated Subsidiaries.
“Interest Period” means, for each Eurocurrency Rate Advance comprising
part of the same Borrowing, the period commencing on the date of such Eurocurrency
Rate Advance or the date of the Conversion of any Base Rate Advance into such
Eurocurrency Rate Advance and ending on the last day of the period selected by the
Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant to the provisions below. The duration of each such Interest Period shall be one (or, (i) with respect to the Tranche B2
Rate Advance or the date of the Conversion of any Base Rate Advance into such
Eurocurrency Rate Advance and ending on the last day of the period selected by the
Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant to the provisions below. The duration of each such Interest Period shall be one (or, (i) with respect to the Tranche B2
27
Facility, such shorter period as the Agent and all of the Tranche B2 Lenders shall agree and (ii) with respect to the Term 2 Facility, such shorter period as the Agent and all of the Term 2 Lenders shall agree), two, three or six months, or subject to clause (c) of this
definition, twelve months, as the Borrower may, upon notice received by the Agent not
later than 11:00 A.M. (New York City time) on the third Business Day prior to the first
day of such Interest Period, select; provided, however, that:
definition, twelve months, as the Borrower may, upon notice received by the Agent not
later than 11:00 A.M. (New York City time) on the third Business Day prior to the first
day of such Interest Period, select; provided, however, that:
(a) (i) with respect to the Revolving Credit Facility, the Borrower may
not select any Interest Period that ends after the Termination Date, (ii) with
respect to the Term Facility and the Term 2 Facility, the Borrower may not select any Interest Period that ends after the Term Loan Maturity Date, (iii) with respect to the Tranche B Facility, the Borrower may not select any Interest Period that
ends after the Tranche B Maturity Date and (iv) with respect to the Tranche B2
Facility, the Borrower may not select any Interest Period that ends after the
Tranche B2 Maturity Date;
not select any Interest Period that ends after the Termination Date, (ii) with
respect to the Term Facility and the Term 2 Facility, the Borrower may not select any Interest Period that ends after the Term Loan Maturity Date, (iii) with respect to the Tranche B Facility, the Borrower may not select any Interest Period that
ends after the Tranche B Maturity Date and (iv) with respect to the Tranche B2
Facility, the Borrower may not select any Interest Period that ends after the
Tranche B2 Maturity Date;
(b) Interest Periods commencing on the same date for Eurocurrency
Rate Advances comprising part of the same Borrowing shall be of the same
duration;
Rate Advances comprising part of the same Borrowing shall be of the same
duration;
(c) in the case of any Borrowing, the Borrower shall not be entitled to
select an Interest Period having a duration of twelve months unless, by 2:00 P.M. (New York City time) on the third Business Day prior to the first day of such
select an Interest Period having a duration of twelve months unless, by 2:00 P.M. (New York City time) on the third Business Day prior to the first day of such
Interest Period, each Appropriate Lender notifies the Agent that such Lender will
be providing funding for such Borrowing with such Interest Period (the failure of
any Appropriate Lender to so respond by such time being deemed for all purposes
of this Agreement as an objection by such Lender to the requested duration of
be providing funding for such Borrowing with such Interest Period (the failure of
any Appropriate Lender to so respond by such time being deemed for all purposes
of this Agreement as an objection by such Lender to the requested duration of
such Interest Period); provided that, if any or all of the Appropriate Lenders
object to the requested duration of such Interest Period, the duration of the
Interest Period for such Borrowing shall be one, two, three or six months, as
specified by the Borrower in the applicable Notice of Borrowing as the desired
alternative to an Interest Period of twelve months;
object to the requested duration of such Interest Period, the duration of the
Interest Period for such Borrowing shall be one, two, three or six months, as
specified by the Borrower in the applicable Notice of Borrowing as the desired
alternative to an Interest Period of twelve months;
(d) whenever the last day of any Interest Period would otherwise occur
on a day other than a Business Day, the last day of such Interest Period shall be
extended to occur on the next succeeding Business Day, provided, however, that, if such extension would cause the last day of such Interest Period to occur in the
next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; and
on a day other than a Business Day, the last day of such Interest Period shall be
extended to occur on the next succeeding Business Day, provided, however, that, if such extension would cause the last day of such Interest Period to occur in the
next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; and
(e) whenever the first day of any Interest Period occurs on a day of an
initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of
initial calendar month for which there is no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of
months equal to the number of months in such Interest Period, such Interest
Period shall end on the last Business Day of such succeeding calendar month.
Period shall end on the last Business Day of such succeeding calendar month.
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“Interpolated Screen Rate” means, with respect to any Eurocurrency Rate
Advance denominated in any currency for any Interest Period, a rate per annum which results from interpolating on a linear basis between (a) the applicable Screen Rate for the longest maturity for which a Screen Rate is available that is shorter than such Interest Period and (b) the applicable Screen Rate for the shortest maturity for which a Screen Rate is available that is longer than such Interest Period, in each case as of the 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period.
Advance denominated in any currency for any Interest Period, a rate per annum which results from interpolating on a linear basis between (a) the applicable Screen Rate for the longest maturity for which a Screen Rate is available that is shorter than such Interest Period and (b) the applicable Screen Rate for the shortest maturity for which a Screen Rate is available that is longer than such Interest Period, in each case as of the 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period.
“Investment” means, as to any Person, any direct or indirect acquisition or
investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor incurs debt of the type referred to in clause (d) of the definition of Indebtedness in respect of such Person or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment but giving effect to any returns or distributions of capital or repayment of principal actually received in cash by such Person with respect thereto.
investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor incurs debt of the type referred to in clause (d) of the definition of Indebtedness in respect of such Person or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment but giving effect to any returns or distributions of capital or repayment of principal actually received in cash by such Person with respect thereto.
“IP Rights” has the meaning specified in Section 4.01(o).
“IRS” means the United States Internal Revenue Service.
“ISP” means, with respect to any Letter of Credit, the “International
“IRS” means the United States Internal Revenue Service.
“ISP” means, with respect to any Letter of Credit, the “International
Standby Practices 1998” published by the Institute of International Banking Law &
Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).
Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).
“Issuance” with respect to any Letter of Credit means the issuance,
amendment, renewal or extension of such Letter of Credit. “Issue” has a corresponding
amendment, renewal or extension of such Letter of Credit. “Issue” has a corresponding
meaning.
“Issuing Bank” means the banks and other institutions listed on Schedule I
hereto or any Eligible Assignee to which a portion of the Letter of Credit Commitment hereunder has been assigned pursuant to Section 9.07 or any other Revolving Credit Lender so long as such Eligible Assignee or Lender expressly agrees to perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as an Issuing Bank and notifies the Agent of its Applicable Lending Office (which information shall be recorded by the Agent in the Register), for so long as such Initial Issuing Bank, Eligible Assignee or Lender, as the case may be, shall have a Letter of Credit Commitment.
hereto or any Eligible Assignee to which a portion of the Letter of Credit Commitment hereunder has been assigned pursuant to Section 9.07 or any other Revolving Credit Lender so long as such Eligible Assignee or Lender expressly agrees to perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as an Issuing Bank and notifies the Agent of its Applicable Lending Office (which information shall be recorded by the Agent in the Register), for so long as such Initial Issuing Bank, Eligible Assignee or Lender, as the case may be, shall have a Letter of Credit Commitment.
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“Junior Financing” has the meaning specified in Section 5.03(l)(i).
“L/C Cash Deposit Account” means an interest bearing cash deposit
“L/C Cash Deposit Account” means an interest bearing cash deposit
account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.
“L/C Disbursement” shall mean a payment or disbursement made by the
Issuing Bank pursuant to a Letter of Credit.
Issuing Bank pursuant to a Letter of Credit.
“L/C Exposure” means, at any time the sum of (a) the aggregate undrawn
amount of all outstanding Letters of Credit at such time and (b) the aggregate amount of all L/C Disbursements that have not yet been reimbursed by or on behalf of the Borrower
amount of all outstanding Letters of Credit at such time and (b) the aggregate amount of all L/C Disbursements that have not yet been reimbursed by or on behalf of the Borrower
at such time.
“L/C Obligations” means, as of any date, the aggregate Available Amount
of outstanding Letters of Credit and Revolving Credit Advances made by an Issuing
of outstanding Letters of Credit and Revolving Credit Advances made by an Issuing
Bank in accordance with Section 2.03 that have not been funded by the Lenders. For all
purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of
Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the
amount so remaining available to be drawn.
purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of
Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the
amount so remaining available to be drawn.
“L/C Related Documents” has the meaning specified in Section 2.06(b)(i).
“Lender Insolvency Event” means that (a) a Lender or its Parent Company
“Lender Insolvency Event” means that (a) a Lender or its Parent Company
is generally unable to pay its debts as they become due, or admits in writing its inability
to pay its debts as they become due, or makes a general assignment for the benefit of its
creditors, or (b) such Lender or its Parent Company has become the subject of a
to pay its debts as they become due, or makes a general assignment for the benefit of its
creditors, or (b) such Lender or its Parent Company has become the subject of a
proceeding under any Debtor Relief Law, or a receiver, trustee, conservator, intervenor
or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken any action in furtherance of or indicating
its consent to or acquiescence in any such proceeding or appointment.
or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken any action in furtherance of or indicating
its consent to or acquiescence in any such proceeding or appointment.
“Lenders” means each lender that has a Commitment hereunder with respect to any Facility, each lender that holds a Term Advance, Term 2 Advance, Revolving Credit Advance, Tranche B Loan, Tranche B2 Loan or any Specified Incremental Term Advance, each Issuing Bank, each Lender that becomes a party hereto pursuant to Section 2.23 and each Person that shall become a party hereto pursuant to Section 9.07.
“Letter of Credit” has the meaning specified in Section 2.01(d)(i).
“Letter of Credit Agreement” has the meaning specified in
“Letter of Credit Agreement” has the meaning specified in
Section 2.03(a)(i).
“Letter of Credit Commitment” means, with respect to each Issuing Bank,
the obligation of such Issuing Bank to issue Letters of Credit for the account of the
Borrower and its specified Subsidiaries in (a) the Dollar amount set forth opposite the
Borrower and its specified Subsidiaries in (a) the Dollar amount set forth opposite the
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Issuing Bank’s name on Schedule I hereto under the caption “Letter of Credit
Commitment” or (b) if such Issuing Bank has entered into one or more Assignment and
Assumptions, or if such Person became an Issuing Bank after the Effective Date, the
Dollar amount set forth for such Issuing Bank in the Register maintained by the Agent
pursuant to Section 9.07(c) as such Issuing Bank’s “Letter of Credit Commitment”, in
each case as such amount may be reduced prior to such time pursuant to Section 2.05.
Commitment” or (b) if such Issuing Bank has entered into one or more Assignment and
Assumptions, or if such Person became an Issuing Bank after the Effective Date, the
Dollar amount set forth for such Issuing Bank in the Register maintained by the Agent
pursuant to Section 9.07(c) as such Issuing Bank’s “Letter of Credit Commitment”, in
each case as such amount may be reduced prior to such time pursuant to Section 2.05.
“Letter of Credit Facility” means, at any time, an amount equal to the least
of (a) the aggregate amount of the Issuing Banks’ Letter of Credit Commitments at such time, (b) $15,000,000 and (c) the aggregate amount of the Revolving Credit Commitments, as such amount may be reduced at or prior to such time pursuant to Section 2.05.
of (a) the aggregate amount of the Issuing Banks’ Letter of Credit Commitments at such time, (b) $15,000,000 and (c) the aggregate amount of the Revolving Credit Commitments, as such amount may be reduced at or prior to such time pursuant to Section 2.05.
“Leverage Ratio” means, as of the last day of any fiscal quarter, the ratio
of (a) the amount equal to the Consolidated Funded Debt on such date less unrestricted cash and Cash Equivalents of the Borrower and its Consolidated Subsidiaries in an amount not to exceed $350,000,000, to (b) EBITDA for the most recently completed four consecutive fiscal quarters of the Borrower and its Consolidated Subsidiaries ending on or prior to such date.
of (a) the amount equal to the Consolidated Funded Debt on such date less unrestricted cash and Cash Equivalents of the Borrower and its Consolidated Subsidiaries in an amount not to exceed $350,000,000, to (b) EBITDA for the most recently completed four consecutive fiscal quarters of the Borrower and its Consolidated Subsidiaries ending on or prior to such date.
“LIBOR Rate” means, for any Interest Period for each Eurocurrency Rate
Advance comprising part of the same Borrowing, an interest rate per annum equal to the Intercontinental Exchange Benchmark Administration Ltd. (or the successor thereto if it is no longer making such rates available) LIBOR Rate (“ICE LIBOR”), as published by
Advance comprising part of the same Borrowing, an interest rate per annum equal to the Intercontinental Exchange Benchmark Administration Ltd. (or the successor thereto if it is no longer making such rates available) LIBOR Rate (“ICE LIBOR”), as published by
Reuters (currently Reuters LIBOR01 page) (or other commercially available source
providing quotations of ICE LIBOR as designated by the Agent from time to time) (the
“Screen Rate”) at approximately 11:00 a.m. (London time) two Business Days prior to
the commencement of such Interest Period, for deposits in Dollars or the applicable
Committed Currency (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period. If such rate is not available at such time for any
reason, then the LIBOR Rate for such Interest Period, as applicable, shall be a rate per
annum equal to the Interpolated Screen Rate.
providing quotations of ICE LIBOR as designated by the Agent from time to time) (the
“Screen Rate”) at approximately 11:00 a.m. (London time) two Business Days prior to
the commencement of such Interest Period, for deposits in Dollars or the applicable
Committed Currency (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period. If such rate is not available at such time for any
reason, then the LIBOR Rate for such Interest Period, as applicable, shall be a rate per
annum equal to the Interpolated Screen Rate.
“LIBOR Successor Rate” has the meaning set forth in Section 2.08(g).
“LIBOR Successor Rate Conforming Changes” means, with respect to any
“LIBOR Successor Rate Conforming Changes” means, with respect to any
proposed LIBOR Successor Rate, any conforming changes to the definitions of “Base
Rate”, “Eurocurrency Rate” and “Interest Period” and any related definitions, the timing and frequency of determining rates and making payments of interest and other
administrative matters as may be appropriate, in the discretion of the Agent after
consultation with the Borrower, to reflect the adoption of such LIBOR Successor Rate
and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent determines that adoption of any portion of such
market practice is not administratively feasible or that no market practice for the
administration of such LIBOR Successor Rate yet exists, in such other manner of
administration as the Agent determines in consultation with the Borrower).
Rate”, “Eurocurrency Rate” and “Interest Period” and any related definitions, the timing and frequency of determining rates and making payments of interest and other
administrative matters as may be appropriate, in the discretion of the Agent after
consultation with the Borrower, to reflect the adoption of such LIBOR Successor Rate
and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent determines that adoption of any portion of such
market practice is not administratively feasible or that no market practice for the
administration of such LIBOR Successor Rate yet exists, in such other manner of
administration as the Agent determines in consultation with the Borrower).
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“Lien” means (a) with respect to any asset, (i) any mortgage, deed of trust,
lien (statutory or other), pledge, hypothecation, assignment, deposit arrangement, encumbrance, license, charge preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever in or on such asset (including any conditional sale or other title retention agreement, Capital Lease, any easement, right of way or other encumbrance on title to real property) and (ii) the interest of a vendor or a lessor under any conditional sale agreement, Capital Lease or title retention agreement
lien (statutory or other), pledge, hypothecation, assignment, deposit arrangement, encumbrance, license, charge preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever in or on such asset (including any conditional sale or other title retention agreement, Capital Lease, any easement, right of way or other encumbrance on title to real property) and (ii) the interest of a vendor or a lessor under any conditional sale agreement, Capital Lease or title retention agreement
(or any financing lease having substantially the same effect as any of the foregoing)
relating to such asset and (b) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.
relating to such asset and (b) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.
“Limited Condition Acquisition” means any Permitted Acquisition which
the Borrower or any of its Subsidiaries is contractually committed to consummate upon the satisfaction of certain conditions other than the availability of, or the obtaining of, third party financing.
the Borrower or any of its Subsidiaries is contractually committed to consummate upon the satisfaction of certain conditions other than the availability of, or the obtaining of, third party financing.
“Loan Document Obligations” means (a) the due and punctual payment by the Loan Parties of (i) the principal of and interest (including any interest and fees that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding) on each of the Advances, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon and obligations to provide Cash Collateral, and (iii) all other monetary obligations of any Loan Party to the Agent, any of the Lenders, any Issuing Bank or any other Secured Parties pursuant to any Loan Document, including fees, costs, expenses and indemnities, whether primary, secondary, direct, indirect, absolute, contingent, fixed, due or to become due, now existing or hereafter arising or otherwise (including monetary obligations incurred after the commencement by or against any Loan Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding), and (b) the due and punctual performance of all other obligations of the Borrower or any other Loan Party under or pursuant to this Agreement and each of the other Loan Documents.
“Loan Documents” means this Agreement, each Note, if any, each L/C
Related Document, any Incremental Assumption Agreement and each of the Security and
Related Document, any Incremental Assumption Agreement and each of the Security and
Guarantee Documents.
“Loan Parties” means the Borrower and each of the Guarantors.
“Material Adverse Change” means any material adverse change in the
business, assets, operations and condition, financial or otherwise of the Consolidated Group taken as a whole.
business, assets, operations and condition, financial or otherwise of the Consolidated Group taken as a whole.
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“Material Adverse Effect” means a material adverse effect on (a) the
business, assets, operations and condition, financial or otherwise of the Consolidated
business, assets, operations and condition, financial or otherwise of the Consolidated
Group taken as a whole, (b) the rights and remedies of the Agent or any Lender under
this Agreement or any Note or (c) the ability of any Loan Party to perform its obligations under this Agreement or any Note.
this Agreement or any Note or (c) the ability of any Loan Party to perform its obligations under this Agreement or any Note.
“Maximum Rate” has the meaning specified in Section 9.18.
“Minimum Collateral Amount” means, at any time, (i) with respect to
“Minimum Collateral Amount” means, at any time, (i) with respect to
Cash Collateral consisting of cash or deposit account balances, an amount equal to 110% of the Fronting Exposure of all Issuing Banks with respect to Letters of Credit issued and outstanding at such time and (ii) otherwise, an amount determined by the Agent and the
Issuing Banks in their sole discretion.
“Mortgage” means the Existing Mortgage and all mortgages, deeds of
trust, assignments of leases and rents, modifications and other security documents
delivered pursuant to Section 3.01(o) and paragraphs (l), (m) and (n) of Section 5.01,
each substantially in the form of Exhibit I with such changes thereto as shall be
acceptable to the Collateral Agent, including all such changes as may be required to
account for local law matters.
delivered pursuant to Section 3.01(o) and paragraphs (l), (m) and (n) of Section 5.01,
each substantially in the form of Exhibit I with such changes thereto as shall be
acceptable to the Collateral Agent, including all such changes as may be required to
account for local law matters.
“Mortgage Amendments” has the meaning specified in Section 3.01(p).
“Mortgaged Properties” means initially, the owned real property of the
“Mortgaged Properties” means initially, the owned real property of the
Loan Parties specified on Schedule 1.01(a), and shall include each other parcel of real
property and improvements thereto with respect to which a Mortgage is granted pursuant to paragraphs (l), (m) and (n) of Section 5.01.
property and improvements thereto with respect to which a Mortgage is granted pursuant to paragraphs (l), (m) and (n) of Section 5.01.
“Multiemployer Plan” means a multiemployer plan, as defined in Section
4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.
4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.
“Multiple Employer Plan” means a single employer plan, as defined in
Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or
Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or
any ERISA Affiliate and at least one Person other than the Borrower and the ERISA
Affiliates or (b) was so maintained and in respect of which the Borrower or any ERISA
Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated.
Affiliates or (b) was so maintained and in respect of which the Borrower or any ERISA
Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated.
“Net Cash Proceeds” means (a) with respect to any Asset Sale, the cash
proceeds (including casualty insurance settlements and condemnation awards and cash proceeds subsequently received (as and when received) in respect of noncash
proceeds (including casualty insurance settlements and condemnation awards and cash proceeds subsequently received (as and when received) in respect of noncash
consideration initially received) from such Asset Sale, net of (1) selling expenses
(including reasonable broker’s fees or commissions, legal fees, transfer and similar Taxes and the Borrower’s good faith estimate of income Taxes paid or payable in connection
with such sale), (2) amounts provided as a reserve by the Borrower and its Subsidiaries,
in accordance with GAAP, against any liabilities under any indemnification obligations
(including reasonable broker’s fees or commissions, legal fees, transfer and similar Taxes and the Borrower’s good faith estimate of income Taxes paid or payable in connection
with such sale), (2) amounts provided as a reserve by the Borrower and its Subsidiaries,
in accordance with GAAP, against any liabilities under any indemnification obligations
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or purchase price adjustment associated with such Asset Sale (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall
constitute Net Cash Proceeds) and (3) the principal amount, premium or penalty, if any,
interest and other amounts on any Indebtedness which is secured by the asset sold in such Asset Sale and which is required to be repaid with such proceeds (other than any such
Indebtedness assumed by the purchaser of such asset or that is so secured by a lien
ranking junior in priority to any lien thereon securing the Obligations); provided,
however, that, if (x) the Borrower shall deliver a certificate of a Financial Officer to the
Agent at the time of receipt thereof setting forth the Borrower’s intent to reinvest such
proceeds in productive assets of a kind then used or usable in the business of the
Borrower and its Subsidiaries within 12 months of receipt of such proceeds and (y) no
Default or Event of Default shall have occurred and shall be continuing at the time of
such certificate, such proceeds shall not constitute Net Cash Proceeds except to the extent (A) not so used (or committed to be used) at the end of such 12-month period or (B) if
committed to be used within such 12-month period, not so used within 180 days after the end of such 12-month period, at which time such proceeds shall be deemed to be Net
Cash Proceeds and (b) with respect to any issuance or incurrence of Indebtedness for
borrowed money or any Qualified Equity Issuance, the cash proceeds thereof, net of all
Taxes and customary fees, commissions, costs and other expenses incurred in connection therewith.
constitute Net Cash Proceeds) and (3) the principal amount, premium or penalty, if any,
interest and other amounts on any Indebtedness which is secured by the asset sold in such Asset Sale and which is required to be repaid with such proceeds (other than any such
Indebtedness assumed by the purchaser of such asset or that is so secured by a lien
ranking junior in priority to any lien thereon securing the Obligations); provided,
however, that, if (x) the Borrower shall deliver a certificate of a Financial Officer to the
Agent at the time of receipt thereof setting forth the Borrower’s intent to reinvest such
proceeds in productive assets of a kind then used or usable in the business of the
Borrower and its Subsidiaries within 12 months of receipt of such proceeds and (y) no
Default or Event of Default shall have occurred and shall be continuing at the time of
such certificate, such proceeds shall not constitute Net Cash Proceeds except to the extent (A) not so used (or committed to be used) at the end of such 12-month period or (B) if
committed to be used within such 12-month period, not so used within 180 days after the end of such 12-month period, at which time such proceeds shall be deemed to be Net
Cash Proceeds and (b) with respect to any issuance or incurrence of Indebtedness for
borrowed money or any Qualified Equity Issuance, the cash proceeds thereof, net of all
Taxes and customary fees, commissions, costs and other expenses incurred in connection therewith.
“NFIP” has the meaning assigned to such term in the definition of “Real
Estate Collateral Requirements”.
Estate Collateral Requirements”.
“Non-Approving Lender” means any Lender that does not approve any
consent, waiver or amendment that (i) requires the approval of all Lenders or all affected
consent, waiver or amendment that (i) requires the approval of all Lenders or all affected
Lenders in accordance with the terms of Section 9.01 and (ii) has been approved by the
Required Lenders.
Required Lenders.
“Non-Defaulting Lender” means, at any time, each Lender that is not a
Defaulting Lender at such time.
Defaulting Lender at such time.
“Non-Extending Lender” has the meaning specified in Section 2.22(b).
“Non-Extension Notice Date” has the meaning specified in Section
“Non-Extension Notice Date” has the meaning specified in Section
2.01(d)(ii).
“Not Otherwise Applied” means, with reference to any proceeds of any
transaction or event or of the Available Amount Basket that is proposed to be applied to a
transaction or event or of the Available Amount Basket that is proposed to be applied to a
particular use or transaction, that such amount (a) was not required to prepay Loans
under Section 2.10(b) and (b) has not previously been (and is not simultaneously being)
applied to anything other than such particular use or transaction.
under Section 2.10(b) and (b) has not previously been (and is not simultaneously being)
applied to anything other than such particular use or transaction.
“Note” means a Revolving Credit Note, Term Note, Term 2 Note, Tranche
B Note or Tranche B2 Note, as the context may require.
B Note or Tranche B2 Note, as the context may require.
“Notice Date” has the meaning specified in Section 2.22(b).
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“Notice of Borrowing” has the meaning specified in Section 2.02(a).
“Notice of Issuance” has the meaning specified in Section 2.03(a).
“Notice of Renewal” has the meaning specified in Section 2.01(d)(ii).
“Obligations” means each of the (a) Loan Document Obligations, (b)
“Notice of Issuance” has the meaning specified in Section 2.03(a).
“Notice of Renewal” has the meaning specified in Section 2.01(d)(ii).
“Obligations” means each of the (a) Loan Document Obligations, (b)
Secured Cash Management Obligations, and (c) Secured Hedging Obligations; provided that the Obligations shall not include any Excluded Swap Obligations; and provided
further that (a) Secured Cash Management Obligations and Secured Hedging Obligations shall be secured and guaranteed pursuant to the Security and Guarantee Documents only to the extent that, and for so long as, the Loan Document Obligations are so secured and guaranteed and (b) any release of collateral or Guarantors effected in the manner
permitted by any of the Loan Documents shall not require the consent of any Cash
Management Bank or Hedge Bank (in each case, in its capacity as such).
further that (a) Secured Cash Management Obligations and Secured Hedging Obligations shall be secured and guaranteed pursuant to the Security and Guarantee Documents only to the extent that, and for so long as, the Loan Document Obligations are so secured and guaranteed and (b) any release of collateral or Guarantors effected in the manner
permitted by any of the Loan Documents shall not require the consent of any Cash
Management Bank or Hedge Bank (in each case, in its capacity as such).
“OID” has the meaning specified in Section 2.23(b)(i).
“Olympus Acquisition” shall mean the acquisition by the Borrower of
certain assets of Xxxxxx Xxxxxxxxxxx pursuant to the Asset Purchase Agreement, dated as of February 5, 2020 by and between Xxxxxx Xxxxxxxxxxx and Borrower.
“One Month LIBOR” has the meaning assigned to such term in the
definition of “Base Rate”.
definition of “Base Rate”.
“Ordinary Course of Business” means, in respect of any transaction
involving any Person, the ordinary course of such Person’s business.
involving any Person, the ordinary course of such Person’s business.
“Original Credit Agreement” has the meaning specified in the
introductory statement.
introductory statement.
“Original Term Advance Amount” means (a) $1,068,000,000 (or such
lesser amount funded on the Engility Closing Date) if the Engility Acquisition is consummated and (b) $618,000,000 (or such lesser amount funded on the Fall-Away Date) if the Engility Acquisition is not consummated.
lesser amount funded on the Engility Closing Date) if the Engility Acquisition is consummated and (b) $618,000,000 (or such lesser amount funded on the Fall-Away Date) if the Engility Acquisition is not consummated.
“Original Term 2 Advance Amount” means $100,000,000.
“Original Tranche B Loan Amount” means $1,050,000,000 less the amount of Tranche B Loans prepaid with Term Advances on the Fall-Away Date.
“Original Tranche B2 Loan Amount” means $600,000,000.
“Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other
35
transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan Document or Advance).
“Other Taxes” means all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.18(b)).
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.18(b)).
“Parent Company” means, with respect to a Lender, the bank holding
company (as defined in Federal Reserve Board Regulation Y), if any, of such Lender, or
company (as defined in Federal Reserve Board Regulation Y), if any, of such Lender, or
if such Lender does not have a bank holding company, then any corporation, association, partnership or other business entity owning, beneficially or of record, directly or
indirectly, a majority of the Voting Stock of such Lender.
indirectly, a majority of the Voting Stock of such Lender.
“Participant” has the meaning specified in Section 9.07(d).
“Participant Register” has the meaning specified in Section 9.07(d).
“Patriot Act” means the Uniting and Strengthening America by Providing
“Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L.
107-56, signed into law October 26, 2001.
107-56, signed into law October 26, 2001.
“Payment Office” means such office of Citibank as shall be from time to
time selected by the Agent and notified by the Agent to the Borrower and the Lenders.
time selected by the Agent and notified by the Agent to the Borrower and the Lenders.
“PBGC” means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar functions.
defined in ERISA and any successor entity performing similar functions.
“Perfection Certificate” means the Perfection Certificate substantially in
the form of Exhibit B to the Guarantee and Collateral Agreement.
the form of Exhibit B to the Guarantee and Collateral Agreement.
“Permitted Acquisition” has the meaning specified in Section 5.03(j)(vi);
provided that, for the avoidance of doubt, the Engility Acquisition and the Olympus Acquisition shall each be a Permitted Acquisition hereunder.
provided that, for the avoidance of doubt, the Engility Acquisition and the Olympus Acquisition shall each be a Permitted Acquisition hereunder.
“Permitted Liens” means such of the following as to which no
enforcement, collection, execution, levy or foreclosure proceeding shall have been
enforcement, collection, execution, levy or foreclosure proceeding shall have been
commenced:
(a) Liens for taxes, assessments and governmental charges or levies to
the extent that any such tax, assessment, government charge or levy is not
overdue for a period of more than 30 days or is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained;
the extent that any such tax, assessment, government charge or levy is not
overdue for a period of more than 30 days or is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained;
(b) Liens imposed by law, such as materialmen’s, mechanics’,
carriers’, workmen’s and repairmen’s Liens and other similar Liens arising in the
36
Ordinary Course of Business securing obligations that are not overdue for a
period of more than 30 days or, if more than 30 days overdue, are unfiled and no
other action has been taken to enforce such Lien or that are being contested in
good faith and by appropriate proceedings diligently conducted and as to which
appropriate reserves are being maintained;
period of more than 30 days or, if more than 30 days overdue, are unfiled and no
other action has been taken to enforce such Lien or that are being contested in
good faith and by appropriate proceedings diligently conducted and as to which
appropriate reserves are being maintained;
(c) (A) pledges or deposits to secure obligations under workers’
compensation laws or similar legislation or to secure public or statutory
obligations, (B) pledges or deposits securing liability to insurance carriers under
insurance or self-insurance arrangements in respect of such obligations in the
ordinary course of business and (C) pledges or deposits securing liability for
reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers
providing property, casualty or liability insurance to any Loan Party in the
Ordinary Course of Business;
compensation laws or similar legislation or to secure public or statutory
obligations, (B) pledges or deposits securing liability to insurance carriers under
insurance or self-insurance arrangements in respect of such obligations in the
ordinary course of business and (C) pledges or deposits securing liability for
reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers
providing property, casualty or liability insurance to any Loan Party in the
Ordinary Course of Business;
(d) Liens securing the performance of statutory obligations or bids,
surety, appeal or customs bonds, standby letters of credit, performance or
return-of-money bonds or other obligations of a like nature incurred in the
Ordinary Course of Business of a Loan Party or any of their Subsidiaries;
surety, appeal or customs bonds, standby letters of credit, performance or
return-of-money bonds or other obligations of a like nature incurred in the
Ordinary Course of Business of a Loan Party or any of their Subsidiaries;
(e) easements, rights of way and other encumbrances on title to real
property that do not, in the aggregate, materially interfere with the Ordinary
Course of Business of the Consolidated Group, taken as a whole;
property that do not, in the aggregate, materially interfere with the Ordinary
Course of Business of the Consolidated Group, taken as a whole;
(f) Liens securing reimbursement obligations with respect to trade
letters of credit entered into in the Ordinary Course of Business that encumber
documents and other assets relating to such letters of credit and the products and
letters of credit entered into in the Ordinary Course of Business that encumber
documents and other assets relating to such letters of credit and the products and
proceeds thereof;
(g) customary rights of set-off in favor of banks;
(h) precautionary Uniform Commercial Code filings made by a lessor
pursuant to an operating lease of the Borrower or any of its Subsidiaries entered
into in the Ordinary Course of Business; and
pursuant to an operating lease of the Borrower or any of its Subsidiaries entered
into in the Ordinary Course of Business; and
(i) Liens arising by virtue of the rendition, entry or issuance against
the Borrower or any of its Subsidiaries, or any property of the Borrower or any of
the Borrower or any of its Subsidiaries, or any property of the Borrower or any of
its Subsidiaries, of any judgment, writ, order, or decree to the extent the rendition,
entry, issuance or continued existence of such judgment, writ, order or decree (or
any event or circumstance relating thereto) has not resulted in the occurrence of
an Event of Default hereunder.
entry, issuance or continued existence of such judgment, writ, order or decree (or
any event or circumstance relating thereto) has not resulted in the occurrence of
an Event of Default hereunder.
“Permitted Refinancing” means, with respect to any Person, any
modification, refinancing, refunding, renewal, replacement, exchange or extension of any
modification, refinancing, refunding, renewal, replacement, exchange or extension of any
Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed, replaced, exchanged or
37
extended except by an amount equal to accrued and unpaid interest and a reasonable
premium thereon plus other reasonable amounts paid, and fees and expenses reasonably
incurred, in connection with such modification, refinancing, refunding, renewal,
replacement, exchange or extension and by an amount equal to any existing
premium thereon plus other reasonable amounts paid, and fees and expenses reasonably
incurred, in connection with such modification, refinancing, refunding, renewal,
replacement, exchange or extension and by an amount equal to any existing
commitments unutilized thereunder; (b) such modification, refinancing, refunding,
renewal, replacement, exchange or extension has a final maturity date equal to or later
than the final maturity date of, and has a Weighted Average Life to Maturity equal to or
greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or extended; (c) if the Indebtedness
being modified, refinanced, refunded, renewed, replaced, exchanged or extended is
subordinated in right of payment to the Obligations, such modification, refinancing,
refunding, renewal, replacement, exchange or extension is subordinated in right of
payment to the Obligations on terms, taken as a whole, as favorable in all material
respects to the Lenders as those contained in the documentation governing the
Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or
extended; (d) if the Indebtedness being modified, refinanced, refunded, renewed,
replaced, exchanged or extended is secured, such modification, refinancing, refunding,
renewal, replacement, exchange or extension is unsecured or secured and subject to
intercreditor arrangements, if any, on terms, taken as a whole, as favorable in all material respects to the Lenders as those contained in the documentation governing the
Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or
extended; (e) the terms and conditions (including, if applicable, as to collateral) of any
such modified, refinanced, refunded, renewed, replaced, exchanged or extended
Indebtedness are, (A) either (i) customary for similar types of Indebtedness in light of
then-prevailing market conditions (it being understood that such Indebtedness shall not
include any financial maintenance covenants and that any negative covenants shall be
incurrence-based) or (ii) not materially less favorable to the Loan Parties or the Lenders, taken as a whole, than the terms and conditions of the Indebtedness being modified,
refinanced, refunded, renewed, replaced, exchanged or extended, and (B) when taken as a whole (other than interest rate and redemption premiums), not more restrictive to the
Borrower and its Subsidiaries in any material respect than those set forth in this
Agreement; (f) such modification, refinancing, refunding, renewal, replacement,
exchange or extension is incurred by the Person who is the obligor or guarantor (or any
successor thereto) on the Indebtedness being modified, refinanced, refunded, renewed,
replaced or extended; and (g) at the time thereof, no Default or Event of Default shall
have occurred and be continuing.
renewal, replacement, exchange or extension has a final maturity date equal to or later
than the final maturity date of, and has a Weighted Average Life to Maturity equal to or
greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or extended; (c) if the Indebtedness
being modified, refinanced, refunded, renewed, replaced, exchanged or extended is
subordinated in right of payment to the Obligations, such modification, refinancing,
refunding, renewal, replacement, exchange or extension is subordinated in right of
payment to the Obligations on terms, taken as a whole, as favorable in all material
respects to the Lenders as those contained in the documentation governing the
Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or
extended; (d) if the Indebtedness being modified, refinanced, refunded, renewed,
replaced, exchanged or extended is secured, such modification, refinancing, refunding,
renewal, replacement, exchange or extension is unsecured or secured and subject to
intercreditor arrangements, if any, on terms, taken as a whole, as favorable in all material respects to the Lenders as those contained in the documentation governing the
Indebtedness being modified, refinanced, refunded, renewed, replaced, exchanged or
extended; (e) the terms and conditions (including, if applicable, as to collateral) of any
such modified, refinanced, refunded, renewed, replaced, exchanged or extended
Indebtedness are, (A) either (i) customary for similar types of Indebtedness in light of
then-prevailing market conditions (it being understood that such Indebtedness shall not
include any financial maintenance covenants and that any negative covenants shall be
incurrence-based) or (ii) not materially less favorable to the Loan Parties or the Lenders, taken as a whole, than the terms and conditions of the Indebtedness being modified,
refinanced, refunded, renewed, replaced, exchanged or extended, and (B) when taken as a whole (other than interest rate and redemption premiums), not more restrictive to the
Borrower and its Subsidiaries in any material respect than those set forth in this
Agreement; (f) such modification, refinancing, refunding, renewal, replacement,
exchange or extension is incurred by the Person who is the obligor or guarantor (or any
successor thereto) on the Indebtedness being modified, refinanced, refunded, renewed,
replaced or extended; and (g) at the time thereof, no Default or Event of Default shall
have occurred and be continuing.
“Person” means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Phase Is” has the meaning assigned to such term in the definition of
“Real Estate Collateral Requirements”.
“Real Estate Collateral Requirements”.
“Plan” means a Single Employer Plan and a Multiple Employer Plan.
38
“Platform” has the meaning specified in Section 9.02(d)(i).
“Primary Currency” has the meaning specified in Section 9.11(c).
“PTE” means a prohibited transaction class exemption issued by the U.S.
Department of Labor, as any such exemption may be amended from time to time.
“Qualified Equity Issuance” means any issuance of Equity Interests (other
“Qualified Equity Issuance” means any issuance of Equity Interests (other
than any Disqualified Equity Interests) by the Borrower (but excluding any issuances of Equity Interests to any Subsidiary of the Borrower).
“Ratable Share” of any amount means (a) with respect to any Term
Lender at any time, the percentage of the Term Facility represented by the principal amount of such Term Lender’s Term Advances or Term Commitment at such time, (b) with respect to any Term 2 Lender at any time, the percentage of the Term 2 Facility represented by the principal amount of such Term 2 Lender’s Term 2 Advances or Term 2 Commitment at such time, (c) with respect to any Tranche B Lender at any time, thepercentage of the Tranche B Facility represented by the principal amount of such
Lender at any time, the percentage of the Term Facility represented by the principal amount of such Term Lender’s Term Advances or Term Commitment at such time, (b) with respect to any Term 2 Lender at any time, the percentage of the Term 2 Facility represented by the principal amount of such Term 2 Lender’s Term 2 Advances or Term 2 Commitment at such time, (c) with respect to any Tranche B Lender at any time, thepercentage of the Tranche B Facility represented by the principal amount of such
Tranche B Lender’s Tranche B Loans at such time, (cd) with respect to any Tranche B2 Lender at any time, the percentage of the Tranche B2 Facility represented by the principal amount of such Tranche B2 Lender’s Tranche B2 Loans at such time and
(de) with respect to any Revolving Credit Lender at any time, the percentage of the
Revolving Credit Facility represented by such Revolving Credit Lender’s Revolving
Credit Commitment at such time. If the commitment of each Revolving Credit Lender to make Revolving Credit Advances and the obligation of the Issuing Banks to Issue Letters of Credit have been terminated pursuant to Section 6.01, or if the Revolving Credit
Commitments have expired, then the Ratable Share of each Revolving Credit Lender in
respect of the Revolving Credit Facility shall be determined based on the Ratable Share
of such Revolving Credit Lender in respect of the Revolving Credit Facility most
Revolving Credit Facility represented by such Revolving Credit Lender’s Revolving
Credit Commitment at such time. If the commitment of each Revolving Credit Lender to make Revolving Credit Advances and the obligation of the Issuing Banks to Issue Letters of Credit have been terminated pursuant to Section 6.01, or if the Revolving Credit
Commitments have expired, then the Ratable Share of each Revolving Credit Lender in
respect of the Revolving Credit Facility shall be determined based on the Ratable Share
of such Revolving Credit Lender in respect of the Revolving Credit Facility most
recently in effect, giving effect to any subsequent assignments.
“Real Estate Collateral Requirements” means the requirement that on the
Effective Date, with respect to the Mortgaged Properties listed on Schedule 1.01(a) and thereafter as required by Section 5.01(l)(iii), the Collateral Agent shall have received a Mortgage for each Mortgaged Property in form and substance reasonably acceptable to the Collateral Agent and suitable for recording or filing, together, (I) with respect to each Mortgage for any property located in the United States, the following documents: (a) a fully paid policy of title insurance (or “pro forma” or marked up commitment having the same effect of a title insurance policy) (i) in a form approved by the Collateral Agent insuring the Lien of the Mortgage encumbering such property as a valid first priority Lien, (ii) in an amount reasonably satisfactory to the Collateral Agent, (iii) issued by a nationally recognized title insurance company reasonably satisfactory to the Collateral Agent (the “Title Company”) and (iv) that includes (A) such coinsurance and direct access reinsurance as the Collateral Agent may deem necessary or desirable and (B) such endorsements or affirmative insurance required by the Collateral Agent and available in the applicable jurisdiction (including, without limitation, endorsements on matters relating to usury, first loss, last dollar, zoning, revolving credit, doing business, variable
Effective Date, with respect to the Mortgaged Properties listed on Schedule 1.01(a) and thereafter as required by Section 5.01(l)(iii), the Collateral Agent shall have received a Mortgage for each Mortgaged Property in form and substance reasonably acceptable to the Collateral Agent and suitable for recording or filing, together, (I) with respect to each Mortgage for any property located in the United States, the following documents: (a) a fully paid policy of title insurance (or “pro forma” or marked up commitment having the same effect of a title insurance policy) (i) in a form approved by the Collateral Agent insuring the Lien of the Mortgage encumbering such property as a valid first priority Lien, (ii) in an amount reasonably satisfactory to the Collateral Agent, (iii) issued by a nationally recognized title insurance company reasonably satisfactory to the Collateral Agent (the “Title Company”) and (iv) that includes (A) such coinsurance and direct access reinsurance as the Collateral Agent may deem necessary or desirable and (B) such endorsements or affirmative insurance required by the Collateral Agent and available in the applicable jurisdiction (including, without limitation, endorsements on matters relating to usury, first loss, last dollar, zoning, revolving credit, doing business, variable
39
rate, address, separate tax lot, subdivision, tie in or cluster, contiguity, access and
so-called comprehensive coverage over covenants and restrictions), (b) with respect to
any property located in any jurisdiction in which a zoning endorsement is not available
(or for which a zoning endorsement is not available at a premium that is not excessive), if requested by the Collateral Agent, a zoning compliance letter from the applicable
municipality or a zoning report from Planning and Zoning Resource Corporation (or
another person acceptable to the Collateral Agent, in each case reasonably satisfactory to the Collateral Agent, (c) upon the request of the Collateral Agent, a survey certified to
Collateral Agent and the Title Company in form and substance reasonably satisfactory to the Collateral Agent, (d) upon the request of the Collateral Agent, an appraisal complying with the requirements of the Financial Institutions Reform, Recovery and Enforcement
Act of 1989, by a third-party appraiser selected by the Collateral Agent, (e) if requested
by the Collateral Agent, an opinion of local counsel reasonably acceptable to the
Collateral Agent and in form and substance satisfactory to the Collateral Agent, (f) no
later than ten Business Days prior to the delivery of the Mortgage, the following
documents and instruments, in order to comply with the Flood Laws: (1) a completed
Flood Hazard Determination obtained by the Administrative Agent, (2) if any Building
so-called comprehensive coverage over covenants and restrictions), (b) with respect to
any property located in any jurisdiction in which a zoning endorsement is not available
(or for which a zoning endorsement is not available at a premium that is not excessive), if requested by the Collateral Agent, a zoning compliance letter from the applicable
municipality or a zoning report from Planning and Zoning Resource Corporation (or
another person acceptable to the Collateral Agent, in each case reasonably satisfactory to the Collateral Agent, (c) upon the request of the Collateral Agent, a survey certified to
Collateral Agent and the Title Company in form and substance reasonably satisfactory to the Collateral Agent, (d) upon the request of the Collateral Agent, an appraisal complying with the requirements of the Financial Institutions Reform, Recovery and Enforcement
Act of 1989, by a third-party appraiser selected by the Collateral Agent, (e) if requested
by the Collateral Agent, an opinion of local counsel reasonably acceptable to the
Collateral Agent and in form and substance satisfactory to the Collateral Agent, (f) no
later than ten Business Days prior to the delivery of the Mortgage, the following
documents and instruments, in order to comply with the Flood Laws: (1) a completed
Flood Hazard Determination obtained by the Administrative Agent, (2) if any Building
on a Mortgaged Property is located in a Special Flood Hazard Area, a notification to the
Borrower (“Borrower Notice”) and, if applicable, notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not
Borrower (“Borrower Notice”) and, if applicable, notification to the Borrower that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not
available because the community does not participate in the NFIP, (3) documentation
evidencing the Borrower’s receipt of the Borrower Notice and (4) if the Borrower Notice is required to be given and flood insurance is available in the community in which the
property is located, a copy of a Flood Insurance Policy, the Borrower’s application for a
Flood Insurance Policy plus proof of premium payment, a declaration page confirming
that a Flood Insurance Policy has been issued, or such other evidence of flood insurance
satisfactory to the Administrative Agent (any of the foregoing being “Evidence of Flood Insurance”), (g) upon the reasonable request of the Collateral Agent, Phase I
environmental site assessment reports prepared in accordance with the current ASTM
E1527 standard (“Phase Is”) (to the extent not already provided) and reliance letters for
such Phase Is (which Phase Is and reliance letters shall be in form and substance
reasonably acceptable to the Collateral Agent) and any other environmental information
as the Collateral Agent shall reasonably request and (h) such other instruments and
documents (including consulting engineer’s reports and lien searches) as the Collateral
Agent shall reasonably request and (II) with respect to each Mortgage for any property
located outside the United States, equivalent documents available in the applicable
jurisdiction and required by the Collateral Agent.
evidencing the Borrower’s receipt of the Borrower Notice and (4) if the Borrower Notice is required to be given and flood insurance is available in the community in which the
property is located, a copy of a Flood Insurance Policy, the Borrower’s application for a
Flood Insurance Policy plus proof of premium payment, a declaration page confirming
that a Flood Insurance Policy has been issued, or such other evidence of flood insurance
satisfactory to the Administrative Agent (any of the foregoing being “Evidence of Flood Insurance”), (g) upon the reasonable request of the Collateral Agent, Phase I
environmental site assessment reports prepared in accordance with the current ASTM
E1527 standard (“Phase Is”) (to the extent not already provided) and reliance letters for
such Phase Is (which Phase Is and reliance letters shall be in form and substance
reasonably acceptable to the Collateral Agent) and any other environmental information
as the Collateral Agent shall reasonably request and (h) such other instruments and
documents (including consulting engineer’s reports and lien searches) as the Collateral
Agent shall reasonably request and (II) with respect to each Mortgage for any property
located outside the United States, equivalent documents available in the applicable
jurisdiction and required by the Collateral Agent.
“Receivables Facility” shall mean any of one or more receivables
financing facilities (and any guarantee of such financing facility), as amended, supplemented, modified, extended, renewed, restated, or refunded from time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants, and indemnities made in connection with such facilities) to the Consolidated Group (other than a Receivables Subsidiary) pursuant to which the Consolidated Group sells, directly or indirectly, grants a security interest in or otherwise transfers its accounts receivable to either (i) a Receivables Subsidiary that in turn funds such purchase by purporting to sell its accounts receivable to a Person that is not a part of the Consolidated
financing facilities (and any guarantee of such financing facility), as amended, supplemented, modified, extended, renewed, restated, or refunded from time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants, and indemnities made in connection with such facilities) to the Consolidated Group (other than a Receivables Subsidiary) pursuant to which the Consolidated Group sells, directly or indirectly, grants a security interest in or otherwise transfers its accounts receivable to either (i) a Receivables Subsidiary that in turn funds such purchase by purporting to sell its accounts receivable to a Person that is not a part of the Consolidated
40
Group or by borrowing from such a Person or from another Receivables Subsidiary that
in turn funds itself by borrowing from such a Person or (ii) a Person that is not a part of
the Consolidated Group.
in turn funds itself by borrowing from such a Person or (ii) a Person that is not a part of
the Consolidated Group.
“Receivables Subsidiary” shall mean any Subsidiary formed for the
purpose of facilitating or entering into one or more Receivables Facilities, and in each
purpose of facilitating or entering into one or more Receivables Facilities, and in each
case engages only in activities reasonably related or incidental thereto or another Person formed for the purposes of engaging in a Receivables Facility in which the Borrower or
any Subsidiary makes an Investment and to which the Borrower or any Subsidiary
transfers accounts receivables and related assets.
any Subsidiary makes an Investment and to which the Borrower or any Subsidiary
transfers accounts receivables and related assets.
“Recipient” means (a) the Agent, (b) any Lender and (c) any Issuing
Bank, as applicable.
Bank, as applicable.
“Reference Banks” means Citibank, Bank of America, N.A., and U.S.
Bank National Association.
Bank National Association.
“Reference Time” has the meaning specified in the definition of Available
Amount Basket.
“Refinancing Amendment” means an amendment to this Agreement, in
form and substance reasonably satisfactory to the Agent, among the Borrower, the Agent
form and substance reasonably satisfactory to the Agent, among the Borrower, the Agent
and the Lenders providing Specified Refinancing Debt, effecting the incurrence of such
Specified Refinancing Debt in accordance with Section 2.24.
Specified Refinancing Debt in accordance with Section 2.24.
“Register” has the meaning specified in Section 9.07(c).
“Related Parties” means, with respect to any Person, such Person’s
Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
“Removal Effective Date” has the meaning specified in Section 8.06(b).
“Repricing Event” has the meaning specified in Section 2.10(a)(ii).
“Required Lenders” means at any time Lenders owed or holding at least a
“Repricing Event” has the meaning specified in Section 2.10(a)(ii).
“Required Lenders” means at any time Lenders owed or holding at least a
majority in interest of the sum of the (a) aggregate principal amount of all Total
Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit
Lender’s risk participation and funded participation in Letters of Credit being deemed “held" by such Revolving Credit Lender for purposes of this definition), (b) the aggregate principal amount of the Term Facility, (c) the aggregate principal amount of the Term 2 Facility, (d) the aggregate unused amount of the Commitments, (d) the aggregate principal amount of the Tranche B Facility and (e) the aggregate principal
amount of the Tranche B Facility and (f) the aggregate principal amount of the Tranche
B2 Facility; provided that the Total Revolving Credit Outstandings of, the Advances
owed to or Commitments held by any Defaulting Lender shall be excluded for purposes
of making a determination of Required Lenders.
Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit
Lender’s risk participation and funded participation in Letters of Credit being deemed “held" by such Revolving Credit Lender for purposes of this definition), (b) the aggregate principal amount of the Term Facility, (c) the aggregate principal amount of the Term 2 Facility, (d) the aggregate unused amount of the Commitments, (d) the aggregate principal amount of the Tranche B Facility and (e) the aggregate principal
amount of the Tranche B Facility and (f) the aggregate principal amount of the Tranche
B2 Facility; provided that the Total Revolving Credit Outstandings of, the Advances
owed to or Commitments held by any Defaulting Lender shall be excluded for purposes
of making a determination of Required Lenders.
41
“Required RC/TLA Lenders” means at any time Lenders owed or holding
at least a majority in interest of the sum of the (a) aggregate principal amount of all Total Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit
at least a majority in interest of the sum of the (a) aggregate principal amount of all Total Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit
Lender’s risk participation and funded participation in Letters of Credit being deemed “held” by such Revolving Credit Lender for purposes of this definition), (b) the aggregate principal amount of the Term Facility and, (c) the aggregate principal amount
of the Term 2 Facility and (d) the aggregate unused amount of the Commitments (other
than any Tranche B Commitment, any Tranche B2 Commitment or any Specified
Incremental Tranche B Commitment); provided that (i) the Total Revolving Credit
Outstandings of, the Advances owed to or Commitments held by any Defaulting Lender
shall be excluded for purposes of making a determination of Required RC/TLA Lenders.
of the Term 2 Facility and (d) the aggregate unused amount of the Commitments (other
than any Tranche B Commitment, any Tranche B2 Commitment or any Specified
Incremental Tranche B Commitment); provided that (i) the Total Revolving Credit
Outstandings of, the Advances owed to or Commitments held by any Defaulting Lender
shall be excluded for purposes of making a determination of Required RC/TLA Lenders.
“Required Revolving Credit Lenders” means, as of any date of
determination, Revolving Credit Lenders holding more than 50% of the sum of the
determination, Revolving Credit Lenders holding more than 50% of the sum of the
(a) Total Revolving Credit Outstandings (with the aggregate amount of each Revolving
Credit Lender’s risk participation and funded participation in Letters of Credit being
deemed “held” by such Revolving Credit Lender for purposes of this definition) and
Credit Lender’s risk participation and funded participation in Letters of Credit being
deemed “held” by such Revolving Credit Lender for purposes of this definition) and
(b) aggregate Unused Revolving Credit Commitments; provided that the Unused
Revolving Credit Commitment of, and the portion of the Total Revolving Credit
Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Revolving Credit Lenders.
Revolving Credit Commitment of, and the portion of the Total Revolving Credit
Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Revolving Credit Lenders.
“Required Term Lenders” means, as of any date of determination, Term
Lenders holding more than 50% of the Term Facility and Term Commitments on such date; provided that the portion of the Term Facility and Term Commitments held by any Defaulting Lender shall in each case be excluded for purposes of making a determination of Required Term Lenders.
Lenders holding more than 50% of the Term Facility and Term Commitments on such date; provided that the portion of the Term Facility and Term Commitments held by any Defaulting Lender shall in each case be excluded for purposes of making a determination of Required Term Lenders.
“Required Term 2 Lenders” means, as of any date of determination, Term 2 Lenders holding more than 50% of the Term 2 Facility and Term 2 Commitments on such date; provided that the portion of the Term 2 Facility and Term 2 Commitments held by any Defaulting Lender shall in each case be excluded for purposes of making a determination of Required Term 2 Lenders.
“Required Tranche B Lenders” means, as of any date of determination,
Tranche B Lenders holding more than 50% of the Tranche B Facility on such date; provided that the portion of the Tranche B Facility held by any Defaulting Lender shall in each case be excluded for purposes of making a determination of Required Tranche B Lenders.
Tranche B Lenders holding more than 50% of the Tranche B Facility on such date; provided that the portion of the Tranche B Facility held by any Defaulting Lender shall in each case be excluded for purposes of making a determination of Required Tranche B Lenders.
“Required Tranche B2 Lenders” means, as of any date of determination,
Tranche B2 Lenders holding more than 50% of the Tranche B2 Facility on such date; provided that the portion of the Tranche B2 Facility held by any Defaulting Lender shall in each case be excluded for purposes of making a determination of Required Tranche B2 Lenders.
Tranche B2 Lenders holding more than 50% of the Tranche B2 Facility on such date; provided that the portion of the Tranche B2 Facility held by any Defaulting Lender shall in each case be excluded for purposes of making a determination of Required Tranche B2 Lenders.
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“Resignation Effective Date” has the meaning specified in
Section 8.06(a).
“Responsible Officer” of any Person means any executive officer or
Financial Officer of such Person and any other officer or similar official thereof responsible for the administration of the obligations of such Person in respect of this Agreement.
Financial Officer of such Person and any other officer or similar official thereof responsible for the administration of the obligations of such Person in respect of this Agreement.
“Restricted Payments” has the meaning specified in Section 5.03(h).
“Revolving Credit Advance” means an advance by a Revolving Credit
“Revolving Credit Advance” means an advance by a Revolving Credit
Lender to the Borrower as part of a Revolving Credit Borrowing and refers to a Base
Rate Advance or a Eurocurrency Rate Advance (each of which shall be a “Type” of
Revolving Credit Advance). Unless the context shall otherwise require, the term
“Revolving Credit Advance” shall include any Incremental Revolving Credit Advances.
Rate Advance or a Eurocurrency Rate Advance (each of which shall be a “Type” of
Revolving Credit Advance). Unless the context shall otherwise require, the term
“Revolving Credit Advance” shall include any Incremental Revolving Credit Advances.
“Revolving Credit Borrowing” means a Borrowing consisting of
simultaneous Revolving Credit Advances of the same Type made by each of the
simultaneous Revolving Credit Advances of the same Type made by each of the
Revolving Credit Lenders.
“Revolving Credit Borrowing Minimum” means, in respect of Revolving
Credit Advances denominated in Dollars, $1,000,000, in respect of Revolving Credit
Advances denominated in Sterling, £1,000,000 and, in respect of Revolving Credit
Advances denominated in Euros, €1,000,000.
Advances denominated in Sterling, £1,000,000 and, in respect of Revolving Credit
Advances denominated in Euros, €1,000,000.
“Revolving Credit Borrowing Multiple” means, in respect of Revolving
Credit Advances denominated in Dollars, $500,000, in respect of Revolving Credit Advances denominated in Sterling, £500,000 and, in respect of Revolving Credit Advances denominated in Euros, €500,000.
Credit Advances denominated in Dollars, $500,000, in respect of Revolving Credit Advances denominated in Sterling, £500,000 and, in respect of Revolving Credit Advances denominated in Euros, €500,000.
“Revolving Credit Commitment” means as to any Lender (a)(i) the Dollar
amount set forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Existing Revolving Credit Commitment”, or (a)(ii) on the Engility Closing Date (if it occurs), the Dollar amount set forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Acquisition Revolving Credit Commitment” provided that for the avoidance of doubt, such Lender’s Revolving Credit Commitment shall be either the Lender’s “Existing Revolving Credit Commitment” or “Acquisition Revolving Credit Commitment”, (b) if such Lender has become a Revolving Credit Lender hereunder pursuant to an Assumption Agreement, the Dollar amount set forth in such Assumption Agreement, as such Lender’s “Revolving Credit Commitment” or (c) if such Lender has entered into an Assignment and Assumption, the Dollar amount set forth for such Lender in the Register maintained by the Agent pursuant to Section 9.07(c), as such Lender’s “Revolving Credit Commitment”, as such amount may be reduced pursuant to Section 2.05 or increased pursuant to Section 2.23. The aggregate amount of the Lenders’ Revolving Credit Commitments as of the Effective Date is $200,000,000 (to be increased to $400,000,000 automatically upon the Engility Closing Date). Unless the context shall
amount set forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Existing Revolving Credit Commitment”, or (a)(ii) on the Engility Closing Date (if it occurs), the Dollar amount set forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Acquisition Revolving Credit Commitment” provided that for the avoidance of doubt, such Lender’s Revolving Credit Commitment shall be either the Lender’s “Existing Revolving Credit Commitment” or “Acquisition Revolving Credit Commitment”, (b) if such Lender has become a Revolving Credit Lender hereunder pursuant to an Assumption Agreement, the Dollar amount set forth in such Assumption Agreement, as such Lender’s “Revolving Credit Commitment” or (c) if such Lender has entered into an Assignment and Assumption, the Dollar amount set forth for such Lender in the Register maintained by the Agent pursuant to Section 9.07(c), as such Lender’s “Revolving Credit Commitment”, as such amount may be reduced pursuant to Section 2.05 or increased pursuant to Section 2.23. The aggregate amount of the Lenders’ Revolving Credit Commitments as of the Effective Date is $200,000,000 (to be increased to $400,000,000 automatically upon the Engility Closing Date). Unless the context shall
43
otherwise require, the term “Revolving Credit Commitments” shall include any
Incremental Revolving Credit Commitments.
Incremental Revolving Credit Commitments.
“Revolving Credit Exposure” means, with respect to any Lender at any
time, the aggregate principal amount at such time of all outstanding Revolving Credit Advances of such Lender, plus the aggregate amount at such time of such Lender’s L/C Exposure.
time, the aggregate principal amount at such time of all outstanding Revolving Credit Advances of such Lender, plus the aggregate amount at such time of such Lender’s L/C Exposure.
“Revolving Credit Facility” means, at any time, (a) on or prior to the
Revolving Credit Facility Maturity Date, the aggregate amount of the Revolving Credit
Revolving Credit Facility Maturity Date, the aggregate amount of the Revolving Credit
Commitments at such time and (b) thereafter, the sum of the aggregate principal amount of the Revolving Credit Advances outstanding at such time plus the Available Amount of all Letters of Credit outstanding at such time.
“Revolving Credit Facility Maturity Date” means the Termination Date.
“Revolving Credit Lender” means, at any time, any Lender that has a
“Revolving Credit Lender” means, at any time, any Lender that has a
Revolving Credit Commitment or a Revolving Credit Advance at such time.
“Revolving Credit Note” means a promissory note of the Borrower
“Revolving Credit Note” means a promissory note of the Borrower
payable to any Revolving Credit Lender and its registered assigns, delivered pursuant to a request made under Section 2.16 in substantially the form of Exhibit A-1 hereto,
evidencing the aggregate indebtedness of the Borrower to such Lender resulting from the Revolving Credit Advances made by such Lender to the Borrower.
evidencing the aggregate indebtedness of the Borrower to such Lender resulting from the Revolving Credit Advances made by such Lender to the Borrower.
“Sanctioned Country” has the meaning specified in Section 4.01(p).
“Sanctioned Person” has the meaning specified in Section 4.01(q).
“Sanctions” has the meaning specified in Section 4.01(p).
“Sanctioned Person” has the meaning specified in Section 4.01(q).
“Sanctions” has the meaning specified in Section 4.01(p).
“Screen Rate” has the meaning assigned to such term in the definition of
“Eurocurrency Rate.”
“SEC” means the Securities and Exchange Commission.
“Second Amended & Restated Credit Agreement” has the meaning
specified in the introductory statements hereto.
specified in the introductory statements hereto.
“Second Amendment Effective Date” means March 13, 2020.
“Secured Cash Management Obligations” means the due and punctual
“Secured Cash Management Obligations” means the due and punctual
payment and performance of any and all obligations of each Loan Party or their
respective Subsidiaries (whether absolute or contingent and however and whenever
created, arising, evidenced or acquired (including all renewals, extensions and
modifications thereof and substitutions therefor)) arising in respect of Cash Management Services that (a) are owed to the Agent, the Arrangers or an Affiliate of any of the
foregoing, or to any Person that, at the time such obligations were incurred, was the
respective Subsidiaries (whether absolute or contingent and however and whenever
created, arising, evidenced or acquired (including all renewals, extensions and
modifications thereof and substitutions therefor)) arising in respect of Cash Management Services that (a) are owed to the Agent, the Arrangers or an Affiliate of any of the
foregoing, or to any Person that, at the time such obligations were incurred, was the
44
Agent, the Arrangers or an Affiliate of any of the foregoing, (b) were owed on the
Effective Date to a Person that was a Lender or an Affiliate of a Lender as of the
Effective Date, or (c) are owed to a Person that was a Lender or an Affiliate of a Lender
at the time such obligations were incurred.
Effective Date to a Person that was a Lender or an Affiliate of a Lender as of the
Effective Date, or (c) are owed to a Person that was a Lender or an Affiliate of a Lender
at the time such obligations were incurred.
“Secured Hedging Obligations” means the due and punctual payment and
performance of any and all obligations of each Loan Party or their respective Subsidiaries
performance of any and all obligations of each Loan Party or their respective Subsidiaries
(whether absolute or contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions
therefor)) arising in respect of Hedge Agreements that (a) are owed to the Agent, the
Arrangers or an Affiliate of any of the foregoing, or to any Person that, at the time such
obligations were incurred, was the Agent, the Arrangers or an Affiliate of any of the
foregoing, (b) were owed on the Effective Date to a Person that was a Lender or an
Affiliate of a Lender as of the Effective Date, or (c) are owed to a Person that was a
Lender or an Affiliate of a Lender at the time such obligations were incurred; provided
that Secured Hedging Obligations shall not include any Excluded Swap Obligations.
therefor)) arising in respect of Hedge Agreements that (a) are owed to the Agent, the
Arrangers or an Affiliate of any of the foregoing, or to any Person that, at the time such
obligations were incurred, was the Agent, the Arrangers or an Affiliate of any of the
foregoing, (b) were owed on the Effective Date to a Person that was a Lender or an
Affiliate of a Lender as of the Effective Date, or (c) are owed to a Person that was a
Lender or an Affiliate of a Lender at the time such obligations were incurred; provided
that Secured Hedging Obligations shall not include any Excluded Swap Obligations.
“Secured Parties” means (a) each of the Lenders, (b) the Agent, (c) the
Collateral Agent, (d) each Issuing Bank, (e) each Cash Management Bank, (f) each Hedge Bank, (g) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document and (h) the successors and assigns of each of the foregoing.
Collateral Agent, (d) each Issuing Bank, (e) each Cash Management Bank, (f) each Hedge Bank, (g) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document and (h) the successors and assigns of each of the foregoing.
“Securities Act” means the Securities Act of 1933, as amended.
“Security and Guarantee Documents” means each and any of the
“Security and Guarantee Documents” means each and any of the
Mortgages, Mortgage Amendments, Guarantee and Collateral Agreement, security
agreements, and/or other instruments and documents executed and delivered on or after
the Effective Date in connection with securing and/or guaranteeing the Facilities.
agreements, and/or other instruments and documents executed and delivered on or after
the Effective Date in connection with securing and/or guaranteeing the Facilities.
“Sequoia Acquisition” shall mean the acquisition by the Borrower of Xxxxxxxx and Associates, LLC, pursuant to the Equity Purchase Agreement, dated as of June 3, 2021 by and between Xxxx Xxxxxxxx, Xxxxxxxx and Associates, LLC, and the Borrower.
“Senior Secured Leverage Ratio” means, on any date, the ratio of (a) Total
Senior Secured Debt on such date less unrestricted cash and Cash Equivalents of the Borrower and its Consolidated Subsidiaries in an amount not to exceed $350,000,000 to (b) EBITDA for the most recently ended Test Period.
Senior Secured Debt on such date less unrestricted cash and Cash Equivalents of the Borrower and its Consolidated Subsidiaries in an amount not to exceed $350,000,000 to (b) EBITDA for the most recently ended Test Period.
“Single Employer Plan” means a single employer plan, as defined in
Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or
Section 4001(a)(15) of ERISA, that (a) is maintained for employees of the Borrower or
any ERISA Affiliate and no Person other than the Borrower and the ERISA Affiliates or (b) was so maintained and in respect of which the Borrower or any ERISA Affiliate
could have liability under Section 4069 of ERISA in the event such plan has been or
were to be terminated.
could have liability under Section 4069 of ERISA in the event such plan has been or
were to be terminated.
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“Solvent” means, with respect to any Person on a particular date, that on
such date (a) the fair value of the property of such Person is greater than the total amount
such date (a) the fair value of the property of such Person is greater than the total amount
of liabilities, including, without limitation, contingent liabilities, of such Person, (b) the
present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become
absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as
they mature and (d) such Person is not engaged in business or a transaction, and is not
about to engage in business or a transaction, for which such Person’s property would
constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become
present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become
absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as
they mature and (d) such Person is not engaged in business or a transaction, and is not
about to engage in business or a transaction, for which such Person’s property would
constitute an unreasonably small capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become
an actual or matured liability.
“Special Flood Hazard Area” means an area that the Federal Emergency
Management Agency (or its successor) has designated as an area subject to special flood
Management Agency (or its successor) has designated as an area subject to special flood
or mud slide hazards.
“Specified Incremental A Cap” means $150,000,000.
“Specified Incremental Facility” means the Specified Incremental Tranche
A Facility and the Specified Incremental Tranche B Facility, as the context may require.
A Facility and the Specified Incremental Tranche B Facility, as the context may require.
“Specified Incremental Term Advances” has the meaning specified in
Section 2.23(b).
“Specified Incremental Tranche A Advances” has the meaning specified
in Section 2.23(b).
in Section 2.23(b).
“Specified Incremental Tranche A Commitments” has the meaning
specified in Section 2.23(b).
specified in Section 2.23(b).
“Specified Incremental Tranche A Facility” means, at any time, the
aggregate principal amount of any Specified Incremental Tranche A Advances outstanding at such time.
aggregate principal amount of any Specified Incremental Tranche A Advances outstanding at such time.
“Specified Incremental Tranche B Advances” has the meaning specified
in Section 2.23(b).
in Section 2.23(b).
“Specified Incremental Tranche B Commitments” has the meaning
specified in Section 2.23(b).
specified in Section 2.23(b).
“Specified Incremental Tranche B Facility” means, at any time, the
aggregate principal amount of any Specified Incremental Tranche B Advances outstanding at such time.
aggregate principal amount of any Specified Incremental Tranche B Advances outstanding at such time.
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2.24(a). “Specified Refinancing Debt” has the meaning specified in Section “Specified Representations” means the representations and warranties set forth in Sections 4.01 (a) (only with respect to the first clause), (b) (other than clauses (ii) and (iii)), (d), (g), (h), (j), (p), (q), (r), (s) (only with respect to the second sentence), (v) and (w).
“Specified Transactions” means (a) the Engility Acquisition and (b) (i)
any Investment that results in a Person becoming a Subsidiary of the Borrower, (ii) any
any Investment that results in a Person becoming a Subsidiary of the Borrower, (ii) any
Permitted Acquisition, (iii) any Disposition that results in a Subsidiary of the Borrower
ceasing to be a Subsidiary of the Borrower (other than a Disposition of an Excluded
Subsidiary), (iv) any Disposition of a business unit, line of business or division of the
Borrower or any of its Subsidiaries, in each case whether by merger, consolidation,
amalgamation or otherwise and (v) any other transaction that by the terms of this
Agreement requires any financial ratio or test to be determined on a “pro forma basis” or to be given “pro forma effect”.
ceasing to be a Subsidiary of the Borrower (other than a Disposition of an Excluded
Subsidiary), (iv) any Disposition of a business unit, line of business or division of the
Borrower or any of its Subsidiaries, in each case whether by merger, consolidation,
amalgamation or otherwise and (v) any other transaction that by the terms of this
Agreement requires any financial ratio or test to be determined on a “pro forma basis” or to be given “pro forma effect”.
“Subsidiary” of any Person means any corporation, partnership, joint
venture, limited liability company, entity, trust or estate of which (or in which) more than
venture, limited liability company, entity, trust or estate of which (or in which) more than
50% of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether at the
time capital stock of any other class or classes of such corporation shall or might have
voting power upon the occurrence of any contingency), (b) the interest in the capital or
profits of such partnership, joint venture, limited liability company or entity, or (c) the
beneficial interest in such trust or estate is at the time directly or indirectly owned or
controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries.
time capital stock of any other class or classes of such corporation shall or might have
voting power upon the occurrence of any contingency), (b) the interest in the capital or
profits of such partnership, joint venture, limited liability company or entity, or (c) the
beneficial interest in such trust or estate is at the time directly or indirectly owned or
controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries.
“Swap” has the meaning assigned to such term in Section 1a(47) of the
Commodity Exchange Act.
Commodity Exchange Act.
“Swap Obligation” means, with respect to any Guarantor, any obligation
to pay or perform under any agreement, contract or transaction that constitutes a Swap.
to pay or perform under any agreement, contract or transaction that constitutes a Swap.
“Synthetic Lease” means, as to any Person, any lease (including leases
that may be terminated by the lessee at any time) of any property (whether real, personal
that may be terminated by the lessee at any time) of any property (whether real, personal
or mixed) (a) that is accounted for as an operating lease under GAAP and (b) in respect
of which the lessee retains or obtains ownership of the property so leased for U.S.
Federal income tax purposes, other than any such lease under which such Person is the
lessor.
of which the lessee retains or obtains ownership of the property so leased for U.S.
Federal income tax purposes, other than any such lease under which such Person is the
lessor.
“Synthetic Lease Obligations” means, as to any Person, an amount equal
to the capitalized amount of the remaining lease payments under any Synthetic Lease that
to the capitalized amount of the remaining lease payments under any Synthetic Lease that
would appear on a balance sheet of such Person in accordance with GAAP if such
obligations were accounted for as Capital Lease Obligations.
obligations were accounted for as Capital Lease Obligations.
47
“TARGET Day” means any day on which TARGET2 is open for business.
“TARGET2” means the Trans-European Automated Real Time Gross
Settlement Express transfer payment system which utilizes a single shared platform and which was launched on 19 November 2007.
Settlement Express transfer payment system which utilizes a single shared platform and which was launched on 19 November 2007.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Term Advance” means an advance by a Term Lender to the Borrower
under the Term Facility and refers to a Base Rate Advance or a Eurocurrency Rate Advance (each of which shall be a “Type” of Term Advance).
under the Term Facility and refers to a Base Rate Advance or a Eurocurrency Rate Advance (each of which shall be a “Type” of Term Advance).
“Term Borrowing” means a portion of the Term Advances (as to which
each Term Lender has a ratable part) that (a) bears interest by reference to the Base Rate
each Term Lender has a ratable part) that (a) bears interest by reference to the Base Rate
or (b) bears interest by reference to the Eurocurrency Rate and has a single Interest
Period.
Period.
“Term Commitment” means as to any Lender (a) the Dollar amount set
forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Term Commitment”, which shall be reduced pro rata on the date of the termination or public abandonment of the Engility Acquisition Agreement as set forth in the final sentence of this definition or (b) if such Lender has entered into an Assignment and Assumption, the Dollar amount set forth for such Lender in the Register maintained by the Agent pursuant to Section 9.07(c) as such Lender’s “ Term Commitment”, as such amount may be reduced pursuant to Section 2.05; which Term Commitment shall automatically terminate upon the funding of all Term Advances on the Funding Date (but not later than June 15, 2019). The aggregate amount of the Lenders’ Term Commitment as of the Effective Date is $1,068,000,000 (which amount shall be, automatically and without further action, reduced to $618,000,000 upon the date of the termination or public abandonment of the Engility Acquisition Agreement).
forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Term Commitment”, which shall be reduced pro rata on the date of the termination or public abandonment of the Engility Acquisition Agreement as set forth in the final sentence of this definition or (b) if such Lender has entered into an Assignment and Assumption, the Dollar amount set forth for such Lender in the Register maintained by the Agent pursuant to Section 9.07(c) as such Lender’s “ Term Commitment”, as such amount may be reduced pursuant to Section 2.05; which Term Commitment shall automatically terminate upon the funding of all Term Advances on the Funding Date (but not later than June 15, 2019). The aggregate amount of the Lenders’ Term Commitment as of the Effective Date is $1,068,000,000 (which amount shall be, automatically and without further action, reduced to $618,000,000 upon the date of the termination or public abandonment of the Engility Acquisition Agreement).
“Term Facility” means, at any time, the aggregate principal amount of the
Term Advances outstanding at such time.
Term Advances outstanding at such time.
“Term Lender” means, at any time, any Lender with a Term Commitment
or an outstanding Term Advance at such time.
or an outstanding Term Advance at such time.
“Term Loan Maturity Date” means the fifth anniversary of the Effective
Date.
“Term Note” means a promissory note of the Borrower payable to any
Term Lender and its registered assigns, delivered pursuant to a request made under Section 2.16 in substantially the form of Exhibit A-2 hereto, evidencing the aggregate
Term Lender and its registered assigns, delivered pursuant to a request made under Section 2.16 in substantially the form of Exhibit A-2 hereto, evidencing the aggregate
48
indebtedness of the Borrower to such Lender resulting from the Term Advances made by such Lender to the Borrower.
“Term 2 Advance” means an advance by a Term 2 Lender to the Borrower under the Term 2 Facility and refers to a Base Rate Advance or a Eurocurrency Rate Advance (each of which shall be a “Type” of Term Advance).
“Term 2 Borrowing” means a portion of the Term 2 Advances (as to which each Term 2 Lender has a ratable part) that (a) bears interest by reference to the Base Rate or (b) bears interest by reference to the Eurocurrency Rate and has a single Interest Period.
“Term 2 Commitment” means as to any Lender the Dollar amount set forth opposite such Lender’s name on Schedule I-B hereto as such Lender’s “Term 2 Commitment”.
“Term 2 Facility” means, at any time, the aggregate principal amount of
the Term 2 Advances outstanding at such time.
the Term 2 Advances outstanding at such time.
“Term 2 Lender” means, at any time, any Lender with a Term 2
Commitment or an outstanding Term 2 Advance at such time.
Commitment or an outstanding Term 2 Advance at such time.
“Term 2 Note” means a promissory note of the Borrower payable to any Term 2 Lender and its registered assigns, delivered pursuant to a request made under Section 2.16 in substantially the form of Exhibit A-5 hereto, evidencing the aggregate in debtedness of the Borrower to such Lender resulting from the Term 2 Advances made by such Lender to the Borrower.
“Termination Date” means the earlier of (a) the fifth anniversary of the
Effective Date subject to the extension thereof pursuant to Section 2.22 and (b) the date
Effective Date subject to the extension thereof pursuant to Section 2.22 and (b) the date
of termination in whole of the Revolving Credit Commitments pursuant to Section 2.05
or 6.01; provided, however, that the Termination Date of any Lender that is a
Non-Extending Lender with respect to any requested extension pursuant to Section 2.22 shall be the Termination Date in effect immediately prior to the applicable Extension
Date for all purposes of this Agreement.
or 6.01; provided, however, that the Termination Date of any Lender that is a
Non-Extending Lender with respect to any requested extension pursuant to Section 2.22 shall be the Termination Date in effect immediately prior to the applicable Extension
Date for all purposes of this Agreement.
“Test Period” has the meaning specified in Section 1.07(b).
“Third Amendment” shall mean that certain Third Amendment, dated as of the Third Amendment Effective Date, among the Borrower, the Continuing Tranche B2 Lenders (as defined therein), the New Tranche B2 Lender (as defined therein) and the Administrative Agent.
“Third Amendment Effective Date” means March 1, 2021.
“Title Company” has the meaning assigned to such term in the definition
of “Real Estate Collateral Requirements”.
49
“Total Assets” means the total assets of the Borrower and its Consolidated
Subsidiaries, as shown on the Consolidated balance sheet of the Borrower for the most recently completed fiscal quarter for which financial statements have been delivered pursuant to Section 5.01(i).
Subsidiaries, as shown on the Consolidated balance sheet of the Borrower for the most recently completed fiscal quarter for which financial statements have been delivered pursuant to Section 5.01(i).
“Total Revolving Credit Outstandings” means the aggregate outstanding
amount of all Revolving Credit Advances and Letters of Credit.
amount of all Revolving Credit Advances and Letters of Credit.
“Total Senior Secured Debt” means, at any time, for the Borrower and its
Subsidiaries on a Consolidated basis in accordance with GAAP, the aggregate amount of (i) (a) all indebtedness in respect of borrowed money, (b) all obligations of such Person
Subsidiaries on a Consolidated basis in accordance with GAAP, the aggregate amount of (i) (a) all indebtedness in respect of borrowed money, (b) all obligations of such Person
evidenced by bonds, notes, debentures or similar instruments, (c) all obligations of such
Person in respect of letters of credit or other similar instruments (including
reimbursement agreements with respect thereto) to the extent such letters of credit or
other similar instruments are drawn and unreimbursed, (d) all obligations of such Person to pay the deferred and unpaid purchase price of any property (including Capital Lease
Obligations), but excluding trade accounts payable or accrued liabilities arising in the
Ordinary Course of Business, and (e) all obligations attributable to Synthetic Leases
related to tangible property, in each case that is secured by a Lien on any asset or
property of the Borrower or any of its Subsidiaries and (ii) without duplication, Capital
Lease Obligations of the Borrower or any of its Subsidiaries.
Person in respect of letters of credit or other similar instruments (including
reimbursement agreements with respect thereto) to the extent such letters of credit or
other similar instruments are drawn and unreimbursed, (d) all obligations of such Person to pay the deferred and unpaid purchase price of any property (including Capital Lease
Obligations), but excluding trade accounts payable or accrued liabilities arising in the
Ordinary Course of Business, and (e) all obligations attributable to Synthetic Leases
related to tangible property, in each case that is secured by a Lien on any asset or
property of the Borrower or any of its Subsidiaries and (ii) without duplication, Capital
Lease Obligations of the Borrower or any of its Subsidiaries.
“Trade Date” has the meaning specified in Section 9.07(b)(i)(B).
“Tranche B Borrowing” means a Borrowing comprised of Tranche B
“Tranche B Borrowing” means a Borrowing comprised of Tranche B
Loans.
“Tranche B Commitment” means, as to any Lender, the Dollar amount set
forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Tranche B Commitment”.
forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Tranche B Commitment”.
“Tranche B Facility” means, at any time, the aggregate principal amount
of Tranche B Loans outstanding at such time.
of Tranche B Loans outstanding at such time.
“Tranche B Lenders” means, at any time, any Lender with a Tranche B
Commitment or a Tranche B Loan outstanding at such time. The Tranche B Lenders as of
Commitment or a Tranche B Loan outstanding at such time. The Tranche B Lenders as of
the Effective Date are set forth on Schedule I.
“Tranche B Loans” means the advances by the Tranche B Lenders to the
Borrower under the Tranche B Facility and may refer to Base Rate Advances or
Eurocurrency Rate Advances (each of which shall be a “Type” of Tranche B Loans).
Unless the context shall otherwise require, “Tranche B Loans” shall include any
Incremental Term Advances (other than any additional Term Advances or any Specified Incremental Term Advances). The aggregate principal amount of the Tranche B Loans as of the Effective Date is $1,050,000,000.
Eurocurrency Rate Advances (each of which shall be a “Type” of Tranche B Loans).
Unless the context shall otherwise require, “Tranche B Loans” shall include any
Incremental Term Advances (other than any additional Term Advances or any Specified Incremental Term Advances). The aggregate principal amount of the Tranche B Loans as of the Effective Date is $1,050,000,000.
50
“Tranche B Maturity Date” means the date that is seven years after the Effective Date.
“Tranche B Note” means a promissory note of the Borrower payable to
any Tranche B Lender and its registered assigns, delivered pursuant to a request made under Section 2.16 in substantially the form of Exhibit A-3 hereto, evidencing the
any Tranche B Lender and its registered assigns, delivered pursuant to a request made under Section 2.16 in substantially the form of Exhibit A-3 hereto, evidencing the
aggregate indebtedness of the Borrower to such Lender resulting from the Tranche B
Loans made by such Lender to the Borrower.
Loans made by such Lender to the Borrower.
“Tranche B2 Borrowing” means a Borrowing comprised of Tranche B2
Loans.
“Tranche B2 Commitment” means, as to any Lender, the Dollar amount
set forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Tranche B2 Commitment”.
set forth opposite such Lender’s name on Schedule I hereto as such Lender’s “Tranche B2 Commitment”.
“Tranche B2 Facility” means, at any time, the aggregate principal amount
of Tranche B2 Loans outstanding at such time.
of Tranche B2 Loans outstanding at such time.
“Tranche B2 Lenders” means, at any time, any Lender with a Tranche B2
Commitment or a Tranche B2 Loan outstanding at such time. The Tranche B2 Lenders as
Commitment or a Tranche B2 Loan outstanding at such time. The Tranche B2 Lenders as
of the Second Amendment Effective Date are set forth on Schedule I-A.
“Tranche B2 Loans” means the advances by the Tranche B2 Lenders to
the Borrower under the Tranche B2 Facility and may refer to Base Rate Advances or
Eurocurrency Rate Advances (each of which shall be a “Type” of Tranche B2 Loans).
The aggregate principal amount of the Tranche B2 Loans as of the Second Amendment
Effective Date is $600,000,000.
Eurocurrency Rate Advances (each of which shall be a “Type” of Tranche B2 Loans).
The aggregate principal amount of the Tranche B2 Loans as of the Second Amendment
Effective Date is $600,000,000.
“Tranche B2 Maturity Date” means the date that is seven years after the
Second Amendment Effective Date.
Second Amendment Effective Date.
“Tranche B2 Note” means a promissory note of the Borrower payable to
any Tranche B2 Lender and its registered assigns, delivered pursuant to a request made under Section 2.16 in substantially the form of Exhibit A-4 hereto, evidencing the
any Tranche B2 Lender and its registered assigns, delivered pursuant to a request made under Section 2.16 in substantially the form of Exhibit A-4 hereto, evidencing the
aggregate indebtedness of the Borrower to such Lender resulting from the Tranche B2
Loans made by such Lender to the Borrower.
Loans made by such Lender to the Borrower.
“Transactions” means collectively, (a) the execution, delivery and
performance by the Loan Parties of the Loan Documents to which they are a party and
performance by the Loan Parties of the Loan Documents to which they are a party and
the initial funding of the Tranche B Loans hereunder and (b) the payment of all fees,
costs and expenses incurred or payable by the Borrower or any of its Subsidiaries in
connection with the foregoing.
costs and expenses incurred or payable by the Borrower or any of its Subsidiaries in
connection with the foregoing.
“Type”, when used in respect of any Advance or Borrowing, shall refer to
the Rate by reference to which interest on such Advance or on the Advances comprising
the Rate by reference to which interest on such Advance or on the Advances comprising
51
such Borrowing is determined. For the purposes hereof, the term “Rate” means the Base Rate or the Eurocurrency Rate.
“UCP” means, with respect to any Letter of Credit, the Uniform Customs
and Practice for Documentary Credits, International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).
and Practice for Documentary Credits, International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).
“Unfunded Advances/Participations” means (a) with respect to the Agent,
the aggregate amount, if any (i) made available to the Borrower on the assumption that each Lender has made such Lender’s share of the applicable Borrowing available to the Agent as contemplated by Section 2.02(d) and (ii) with respect to which a corresponding amount shall not in fact have been returned to the Agent by the Borrower or made available to the Agent by any such Lender and (b) with respect to any Issuing Bank, the aggregate amount, if any, of amounts drawn under Letters of Credit in respect of which a Revolving Credit Lender shall have failed to make Revolving Credit Advances to reimburse such Issuing Bank pursuant to Section 2.03(c).
the aggregate amount, if any (i) made available to the Borrower on the assumption that each Lender has made such Lender’s share of the applicable Borrowing available to the Agent as contemplated by Section 2.02(d) and (ii) with respect to which a corresponding amount shall not in fact have been returned to the Agent by the Borrower or made available to the Agent by any such Lender and (b) with respect to any Issuing Bank, the aggregate amount, if any, of amounts drawn under Letters of Credit in respect of which a Revolving Credit Lender shall have failed to make Revolving Credit Advances to reimburse such Issuing Bank pursuant to Section 2.03(c).
“Uniform Commercial Code” and “UCC” have the meanings assigned to
such terms in the Guarantee and Collateral Agreement.
such terms in the Guarantee and Collateral Agreement.
“Unissued Letter of Credit Commitment” means, with respect to any
Issuing Bank, the obligation of such Issuing Bank to Issue Letters of Credit for the account of the Borrower or its specified Subsidiaries in an amount equal to the excess of (a) the amount of its Letter of Credit Commitment over (b) the aggregate Available Amount of all Letters of Credit issued by such Issuing Bank.
Issuing Bank, the obligation of such Issuing Bank to Issue Letters of Credit for the account of the Borrower or its specified Subsidiaries in an amount equal to the excess of (a) the amount of its Letter of Credit Commitment over (b) the aggregate Available Amount of all Letters of Credit issued by such Issuing Bank.
“Unused Revolving Credit Commitment” means, with respect to each
Revolving Credit Lender at any time, (a) such Lender’s Revolving Credit Commitment at
Revolving Credit Lender at any time, (a) such Lender’s Revolving Credit Commitment at
such time minus (b) the sum of (i) the aggregate principal amount of all Revolving Credit Advances made by such Lender (in its capacity as a Revolving Credit Lender) and
outstanding at such time, plus (ii) such Lender’s Ratable Share of (A) the aggregate
Available Amount of all the Letters of Credit outstanding at such time and (B) the
aggregate principal amount of all Advances made by each Issuing Bank pursuant to
Section 2.03(c) that have not been ratably funded by such Lender and outstanding at such time.
outstanding at such time, plus (ii) such Lender’s Ratable Share of (A) the aggregate
Available Amount of all the Letters of Credit outstanding at such time and (B) the
aggregate principal amount of all Advances made by each Issuing Bank pursuant to
Section 2.03(c) that have not been ratably funded by such Lender and outstanding at such time.
“U.S. Person” means any Person that is a “United States person” as
defined in Section 7701(a)(30) of the Code.
defined in Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning assigned to such term
in Section 2.14(f)(ii)(B)(iii).
in Section 2.14(f)(ii)(B)(iii).
“Voting Stock” means capital stock issued by a corporation, or equivalent
interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar
interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar
52
functions) of such Person, even if the right so to vote has been suspended by the
happening of such a contingency.
happening of such a contingency.
“Weighted Average Life to Maturity” means, when applied to any
Indebtedness at any date, the number of years (and/or portion thereof) obtained by
Indebtedness at any date, the number of years (and/or portion thereof) obtained by
dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of
principal, including payment at final maturity, in respect thereof, by (ii) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the
making of such payment; by (b) the then outstanding principal amount of such
Indebtedness.
principal, including payment at final maturity, in respect thereof, by (ii) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the
making of such payment; by (b) the then outstanding principal amount of such
Indebtedness.
“Withholding Agent” means any Loan Party and the Agent.
“Write-Down and Conversion Powers” means, with respect to any EEA
“Write-Down and Conversion Powers” means, with respect to any EEA
Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA
Member Country, which write-down and conversion powers are described in the EU
Bail-In Legislation Schedule.
Authority from time to time under the Bail-In Legislation for the applicable EEA
Member Country, which write-down and conversion powers are described in the EU
Bail-In Legislation Schedule.
“Yield Differential” has the meaning specified in Section 2.23(b)(i).
Section 1.02. Computation of Time Periods. In this Agreement in the
Section 1.02. Computation of Time Periods. In this Agreement in the
computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including”, the words “to” and “until” each mean “to but
excluding” and the word “through” means “to and including”.
“from” means “from and including”, the words “to” and “until” each mean “to but
excluding” and the word “through” means “to and including”.
Section 1.03. Accounting Terms. All accounting terms not
specifically defined herein shall be construed in accordance with generally accepted
specifically defined herein shall be construed in accordance with generally accepted
accounting principles as in effect in the United States from time to time (“GAAP”);
provided that (a) if there is any change in GAAP from such principles applied in the
preparation of the audited financial statements referred to in Section 4.01(e) (“Initial
GAAP”) that is material in respect of the calculation of compliance with the covenant set forth in Section 5.05 and/or any other leverage ratio or financial test used herein, the
Borrower shall give prompt notice of such change to the Agent and the Lenders, (b) if the Borrower notifies the Agent that the Borrower requests an amendment of any provision
hereof to eliminate the effect of any change in GAAP (or the application thereof) from
Initial GAAP (or if the Agent or the Required Lenders request an amendment of any
provision hereof for such purpose), regardless of whether such notice is given before or
after such change in GAAP (or the application thereof), then such provision shall be
applied on the basis of generally accepted accounting principles as in effect and applied
immediately before such change shall have become effective until such notice shall have been withdrawn or such provision is amended in accordance herewith. Notwithstanding
any changes in GAAP after the Effective Date, any lease of the Borrower or any of its
Subsidiaries that would be characterized as an operating lease under GAAP in effect on
the Effective Date, whether such lease is entered into before or after the Effective Date,
shall not constitute Indebtedness or a Capital Lease under this Agreement or any other
provided that (a) if there is any change in GAAP from such principles applied in the
preparation of the audited financial statements referred to in Section 4.01(e) (“Initial
GAAP”) that is material in respect of the calculation of compliance with the covenant set forth in Section 5.05 and/or any other leverage ratio or financial test used herein, the
Borrower shall give prompt notice of such change to the Agent and the Lenders, (b) if the Borrower notifies the Agent that the Borrower requests an amendment of any provision
hereof to eliminate the effect of any change in GAAP (or the application thereof) from
Initial GAAP (or if the Agent or the Required Lenders request an amendment of any
provision hereof for such purpose), regardless of whether such notice is given before or
after such change in GAAP (or the application thereof), then such provision shall be
applied on the basis of generally accepted accounting principles as in effect and applied
immediately before such change shall have become effective until such notice shall have been withdrawn or such provision is amended in accordance herewith. Notwithstanding
any changes in GAAP after the Effective Date, any lease of the Borrower or any of its
Subsidiaries that would be characterized as an operating lease under GAAP in effect on
the Effective Date, whether such lease is entered into before or after the Effective Date,
shall not constitute Indebtedness or a Capital Lease under this Agreement or any other
53
Loan Document as a result of such changes in GAAP. Notwithstanding any other
provision contained herein, all terms of an accounting or financial nature used herein
shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting
Standards 133 and 159 (or any other Financial Accounting Standard having a similar
result or effect) to value any Indebtedness or other liabilities of the Borrower or any
Subsidiary of the Borrower at “fair value”, as defined therein.
provision contained herein, all terms of an accounting or financial nature used herein
shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Statement of Financial Accounting
Standards 133 and 159 (or any other Financial Accounting Standard having a similar
result or effect) to value any Indebtedness or other liabilities of the Borrower or any
Subsidiary of the Borrower at “fair value”, as defined therein.
Section 1.04. Terms Generally. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context
apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed
by the phrase “without limitation.” The word “will” shall be construed to have the same
meaning and effect as the word “shall.” Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to
any Person shall be construed to include such Person’s successors and assigns, (c) the
words “herein,” “hereof” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement, (e) any reference to any law or regulation herein shall, unless otherwise
specified, refer to such law or regulation as amended, modified or supplemented from
time to time, and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights.
by the phrase “without limitation.” The word “will” shall be construed to have the same
meaning and effect as the word “shall.” Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to
any Person shall be construed to include such Person’s successors and assigns, (c) the
words “herein,” “hereof” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement, (e) any reference to any law or regulation herein shall, unless otherwise
specified, refer to such law or regulation as amended, modified or supplemented from
time to time, and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights.
Section 1.05. Interpretative language. For all purposes under the
Loan Documents, in connection with any division or plan of division under Delaware law
(or any comparable event under a different jurisdiction’s laws): (a) if any asset, right,
obligation or liability of any Person becomes the asset, right, obligation or liability of a
different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such
new Person shall be deemed to have been organized on the first date of its existence by
the holders of its Equity Interests at such time.
obligation or liability of any Person becomes the asset, right, obligation or liability of a
different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such
new Person shall be deemed to have been organized on the first date of its existence by
the holders of its Equity Interests at such time.
Section 1.06. Certain Additional Committed Currencies. i) The
Borrower may from time to time request that Eurocurrency Rate Advances under the
Borrower may from time to time request that Eurocurrency Rate Advances under the
Revolving Credit Facility be made and/or Letters of Credit be issued in a currency other
than Dollars or those currencies specifically listed in the definition of “Committed
Currency;” provided that such requested currency is a lawful currency that is readily
available and freely transferable and convertible into Dollars. In the case of any such
request with respect to the making of Eurocurrency Rate Advances under the Revolving
Credit Facility, such request shall be subject to the approval of the Agent and the Lenders under the Revolving Credit Facility; and in the case of any such request with respect to
than Dollars or those currencies specifically listed in the definition of “Committed
Currency;” provided that such requested currency is a lawful currency that is readily
available and freely transferable and convertible into Dollars. In the case of any such
request with respect to the making of Eurocurrency Rate Advances under the Revolving
Credit Facility, such request shall be subject to the approval of the Agent and the Lenders under the Revolving Credit Facility; and in the case of any such request with respect to
54
the issuance of Letters of Credit, such request shall be subject to the approval of the
Agent and the applicable Issuing Bank.
Agent and the applicable Issuing Bank.
(b) Any such request shall be made to the Agent not later than
11:00 a.m., 20 Business Days prior to the date of the desired Borrowing or Issuance of a
Letter of Credit (or such other time or date as may be agreed by the Agent and, in the
case of any such request pertaining to Letters of Credit, the applicable Issuing Bank, in
its or their sole discretion). In the case of any such request pertaining to Eurocurrency
Rate Advances, the Agent shall promptly notify each applicable Lender thereof; and in
the case of any such request pertaining to Letters of Credit, the Agent shall promptly
notify the applicable Issuing Bank thereof. Each applicable Lender (in the case of any
such request pertaining to Eurocurrency Rate Advances) or the applicable Issuing Bank
(in the case of a request pertaining to Letters of Credit) shall notify the Agent, not later
than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Rate Advances under the Revolving
Rate Advances, the Agent shall promptly notify each applicable Lender thereof; and in
the case of any such request pertaining to Letters of Credit, the Agent shall promptly
notify the applicable Issuing Bank thereof. Each applicable Lender (in the case of any
such request pertaining to Eurocurrency Rate Advances) or the applicable Issuing Bank
(in the case of a request pertaining to Letters of Credit) shall notify the Agent, not later
than 11:00 a.m., ten Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Eurocurrency Rate Advances under the Revolving
Credit Facility or the issuance of Letters of Credit, as the case may be, in such requested currency.
(c) Any failure by a Lender or an Issuing Bank, as the case may be, to
respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Lender or Issuing Bank, as the case may be, to permit Eurocurrency Rate Advances to be made or Letters of Credit to be issued in such requested currency. If the Agent and all the applicable Lenders consent to making Eurocurrency Rate Advances under the Revolving Credit Facility in such requested currency, the Agent shall so notify the Borrower and such currency shall thereupon be deemed for all purposes to be a Committed Currency hereunder for purposes of any Eurocurrency Rate Borrowings under the Revolving Credit Facility; and if the Agent and the applicable Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Agent shall so notify the Borrower and such currency shall thereupon be deemed for all purposes to be a Committed Currency hereunder for purposes of any Letter of Credit issuances by such Issuing Bank. If the Agent shall fail to obtain consent to any request for an additional currency under this Section 1.06, the Agent shall promptly so notify the Borrower.
respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such Lender or Issuing Bank, as the case may be, to permit Eurocurrency Rate Advances to be made or Letters of Credit to be issued in such requested currency. If the Agent and all the applicable Lenders consent to making Eurocurrency Rate Advances under the Revolving Credit Facility in such requested currency, the Agent shall so notify the Borrower and such currency shall thereupon be deemed for all purposes to be a Committed Currency hereunder for purposes of any Eurocurrency Rate Borrowings under the Revolving Credit Facility; and if the Agent and the applicable Issuing Bank consent to the issuance of Letters of Credit in such requested currency, the Agent shall so notify the Borrower and such currency shall thereupon be deemed for all purposes to be a Committed Currency hereunder for purposes of any Letter of Credit issuances by such Issuing Bank. If the Agent shall fail to obtain consent to any request for an additional currency under this Section 1.06, the Agent shall promptly so notify the Borrower.
Section 1.07. Pro Forma Calculations. ii) Notwithstanding anything
to the contrary herein, the Leverage Ratio and the Senior Secured Leverage Ratio shall be
calculated in the manner prescribed by this Section 1.07; provided that when calculating any such ratio for the purpose of (i) the definition of Applicable Margin or Applicable
Percentage, (ii) any mandatory prepayment provision under Section 2.10(b) or (iii) actual compliance with the Financial Covenant, the events set forth in clause (b), (c) and (d)
below that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect.
Percentage, (ii) any mandatory prepayment provision under Section 2.10(b) or (iii) actual compliance with the Financial Covenant, the events set forth in clause (b), (c) and (d)
below that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect.
(b) For purposes of calculating the Leverage Ratio and the Senior
Secured Leverage Ratio, all Specified Transactions (and the incurrence or repayment of
Secured Leverage Ratio, all Specified Transactions (and the incurrence or repayment of
any Indebtedness and the granting or terminating of any Liens in connection therewith)
that have been consummated (i) during the applicable period of four consecutive fiscal
that have been consummated (i) during the applicable period of four consecutive fiscal
55
quarters for which such financial ratio is being determined (the “Test Period”) or
(ii) subsequent to such Test Period and prior to or simultaneously with the event for
which the calculation of any such ratio is made shall be calculated on a pro forma basis
assuming that all such Specified Transactions (and any increase or decrease in EBITDA and the component financial definitions used therein attributable to any Specified
Transaction) had occurred on the first day of the applicable Test Period.
which the calculation of any such ratio is made shall be calculated on a pro forma basis
assuming that all such Specified Transactions (and any increase or decrease in EBITDA and the component financial definitions used therein attributable to any Specified
Transaction) had occurred on the first day of the applicable Test Period.
(c) If pro forma effect is to be given to a Specified Transaction, the
pro forma calculations shall be made in good faith by a Financial Officer of the Borrower
and include only those adjustments that (i) have been certified by a Financial Officer of
the Borrower as having been prepared in good faith based upon reasonable assumptions
and (ii) are (A) directly attributable to the Specified Transactions with respect to which
such adjustments are to be made, (B) [reserved], (C) factually supportable and reasonably
the Borrower as having been prepared in good faith based upon reasonable assumptions
and (ii) are (A) directly attributable to the Specified Transactions with respect to which
such adjustments are to be made, (B) [reserved], (C) factually supportable and reasonably
identifiable and (D) based on reasonably detailed written assumptions. For the avoidance of doubt, all pro forma adjustments shall be consistent with, and subject to, the caps and limits set forth in the applicable definitions herein. To the extent compliance with the
Financial Covenant is being tested prior to the first test date under the Financial
Covenant, in order to determine permissibility of any action by the Borrower or its
Subsidiaries, such compliance shall be tested against the applicable ratio for such first
test date.
Financial Covenant is being tested prior to the first test date under the Financial
Covenant, in order to determine permissibility of any action by the Borrower or its
Subsidiaries, such compliance shall be tested against the applicable ratio for such first
test date.
(d) In the event that the Borrower or any of its Subsidiaries incurs
(including by assumption or guarantees) or repays (including by redemption, repayment,
(including by assumption or guarantees) or repays (including by redemption, repayment,
retirement or extinguishment) any Indebtedness included directly or indirectly in the
calculation of the Leverage Ratio or the Senior Secured Leverage Ratio (other than
Indebtedness incurred or repaid under any revolving credit facility in the Ordinary
calculation of the Leverage Ratio or the Senior Secured Leverage Ratio (other than
Indebtedness incurred or repaid under any revolving credit facility in the Ordinary
Course of Business for working capital purposes) subsequent to the end of the applicable Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then the Leverage Ratio and/or the Senior Secured Leverage Ratio
shall be calculated giving pro forma effect to such incurrence or repayment of
Indebtedness, to the extent required, as if the same had occurred on the last day of the
applicable Test Period.
shall be calculated giving pro forma effect to such incurrence or repayment of
Indebtedness, to the extent required, as if the same had occurred on the last day of the
applicable Test Period.
(e) If the Borrower or one of its Subsidiaries is entering into a Limited
Condition Acquisition, any subsequent calculation of any ratio or basket with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments, mergers, Dispositions, Investments, the prepayment, redemption, purchase, defeasance or other satisfaction of Junior Financing, on or following the relevant date of determination and prior to the earlier of the date on which such Limited Condition Acquisition is consummated or the date that the definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of such Limited Condition Acquisition, any such ratio or basket shall be calculated on a pro forma basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated except (solely in the case of any ratio or basket with respect to the making of Restricted Payments or the prepayment, redemption, purchase, defeasance or other satisfaction of Junior Financing) to the extent such calculation on a pro forma basis
Condition Acquisition, any subsequent calculation of any ratio or basket with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments, mergers, Dispositions, Investments, the prepayment, redemption, purchase, defeasance or other satisfaction of Junior Financing, on or following the relevant date of determination and prior to the earlier of the date on which such Limited Condition Acquisition is consummated or the date that the definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of such Limited Condition Acquisition, any such ratio or basket shall be calculated on a pro forma basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated except (solely in the case of any ratio or basket with respect to the making of Restricted Payments or the prepayment, redemption, purchase, defeasance or other satisfaction of Junior Financing) to the extent such calculation on a pro forma basis
56
would result in a lower ratio or increased basket availability (as applicable) than if
calculated without giving effect to such Limited Condition Acquisition and the other
transactions in connection therewith.
calculated without giving effect to such Limited Condition Acquisition and the other
transactions in connection therewith.
Section 1.08. Classification of Loans and Borrowings. For purposes of this Agreement, Advances may be classified and referred to by Class (e.g., a “Revolving Credit Advance”) or by Type (e.g., a “Eurocurrency Rate Advance”) or by Class and Type (e.g., a “Eurocurrency Revolving Credit Advance”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Credit Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Credit Borrowing”).
ARTICLE II
AMOUNTS AND TERMS OF THE TRANCHE B LOANS, TRANCHE B2 LOANS,
TERM ADVANCES, TERM 2 ADVANCES, REVOLVING CREDIT ADVANCES
AND LETTERS OF CREDIT
TERM ADVANCES, TERM 2 ADVANCES, REVOLVING CREDIT ADVANCES
AND LETTERS OF CREDIT
Section 2.01. The Tranche B Loans. iii) Subject to the terms and
conditions set forth herein, each Tranche B Lender severally (and not jointly) agrees to
conditions set forth herein, each Tranche B Lender severally (and not jointly) agrees to
make a single loan to the Borrower on the Effective Date in Dollars in an amount not to
exceed such Lender’s Tranche B Commitment. Amounts borrowed in respect of the
Tranche B Loans and repaid or prepaid may not be reborrowed. The Tranche B Loans
shall be subject to the provisions, including any provisions regarding the obligations of
the Loan Parties in respect thereof and any provisions regarding the rights of the Tranche B Lenders, under this Agreement and the other Loan Documents. Interest will begin
accruing on the Tranche B Loans on the Effective Date. Upon the making of any Tranche B Loans by a Tranche B Lender, such Tranche B Lender’s Tranche B Commitment shall be permanently reduced to zero.
exceed such Lender’s Tranche B Commitment. Amounts borrowed in respect of the
Tranche B Loans and repaid or prepaid may not be reborrowed. The Tranche B Loans
shall be subject to the provisions, including any provisions regarding the obligations of
the Loan Parties in respect thereof and any provisions regarding the rights of the Tranche B Lenders, under this Agreement and the other Loan Documents. Interest will begin
accruing on the Tranche B Loans on the Effective Date. Upon the making of any Tranche B Loans by a Tranche B Lender, such Tranche B Lender’s Tranche B Commitment shall be permanently reduced to zero.
(b) The Term Advances. Subject to the terms and conditions set forth
herein, each Term Lender severally (and not jointly) agrees to make a single loan to the Borrower in Dollars until the earlier of (x) June 15, 2019 and (y) the Fall-Away Date, in an amount not to exceed such Lender’s Term Commitment. Amounts borrowed in respect
herein, each Term Lender severally (and not jointly) agrees to make a single loan to the Borrower in Dollars until the earlier of (x) June 15, 2019 and (y) the Fall-Away Date, in an amount not to exceed such Lender’s Term Commitment. Amounts borrowed in respect
of the Term Advances and repaid or prepaid may not be reborrowed. The Term Advances shall be subject to the provisions, including any provisions regarding the obligations of
the Loan Parties in respect thereof and any provisions regarding the rights of the Term
Lenders, under this Agreement and the other Loan Documents. Interest will begin
accruing on the Term Advances on the date of borrowing. Upon the making of any Term Advances by a Term Lender, such Term Lender’s Term Commitment shall be
permanently reduced to zero.
the Loan Parties in respect thereof and any provisions regarding the rights of the Term
Lenders, under this Agreement and the other Loan Documents. Interest will begin
accruing on the Term Advances on the date of borrowing. Upon the making of any Term Advances by a Term Lender, such Term Lender’s Term Commitment shall be
permanently reduced to zero.
severally agrees, on the terms and conditions hereinafter set forth, to make Revolving Credit Advances to the Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date applicable to such Lender in an amount (based in respect of any Revolving Credit Advances to be denominated in a
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Committed Currency by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Borrowing) not to exceed such Revolving
Credit Lender’s Unused Revolving Credit Commitment. Each Revolving Credit
Borrowing shall be in an amount not less than the Revolving Credit Borrowing Minimum or the Revolving Credit Borrowing Multiple in excess thereof and shall consist of
Revolving Credit Advances of the same Type and in the same currency made on the
Credit Lender’s Unused Revolving Credit Commitment. Each Revolving Credit
Borrowing shall be in an amount not less than the Revolving Credit Borrowing Minimum or the Revolving Credit Borrowing Multiple in excess thereof and shall consist of
Revolving Credit Advances of the same Type and in the same currency made on the
same day by the Revolving Credit Lenders ratably according to their respective
Revolving Credit Commitments. Within the limits of each Lender’s Revolving Credit
Commitment, the Borrower may borrow under this Section 2.01(c), prepay pursuant to
Section 2.10 and reborrow under this Section 2.01(c).
Revolving Credit Commitments. Within the limits of each Lender’s Revolving Credit
Commitment, the Borrower may borrow under this Section 2.01(c), prepay pursuant to
Section 2.10 and reborrow under this Section 2.01(c).
(d) Letters of Credit. 1. Each Issuing Bank agrees, on the terms and
conditions hereinafter set forth, in reliance upon the agreements of the Revolving Credit
conditions hereinafter set forth, in reliance upon the agreements of the Revolving Credit
Lenders set forth in this Agreement, to issue letters of credit (each, a “Letter of Credit”)
denominated in Dollars or any Committed Currency for the account of the Borrower and its specified Subsidiaries from time to time on any Business Day during the period from the Effective Date until 30 days before the Termination Date in an aggregate Available
Amount (based in respect of any Letters of Credit to be denominated in a Committed
Currency by reference to the Equivalent thereof in Dollars determined on the date of
delivery of the applicable Notice of Issuance) (i) for all Letters of Credit issued by each
Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at
such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed an amount equal to the Unused Revolving
Credit Commitments of the Lenders at such time; provided that no Letter of Credit may
expire after the Termination Date of any Non-Extending Lender if, after giving effect to such issuance, the aggregate Revolving Credit Commitments of the Revolving Credit
Lenders (including any replacement Revolving Credit Lenders) for the period following such Termination Date would be less than the Available Amount of the Letters of Credit expiring after such Termination Date. Within the limits referred to above, the Borrower
may from time to time request the issuance of Letters of Credit under this Section
2.01(d).
denominated in Dollars or any Committed Currency for the account of the Borrower and its specified Subsidiaries from time to time on any Business Day during the period from the Effective Date until 30 days before the Termination Date in an aggregate Available
Amount (based in respect of any Letters of Credit to be denominated in a Committed
Currency by reference to the Equivalent thereof in Dollars determined on the date of
delivery of the applicable Notice of Issuance) (i) for all Letters of Credit issued by each
Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at
such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed an amount equal to the Unused Revolving
Credit Commitments of the Lenders at such time; provided that no Letter of Credit may
expire after the Termination Date of any Non-Extending Lender if, after giving effect to such issuance, the aggregate Revolving Credit Commitments of the Revolving Credit
Lenders (including any replacement Revolving Credit Lenders) for the period following such Termination Date would be less than the Available Amount of the Letters of Credit expiring after such Termination Date. Within the limits referred to above, the Borrower
may from time to time request the issuance of Letters of Credit under this Section
2.01(d).
(ii) No Letter of Credit shall have an expiration date (including all
rights of the Borrower or the beneficiary to require renewal) later than the earlier of 10
rights of the Borrower or the beneficiary to require renewal) later than the earlier of 10
Business Days before the Termination Date and one year after the date of Issuance
thereof (or such longer period agreed to by the applicable Issuing Bank in its sole
discretion), but may by its terms be renewable annually automatically or upon written
notice (a “Notice of Renewal”) given to the applicable Issuing Bank and the Agent on or prior to any date for Notice of Renewal set forth in such Letter of Credit but in any event at least three Business Days prior to the date of the expiration of such standby Letter of
Credit (or such shorter period as the Issuing Bank shall agree); provided, that no Letter of Credit may expire after the Termination Date of any Non-Extending Lender if, after
giving effect to such issuance, the aggregate Revolving Credit Commitments of the
Revolving Credit Lenders (including any replacement Revolving Credit Lenders) for the period following such Termination Date would be less than the Available Amount of the Letters of Credit expiring after such Termination Date and the terms of each standby
Letter of Credit that is automatically renewable annually (“Auto-Extension Letter of
thereof (or such longer period agreed to by the applicable Issuing Bank in its sole
discretion), but may by its terms be renewable annually automatically or upon written
notice (a “Notice of Renewal”) given to the applicable Issuing Bank and the Agent on or prior to any date for Notice of Renewal set forth in such Letter of Credit but in any event at least three Business Days prior to the date of the expiration of such standby Letter of
Credit (or such shorter period as the Issuing Bank shall agree); provided, that no Letter of Credit may expire after the Termination Date of any Non-Extending Lender if, after
giving effect to such issuance, the aggregate Revolving Credit Commitments of the
Revolving Credit Lenders (including any replacement Revolving Credit Lenders) for the period following such Termination Date would be less than the Available Amount of the Letters of Credit expiring after such Termination Date and the terms of each standby
Letter of Credit that is automatically renewable annually (“Auto-Extension Letter of
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Credit”) shall permit the applicable Issuing Bank to prevent any such extension at least
once in each 12-month period (commencing with the date of issuance of such Letter of
Credit) by giving prior notice to the beneficiary thereof not later than a day (the
once in each 12-month period (commencing with the date of issuance of such Letter of
Credit) by giving prior notice to the beneficiary thereof not later than a day (the
“Non-Extension Notice Date”) in each such 12-month period to be agreed upon at the
time such Letter of Credit is issued. Unless otherwise directed by the applicable Issuing
Bank, the Borrower shall not be required to make a specific request to such Issuing Bank for any such extension. Once an Auto-Extension Letter of Credit has been issued, the
Lenders shall be deemed to have authorized (but may not require) the applicable Issuing Bank to permit the extension of such Letter of Credit at any time to an expiry date not
later than 10 Business Days before the Termination Date; provided, however, that such
Issuing Bank shall not permit any such extension if (A) such Issuing Bank has reasonably determined that it would not be permitted, or would have no obligation, at such time to
issue such Letter of Credit (as extended) under the terms hereof, or (B) it has received
notice (which may be by telephone or in writing) on or before the day that is seven
Business Days before the Non-Extension Notice Date from the Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 3.04 is not
then satisfied, and in each such case directing such Issuing Bank not to permit such
extension.
time such Letter of Credit is issued. Unless otherwise directed by the applicable Issuing
Bank, the Borrower shall not be required to make a specific request to such Issuing Bank for any such extension. Once an Auto-Extension Letter of Credit has been issued, the
Lenders shall be deemed to have authorized (but may not require) the applicable Issuing Bank to permit the extension of such Letter of Credit at any time to an expiry date not
later than 10 Business Days before the Termination Date; provided, however, that such
Issuing Bank shall not permit any such extension if (A) such Issuing Bank has reasonably determined that it would not be permitted, or would have no obligation, at such time to
issue such Letter of Credit (as extended) under the terms hereof, or (B) it has received
notice (which may be by telephone or in writing) on or before the day that is seven
Business Days before the Non-Extension Notice Date from the Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 3.04 is not
then satisfied, and in each such case directing such Issuing Bank not to permit such
extension.
(e) The Tranche B2 Loans. Subject to the terms and conditions set
forth herein, each Tranche B2 Lender severally (and not jointly) agrees to make a single
forth herein, each Tranche B2 Lender severally (and not jointly) agrees to make a single
loan to the Borrower on the Second Amendment Effective Date in Dollars in an amount
not to exceed such Lender’s Tranche B2 Commitment. Amounts borrowed in respect of
the Tranche B2 Loans and repaid or prepaid may not be reborrowed. The Tranche B2
not to exceed such Lender’s Tranche B2 Commitment. Amounts borrowed in respect of
the Tranche B2 Loans and repaid or prepaid may not be reborrowed. The Tranche B2
Loans shall be subject to the provisions, including any provisions regarding the
obligations of the Loan Parties in respect thereof and any provisions regarding the rights of the Tranche B2 Lenders, under this Agreement and the other Loan Documents.
obligations of the Loan Parties in respect thereof and any provisions regarding the rights of the Tranche B2 Lenders, under this Agreement and the other Loan Documents.
Interest will begin accruing on the Tranche B2 Loans on the Second Amendment
Effective Date. Upon the making of any Tranche B2 Loans by a Tranche B2 Lender, such Tranche B2 Lender’s Tranche B2 Commitment shall be permanently reduced to zero.
Effective Date. Upon the making of any Tranche B2 Loans by a Tranche B2 Lender, such Tranche B2 Lender’s Tranche B2 Commitment shall be permanently reduced to zero.
(f) The Term 2 Advances. Subject to the terms and conditions set forth herein, each Term 2 Lender severally (and not jointly) agrees to make a single loan to the Borrower on the Fourth Amendment Effective Date in Dollars in an amount not to exceed such Lender’s Term 2 Commitment. Amounts borrowed in respect of the Term 2 Advances and repaid or prepaid may not be reborrowed. The Term 2 Advances shall be subject to the provisions, including any provisions regarding the obligations of the Loan Parties in respect thereof and any provisions regarding the rights of the Term 2 Lenders, under this Agreement and the other Loan Documents. Interest will begin accruing on the Term 2 Advances on the Fourth Amendment Effective Date. Upon the making of any Term 2 Advances by a Term 2 Lender, such Term 2 Lender’s Term 2 Commitment shall be permanently reduced to zero.
Section 2.02. Making the Advances. iv) Except as otherwise provided
in Section 2.03(c), each Borrowing shall be made on notice, given not later than (x)
in Section 2.03(c), each Borrowing shall be made on notice, given not later than (x)
11:00 A.M. (New York City time) on the third Business Day prior to the date of the
proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate
proposed Borrowing in the case of a Borrowing consisting of Eurocurrency Rate
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Advances denominated in Dollars, (y) 4:00 P.M. (London time) on the third Business
Day prior to the date of the proposed Borrowing in the case of a Revolving Credit
Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed
Currency, or (z) 11:00 A.M. (New York City time) on the date of the proposed
Borrowing in the case of a Revolving Credit Borrowing consisting of Base Rate
Advances, by the Borrower to the Agent, which shall give to each Appropriate Lender
prompt notice thereof by e-mail. Each such notice of a Borrowing (a “Notice of
Borrowing”) shall be by telephone, confirmed immediately in writing in substantially the form of Exhibit B hereto, specifying therein the requested (i) date and Facility of such
Borrowing, (ii) Type of Advances comprising such Borrowing, (iii) aggregate amount of such Borrowing, and (iv) in the case of a Borrowing consisting of Eurocurrency Rate
Advances, initial Interest Period and, if a Revolving Credit Borrowing, currency for each such Advance. Each Appropriate Lender shall (1) before 11:00 A.M. (New York City
time) on the date of such Borrowing, in the case of a Borrowing consisting of
Eurocurrency Rate Advances denominated in Dollars, (2) before 11:00 A.M. (London
time) on the date of such Revolving Credit Borrowing, in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed
Currency and (3) before 1:00 P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Base Rate Advances, make available for the
account of its Applicable Lending Office to the Agent at the applicable Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing. After the Agent’s
receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Agent will make such funds available to the Borrower at the Agent’s address
referred to in Section 9.02 or at the applicable Payment Office, as the case may be.
Day prior to the date of the proposed Borrowing in the case of a Revolving Credit
Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed
Currency, or (z) 11:00 A.M. (New York City time) on the date of the proposed
Borrowing in the case of a Revolving Credit Borrowing consisting of Base Rate
Advances, by the Borrower to the Agent, which shall give to each Appropriate Lender
prompt notice thereof by e-mail. Each such notice of a Borrowing (a “Notice of
Borrowing”) shall be by telephone, confirmed immediately in writing in substantially the form of Exhibit B hereto, specifying therein the requested (i) date and Facility of such
Borrowing, (ii) Type of Advances comprising such Borrowing, (iii) aggregate amount of such Borrowing, and (iv) in the case of a Borrowing consisting of Eurocurrency Rate
Advances, initial Interest Period and, if a Revolving Credit Borrowing, currency for each such Advance. Each Appropriate Lender shall (1) before 11:00 A.M. (New York City
time) on the date of such Borrowing, in the case of a Borrowing consisting of
Eurocurrency Rate Advances denominated in Dollars, (2) before 11:00 A.M. (London
time) on the date of such Revolving Credit Borrowing, in the case of a Revolving Credit Borrowing consisting of Eurocurrency Rate Advances denominated in any Committed
Currency and (3) before 1:00 P.M. (New York City time) on the date of such Borrowing, in the case of a Borrowing consisting of Base Rate Advances, make available for the
account of its Applicable Lending Office to the Agent at the applicable Agent’s Account, in same day funds, such Lender’s ratable portion of such Borrowing. After the Agent’s
receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Agent will make such funds available to the Borrower at the Agent’s address
referred to in Section 9.02 or at the applicable Payment Office, as the case may be.
(b) Anything in subsection (a) above to the contrary notwithstanding,
(i) the Borrower may not select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than six separate Term Borrowings, Term 2 Borrowings, Tranche B Borrowings or Tranche B2 Borrowings and ten separate Revolving Credit Borrowings.
(i) the Borrower may not select Eurocurrency Rate Advances for any Borrowing if the aggregate amount of such Borrowing is less than the Borrowing Minimum or if the obligation of the Lenders to make Eurocurrency Rate Advances shall then be suspended pursuant to Section 2.08 or 2.12 and (ii) the Eurocurrency Rate Advances may not be outstanding as part of more than six separate Term Borrowings, Term 2 Borrowings, Tranche B Borrowings or Tranche B2 Borrowings and ten separate Revolving Credit Borrowings.
(c) Each Notice of Borrowing shall be irrevocable and binding on the
Borrower. In the case of any Borrowing that the related Notice of Borrowing specifies is to be comprised of Eurocurrency Rate Advances, the Borrower shall indemnify each
Borrower. In the case of any Borrowing that the related Notice of Borrowing specifies is to be comprised of Eurocurrency Rate Advances, the Borrower shall indemnify each
Appropriate Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing for
such Borrowing the applicable conditions set forth herein, including, without limitation,
any loss (including loss of anticipated profits), cost or expense incurred by reason of the
liquidation or reemployment of deposits or other funds acquired by such Lender to fund
the Advance to be made by such Lender as part of such Borrowing when such Advance,
as a result of such failure, is not made on such date.
such Borrowing the applicable conditions set forth herein, including, without limitation,
any loss (including loss of anticipated profits), cost or expense incurred by reason of the
liquidation or reemployment of deposits or other funds acquired by such Lender to fund
the Advance to be made by such Lender as part of such Borrowing when such Advance,
as a result of such failure, is not made on such date.
(d) Unless the Agent shall have received notice from an Appropriate
Lender prior to the time of any Borrowing that such Lender will not make available to the
Lender prior to the time of any Borrowing that such Lender will not make available to the
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Agent such Lender’s ratable portion of such Borrowing, the Agent may assume that such Lender has made such portion available to the Agent on the date of such Borrowing in
accordance with subsection (a) or (b) of this Section 2.02, as applicable, and the Agent
may, in reliance upon such assumption, make available to the Borrower on such date a
corresponding amount. If and to the extent that such Lender shall not have so made such
ratable portion available to the Agent, such Lender and the Borrower severally agree to
repay to the Agent forthwith on demand such corresponding amount together with
accordance with subsection (a) or (b) of this Section 2.02, as applicable, and the Agent
may, in reliance upon such assumption, make available to the Borrower on such date a
corresponding amount. If and to the extent that such Lender shall not have so made such
ratable portion available to the Agent, such Lender and the Borrower severally agree to
repay to the Agent forthwith on demand such corresponding amount together with
interest thereon, for each day from the date such amount is made available to the
Borrower until the date such amount is repaid to the Agent, at (i) in the case of the
Borrower, the higher of (A) the interest rate applicable at the time to the Advances
comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, (A) the Federal Funds Rate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in
respect of such amount in the case of Advances denominated in Committed Currencies. If such Lender shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this
Agreement.
Borrower until the date such amount is repaid to the Agent, at (i) in the case of the
Borrower, the higher of (A) the interest rate applicable at the time to the Advances
comprising such Borrowing and (B) the cost of funds incurred by the Agent in respect of such amount and (ii) in the case of such Lender, (A) the Federal Funds Rate in the case of Advances denominated in Dollars or (B) the cost of funds incurred by the Agent in
respect of such amount in the case of Advances denominated in Committed Currencies. If such Lender shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this
Agreement.
(e) The obligations of the Lenders hereunder to make Advances and to
make payments pursuant to Section 9.04(c) are several and not joint. The failure of any Appropriate Lender to make any Advance or to make any payment under Section 9.04(c) on any date required hereunder shall not relieve any other Appropriate Lender of its corresponding obligation to do so on such date and no Lender shall be responsible for the failure of any other Lender to make its Advance or to make its payment under Section 9.04(c).
make payments pursuant to Section 9.04(c) are several and not joint. The failure of any Appropriate Lender to make any Advance or to make any payment under Section 9.04(c) on any date required hereunder shall not relieve any other Appropriate Lender of its corresponding obligation to do so on such date and no Lender shall be responsible for the failure of any other Lender to make its Advance or to make its payment under Section 9.04(c).
Section 2.03. Issuance of and Drawings and Reimbursement Under
(a) Request for Issuance. (1) Each Letter of Credit shall be issued upon notice, given not later than 11:00 A.M. (New York City time) on the fifth Business Day prior to the date of the proposed Issuance of such Letter of Credit (or on such shorter notice as the applicable Issuing Bank may agree), by the Borrower to any Issuing Bank, and such Issuing Bank shall give the Agent, prompt notice thereof. Each such notice by the Borrower of an Issuance of a Letter of Credit (a “Notice of Issuance”) shall be accompanied by a letter of credit application, appropriately completed and signed by a Responsible Officer (or designee thereof) of the Borrower and may be sent by United States mail, by overnight courier, by electronic transmission using the system provided
by such Issuing Bank, by personal delivery or by any other means acceptable to such
Issuing Bank, specifying therein the requested (A) date of such Issuance (which shall be
Issuing Bank, specifying therein the requested (A) date of such Issuance (which shall be
a Business Day), (B) Available Amount of such Letter of Credit, (C) expiration date of
such Letter of Credit, (D) name and address of the beneficiary of such Letter of Credit
such Letter of Credit, (D) name and address of the beneficiary of such Letter of Credit
and (E) form of such Letter of Credit. Each Letter of Credit shall be issued pursuant to
such form of an application and agreement for issuance or amendment of a letter of credit as is used from time to time by such Issuing Bank (a “Letter of Credit Agreement”). If
such form of an application and agreement for issuance or amendment of a letter of credit as is used from time to time by such Issuing Bank (a “Letter of Credit Agreement”). If
the requested form of such Letter of Credit is acceptable to such Issuing Bank in its
reasonable discretion (it being understood that any such form shall have only explicit
reasonable discretion (it being understood that any such form shall have only explicit
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documentary conditions to draw and shall not include discretionary conditions), such
Issuing Bank shall, unless such Issuing Bank has received written notice from any
Issuing Bank shall, unless such Issuing Bank has received written notice from any
Lender or the Agent, at least one Business Day prior to the requested date of Issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions
contained in Section 3.04 shall not then be satisfied, then, subject to the terms and
conditions hereof, on the requested date, issue a Letter of Credit for the account of the
Borrower or the applicable Subsidiary of the Borrower or enter into the applicable
amendment, as the case may be, in each case in accordance with such Issuing Bank’s
usual and customary business practices. Additionally, the Borrower shall furnish to the
applicable Issuing Bank and the Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, as such Issuing Bank or the
Agent may reasonably require. In the event and to the extent that the provisions of any
Letter of Credit Agreement shall conflict with this Agreement, the provisions of this
Agreement shall govern. Notwithstanding anything to the contrary in this Agreement, the Issuing Banks may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication
message or overnight courier, or any other commercially reasonable means of
communicating with a beneficiary.
contained in Section 3.04 shall not then be satisfied, then, subject to the terms and
conditions hereof, on the requested date, issue a Letter of Credit for the account of the
Borrower or the applicable Subsidiary of the Borrower or enter into the applicable
amendment, as the case may be, in each case in accordance with such Issuing Bank’s
usual and customary business practices. Additionally, the Borrower shall furnish to the
applicable Issuing Bank and the Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, as such Issuing Bank or the
Agent may reasonably require. In the event and to the extent that the provisions of any
Letter of Credit Agreement shall conflict with this Agreement, the provisions of this
Agreement shall govern. Notwithstanding anything to the contrary in this Agreement, the Issuing Banks may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication
message or overnight courier, or any other commercially reasonable means of
communicating with a beneficiary.
(ii) The Borrower shall promptly examine a copy of each Letter of
Credit and each amendment thereto that is delivered to it and, in the event of any claim of
Credit and each amendment thereto that is delivered to it and, in the event of any claim of
noncompliance with the Borrower’s instructions or other irregularity, the Borrower will
immediately notify the applicable Issuing Bank. The Borrower shall be conclusively
deemed to have waived any such claim against the applicable Issuing Bank and its
correspondents unless such notice is given as aforesaid.
immediately notify the applicable Issuing Bank. The Borrower shall be conclusively
deemed to have waived any such claim against the applicable Issuing Bank and its
correspondents unless such notice is given as aforesaid.
(b) Participations. By the Issuance of a Letter of Credit (or an
amendment to a Letter of Credit increasing or decreasing the amount thereof) and
amendment to a Letter of Credit increasing or decreasing the amount thereof) and
without any further action on the part of the applicable Issuing Bank or the Revolving
Credit Lenders, such Issuing Bank hereby grants to each Revolving Credit Lender, and
each Revolving Credit Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Ratable Share of the Available Amount of
such Letter of Credit. The Borrower hereby agrees to each such participation. In
consideration and in furtherance of the foregoing, each Revolving Credit Lender hereby
absolutely and unconditionally agrees to pay to the Agent, for the account of such Issuing Bank, such Lender’s Ratable Share of each drawing made under a Letter of Credit funded by such Issuing Bank and not reimbursed by the Borrower on the date made, or of any
reimbursement payment required to be refunded to the Borrower for any reason, which
amount will be advanced, and deemed to be a Revolving Credit Advance to the Borrower hereunder, regardless of the satisfaction of the conditions set forth in Section 3.04. Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and
unconditional and shall not be affected by any circumstance whatsoever, including any
amendment, renewal or extension of any Letter of Credit or the occurrence and
continuance of a Default or reduction or termination of the Revolving Credit
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Credit Lender further
Credit Lenders, such Issuing Bank hereby grants to each Revolving Credit Lender, and
each Revolving Credit Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Ratable Share of the Available Amount of
such Letter of Credit. The Borrower hereby agrees to each such participation. In
consideration and in furtherance of the foregoing, each Revolving Credit Lender hereby
absolutely and unconditionally agrees to pay to the Agent, for the account of such Issuing Bank, such Lender’s Ratable Share of each drawing made under a Letter of Credit funded by such Issuing Bank and not reimbursed by the Borrower on the date made, or of any
reimbursement payment required to be refunded to the Borrower for any reason, which
amount will be advanced, and deemed to be a Revolving Credit Advance to the Borrower hereunder, regardless of the satisfaction of the conditions set forth in Section 3.04. Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and
unconditional and shall not be affected by any circumstance whatsoever, including any
amendment, renewal or extension of any Letter of Credit or the occurrence and
continuance of a Default or reduction or termination of the Revolving Credit
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Credit Lender further
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acknowledges and agrees that its participation in each Letter of Credit will be
automatically adjusted to reflect such Lender’s Ratable Share of the Available Amount of such Letter of Credit at each time such Lender’s Revolving Credit Commitment is
amended pursuant to an assignment in accordance with Section 9.07 or otherwise
pursuant to this Agreement.
automatically adjusted to reflect such Lender’s Ratable Share of the Available Amount of such Letter of Credit at each time such Lender’s Revolving Credit Commitment is
amended pursuant to an assignment in accordance with Section 9.07 or otherwise
pursuant to this Agreement.
(c) Drawing and Reimbursement. 1. The payment by an Issuing Bank
of a draft drawn under any Letter of Credit which is not reimbursed by the Borrower on the date made shall constitute for all purposes of this Agreement the making by any such Issuing Bank of an Advance, which shall be a Base Rate Advance, in the amount of such draft, without regard to whether the making of such an Advance would exceed such Issuing Bank’s Unused Revolving Credit Commitment. Each Issuing Bank shall give prompt notice of each drawing under any Letter of Credit issued by it to the Borrower
of a draft drawn under any Letter of Credit which is not reimbursed by the Borrower on the date made shall constitute for all purposes of this Agreement the making by any such Issuing Bank of an Advance, which shall be a Base Rate Advance, in the amount of such draft, without regard to whether the making of such an Advance would exceed such Issuing Bank’s Unused Revolving Credit Commitment. Each Issuing Bank shall give prompt notice of each drawing under any Letter of Credit issued by it to the Borrower
and the Agent. The Borrower shall reimburse such Issuing Bank (which, in the case of
any standby Letter of Credit, shall be through the Agent) in Dollars (in the case of Letters of Credit denominated in Dollars) or in the applicable Committed Currency (in the case
any standby Letter of Credit, shall be through the Agent) in Dollars (in the case of Letters of Credit denominated in Dollars) or in the applicable Committed Currency (in the case
of Letters of Credit denominated in a Committed Currency), unless (A) such Issuing
Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars,
the Borrower shall have notified such Issuing Bank promptly following receipt of the
notice of drawing that the Borrower will reimburse such Issuing Bank in Dollars. In the
case of any such reimbursement in Dollars of a drawing under a Letter of Credit
denominated in a Committed Currency, the applicable Issuing Bank shall notify the
Borrower of the Equivalent of the amount of the drawing promptly following the
determination thereof, on (A) the date the Borrower receives such notice of payment by
the applicable Issuing Bank; provided that such notice is given not later than 11:00 A.M. (New York City time) on such day, or (B) the first Business Day next succeeding such
day if notice of such payment is given after such time. If the Borrower fails to so
reimburse the applicable Issuing Bank by such time, the Agent shall promptly notify each Revolving Credit Lender the amount of the unreimbursed drawing, and the amount of
such Lender’s Ratable Share thereof. Each Revolving Credit Lender acknowledges and
agrees that its obligation to make Advances pursuant to this paragraph in respect of
Letters of Credit is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including any amendment, renewal or extension of any Letter
of Credit or the occurrence and continuance of a Default or reduction or termination of
the Revolving Credit Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever. Promptly after receipt
thereof, the Agent shall transfer such funds to such Issuing Bank. Each Revolving Credit Lender agrees to fund its Ratable Share of an outstanding Advance on (i) the Business
Day on which demand therefor is made by such Issuing Bank, provided that notice of
such demand is given not later than 1:00 P.M. (New York City time) on such Business
Day, or (ii) the first Business Day next succeeding such demand if notice of such demand is given after such time. If and to the extent that any Revolving Credit Lender shall not
have so made the amount of such Advance available to the applicable Issuing Bank, such Lender agrees to pay to the Agent forthwith on demand such amount together with
interest thereon, for each day from the date of demand by any such Issuing Bank until the date such amount is paid to the Agent, at the higher of the Federal Funds Rate and a rate
the Borrower shall have notified such Issuing Bank promptly following receipt of the
notice of drawing that the Borrower will reimburse such Issuing Bank in Dollars. In the
case of any such reimbursement in Dollars of a drawing under a Letter of Credit
denominated in a Committed Currency, the applicable Issuing Bank shall notify the
Borrower of the Equivalent of the amount of the drawing promptly following the
determination thereof, on (A) the date the Borrower receives such notice of payment by
the applicable Issuing Bank; provided that such notice is given not later than 11:00 A.M. (New York City time) on such day, or (B) the first Business Day next succeeding such
day if notice of such payment is given after such time. If the Borrower fails to so
reimburse the applicable Issuing Bank by such time, the Agent shall promptly notify each Revolving Credit Lender the amount of the unreimbursed drawing, and the amount of
such Lender’s Ratable Share thereof. Each Revolving Credit Lender acknowledges and
agrees that its obligation to make Advances pursuant to this paragraph in respect of
Letters of Credit is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including any amendment, renewal or extension of any Letter
of Credit or the occurrence and continuance of a Default or reduction or termination of
the Revolving Credit Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever. Promptly after receipt
thereof, the Agent shall transfer such funds to such Issuing Bank. Each Revolving Credit Lender agrees to fund its Ratable Share of an outstanding Advance on (i) the Business
Day on which demand therefor is made by such Issuing Bank, provided that notice of
such demand is given not later than 1:00 P.M. (New York City time) on such Business
Day, or (ii) the first Business Day next succeeding such demand if notice of such demand is given after such time. If and to the extent that any Revolving Credit Lender shall not
have so made the amount of such Advance available to the applicable Issuing Bank, such Lender agrees to pay to the Agent forthwith on demand such amount together with
interest thereon, for each day from the date of demand by any such Issuing Bank until the date such amount is paid to the Agent, at the higher of the Federal Funds Rate and a rate
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determined by the Issuing Bank in accordance with banking industry rules on interbank
compensation. A certificate of an Issuing Bank submitted to any Lender (through the
Agent) with respect to any amounts owing under this Section 2.03(c) shall be conclusive absent manifest error. If such Lender shall pay to the Agent such amount for the account of any such Issuing Bank on any Business Day, such amount so paid in respect of
principal shall constitute an Advance made by such Lender on such Business Day for
purposes of this Agreement, and the outstanding principal amount of the Advance made by such Issuing Bank shall be reduced by such amount on such Business Day.
compensation. A certificate of an Issuing Bank submitted to any Lender (through the
Agent) with respect to any amounts owing under this Section 2.03(c) shall be conclusive absent manifest error. If such Lender shall pay to the Agent such amount for the account of any such Issuing Bank on any Business Day, such amount so paid in respect of
principal shall constitute an Advance made by such Lender on such Business Day for
purposes of this Agreement, and the outstanding principal amount of the Advance made by such Issuing Bank shall be reduced by such amount on such Business Day.
(ii) If any payment received by the Agent for the account of an Issuing
Bank pursuant to Section 2.03(c)(i) is required to be returned because it is invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Issuing Bank in its discretion) to be repaid to a trustee, receiver or any other party in connection with any proceeding under any Debtor Relief Law or otherwise, each Revolving Credit Lender shall pay to the Agent for the account
Bank pursuant to Section 2.03(c)(i) is required to be returned because it is invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Issuing Bank in its discretion) to be repaid to a trustee, receiver or any other party in connection with any proceeding under any Debtor Relief Law or otherwise, each Revolving Credit Lender shall pay to the Agent for the account
of such Issuing Bank its Ratable Share thereof on demand of the Agent, plus interest
thereon from the date of such demand to the date such amount is returned by such
thereon from the date of such demand to the date such amount is returned by such
Lender, at a rate per annum equal to (x) with respect to any amount denominated in
Dollars, the greater of (1) the Federal Funds Rate and (2) an overnight rate determined by the Agent or such Issuing Bank, as the case may be, in accordance with banking industry rules on interbank compensation, and (y) with respect to any amount denominated in a
Committed Currency, the rate of interest per annum at which overnight deposits in the
applicable Committed Currency, in an amount approximately equal to the amount with
respect to which such rate is being determined, would be offered for such day by a
Dollars, the greater of (1) the Federal Funds Rate and (2) an overnight rate determined by the Agent or such Issuing Bank, as the case may be, in accordance with banking industry rules on interbank compensation, and (y) with respect to any amount denominated in a
Committed Currency, the rate of interest per annum at which overnight deposits in the
applicable Committed Currency, in an amount approximately equal to the amount with
respect to which such rate is being determined, would be offered for such day by a
branch or Affiliate of the Agent or such Issuing Bank in the applicable offshore interbank market for such currency to major banks in such interbank market. The obligations of the Revolving Credit Lenders under this clause shall survive the payment in full of the
obligations and the termination of this Agreement.
obligations and the termination of this Agreement.
(d) Letter of Credit Reports. Each Issuing Bank shall furnish (i) to the
Agent (with a copy to the Borrower), on the first Business Day of each week a written report summarizing Issuance and expiration dates of trade Letters of Credit issued by such Issuing Bank during the preceding week and drawings during such week under all trade Letters of Credit issued by such Issuing Bank, (ii) to the Agent (with a copy to the Borrower), on the first Business Day of each month a written report summarizing Issuance and expiration dates of Letters of Credit issued by such Issuing Bank during the preceding month and drawings during such month under all Letters of Credit issued by such Issuing Bank and (iii) to the Agent (with a copy to the Borrower), on the first Business Day of each calendar quarter a written report setting forth (A) the average daily aggregate Available Amount and (B) the amount available to be drawn, in each case, during the preceding calendar quarter of all Letters of Credit issued by such Issuing Bank. The Agent shall give to each Revolving Credit Lender prompt notice of each report delivered to it pursuant to this Section.
Agent (with a copy to the Borrower), on the first Business Day of each week a written report summarizing Issuance and expiration dates of trade Letters of Credit issued by such Issuing Bank during the preceding week and drawings during such week under all trade Letters of Credit issued by such Issuing Bank, (ii) to the Agent (with a copy to the Borrower), on the first Business Day of each month a written report summarizing Issuance and expiration dates of Letters of Credit issued by such Issuing Bank during the preceding month and drawings during such month under all Letters of Credit issued by such Issuing Bank and (iii) to the Agent (with a copy to the Borrower), on the first Business Day of each calendar quarter a written report setting forth (A) the average daily aggregate Available Amount and (B) the amount available to be drawn, in each case, during the preceding calendar quarter of all Letters of Credit issued by such Issuing Bank. The Agent shall give to each Revolving Credit Lender prompt notice of each report delivered to it pursuant to this Section.
(e) Failure to Make Advances. The failure of any Revolving Credit
Lender to make the Advance to be made by it on the date specified in Section 2.03(c) shall not relieve any other Revolving Credit Lender of its obligation hereunder to make
Lender to make the Advance to be made by it on the date specified in Section 2.03(c) shall not relieve any other Revolving Credit Lender of its obligation hereunder to make
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its Advance on such date, but no Lender shall be responsible for the failure of any other
Lender to make the Advance to be made by such other Lender on such date.
Lender to make the Advance to be made by such other Lender on such date.
(f) Applicability of ISP and UCP; Limitation of Liability. Unless
otherwise expressly agreed by the Issuing Banks and the Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and
otherwise expressly agreed by the Issuing Banks and the Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and
(ii) the rules of the UCP shall apply to each trade Letter of Credit. Notwithstanding the
foregoing, no Issuing Bank shall be responsible to the Borrower for, and no Issuing
Bank’s rights and remedies against the Borrower shall be impaired by, any action or
inaction of such Issuing Bank required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including any order of a jurisdiction where such Issuing Bank or the beneficiary is located, the
practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice
statements or official commentary of the ICC Banking Commission, the Bankers
Association for Finance and Trade - International Financial Services Association
(BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not
any Letter of Credit chooses such law or practice.
foregoing, no Issuing Bank shall be responsible to the Borrower for, and no Issuing
Bank’s rights and remedies against the Borrower shall be impaired by, any action or
inaction of such Issuing Bank required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including any order of a jurisdiction where such Issuing Bank or the beneficiary is located, the
practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice
statements or official commentary of the ICC Banking Commission, the Bankers
Association for Finance and Trade - International Financial Services Association
(BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not
any Letter of Credit chooses such law or practice.
(g) Letters of Credit Issued for Subsidiaries. Notwithstanding that a
Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is
Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is
for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the
applicable Issuing Bank hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of its Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.
applicable Issuing Bank hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of its Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.
Section 2.04. Fees. v) Commitment Fee. The Borrower agrees to pay
to the Agent for the account of each Revolving Credit Lender a commitment fee on the aggregate amount of such Lender’s Unused Revolving Credit Commitment from the Effective Date and until the Termination Date applicable to such Lender, at a rate per annum equal to the Applicable Percentage in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December, commencing December 31, 2018, and on the Termination Date applicable to such Lender. To the extent that the Engility Closing Date has not occurred prior to the date that is 90 days after the Effective Date, the Borrower agrees to pay to the Agent for the account of each Term Lender and/or Revolving Credit Lender, as applicable, a commitment fee on the aggregate amount of such Lender’s Term Commitment (as in effect from time to time from and after the date that is 90 days after the Effective Date) and/or Acquisition Revolving Credit Incremental Commitment Amount, as applicable, from the date that is 90 days after the Effective Date and until, (and shall be due and payable on) the earlier of (1) the Engility Closing Date or the Fall-Away Date, as applicable and (2) the date on which such Term Commitment and/or Acquisition Revolving Credit Incremental Commitment Amount have terminated, at a rate per annum equal to the Applicable Percentage.
to the Agent for the account of each Revolving Credit Lender a commitment fee on the aggregate amount of such Lender’s Unused Revolving Credit Commitment from the Effective Date and until the Termination Date applicable to such Lender, at a rate per annum equal to the Applicable Percentage in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December, commencing December 31, 2018, and on the Termination Date applicable to such Lender. To the extent that the Engility Closing Date has not occurred prior to the date that is 90 days after the Effective Date, the Borrower agrees to pay to the Agent for the account of each Term Lender and/or Revolving Credit Lender, as applicable, a commitment fee on the aggregate amount of such Lender’s Term Commitment (as in effect from time to time from and after the date that is 90 days after the Effective Date) and/or Acquisition Revolving Credit Incremental Commitment Amount, as applicable, from the date that is 90 days after the Effective Date and until, (and shall be due and payable on) the earlier of (1) the Engility Closing Date or the Fall-Away Date, as applicable and (2) the date on which such Term Commitment and/or Acquisition Revolving Credit Incremental Commitment Amount have terminated, at a rate per annum equal to the Applicable Percentage.
(b) Letter of Credit Fees. 1. The Borrower shall pay to the Agent for
the account of each Revolving Credit Lender a fee on such Lender’s Ratable Share of the
the account of each Revolving Credit Lender a fee on such Lender’s Ratable Share of the
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average daily aggregate Available Amount of all Letters of Credit and outstanding from
time to time at a rate per annum equal to the Applicable Margin for Eurocurrency Rate
Advances under the Revolving Credit Facility in effect from time to time during such
calendar quarter, payable in arrears quarterly on the last day of each March, June,
September and December, commencing with the quarter ended December 31, 2018, and on the Termination Date; provided that the Applicable Margin shall be 2% above the
Applicable Margin in effect upon the occurrence and during the continuation of an Event of Default if the Borrower is required to pay Default Interest pursuant to Section 2.07(b).
time to time at a rate per annum equal to the Applicable Margin for Eurocurrency Rate
Advances under the Revolving Credit Facility in effect from time to time during such
calendar quarter, payable in arrears quarterly on the last day of each March, June,
September and December, commencing with the quarter ended December 31, 2018, and on the Termination Date; provided that the Applicable Margin shall be 2% above the
Applicable Margin in effect upon the occurrence and during the continuation of an Event of Default if the Borrower is required to pay Default Interest pursuant to Section 2.07(b).
(ii) The Borrower shall pay to each Issuing Bank, for its own account,
a fronting fee and such other commissions, issuance fees, transfer fees and other fees and charges in connection with the Issuance or administration of each Letter of Credit as the Borrower and such Issuing Bank shall agree.
a fronting fee and such other commissions, issuance fees, transfer fees and other fees and charges in connection with the Issuance or administration of each Letter of Credit as the Borrower and such Issuing Bank shall agree.
(c) Agent’s Fees. The Borrower shall pay to the Agent for its own
account such fees as may from time to time be agreed between the Borrower and the Agent.
account such fees as may from time to time be agreed between the Borrower and the Agent.
Section 2.05. Optional Termination or Reduction of the
Commitments. The Borrower shall have the right, upon at least three Business Days’
Commitments. The Borrower shall have the right, upon at least three Business Days’
notice to the Agent, to terminate in whole or permanently reduce ratably in part the
unused Term Commitments (if any), Unused Revolving Credit Commitments or the
Unissued Letter of Credit Commitments of the Lenders; provided that each partial
reduction shall be in the aggregate amount of $1,000,000 or an integral multiple of
$500,000 in excess thereof. Once terminated, a commitment may not be reinstated.
unused Term Commitments (if any), Unused Revolving Credit Commitments or the
Unissued Letter of Credit Commitments of the Lenders; provided that each partial
reduction shall be in the aggregate amount of $1,000,000 or an integral multiple of
$500,000 in excess thereof. Once terminated, a commitment may not be reinstated.
Section 2.06. Repayment of Advances and Letter of Credit Drawings.
(a) Revolving Credit Advances. The Borrower shall repay to the
(a) Revolving Credit Advances. The Borrower shall repay to the
Agent for the ratable account of the Revolving Credit Lenders on the Revolving Credit
Facility Maturity Date the aggregate principal amount of the Revolving Credit Advances made to it and then outstanding.
Facility Maturity Date the aggregate principal amount of the Revolving Credit Advances made to it and then outstanding.
(b) Letter of Credit Drawings. The obligations of the Borrower under
any Letter of Credit Agreement and any other agreement or instrument relating to any Letter of Credit issued for the account of the Borrower or any of its Subsidiaries shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, such Letter of Credit Agreement and such other agreement or instrument under all circumstances, including, without limitation, the following circumstances (it being understood that any such payment by the Borrower is without prejudice to, and does not constitute a waiver of, any rights the Borrower might have or might acquire as a result of the payment by the applicable Issuing Bank or any Revolving Credit Lender of any draft or the reimbursement by the Borrower thereof):
any Letter of Credit Agreement and any other agreement or instrument relating to any Letter of Credit issued for the account of the Borrower or any of its Subsidiaries shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, such Letter of Credit Agreement and such other agreement or instrument under all circumstances, including, without limitation, the following circumstances (it being understood that any such payment by the Borrower is without prejudice to, and does not constitute a waiver of, any rights the Borrower might have or might acquire as a result of the payment by the applicable Issuing Bank or any Revolving Credit Lender of any draft or the reimbursement by the Borrower thereof):
(i) any lack of validity or enforceability of this Agreement, any Note,
any Letter of Credit Agreement, any Letter of Credit or any other agreement or
any Letter of Credit Agreement, any Letter of Credit or any other agreement or
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instrument relating thereto (all of the foregoing being, collectively, the “L/C
Related Documents”);
Related Documents”);
(ii) any change in the time, manner or place of payment of, or in any
other term of, all or any of the obligations of the Borrower in respect of any L/C
Related Document or any other amendment or waiver of or any consent to
other term of, all or any of the obligations of the Borrower in respect of any L/C
Related Document or any other amendment or waiver of or any consent to
departure from all or any of the L/C Related Documents;
(iii) the existence of any claim, set-off, defense or other right that the
Borrower may have at any time against any beneficiary or any transferee of a
Letter of Credit (or any Persons for which any such beneficiary or any such
transferee may be acting), any Issuing Bank, the Agent, any Lender or any other
Person, whether in connection with the transactions contemplated by the L/C
Related Documents or any unrelated transaction;
Letter of Credit (or any Persons for which any such beneficiary or any such
transferee may be acting), any Issuing Bank, the Agent, any Lender or any other
Person, whether in connection with the transactions contemplated by the L/C
Related Documents or any unrelated transaction;
(iv) any statement or any other document presented under a Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or
any statement therein being untrue or inaccurate in any respect;
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or
any statement therein being untrue or inaccurate in any respect;
(v) payment by any Issuing Bank under a Letter of Credit against
presentation of a draft or certificate that does not strictly comply with the terms of
presentation of a draft or certificate that does not strictly comply with the terms of
such Letter of Credit;
(vi) any exchange, release or non-perfection of any collateral, or any
release or amendment or waiver of or consent to departure from any guarantee,
for all or any of the obligations of the Borrower in respect of the L/C Related
Documents;
for all or any of the obligations of the Borrower in respect of the L/C Related
Documents;
(vii) waiver by any Issuing Bank of any requirement that exists for such
Issuing Bank’s protection and not the protection of the Borrower or any waiver by such Issuing Bank which does not in fact materially prejudice the Borrower;
Issuing Bank’s protection and not the protection of the Borrower or any waiver by such Issuing Bank which does not in fact materially prejudice the Borrower;
(viii) honor of a demand for payment presented electronically even if
such Letter of Credit requires that demand be in the form of a draft;
such Letter of Credit requires that demand be in the form of a draft;
(ix) any payment made by any Issuing Bank in respect of an otherwise
complying item presented after the date specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if
complying item presented after the date specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if
presentation after such date is authorized by the UCC, the ISP or the UCP, as
applicable; or
applicable; or
(x) any other circumstance or happening whatsoever, whether or not
similar to any of the foregoing, including, without limitation, any other
circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or a guarantor.
similar to any of the foregoing, including, without limitation, any other
circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or a guarantor.
(c) Term Advances. The Borrower shall repay to the Agent for the
ratable benefit of the Term Lenders the Original Term Advance Amount on the following
ratable benefit of the Term Lenders the Original Term Advance Amount on the following
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dates in an amount equal to the percentage set forth below opposite such dates of the
Original Term Advance Amount; provided that all Term Advances then outstanding shall be payable in full on the Term Loan Maturity Date:
Original Term Advance Amount; provided that all Term Advances then outstanding shall be payable in full on the Term Loan Maturity Date:
Date | Repayment Percentage | ||||
January 31, 2020 | 1.250 | % | |||
April 30, 2020 | 1.250 | % | |||
July 31, 2020 | 1.250 | % | |||
October 31, 2020 | 1.250 | % | |||
January 31, 2021 | 1.875 | % | |||
April 30, 2021 | 1.875 | % | |||
July 31, 2021 | 1.875 | % | |||
October 31, 2021 | 1.875 | % | |||
January 31, 2022 and the last day of each subsequently occuring April, July, October and January ending thereafter and prior to the Term Loan Maturity Date | 2.500 | % |
(d) Tranche B Loans. The Borrower shall repay (i) on the last day of
each of January, April, July and October beginning with January 31, 2019, a principal amount of Tranche B Loans equal to Original Tranche B Loan Amount multiplied by 0.25% to the Agent, for the ratable benefit of the Tranche B Lenders and (y) on the Tranche B Maturity Date, to the Agent, for the ratable benefit of the Tranche B Lenders, all Tranche B Loans outstanding on the Tranche B Maturity Date.
each of January, April, July and October beginning with January 31, 2019, a principal amount of Tranche B Loans equal to Original Tranche B Loan Amount multiplied by 0.25% to the Agent, for the ratable benefit of the Tranche B Lenders and (y) on the Tranche B Maturity Date, to the Agent, for the ratable benefit of the Tranche B Lenders, all Tranche B Loans outstanding on the Tranche B Maturity Date.
(e) Tranche B2 Loans. The Borrower shall repay (i) on the last day of
each of January, April, July and October beginning with July 31, 2020, a principal amount of Tranche B2 Loans equal to Original Tranche B2 Loan Amount multiplied by 0.25% to the Agent, for the ratable benefit of the Tranche B2 Lenders and (y) on the Tranche B2 Maturity Date, to the Agent, for the ratable benefit of the Tranche B2 Lenders, all Tranche B2 Loans outstanding on the Tranche B2 Maturity Date.
each of January, April, July and October beginning with July 31, 2020, a principal amount of Tranche B2 Loans equal to Original Tranche B2 Loan Amount multiplied by 0.25% to the Agent, for the ratable benefit of the Tranche B2 Lenders and (y) on the Tranche B2 Maturity Date, to the Agent, for the ratable benefit of the Tranche B2 Lenders, all Tranche B2 Loans outstanding on the Tranche B2 Maturity Date.
(f) Term 2 Advances. The Borrower shall repay (i) on the last day of each of January, April, July and October beginning with October 31, 2021, a principal amount of Term 2 Advances equal to Original Term 2 Advance Amount multiplied by 0.3125% to the Agent, for the ratable benefit of the Term 2 Lenders and (y) on the Term Loan Maturity Date, to the Agent, for the ratable benefit of the Term 2 Lenders, all Term 2 Advances outstanding on the Term Loan Maturity Date.
Section 2.07. Interest on Advances. vi) Scheduled Interest. The
Borrower shall pay interest on the unpaid principal amount of each Advance made to it
Borrower shall pay interest on the unpaid principal amount of each Advance made to it
and owing to each applicable Lender from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum:
(i) Base Rate Advances. During such periods as such Advance is a
Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base
Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base
Rate in effect from time to time for such Advance plus (y) the Applicable Margin
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in effect from time to time for such Advance, payable in arrears quarterly on the
last day of each March, June, September and December during such periods and
on the date such Base Rate Advance shall be Converted or paid in full.
last day of each March, June, September and December during such periods and
on the date such Base Rate Advance shall be Converted or paid in full.
(ii) Eurocurrency Rate Advances. During such periods as such
Advance is a Eurocurrency Rate Advance, a rate per annum equal at all times
Advance is a Eurocurrency Rate Advance, a rate per annum equal at all times
during each Interest Period for such Advance to the sum of (x) the Eurocurrency
Rate for such Interest Period for such Advance plus (y) the Applicable Margin in
effect from time to time for such Advance, payable in arrears on the last day of
such Interest Period and, if such Interest Period has a duration of more than three
months, on each day that occurs during such Interest Period every three months
from the first day of such Interest Period and on the date such Eurocurrency Rate
Advance shall be Converted or paid in full.
Rate for such Interest Period for such Advance plus (y) the Applicable Margin in
effect from time to time for such Advance, payable in arrears on the last day of
such Interest Period and, if such Interest Period has a duration of more than three
months, on each day that occurs during such Interest Period every three months
from the first day of such Interest Period and on the date such Eurocurrency Rate
Advance shall be Converted or paid in full.
(b) Default Interest. Upon the occurrence and during the continuance
of an Event of Default under Section 6.01(a), the Agent may, and upon the request of the
of an Event of Default under Section 6.01(a), the Agent may, and upon the request of the
Required Lenders shall, require the Borrower to pay interest (“Default Interest”) on
(i) the unpaid principal amount of each Advance owing to each Lender, payable in
arrears on the dates referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such
Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted
by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate
per annum equal at all times to 2% per annum above the rate per annum required to be
paid on Base Rate Advances pursuant to clause (a)(i) above; provided, however, that
following acceleration of the Advances pursuant to Section 6.01, Default Interest shall
accrue and be payable hereunder whether or not previously required by the Agent.
Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted
by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate
per annum equal at all times to 2% per annum above the rate per annum required to be
paid on Base Rate Advances pursuant to clause (a)(i) above; provided, however, that
following acceleration of the Advances pursuant to Section 6.01, Default Interest shall
accrue and be payable hereunder whether or not previously required by the Agent.
restatement of or other adjustment to the financial statements of the Borrower or for any
other reason, the Borrower or the Lenders determine that (i) the Leverage Ratio as
calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper
calculation of the Leverage Ratio would have resulted in higher pricing for such period,
the Borrower shall immediately and retroactively be obligated to pay to the Agent for the account of the applicable Lenders, promptly on demand by the Agent (or, after the
occurrence of an actual or deemed entry of an order for relief with respect to the
Borrower under Bankruptcy Law, automatically and without further action by the Agent or any Lender), an amount equal to the excess of the amount of interest and fees that
should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Agent or any Lender, as
the case may be, under Section 2.07(b) or under Article VI. The Borrower’s obligations
under this paragraph shall survive one year after the termination of the Commitments and the repayment of all other obligations hereunder.
calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper
calculation of the Leverage Ratio would have resulted in higher pricing for such period,
the Borrower shall immediately and retroactively be obligated to pay to the Agent for the account of the applicable Lenders, promptly on demand by the Agent (or, after the
occurrence of an actual or deemed entry of an order for relief with respect to the
Borrower under Bankruptcy Law, automatically and without further action by the Agent or any Lender), an amount equal to the excess of the amount of interest and fees that
should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Agent or any Lender, as
the case may be, under Section 2.07(b) or under Article VI. The Borrower’s obligations
under this paragraph shall survive one year after the termination of the Commitments and the repayment of all other obligations hereunder.
Section 2.08. Interest Rate Determination. vii) Each Reference Bank
agrees, if requested by the Agent, to furnish to the Agent timely information for the
agrees, if requested by the Agent, to furnish to the Agent timely information for the
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purpose of determining each Eurocurrency Rate. If any one or more of the Reference
Banks shall not furnish such timely information to the Agent for the purpose of
determining any such interest rate, the Agent shall determine such interest rate on the
basis of timely information furnished by the remaining Reference Banks. The Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate
determined by the Agent for purposes of Section 2.07(a)(i) or (ii); provided, however,
that the Borrower acknowledges and agrees that in no event (subject to applicable law)
shall the Agent provide or be required to provide the Borrower with any individual
interest rate furnished by any Reference Bank to the Agent for the purpose of
Banks shall not furnish such timely information to the Agent for the purpose of
determining any such interest rate, the Agent shall determine such interest rate on the
basis of timely information furnished by the remaining Reference Banks. The Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate
determined by the Agent for purposes of Section 2.07(a)(i) or (ii); provided, however,
that the Borrower acknowledges and agrees that in no event (subject to applicable law)
shall the Agent provide or be required to provide the Borrower with any individual
interest rate furnished by any Reference Bank to the Agent for the purpose of
determining the interest rate under Section 2.07(a)(ii).
(b) If, with respect to any Eurocurrency Rate Advances, the Required
Revolving Credit Lenders, the Required Term Lenders, Required Term 2 Lenders, the Required Tranche B Lenders or the Required Tranche B2 Lenders, as applicable, notify the Agent that (i) they are unable to obtain matching deposits in the London interbank market at or about 11:00 A.M. (London time) on the second Business Day before the making of a Borrowing in sufficient amounts to fund their respective Advances as a part of such Borrowing during its Interest Period or (ii) the Eurocurrency Rate for any Interest Period for such Advances will not adequately reflect the cost to such Lenders of making, funding or maintaining their respective Eurocurrency Rate Advances for such Interest Period, the Agent shall forthwith so notify the Borrower and the Lenders, whereupon (A) the Borrower of such Eurocurrency Rate Advances will, on the last day of the then existing Interest Period therefor, (1) if such Eurocurrency Rate Advances are denominated in Dollars, either (x) prepay such Advances or (y) Convert such Advances into Base Rate Advances and (2) if such Eurocurrency Rate Advances are denominated
Revolving Credit Lenders, the Required Term Lenders, Required Term 2 Lenders, the Required Tranche B Lenders or the Required Tranche B2 Lenders, as applicable, notify the Agent that (i) they are unable to obtain matching deposits in the London interbank market at or about 11:00 A.M. (London time) on the second Business Day before the making of a Borrowing in sufficient amounts to fund their respective Advances as a part of such Borrowing during its Interest Period or (ii) the Eurocurrency Rate for any Interest Period for such Advances will not adequately reflect the cost to such Lenders of making, funding or maintaining their respective Eurocurrency Rate Advances for such Interest Period, the Agent shall forthwith so notify the Borrower and the Lenders, whereupon (A) the Borrower of such Eurocurrency Rate Advances will, on the last day of the then existing Interest Period therefor, (1) if such Eurocurrency Rate Advances are denominated in Dollars, either (x) prepay such Advances or (y) Convert such Advances into Base Rate Advances and (2) if such Eurocurrency Rate Advances are denominated
in any Committed Currency, either (x) prepay such Advances or (y) exchange such
Advances into an Equivalent amount of Dollars and Convert such Advances into Base
Rate Advances and (B) the obligation of the Appropriate Lenders to make, or to Convert Advances into, Eurocurrency Rate Advances shall be suspended until the Agent shall
notify the Borrower and the Lenders that the circumstances causing such suspension no
longer exist.
Advances into an Equivalent amount of Dollars and Convert such Advances into Base
Rate Advances and (B) the obligation of the Appropriate Lenders to make, or to Convert Advances into, Eurocurrency Rate Advances shall be suspended until the Agent shall
notify the Borrower and the Lenders that the circumstances causing such suspension no
longer exist.
(c) If the Borrower shall fail to select the duration of any Interest
Period for any Eurocurrency Rate Advances in accordance with the provisions contained
Period for any Eurocurrency Rate Advances in accordance with the provisions contained
in the definition of “Interest Period” in Section 1.01, the Agent will forthwith so notify
the Borrower and the Appropriate Lenders and such Advances will automatically, on the last day of the then existing Interest Period therefor, (i) if such Eurocurrency Rate
Advances are denominated in Dollars, Convert into Base Rate Advances and (ii) if such
Eurocurrency Rate Advances are denominated in any Committed Currency, be
exchanged for an Equivalent amount of Dollars and Convert into Base Rate Advances.
the Borrower and the Appropriate Lenders and such Advances will automatically, on the last day of the then existing Interest Period therefor, (i) if such Eurocurrency Rate
Advances are denominated in Dollars, Convert into Base Rate Advances and (ii) if such
Eurocurrency Rate Advances are denominated in any Committed Currency, be
exchanged for an Equivalent amount of Dollars and Convert into Base Rate Advances.
(d) On the date on which the aggregate unpaid principal amount of
Eurocurrency Rate Advances comprising any Borrowing shall be reduced, by payment or
Eurocurrency Rate Advances comprising any Borrowing shall be reduced, by payment or
prepayment or otherwise, to less than the Revolving Credit Borrowing Minimum, such
Advances shall automatically (i) if such Eurocurrency Rate Advances are denominated in Dollars, Convert into Base Rate Advances and (ii) if such Eurocurrency Rate Advances
Advances shall automatically (i) if such Eurocurrency Rate Advances are denominated in Dollars, Convert into Base Rate Advances and (ii) if such Eurocurrency Rate Advances
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are denominated in a Committed Currency, be exchanged for an Equivalent amount of
Dollars and Convert into Base Rate Advances.
Dollars and Convert into Base Rate Advances.
(e) Upon the occurrence and during the continuance of any Event of
Default under Section 6.01, (i) each Eurocurrency Rate Advance will, upon request of the
Default under Section 6.01, (i) each Eurocurrency Rate Advance will, upon request of the
Required Lenders to the Agent, on the last day of the then existing Interest Period
therefor, (A) if such Eurocurrency Rate Advances are denominated in Dollars, be
Converted into Base Rate Advances and (B) if such Eurocurrency Rate Advances are
therefor, (A) if such Eurocurrency Rate Advances are denominated in Dollars, be
Converted into Base Rate Advances and (B) if such Eurocurrency Rate Advances are
denominated in any Committed Currency, be exchanged for an Equivalent amount of
Dollars and be Converted into Base Rate Advances and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurocurrency Rate Advances shall, if so requested by the Required Lenders, be suspended.
Dollars and be Converted into Base Rate Advances and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurocurrency Rate Advances shall, if so requested by the Required Lenders, be suspended.
(f) If no Screen Rate is available and fewer than two Reference Banks
furnish timely information to the Agent for determining the Eurocurrency Rate for any Eurocurrency Rate Advances after the Agent has requested such information, then:
furnish timely information to the Agent for determining the Eurocurrency Rate for any Eurocurrency Rate Advances after the Agent has requested such information, then:
(i) the Agent shall forthwith notify the Borrower and the Lenders that
the interest rate cannot be determined for such Eurocurrency Rate Advances;
the interest rate cannot be determined for such Eurocurrency Rate Advances;
(ii) each such Advance will automatically, on the last day of the then
existing Interest Period therefor, (A) if such Eurocurrency Rate Advance is
denominated in Dollars, Convert into a Base Rate Advance and (B) if such
Eurocurrency Rate Advance is denominated in any Committed Currency, be
prepaid by the Borrower or be automatically exchanged for an Equivalent amount of Dollars and be Converted into a Base Rate Advance (or if such Advance is
existing Interest Period therefor, (A) if such Eurocurrency Rate Advance is
denominated in Dollars, Convert into a Base Rate Advance and (B) if such
Eurocurrency Rate Advance is denominated in any Committed Currency, be
prepaid by the Borrower or be automatically exchanged for an Equivalent amount of Dollars and be Converted into a Base Rate Advance (or if such Advance is
then a Base Rate Advance, will continue as a Base Rate Advance); and
(iii) the obligation of the Lenders to make Eurocurrency Rate
Advances or to Convert Advances into Eurocurrency Rate Advances shall be
Advances or to Convert Advances into Eurocurrency Rate Advances shall be
suspended until the Agent shall notify the Borrower and the Lenders that the
circumstances causing such suspension no longer exist.
circumstances causing such suspension no longer exist.
(g) If the Agent determines (which determination shall be conclusive
absent manifest error), or the Required Lenders notify the Agent (with a copy to the Borrower) that the Required Lenders have determined, that (i) adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for such Eurocurrency Rate Advance, including, without limitation, because LIBOR is not available or published on a current basis and such circumstances are unlikely to be temporary; (ii) the supervisor for the administrator of LIBOR or a governmental authority having jurisdiction over the Agent has made a public statement identifying a specific date after which LIBOR shall
absent manifest error), or the Required Lenders notify the Agent (with a copy to the Borrower) that the Required Lenders have determined, that (i) adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for such Eurocurrency Rate Advance, including, without limitation, because LIBOR is not available or published on a current basis and such circumstances are unlikely to be temporary; (ii) the supervisor for the administrator of LIBOR or a governmental authority having jurisdiction over the Agent has made a public statement identifying a specific date after which LIBOR shall
no longer be made available, or used for determining the interest rate of loans; or (iii)
syndicated loans currently being executed, or that include language similar to that
contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, then, promptly after such
determination by the Agent or receipt by the Agent of such notice, as applicable, the
Agent and the Borrower may amend this Agreement to replace the Eurocurrency Rate
syndicated loans currently being executed, or that include language similar to that
contained in this Section, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, then, promptly after such
determination by the Agent or receipt by the Agent of such notice, as applicable, the
Agent and the Borrower may amend this Agreement to replace the Eurocurrency Rate
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with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein) that has been broadly accepted by the
syndicated loan market in the United States in lieu of LIBOR (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor Rate
Conforming Changes and, notwithstanding anything to the contrary in Section 9.01, any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth
Business Day after the Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, the Lenders comprising the Required
Lenders have delivered to the Agent notice that such Required Lenders do not accept
such amendment; provided that, if such LIBOR Successor Rate as so determined would
be less than zero, such rate shall be deemed to be zero for the purposes of this
Agreement. If no LIBOR Successor Rate has been determined and the circumstances
under clause (i) above exist, the obligation of the Lenders to make or maintain
Eurocurrency Rate Advances shall be suspended (to the extent of the affected
Eurocurrency Rate Advances or Interest Periods). Upon receipt of such notice, the
Borrower may revoke any pending request for a Eurocurrency Rate Borrowing,
conversion to or continuation of Eurocurrency Rate Advances (to the extent of the
affected Eurocurrency Rate Advances or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Advances in the amount specified therein.
syndicated loan market in the United States in lieu of LIBOR (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor Rate
Conforming Changes and, notwithstanding anything to the contrary in Section 9.01, any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth
Business Day after the Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, the Lenders comprising the Required
Lenders have delivered to the Agent notice that such Required Lenders do not accept
such amendment; provided that, if such LIBOR Successor Rate as so determined would
be less than zero, such rate shall be deemed to be zero for the purposes of this
Agreement. If no LIBOR Successor Rate has been determined and the circumstances
under clause (i) above exist, the obligation of the Lenders to make or maintain
Eurocurrency Rate Advances shall be suspended (to the extent of the affected
Eurocurrency Rate Advances or Interest Periods). Upon receipt of such notice, the
Borrower may revoke any pending request for a Eurocurrency Rate Borrowing,
conversion to or continuation of Eurocurrency Rate Advances (to the extent of the
affected Eurocurrency Rate Advances or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Advances in the amount specified therein.
Section 2.09. Optional Conversion of Advances. The Borrower may
on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.08 and 2.12, Convert all Advances denominated in Dollars of one Type comprising the same Borrowing into Advances denominated in Dollars of the other Type; provided, however, that any Conversion of Eurocurrency Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurocurrency Rate Advances, any Conversion of Base Rate Advances into Eurocurrency Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date
on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.08 and 2.12, Convert all Advances denominated in Dollars of one Type comprising the same Borrowing into Advances denominated in Dollars of the other Type; provided, however, that any Conversion of Eurocurrency Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurocurrency Rate Advances, any Conversion of Base Rate Advances into Eurocurrency Rate Advances shall be in an amount not less than the minimum amount specified in Section 2.02(b) and no Conversion of any Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date
of such Conversion, (ii) the Dollar denominated Advances to be Converted, and (iii) if
such Conversion is into Eurocurrency Rate Advances, the duration of the initial Interest
Period for each such Advance. Each notice of Conversion shall be irrevocable and
binding on the Borrower giving such notice.
such Conversion is into Eurocurrency Rate Advances, the duration of the initial Interest
Period for each such Advance. Each notice of Conversion shall be irrevocable and
binding on the Borrower giving such notice.
Section 2.10. Prepayments of Advances. viii) Optional. 1. The
Borrower may, upon notice at least three Business Days prior to the date of such prepayment, in the case of Eurocurrency Rate Advances, and not later than 11:00 A.M. (New York City time) on the date of such prepayment, in the case of Base Rate Advances, to the Agent stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal amount of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment of
Borrower may, upon notice at least three Business Days prior to the date of such prepayment, in the case of Eurocurrency Rate Advances, and not later than 11:00 A.M. (New York City time) on the date of such prepayment, in the case of Base Rate Advances, to the Agent stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal amount of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment of
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Advances shall be in an aggregate principal amount of not less than the Borrowing
Minimum or a Borrowing Multiple in excess thereof, (y) in the event of any such
prepayment of a Eurocurrency Rate Advance, the Borrower shall be obligated to
reimburse the Lenders in respect thereof pursuant to Section 9.04 and (z) any prepayment in respect of the Tranche B2 Facility shall be subject to Section 2.10(a)(ii) below. Any
prepayments pursuant to this Section 2.10(a) may be made with respect to one or more
Facilities as may be determined by the Borrower and shall not be required to be made
ratably across the Facilities. Any prepayment with respect to the Tranche B Facility or
Minimum or a Borrowing Multiple in excess thereof, (y) in the event of any such
prepayment of a Eurocurrency Rate Advance, the Borrower shall be obligated to
reimburse the Lenders in respect thereof pursuant to Section 9.04 and (z) any prepayment in respect of the Tranche B2 Facility shall be subject to Section 2.10(a)(ii) below. Any
prepayments pursuant to this Section 2.10(a) may be made with respect to one or more
Facilities as may be determined by the Borrower and shall not be required to be made
ratably across the Facilities. Any prepayment with respect to the Tranche B Facility or
the Tranche B2 Facility shall be applied to the remaining amortization payments
thereunder as directed by the Borrower. The Borrower may rescind any notice of
prepayment with respect to the Tranche B Facility or the Tranche B2 Facility under this
Section 2.10(a) if such prepayment would have resulted from a refinancing of all of the
Tranche B Facility or the Tranche B2 Facility, as applicable, which refinancing shall not be consummated or shall otherwise be delayed.
thereunder as directed by the Borrower. The Borrower may rescind any notice of
prepayment with respect to the Tranche B Facility or the Tranche B2 Facility under this
Section 2.10(a) if such prepayment would have resulted from a refinancing of all of the
Tranche B Facility or the Tranche B2 Facility, as applicable, which refinancing shall not be consummated or shall otherwise be delayed.
(ii) In the event that (other than in connection with a refinancing of the entirety of the Facilities in connection with a Change in Control) on or prior to the date that is six months after the SecondThird Amendment Effective Date, (i) all or any portion of the Tranche B2 Loans are prepaid or repaid from the proceeds of an issuance or incurrence of Indebtedness by the Borrower or any of its Subsidiaries (including any Specified Refinancing Debt or Incremental Facility or any other refinancing or incremental facility effected pursuant to an amendment of this Agreement) and the effective yield (in each case, to be determined in the reasonable discretion of the Administrative Agent consistent with generally accepted financial practices, after giving effect to margins and any applicable interest rate “floors”, recurring fees and all other upfront or similar fees or original issue discount, but excluding the effect of any bona
fide arrangement, structuring, syndication or other fees payable in connection therewith
that are not shared with all lenders or holders thereof) is, or upon satisfaction of specified conditions could be, lower than the effective yield in respect of the Tranche B2 Loans (as determined on the same basis) or (ii) a Tranche B2 Lender is deemed a Non-Approving
Lender and must assign its Tranche B2 Loans pursuant to Section 2.18(b) in connection
with any waiver, amendment or modification that would reduce the effective yield in
effect with respect to such Tranche B2 Loans (each of clauses (i) and (ii), a “Repricing
Event”), then in each case the aggregate principal amount so prepaid or repaid or
that are not shared with all lenders or holders thereof) is, or upon satisfaction of specified conditions could be, lower than the effective yield in respect of the Tranche B2 Loans (as determined on the same basis) or (ii) a Tranche B2 Lender is deemed a Non-Approving
Lender and must assign its Tranche B2 Loans pursuant to Section 2.18(b) in connection
with any waiver, amendment or modification that would reduce the effective yield in
effect with respect to such Tranche B2 Loans (each of clauses (i) and (ii), a “Repricing
Event”), then in each case the aggregate principal amount so prepaid or repaid or
assigned will be subject to a fee payable by the Borrower equal to 1.00% of the principal amount of Tranche B2 Loans prepaid or repaid or assigned in connection with such
Repricing Event, on the date of such Repricing Event. Such fee shall be paid by the
Borrower to the Agent, for the account of the Tranche B2 Lenders or such
Non-Approving Lenders, on the date of such Repricing Event.
Repricing Event, on the date of such Repricing Event. Such fee shall be paid by the
Borrower to the Agent, for the account of the Tranche B2 Lenders or such
Non-Approving Lenders, on the date of such Repricing Event.
(b) Mandatory. 2. If, on any date, the Agent notifies the Borrower
that, on any interest payment date, the sum of (A) the aggregate principal amount of all
that, on any interest payment date, the sum of (A) the aggregate principal amount of all
Revolving Credit Advances denominated in Dollars plus the aggregate Available
Amount of all Letters of Credit then outstanding plus (B) the Equivalent in Dollars
(determined on the third Business Day prior to such interest payment date) of the
aggregate principal amount of all Revolving Credit Advances denominated in Committed Currencies then outstanding exceeds 103% of the aggregate Revolving Credit
(determined on the third Business Day prior to such interest payment date) of the
aggregate principal amount of all Revolving Credit Advances denominated in Committed Currencies then outstanding exceeds 103% of the aggregate Revolving Credit
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Commitments of the Revolving Credit Lenders on such date, the Borrower shall, as soon as practicable and in any event within two Business Days after receipt of such notice,
prepay the outstanding principal amount of any Revolving Credit Advances owing by the Borrower in an aggregate amount sufficient to reduce such sum to an amount not to
exceed 100% of the aggregate Revolving Credit Commitments of the Revolving Credit
Lenders on such date; provided that if the Borrower has Cash Collateralized Letters of
Credit in accordance with Section 2.20(a), the Available Amount of the outstanding
Letters of Credit shall be deemed to have been reduced by the amount of such Cash
Collateral. The Agent shall give prompt notice of any prepayment required under this
Section 2.10(b)(i) to the Borrower and the Revolving Credit Lenders, and shall provide
prompt notice to the Borrower of any such notice of required prepayment received by it
from any Revolving Credit Lender.
prepay the outstanding principal amount of any Revolving Credit Advances owing by the Borrower in an aggregate amount sufficient to reduce such sum to an amount not to
exceed 100% of the aggregate Revolving Credit Commitments of the Revolving Credit
Lenders on such date; provided that if the Borrower has Cash Collateralized Letters of
Credit in accordance with Section 2.20(a), the Available Amount of the outstanding
Letters of Credit shall be deemed to have been reduced by the amount of such Cash
Collateral. The Agent shall give prompt notice of any prepayment required under this
Section 2.10(b)(i) to the Borrower and the Revolving Credit Lenders, and shall provide
prompt notice to the Borrower of any such notice of required prepayment received by it
from any Revolving Credit Lender.
(ii) Each prepayment made pursuant to this Section 2.10(b) shall be
made together with any interest accrued to the date of such prepayment on the principal
made together with any interest accrued to the date of such prepayment on the principal
amounts prepaid and, in the case of any prepayment of a Eurocurrency Rate Advance on a date other than the last day of an Interest Period or at its maturity, any additional
amounts which the Borrower shall be obligated to reimburse to the Lenders in respect
thereof pursuant to Section 9.04.
amounts which the Borrower shall be obligated to reimburse to the Lenders in respect
thereof pursuant to Section 9.04.
(iii) No later than three Business Days after the date on which the financial statements with respect to each fiscal year are required to be delivered pursuant to Section 5.01(i)(ii) (commencing with the Borrower’s fiscal year ending on or about January 31, 2020), the Borrower shall prepay outstanding Term Advances, Term 2
Advances, Tranche B Loans and Tranche B2 Loans in accordance with Section 2.10(b)(vi) in an aggregate principal amount equal to the excess, if any, of (A) the Excess Cash Flow Percentage of Excess Cash Flow for such fiscal year then ended minus (B) any optional prepayments or repurchases of Term Advances, Term 2
Advances, Tranche B Loans or Tranche B2 Loans pursuant to Section 2.10(a) made
during such fiscal year, or in the following fiscal year before the making of any prepayment required in respect of such fiscal year pursuant to this Section 2.10(b)(iii), but only to the extent that (i) such prepayments do not occur in connection with a
refinancing of all or any portion of such Term Advances, Term 2 Advances, Tranche B
Loans or Tranche B2 Loans and (ii) such prepayment was not previously applied to
reduce the amount of any prepayment required by this Section 2.10(b)(iii) in respect of a prior fiscal year.
Advances, Tranche B Loans and Tranche B2 Loans in accordance with Section 2.10(b)(vi) in an aggregate principal amount equal to the excess, if any, of (A) the Excess Cash Flow Percentage of Excess Cash Flow for such fiscal year then ended minus (B) any optional prepayments or repurchases of Term Advances, Term 2
Advances, Tranche B Loans or Tranche B2 Loans pursuant to Section 2.10(a) made
during such fiscal year, or in the following fiscal year before the making of any prepayment required in respect of such fiscal year pursuant to this Section 2.10(b)(iii), but only to the extent that (i) such prepayments do not occur in connection with a
refinancing of all or any portion of such Term Advances, Term 2 Advances, Tranche B
Loans or Tranche B2 Loans and (ii) such prepayment was not previously applied to
reduce the amount of any prepayment required by this Section 2.10(b)(iii) in respect of a prior fiscal year.
(iv) In the event that the Borrower or any of its Subsidiaries shall
receive Net Cash Proceeds from the issuance or incurrence of any Indebtedness for borrowed money of the Borrower or any of its Subsidiaries (other than any cash proceeds
receive Net Cash Proceeds from the issuance or incurrence of any Indebtedness for borrowed money of the Borrower or any of its Subsidiaries (other than any cash proceeds
from the issuance of Indebtedness for borrowed money permitted under this Agreement), the Borrower shall, substantially simultaneously with (and in any event not later than the third Business Day next following) the receipt of such Net Cash Proceeds by the
Borrower or any such Subsidiary, apply an amount equal to 100% of such Net Cash
Proceeds to prepay outstanding Term Advances, Term 2 Advances, Tranche B Loans and Tranche B2 Loans in accordance with Section 2.10(b)(vi).
Proceeds to prepay outstanding Term Advances, Term 2 Advances, Tranche B Loans and Tranche B2 Loans in accordance with Section 2.10(b)(vi).
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(v) Not later than the third Business Day following the receipt of Net Cash Proceeds in respect of any Asset Sale, the Borrower shall apply 100% of the Net Cash Proceeds received with respect thereto to prepay outstanding Term Advances, Term 2 Advances, Term B Loans and Tranche B2 Loans in accordance with
Section 2.10(b)(vi).
(vi) Mandatory prepayments of outstanding Term Advances, Term 2 Advances, Tranche B Loans and Tranche B2 Loans under this Agreement shall be allocated as between the relevant Facilities on a pro rata basis to each of the Term Advances, Term 2 Advances, the Tranche B Loans and the Tranche B2 Loans (except to the extent such prepayment is required to be made as a result of a refinancing in whole or in part of the Tranche B Facility or the Tranche B2 Facility in connection with a Refinancing Amendment that requires the allocation of the prepayment solely to the Tranche B Facility or the Tranche B2 Facility, as applicable), and, (A) in the case of Term Advances, shall be applied pro rata to the remaining scheduled installments of principal due in respect of the Term Advances under Section 2.06(c), (B) in the case of Tranche B Loans, shall be applied pro rata to the remaining scheduled installments of principal due in respect of the Tranche B Loans under Section 2.06(d) and, (C) in the case of Tranche B2 Loans, shall be applied pro rata to the remaining scheduled installments of principal due in respect of the Tranche B2 Loans under Section 2.06(e) and (D) in the case of Term 2 Advances, shall be applied pro rata to the remaining scheduled installments of principal due in respect of the Term 2 Advances under Section 2.06(f).
(vii) The Borrower shall deliver to the Agent, at the time of each
prepayment required under Sections 2.10(b)(iii), (iv) and (v) above, (i) a certificate
prepayment required under Sections 2.10(b)(iii), (iv) and (v) above, (i) a certificate
signed by a Financial Officer of the Borrower setting forth in reasonable detail the
calculation of the amount of such prepayment and (ii) to the extent practicable, at least
three Business Days’ prior written notice of such prepayment. Each notice of prepayment shall specify the prepayment date, the Type of each Advance being prepaid and the
principal amount of each Advance (or portion thereof) to be prepaid. The Agent shall
promptly advise the Appropriate Lenders of any notice given (and the contents thereof)
pursuant to this Section 2.10(b). All prepayments under this Section 2.10(b) shall be
accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment.
calculation of the amount of such prepayment and (ii) to the extent practicable, at least
three Business Days’ prior written notice of such prepayment. Each notice of prepayment shall specify the prepayment date, the Type of each Advance being prepaid and the
principal amount of each Advance (or portion thereof) to be prepaid. The Agent shall
promptly advise the Appropriate Lenders of any notice given (and the contents thereof)
pursuant to this Section 2.10(b). All prepayments under this Section 2.10(b) shall be
accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment.
Section 2.11. Increased Costs. ix) If any Change in Law shall:
(i) impose, modify or deem applicable any reserve, special deposit,
(i) impose, modify or deem applicable any reserve, special deposit,
compulsory loan, insurance charge or similar requirement against assets of,
deposits with or for the account of, or credit extended or participated in by, any
Lender (except any reserve requirement reflected in the Eurocurrency Rate);
deposits with or for the account of, or credit extended or participated in by, any
Lender (except any reserve requirement reflected in the Eurocurrency Rate);
(ii) subject any Recipient to any Taxes (other than (A) Indemnified
Taxes, (B) Taxes described in clauses (b) through (d) of the definition of
Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal,
Taxes, (B) Taxes described in clauses (b) through (d) of the definition of
Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal,
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letters of credit, commitments, or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto; or
liabilities or capital attributable thereto; or
(iii) impose on any Lender or the London interbank market any other
condition, cost or expense (other than Taxes) affecting this Agreement, Advances
condition, cost or expense (other than Taxes) affecting this Agreement, Advances
or Eurocurrency Rate Advances made by such Lender or any Letter of Credit or
participation therein;
participation therein;
and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Advance or of
maintaining its obligation to make any such Advance, or to reduce the amount of any
maintaining its obligation to make any such Advance, or to reduce the amount of any
sum received or receivable by such Lender or other Recipient hereunder (whether of
principal, interest or any other amount) then, upon request of such Lender or other
Recipient, the Borrower will pay to such Lender or other Recipient, as the case may be,
such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
principal, interest or any other amount) then, upon request of such Lender or other
Recipient, the Borrower will pay to such Lender or other Recipient, as the case may be,
such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.
(b) Capital Adequacy. If any Lender determines that any Change in
Law affecting such Lender or any lending office of such Lender or such Lender’s holding
Law affecting such Lender or any lending office of such Lender or such Lender’s holding
company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Advances made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding
company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or
such Lender’s holding company for any such reduction suffered.
company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or
such Lender’s holding company for any such reduction suffered.
(c) Certificates for Reimbursement. A certificate of a Lender setting
forth the amount or amounts necessary to compensate such Lender or its holding company as specified in paragraph (a) or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.
forth the amount or amounts necessary to compensate such Lender or its holding company as specified in paragraph (a) or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.
(d) Delay in Requests. Failure or delay on the part of any Lender to
demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s intention to claim compensation therefor (except that, if the Change in
demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s intention to claim compensation therefor (except that, if the Change in
Law giving rise to such increased costs or reductions is retroactive, then the six-month
period referred to above shall be extended to include the period of retroactive effect
thereof).
period referred to above shall be extended to include the period of retroactive effect
thereof).
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Section 2.12. Illegality. Notwithstanding any other provision of this
Agreement, if any Lender under any Facility shall notify the Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or
Agreement, if any Lender under any Facility shall notify the Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or
any central bank or other Governmental Authority asserts that it is unlawful, for any
Lender or its Eurocurrency Lending Office to perform its obligations hereunder to make Eurocurrency Rate Advances in Dollars or any Committed Currency or to fund or
maintain Eurocurrency Rate Advances in Dollars or any Committed Currency hereunder, (a) each Eurocurrency Rate Advance will automatically, upon such demand (i) if such
Eurocurrency Rate Advance is denominated in Dollars, be Converted into a Base Rate
Advance and (ii) if such Eurocurrency Rate Advance is denominated in any Committed
Currency, be exchanged into an Equivalent amount of Dollars and be Converted into a
Base Rate Advance and (b) the obligation of the Appropriate Lenders to make
Eurocurrency Rate Advances or to Convert Advances into Eurocurrency Rate Advances shall be suspended until the Agent shall notify the Borrower and the Appropriate Lenders that the circumstances causing such suspension no longer exist.
Lender or its Eurocurrency Lending Office to perform its obligations hereunder to make Eurocurrency Rate Advances in Dollars or any Committed Currency or to fund or
maintain Eurocurrency Rate Advances in Dollars or any Committed Currency hereunder, (a) each Eurocurrency Rate Advance will automatically, upon such demand (i) if such
Eurocurrency Rate Advance is denominated in Dollars, be Converted into a Base Rate
Advance and (ii) if such Eurocurrency Rate Advance is denominated in any Committed
Currency, be exchanged into an Equivalent amount of Dollars and be Converted into a
Base Rate Advance and (b) the obligation of the Appropriate Lenders to make
Eurocurrency Rate Advances or to Convert Advances into Eurocurrency Rate Advances shall be suspended until the Agent shall notify the Borrower and the Appropriate Lenders that the circumstances causing such suspension no longer exist.
Section 2.13. Payments and Computations. x) The Borrower shall
make each payment hereunder (except with respect to principal of, interest on, and other
make each payment hereunder (except with respect to principal of, interest on, and other
amounts relating to, Advances denominated in a Committed Currency), irrespective of
any right of counterclaim or set-off, not later than 11:00 A.M. (New York City time) on
the day when due in Dollars to the Agent at the applicable Agent’s Account in same day funds. The Borrower shall make each payment hereunder with respect to principal of,
interest on, and other amounts relating to, Advances denominated in a Committed
Currency, irrespective of any right of counterclaim or set-off, not later than 11:00 A.M.
(at the Payment Office for such Committed Currency) on the day when due in such
Committed Currency to the Agent, by deposit of such funds to the applicable Agent’s
Account in same day funds. The Agent will promptly thereafter cause to be distributed
like funds relating to the payment of principal or interest, fees or commissions ratably
(other than amounts payable pursuant to Section 2.04(b), 2.11, 2.14 or 9.04) to the
applicable Lenders for the account of their respective Applicable Lending Offices, and
like funds relating to the payment of any other amount payable to any Lender to such
Lender for the account of its Applicable Lending Office, in each case to be applied in
accordance with the terms of this Agreement. Upon any Assuming Lender becoming a
Lender hereunder as a result of an extension of the Termination Date pursuant to Section 2.22 and upon the Agent’s receipt of such Lender’s Assumption Agreement and
recording of the information contained therein in the Register, from and after the
applicable Extension Date, the Agent shall make all payments hereunder and under any
Notes issued in connection therewith in respect of the interest assumed thereby to the
Assuming Lender. Upon its acceptance of an Assignment and Assumption and recording of the information contained therein in the Register pursuant to Section 9.07(c), from and after the effective date specified in such Assignment and Assumption, the Agent shall
make all payments hereunder and under the Notes in respect of the interest assigned
thereby to the Lender assignee thereunder, and the parties to such Assignment and
Assumption shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves.
any right of counterclaim or set-off, not later than 11:00 A.M. (New York City time) on
the day when due in Dollars to the Agent at the applicable Agent’s Account in same day funds. The Borrower shall make each payment hereunder with respect to principal of,
interest on, and other amounts relating to, Advances denominated in a Committed
Currency, irrespective of any right of counterclaim or set-off, not later than 11:00 A.M.
(at the Payment Office for such Committed Currency) on the day when due in such
Committed Currency to the Agent, by deposit of such funds to the applicable Agent’s
Account in same day funds. The Agent will promptly thereafter cause to be distributed
like funds relating to the payment of principal or interest, fees or commissions ratably
(other than amounts payable pursuant to Section 2.04(b), 2.11, 2.14 or 9.04) to the
applicable Lenders for the account of their respective Applicable Lending Offices, and
like funds relating to the payment of any other amount payable to any Lender to such
Lender for the account of its Applicable Lending Office, in each case to be applied in
accordance with the terms of this Agreement. Upon any Assuming Lender becoming a
Lender hereunder as a result of an extension of the Termination Date pursuant to Section 2.22 and upon the Agent’s receipt of such Lender’s Assumption Agreement and
recording of the information contained therein in the Register, from and after the
applicable Extension Date, the Agent shall make all payments hereunder and under any
Notes issued in connection therewith in respect of the interest assumed thereby to the
Assuming Lender. Upon its acceptance of an Assignment and Assumption and recording of the information contained therein in the Register pursuant to Section 9.07(c), from and after the effective date specified in such Assignment and Assumption, the Agent shall
make all payments hereunder and under the Notes in respect of the interest assigned
thereby to the Lender assignee thereunder, and the parties to such Assignment and
Assumption shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves.
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(b) The Borrower hereby authorizes each Lender, if and to the extent
payment owed to such Lender is not made when due hereunder or under the Note held by
payment owed to such Lender is not made when due hereunder or under the Note held by
such Lender, to charge from time to time against any or all of the Borrower’s accounts
with such Lender any amount so due.
with such Lender any amount so due.
(c) All computations of interest based on Citibank’s base rate shall be
made by the Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest based on the Eurocurrency Rate, the Federal Funds Rate or One Month LIBOR and of fees and Letter of Credit fees shall be made by the Agent on the
made by the Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations of interest based on the Eurocurrency Rate, the Federal Funds Rate or One Month LIBOR and of fees and Letter of Credit fees shall be made by the Agent on the
basis of a year of 360 days (or, in each case of Advances denominated in Committed
Currencies where market practice differs, in accordance with market practice), in each
case for the actual number of days (including the first day but excluding the last day)
occurring in the period for which such interest, fees or commissions are payable. Each
determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.
Currencies where market practice differs, in accordance with market practice), in each
case for the actual number of days (including the first day but excluding the last day)
occurring in the period for which such interest, fees or commissions are payable. Each
determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.
(d) Whenever any payment hereunder or under the Notes shall be
stated to be due on a day other than a Business Day, such payment shall be made on the
stated to be due on a day other than a Business Day, such payment shall be made on the
next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest, fee or commission, as the case may be;
provided, however, that, if such extension would cause payment of interest on or
principal of Eurocurrency Rate Advances to be made in the next following calendar
month, such payment shall be made on the next preceding Business Day.
provided, however, that, if such extension would cause payment of interest on or
principal of Eurocurrency Rate Advances to be made in the next following calendar
month, such payment shall be made on the next preceding Business Day.
(e) Unless the Agent shall have received notice from the Borrower
prior to the date on which any payment is due to any Lender hereunder that the Borrower
prior to the date on which any payment is due to any Lender hereunder that the Borrower
will not make such payment in full, the Agent may assume that the Borrower has made
such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption, cause to be distributed to each applicable Lender on such due date an
such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption, cause to be distributed to each applicable Lender on such due date an
amount equal to the amount then due such Lender. If and to the extent the Borrower shall not have so made such payment in full to the Agent, each applicable Lender shall repay
to the Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender
until the date such Lender repays such amount to the Agent, at (i) the Federal Funds Rate in the case of Advances denominated in Dollars or (ii) the cost of funds incurred by the
Agent in respect of such amount in the case of Advances denominated in Committed
Currencies.
to the Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender
until the date such Lender repays such amount to the Agent, at (i) the Federal Funds Rate in the case of Advances denominated in Dollars or (ii) the cost of funds incurred by the
Agent in respect of such amount in the case of Advances denominated in Committed
Currencies.
(f) To the extent that the Agent receives funds for application to the
amounts owing by the Borrower under or in respect of this Agreement or any Note in currencies other than the currency or currencies required to enable the Agent to distribute funds to the applicable Lenders in accordance with the terms of this Section 2.13, the Agent shall be entitled to convert or exchange such funds into Dollars or into a Committed Currency or from Dollars to a Committed Currency or from a Committed Currency to Dollars, as the case may be, to the extent necessary to enable the Agent to distribute such funds in accordance with the terms of this Section 2.13; provided that the Borrower and each of the Lenders hereby agree that the Agent shall not be liable or
amounts owing by the Borrower under or in respect of this Agreement or any Note in currencies other than the currency or currencies required to enable the Agent to distribute funds to the applicable Lenders in accordance with the terms of this Section 2.13, the Agent shall be entitled to convert or exchange such funds into Dollars or into a Committed Currency or from Dollars to a Committed Currency or from a Committed Currency to Dollars, as the case may be, to the extent necessary to enable the Agent to distribute such funds in accordance with the terms of this Section 2.13; provided that the Borrower and each of the Lenders hereby agree that the Agent shall not be liable or
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responsible for any loss, cost or expense suffered by the Borrower or such Lender as a
result of any conversion or exchange of currencies affected pursuant to this
result of any conversion or exchange of currencies affected pursuant to this
Section 2.13(f) or as a result of the failure of the Agent to effect any such conversion or
exchange; and provided further that the Borrower agrees to indemnify the Agent and
each Lender, and hold the Agent and each Lender harmless, for any and all losses, costs
and expenses incurred by the Agent or any Lender for any conversion or exchange of
currencies (or the failure to convert or exchange any currencies) in accordance with this
Section 2.13(f).
exchange; and provided further that the Borrower agrees to indemnify the Agent and
each Lender, and hold the Agent and each Lender harmless, for any and all losses, costs
and expenses incurred by the Agent or any Lender for any conversion or exchange of
currencies (or the failure to convert or exchange any currencies) in accordance with this
Section 2.13(f).
Section 2.14. Taxes. xi) Payments Free of Taxes. Any and all
payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(b) Payment of Other Taxes by the Loan Parties. The Loan Parties
shall timely pay to the relevant Governmental Authority in accordance with applicable
shall timely pay to the relevant Governmental Authority in accordance with applicable
law, or at the option of the Agent timely reimburse it for the payment of, any Other
Taxes.
Taxes.
(c) Indemnification by the Loan Parties. The Loan Parties shall
indemnify each Recipient, within 10 days after demand therefor, for the full amount of
indemnify each Recipient, within 10 days after demand therefor, for the full amount of
any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or
attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the
Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, setting forth in reasonable detail the calculation of the amount being
requested, shall be conclusive absent manifest error.
attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the
Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, setting forth in reasonable detail the calculation of the amount being
requested, shall be conclusive absent manifest error.
(d) Indemnification by the Lenders. Each Lender shall severally
indemnify the Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes
indemnify the Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes
attributable to such Lender (but only to the extent that any Loan Party has not already
indemnified the Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply
with the provisions of Section 9.07(d) relating to the maintenance of a Participant
indemnified the Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply
with the provisions of Section 9.07(d) relating to the maintenance of a Participant
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Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are
payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to any Lender by the
Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to any Lender by the
Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Agent to set off and apply any and all amounts at any time owing to such Lender under
any Loan Document or otherwise payable by the Agent to the Lender from any other
source against any amount due to the Agent under this paragraph (d).
any Loan Document or otherwise payable by the Agent to the Lender from any other
source against any amount due to the Agent under this paragraph (d).
such payment or other evidence of such payment reasonably satisfactory to the Agent.
(f) Status of Recipients. 1. Any Lender that is entitled to an
(f) Status of Recipients. 1. Any Lender that is entitled to an
exemption from or reduction of withholding Tax with respect to payments made under
any Loan Document shall deliver to the Borrower and the Agent, at the time or times
reasonably requested by the Borrower or the Agent, such properly completed and
executed documentation reasonably requested by the Borrower or the Agent as will
permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Borrower or the
Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to
determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation by any
Lender (other than such documentation set forth in Sections 2.14(f)(ii)(A), (ii)(B) and
(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender.
any Loan Document shall deliver to the Borrower and the Agent, at the time or times
reasonably requested by the Borrower or the Agent, such properly completed and
executed documentation reasonably requested by the Borrower or the Agent as will
permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Borrower or the
Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to
determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation by any
Lender (other than such documentation set forth in Sections 2.14(f)(ii)(A), (ii)(B) and
(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender.
(ii) Without limiting the generality of the foregoing,
(A) any Lender that is a U.S. Person shall deliver to the
(A) any Lender that is a U.S. Person shall deliver to the
Borrower and the Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter
upon the reasonable request of the Borrower or the Agent), executed
copies of IRS Form W-9 certifying that such Lender is exempt from U.S.
federal backup withholding tax;
becomes a Lender under this Agreement (and from time to time thereafter
upon the reasonable request of the Borrower or the Agent), executed
copies of IRS Form W-9 certifying that such Lender is exempt from U.S.
federal backup withholding tax;
(B) any Foreign Lender shall, to the extent it is legally entitled
to do so, deliver to the Borrower and the Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which
to do so, deliver to the Borrower and the Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which
such Foreign Lender becomes a Lender under this Agreement (and from
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time to time thereafter upon the reasonable request of the Borrower or the
Agent), whichever of the following is applicable:
Agent), whichever of the following is applicable:
(i) in the case of a Foreign Lender claiming the
benefits of an income tax treaty to which the United States is a
benefits of an income tax treaty to which the United States is a
party (x) with respect to payments of interest under any Loan
Document, executed copies of IRS Form W-8BEN or IRS
Document, executed copies of IRS Form W-8BEN or IRS
Form W-8BEN-E, as applicable, establishing an exemption from,
or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (y) with respect to any
other applicable payments under any Loan Document, IRS
or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (y) with respect to any
other applicable payments under any Loan Document, IRS
Form W-8BEN or IRS Form W-8BEN-E, as applicable,
establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty;
establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty;
(ii) executed copies of IRS Form W-8ECI;
(iii) in the case of a Foreign Lender claiming the
(iii) in the case of a Foreign Lender claiming the
benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the
form of Exhibit E-1 to the effect that such Foreign Lender is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of the Borrower within the meaning of
Section 881(c)(3)(B) of the Code, or a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Code (a
“U.S. Tax Compliance Certificate”) and (y) executed copies of
IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or
form of Exhibit E-1 to the effect that such Foreign Lender is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of the Borrower within the meaning of
Section 881(c)(3)(B) of the Code, or a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Code (a
“U.S. Tax Compliance Certificate”) and (y) executed copies of
IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or
(iv) to the extent a Foreign Lender is not the beneficial
owner, executed copies of IRS Form W-8IMY, accompanied by
IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or
other certification documents from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership and
one or more direct or indirect partners of such Foreign Lender are
claiming the portfolio interest exemption, such Foreign Lender
owner, executed copies of IRS Form W-8IMY, accompanied by
IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or
other certification documents from each beneficial owner, as
applicable; provided that if the Foreign Lender is a partnership and
one or more direct or indirect partners of such Foreign Lender are
claiming the portfolio interest exemption, such Foreign Lender
may provide a U.S. Tax Compliance Certificate substantially in the
form of Exhibit E-4 on behalf of each such direct and indirect
partner;
form of Exhibit E-4 on behalf of each such direct and indirect
partner;
(C) any Foreign Lender shall, to the extent it is legally entitled
to do so, deliver to the Borrower and the Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which
to do so, deliver to the Borrower and the Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which
such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Borrower or the
time to time thereafter upon the reasonable request of the Borrower or the
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Agent), executed copies of any other form prescribed by applicable law as
a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law to permit the
Borrower or the Agent to determine the withholding or deduction required
to be made; and
a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law to permit the
Borrower or the Agent to determine the withholding or deduction required
to be made; and
(D) if a payment made to a Lender under any Loan Document
would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting
would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrower and the Agent at the time or times prescribed by law and at such
time or times reasonably requested by the Borrower or the Agent such
documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Agent as may be necessary
for the Borrower and the Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this clause (D),
“FATCA” shall include any amendments made to FATCA after the date
1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrower and the Agent at the time or times prescribed by law and at such
time or times reasonably requested by the Borrower or the Agent such
documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Agent as may be necessary
for the Borrower and the Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this clause (D),
“FATCA” shall include any amendments made to FATCA after the date
of this Agreement.
Each Lender agrees that if any form or certification it previously delivered
expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing of its legal inability to do so.
expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing of its legal inability to do so.
(g) Treatment of Certain Refunds. If any party determines, in its sole
discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.14 (including by the payment of
discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.14 (including by the payment of
additional amounts pursuant to this Section 2.14), it shall pay to the indemnifying party
an amount equal to such refund (but only to the extent of indemnity payments made
an amount equal to such refund (but only to the extent of indemnity payments made
under this Section with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) in
the event that such indemnified party is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified
party in a less favorable net after-Tax position than the indemnified party would have
been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) in
the event that such indemnified party is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified
party in a less favorable net after-Tax position than the indemnified party would have
been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
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amounts with respect to such Tax had never been paid. This paragraph shall not be
construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or
any other Person.
construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or
any other Person.
(h) Survival. Each party’s obligations under this Section 2.14 shall
survive the resignation or replacement of the Agent or any assignment of rights by, or the
survive the resignation or replacement of the Agent or any assignment of rights by, or the
replacement of, a Lender, the termination of the Commitments and the repayment,
satisfaction or discharge of all obligations under any Loan Document.
satisfaction or discharge of all obligations under any Loan Document.
(i) Interpretation. For purposes of this Section 2.14, the term
“applicable law” includes FATCA.
“applicable law” includes FATCA.
(j) For purposes of determining withholding Taxes imposed under
FATCA, the Borrower and the Agent shall treat (and the Lenders hereby authorize the
FATCA, the Borrower and the Agent shall treat (and the Lenders hereby authorize the
Agent to treat) the Advances as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).
Section 2.15. Sharing of Payments, Etc. If any Lender shall, by
exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of
exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of
any principal of or interest on any of its Advances or other obligations hereunder
resulting in such Lender receiving payment of a proportion of the aggregate amount of its Advances and accrued interest thereon or other such obligations greater than its pro rata
share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Agent of such fact, and (b) purchase (for cash at face value) participations
in the Advances and such other obligations of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Advances and other amounts owing them; provided
that:
resulting in such Lender receiving payment of a proportion of the aggregate amount of its Advances and accrued interest thereon or other such obligations greater than its pro rata
share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Agent of such fact, and (b) purchase (for cash at face value) participations
in the Advances and such other obligations of the other Lenders, or make such other
adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Advances and other amounts owing them; provided
that:
(i) if any such participations are purchased and all or any portion of
the payment giving rise thereto is recovered, such participations shall be
rescinded and the purchase price restored to the extent of such recovery, without interest; and
the payment giving rise thereto is recovered, such participations shall be
rescinded and the purchase price restored to the extent of such recovery, without interest; and
(ii) the provisions of this paragraph shall not be construed to apply to
(x) any payment made by the Borrower pursuant to and in accordance with the
express terms of this Agreement (including the application of funds arising from
the existence of a Defaulting Lender), or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
Advances or participations in L/C Obligations to any assignee or participant,
(x) any payment made by the Borrower pursuant to and in accordance with the
express terms of this Agreement (including the application of funds arising from
the existence of a Defaulting Lender), or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
Advances or participations in L/C Obligations to any assignee or participant,
other than to the Borrower or any Subsidiary thereof (as to which the provisions
of this paragraph shall apply).
of this paragraph shall apply).
The Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a participation pursuant
effectively do so under applicable law, that any Lender acquiring a participation pursuant
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to the foregoing arrangements may exercise against the Borrower rights of set-off and
counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation.
counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation.
Section 2.16. Evidence of Debt. xii) Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of
accordance with its usual practice an account or accounts evidencing the indebtedness of
the Borrower to such Lender resulting from each Advance owing to such Lender from
time to time, including the amounts of principal and interest payable and paid to such
Lender from time to time hereunder in respect of Advances. The Borrower agrees that
upon notice by any Lender to the Borrower (with a copy of such notice to the Agent) to
time to time, including the amounts of principal and interest payable and paid to such
Lender from time to time hereunder in respect of Advances. The Borrower agrees that
upon notice by any Lender to the Borrower (with a copy of such notice to the Agent) to
the effect that a Note is required or appropriate in order for such Lender to evidence
(whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender, the Borrower shall promptly execute and deliver to such Lender a Note payable to such Lender (or its registered assigns) in a principal amount up to (x) in the case of a Term Note, Term 2 Note, Tranche B Note or Tranche B2 Note, the sum of the then-applicable Commitment of such Lender and the applicable Advances
owing to such Lender and (y) in the case of a Revolving Credit Note, the applicable
Commitment of such Lender.
(whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender, the Borrower shall promptly execute and deliver to such Lender a Note payable to such Lender (or its registered assigns) in a principal amount up to (x) in the case of a Term Note, Term 2 Note, Tranche B Note or Tranche B2 Note, the sum of the then-applicable Commitment of such Lender and the applicable Advances
owing to such Lender and (y) in the case of a Revolving Credit Note, the applicable
Commitment of such Lender.
(b) The Register maintained by the Agent pursuant to Section 9.07(c)
shall include a control account, and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made hereunder, the Type of Advances comprising such Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the terms of each Assumption Agreement and each Assignment and Assumption delivered to and accepted by it, (iii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iv) the amount of any sum received by the Agent from the Borrower hereunder and each Lender’s share thereof.
shall include a control account, and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made hereunder, the Type of Advances comprising such Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the terms of each Assumption Agreement and each Assignment and Assumption delivered to and accepted by it, (iii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iv) the amount of any sum received by the Agent from the Borrower hereunder and each Lender’s share thereof.
(c) Entries made in good faith by each Lender in its account or
accounts pursuant to subsection (a) above shall be prima facie evidence of the amount of
accounts pursuant to subsection (a) above shall be prima facie evidence of the amount of
principal and interest due and payable or to become due and payable from the Borrower to such Lender under this Agreement, absent manifest error; provided, however, that the failure of such Lender to make an entry, or any finding that an entry is incorrect, in such account or accounts shall not limit or otherwise affect the obligations of the Borrower
under this Agreement; and provided further that in the event of any conflict between the Register and the Lender’s account or accounts, the Register shall govern.
Section 2.17. Use of Proceeds.
(a) Revolving Credit Advances. The proceeds of the Revolving Credit
Advances shall be available (and the Borrower agrees that it shall use such proceeds)
solely for general corporate purposes of the Borrower and its Subsidiaries, including
payment of fees and expenses in connection with the Facilities.
solely for general corporate purposes of the Borrower and its Subsidiaries, including
payment of fees and expenses in connection with the Facilities.
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(b) Tranche B Loans. The proceeds of the Tranche B Loans made on
the Effective Date shall be available (and the Borrower agrees that it shall use such proceeds) solely to finance the Borrower Refinancing.
the Effective Date shall be available (and the Borrower agrees that it shall use such proceeds) solely to finance the Borrower Refinancing.
(c) Term Advances. (a) All proceeds of the Term Advances shall be
available either (i) on the Engility Closing Date, to fund the Engility Acquisition or (ii) on the Fall-Away Date, to refinance the Tranche B Loans up to an amount of
available either (i) on the Engility Closing Date, to fund the Engility Acquisition or (ii) on the Fall-Away Date, to refinance the Tranche B Loans up to an amount of
$618,000,000.
(d) Tranche B2 Loans. The proceeds of the Tranche B2 Loans made
on the Second Amendment Effective Date shall be available (and the Borrower agrees that it shall use such proceeds) solely to finance the Olympus Acquisition, including the payment of fees and expenses in connection therewith.
on the Second Amendment Effective Date shall be available (and the Borrower agrees that it shall use such proceeds) solely to finance the Olympus Acquisition, including the payment of fees and expenses in connection therewith.
(e) Term 2 Advances. All proceeds of the Term 2 Advances shall be
available to fund the Sequoia Acquisition.
available to fund the Sequoia Acquisition.
(ef) The Borrower represents and covenants that no Advance, nor the
proceeds from any Advance, will be used directly or, to its knowledge, indirectly, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or
proceeds from any Advance, will be used directly or, to its knowledge, indirectly, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or
giving of money, or anything else of value, to any Person in violation of any
Anti-Corruption Laws, (ii) for the purpose of funding or financing any activities,
Anti-Corruption Laws, (ii) for the purpose of funding or financing any activities,
business or transaction of or with any Sanctioned Person, or in any Sanctioned Country,
except in accordance with valid and effective licenses and permits issued by the
government of the United States or otherwise in accordance with applicable law or (iii) in any manner that would result in the violation of any Sanctions applicable to the
except in accordance with valid and effective licenses and permits issued by the
government of the United States or otherwise in accordance with applicable law or (iii) in any manner that would result in the violation of any Sanctions applicable to the
Borrower, or to the knowledge to the Borrower, any other party hereto.
Section 2.18. Mitigation Obligations; Replacement of Lenders.
(a) Designation of a Different Lending Office. If any Lender requests
(a) Designation of a Different Lending Office. If any Lender requests
compensation under Section 2.11, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of
any Lender pursuant to Section 2.14, then such Lender shall (at the request of the
Borrower) use reasonable efforts to designate a different Applicable Lending Office for
funding or booking its Advances hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 2.11 or 2.14, as the case may be, in the future, and (ii) would not
subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment.
any Lender pursuant to Section 2.14, then such Lender shall (at the request of the
Borrower) use reasonable efforts to designate a different Applicable Lending Office for
funding or booking its Advances hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 2.11 or 2.14, as the case may be, in the future, and (ii) would not
subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment.
(b) Replacement of Lenders. 2) If any Lender requests compensation
under Section 2.11, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any
under Section 2.11, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any
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Lender pursuant to Section 2.14 and, in each case, such Lender has declined or is unable to designate a different Applicable Lending Office in accordance with Section 2.18(a), or if any Lender is a Defaulting Lender or a Non-Approving Lender, then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to
the restrictions contained in, and consents required by, Section 9.07), all of its interests,
rights (other than its existing rights to payments pursuant to Section 2.11 or Section 2.14) and obligations under this Agreement and the related Loan Documents to an Eligible
Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:
may, at its sole expense and effort, upon notice to such Lender and the Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to
the restrictions contained in, and consents required by, Section 9.07), all of its interests,
rights (other than its existing rights to payments pursuant to Section 2.11 or Section 2.14) and obligations under this Agreement and the related Loan Documents to an Eligible
Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:
(ii) the Borrower shall have paid to the Agent the assignment fee (if
any) specified in Section 9.07;
any) specified in Section 9.07;
(iii) such Lender shall have received payment of an amount equal to
the outstanding principal of its Advances and participations in Letters of Credit (if
any), accrued interest thereon, accrued fees and all other amounts payable to it
hereunder and under the other Loan Documents (including any amounts under
Section 9.04(f)) from the assignee (and/or, with the prior consent of the Borrower,
hereunder and under the other Loan Documents (including any amounts under
Section 9.04(f)) from the assignee (and/or, with the prior consent of the Borrower,
from the Borrower) (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts and any
amounts under Section 2.10(a)(ii));
interest and fees) or the Borrower (in the case of all other amounts and any
amounts under Section 2.10(a)(ii));
(iv) in the case of any such assignment resulting from a claim for
compensation under Section 2.11 or payments required to be made pursuant to
compensation under Section 2.11 or payments required to be made pursuant to
Section 2.14, such assignment will result in a reduction in such compensation or
payments thereafter;
payments thereafter;
(v) such assignment does not conflict with applicable law; and
(vi) in the case of any assignment resulting from a Lender becoming a
(vi) in the case of any assignment resulting from a Lender becoming a
Non-Approving Lender, the applicable assignee shall have consented to the
applicable amendment, waiver or consent.
applicable amendment, waiver or consent.
(c) A Lender shall not be required to make any such assignment or
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.
(d) Each party hereto agrees that an assignment and delegation
required pursuant to clause (b) above may, at the Administrative Agent’s request and
required pursuant to clause (b) above may, at the Administrative Agent’s request and
notwithstanding anything in Section 9.07 or elsewhere herein to the contrary, be effected pursuant to an assignment and assumption agreement (or any other written instrument),
in each case, in a form acceptable to the Administrative Agent, executed by the
Borrower, the Administrative Agent and the assignee, and that the Lender required to
make such assignment and delegation need not be a party thereto.
in each case, in a form acceptable to the Administrative Agent, executed by the
Borrower, the Administrative Agent and the assignee, and that the Lender required to
make such assignment and delegation need not be a party thereto.
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Section 2.19. Cash Collateral. At any time that there shall exist a
Defaulting Lender under the Revolving Credit Facility, within one Business Day following the written request of the Agent or any Issuing Bank (with a copy to the Agent) the Borrower shall Cash Collateralize the Issuing Banks’ Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to any reallocation pursuant to Section 2.20(a) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.
Defaulting Lender under the Revolving Credit Facility, within one Business Day following the written request of the Agent or any Issuing Bank (with a copy to the Agent) the Borrower shall Cash Collateralize the Issuing Banks’ Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to any reallocation pursuant to Section 2.20(a) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.
(a) Grant of Security Interest. The Borrower, and to the extent
provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Agent,
provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Agent,
for the benefit of the Issuing Banks, and agrees to maintain, a first priority security
interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to
fund participations in respect of L/C Obligations, to be applied pursuant to clause (b)
below. If at any time the Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Agent and the Issuing Banks as herein provided or
that the total amount of such Cash Collateral is less than the Minimum Collateral
Amount, the Borrower will, promptly upon demand by the Agent, pay or provide to the
Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency
(after giving effect to any Cash Collateral provided by the Defaulting Lender).
interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to
fund participations in respect of L/C Obligations, to be applied pursuant to clause (b)
below. If at any time the Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Agent and the Issuing Banks as herein provided or
that the total amount of such Cash Collateral is less than the Minimum Collateral
Amount, the Borrower will, promptly upon demand by the Agent, pay or provide to the
Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency
(after giving effect to any Cash Collateral provided by the Defaulting Lender).
(b) Application. Notwithstanding anything to the contrary contained in
this Agreement, Cash Collateral provided under this Section 2.19 or Section 2.20 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such
this Agreement, Cash Collateral provided under this Section 2.19 or Section 2.20 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such
property as may otherwise be provided for herein.
(c) Termination of Requirement. Cash Collateral (or the appropriate
portion thereof) provided to reduce any Issuing Bank’s Fronting Exposure shall no longer
portion thereof) provided to reduce any Issuing Bank’s Fronting Exposure shall no longer
be required to be held as Cash Collateral pursuant to this Section 2.19 following (i) the
elimination of the applicable Fronting Exposure (including by the termination of
Defaulting Lender status of the applicable Lender), or (ii) the determination by the Agent and each Issuing Bank that there exists excess Cash Collateral; provided that, subject to
Section 2.20, the Person providing Cash Collateral and each Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other
obligations.
elimination of the applicable Fronting Exposure (including by the termination of
Defaulting Lender status of the applicable Lender), or (ii) the determination by the Agent and each Issuing Bank that there exists excess Cash Collateral; provided that, subject to
Section 2.20, the Person providing Cash Collateral and each Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other
obligations.
Section 2.20. Defaulting Lenders.
(a) Defaulting Lender Adjustments. Notwithstanding anything to the
contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted
by applicable law:
by applicable law:
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(i) Waivers and Amendments. Such Defaulting Lender’s right to
approve or disapprove any amendment, waiver or consent with respect to this
approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of Required Lenders.
(ii) Defaulting Lender Waterfall. Any payment of principal, interest,
fees or other amounts received by the Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Article VI or
otherwise) or received by the Agent from a Defaulting Lender pursuant to Section
Lender (whether voluntary or mandatory, at maturity, pursuant to Article VI or
otherwise) or received by the Agent from a Defaulting Lender pursuant to Section
9.05 shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by such Defaulting Lender to any Issuing Bank hereunder; third, to Cash
Collateralize the Issuing Banks’ Fronting Exposure with respect to such
Defaulting Lender in accordance with Section 2.19; fourth, as the Borrower may request (so long as no Default exists), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with
respect to Advances under this Agreement and (y) Cash Collateralize the Issuing Banks’ future Fronting Exposure with respect to such Defaulting Lender with
respect to future Letters of Credit issued under this Agreement, in accordance
owing by such Defaulting Lender to any Issuing Bank hereunder; third, to Cash
Collateralize the Issuing Banks’ Fronting Exposure with respect to such
Defaulting Lender in accordance with Section 2.19; fourth, as the Borrower may request (so long as no Default exists), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with
respect to Advances under this Agreement and (y) Cash Collateralize the Issuing Banks’ future Fronting Exposure with respect to such Defaulting Lender with
respect to future Letters of Credit issued under this Agreement, in accordance
with Section 2.19; sixth, to the payment of any amounts owing to the Lenders or
the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Issuing Banks against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Issuing Banks against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such
Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Advances or L/C Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were
made or the related Letters of Credit were issued at a time when the conditions set forth in Section 3.04 were satisfied or waived, such payment shall be applied
solely to pay the Advances of, and L/C Obligations owed to, all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Advances of, or L/C Obligations owed to, such Defaulting Lender until such time as all
Advances and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments under the applicable
Facility without giving effect to Section 2.20(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.20(a)(ii) shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents hereto.
Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal
amount of any Advances or L/C Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were
made or the related Letters of Credit were issued at a time when the conditions set forth in Section 3.04 were satisfied or waived, such payment shall be applied
solely to pay the Advances of, and L/C Obligations owed to, all Non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Advances of, or L/C Obligations owed to, such Defaulting Lender until such time as all
Advances and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments under the applicable
Facility without giving effect to Section 2.20(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.20(a)(ii) shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents hereto.
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(iii) Certain Fees. (a) Each Defaulting Lender under the Revolving
Credit Facility, Term Facility and/or Term 2 Facility shall not be entitled to receive a commitment fee pursuant to Section 2.04a. for any period during which that Lender is a Defaulting Lender.
Credit Facility, Term Facility and/or Term 2 Facility shall not be entitled to receive a commitment fee pursuant to Section 2.04a. for any period during which that Lender is a Defaulting Lender.
(B) Each Defaulting Lender under the Revolving Credit
Facility shall be entitled to receive letter of credit fees for any period during
Facility shall be entitled to receive letter of credit fees for any period during
which that Lender is a Defaulting Lender only to the extent allocable to its
Ratable Share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.19.
Ratable Share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.19.
(C) With respect to any commitment fee or letter of credit fee
not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Bank the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.
not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Bank the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.
(iv) Reallocation of Participations to Reduce Fronting Exposure. All or any part of a Defaulting Lender’s participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders under the Revolving Credit Facility in accordance with their respective Ratable Shares under the Revolving Credit Facility (calculated without regard to such Defaulting Lender’s Revolving Credit Commitment) but only to the extent that (x) the conditions set forth in Section 3.04 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender under the Revolving Credit Facility to exceed such Non-Defaulting Lender’s Revolving Credit Commitment. Subject to Section 9.20, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.
(v) Cash Collateral. If the reallocation described in clause (iv) above
cannot, or can only partially, be effected, the Borrower shall, without prejudice to
cannot, or can only partially, be effected, the Borrower shall, without prejudice to
any right or remedy available to it hereunder or under law, Cash Collateralize the Issuing Banks’ Fronting Exposure in accordance with the procedures set forth in Section 2.19.
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(b) Defaulting Lender Cure. If the Borrower, the Agent and each
Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, the Agent
Issuing Bank agree in writing that a Lender is no longer a Defaulting Lender, the Agent
will so notify the parties hereto, whereupon as of the effective date specified in such
notice and subject to any conditions set forth therein (which may include arrangements
with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase
at par that portion of outstanding Advances of the other Lenders under the applicable
Facility or take such other actions as the Agent may determine to be necessary to cause
the Advances under the applicable Facility and funded and unfunded participations in
Letters of Credit to be held pro rata by the Appropriate Lenders in accordance with the
Commitments under the applicable Facility (without giving effect to Section 2.20(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no
adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no
change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a
waiver or release of any claim of any party hereunder arising from that Lender’s having
been a Defaulting Lender.
notice and subject to any conditions set forth therein (which may include arrangements
with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase
at par that portion of outstanding Advances of the other Lenders under the applicable
Facility or take such other actions as the Agent may determine to be necessary to cause
the Advances under the applicable Facility and funded and unfunded participations in
Letters of Credit to be held pro rata by the Appropriate Lenders in accordance with the
Commitments under the applicable Facility (without giving effect to Section 2.20(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no
adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no
change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a
waiver or release of any claim of any party hereunder arising from that Lender’s having
been a Defaulting Lender.
(c) New Letters of Credit. So long as any Revolving Credit Lender is
a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.
a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.
Section 2.21. [Reserved]
Section 2.22. Extension of Termination Date.
(a) Request for Extension. The Borrower may, by notice to the Agent
(who shall promptly notify the Revolving Credit Lenders) not earlier than 60 days and
not later than 45 days prior to the first and/or second anniversary of the Effective Date
(each, an “Extension Date”), request that each Revolving Credit Lender extend such
not later than 45 days prior to the first and/or second anniversary of the Effective Date
(each, an “Extension Date”), request that each Revolving Credit Lender extend such
Revolving Credit Lender’s scheduled Termination Date for an additional one year from
the scheduled Termination Date then in effect with respect to such Revolving Credit
Lender.
the scheduled Termination Date then in effect with respect to such Revolving Credit
Lender.
(b) Lender Elections to Extend. Each Revolving Credit Lender, acting
in its sole and individual discretion, shall, by notice to the Agent given not earlier than 30
in its sole and individual discretion, shall, by notice to the Agent given not earlier than 30
days prior to the applicable Extension Date and not later than the date (the “Notice
Date”) that is 20 days prior to such Extension Date, advise the Agent whether or not such Revolving Credit Lender agrees to such extension (and each Revolving Credit Lender
that determines not to so extend its Termination Date (a “Non-Extending Lender”) shall
notify the Agent of such fact promptly after such determination (but in any event no later than the Notice Date) and any Revolving Credit Lender that does not so advise the Agent on or before the Notice Date shall be deemed to be a Non-Extending Lender). The
election of any Revolving Credit Lender to agree to such extension shall not obligate any other Revolving Credit Lender to so agree.
that determines not to so extend its Termination Date (a “Non-Extending Lender”) shall
notify the Agent of such fact promptly after such determination (but in any event no later than the Notice Date) and any Revolving Credit Lender that does not so advise the Agent on or before the Notice Date shall be deemed to be a Non-Extending Lender). The
election of any Revolving Credit Lender to agree to such extension shall not obligate any other Revolving Credit Lender to so agree.
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(c) Notification by Agent. The Agent shall notify the Borrower of
each Revolving Credit Lender’s determination under this Section no later than 15 days
each Revolving Credit Lender’s determination under this Section no later than 15 days
prior to the applicable Extension Date (or, if such date is not a Business Day, on the next preceding Business Day).
(d) Additional Commitment Lenders. The Borrower shall have the
right on or before the applicable Extension Date to replace each Non-Extending Lender
right on or before the applicable Extension Date to replace each Non-Extending Lender
with, and add as “Revolving Credit Lenders” under this Agreement in place thereof, one or more Eligible Assignees (as an “Assuming Lender”) with the approval of the Agent
and each Issuing Bank (which approval shall not be unreasonably withheld), each of
which Assuming Lenders shall have entered into an assumption agreement in form and
substance satisfactory to the Borrower and the Agent (an “Assumption Agreement”) duly executed by such Eligible Assignee, the Agent and the Borrower, pursuant to which such Assuming Lender shall, effective as of the applicable Extension Date, undertake a
Revolving Credit Commitment (and, if any such Assuming Lender is already a
and each Issuing Bank (which approval shall not be unreasonably withheld), each of
which Assuming Lenders shall have entered into an assumption agreement in form and
substance satisfactory to the Borrower and the Agent (an “Assumption Agreement”) duly executed by such Eligible Assignee, the Agent and the Borrower, pursuant to which such Assuming Lender shall, effective as of the applicable Extension Date, undertake a
Revolving Credit Commitment (and, if any such Assuming Lender is already a
Revolving Credit Lender, its Revolving Credit Commitment shall be in addition to such
Lender’s Revolving Credit Commitment hereunder on such date).
Lender’s Revolving Credit Commitment hereunder on such date).
(e) Minimum Extension Requirement. If (and only if) the total of the
Revolving Credit Commitments of the Revolving Credit Lenders that have agreed so to extend their scheduled Termination Date and the additional Commitments of the
Revolving Credit Commitments of the Revolving Credit Lenders that have agreed so to extend their scheduled Termination Date and the additional Commitments of the
Assuming Lenders shall be more than 50% of the aggregate amount of the Revolving
Credit Commitments in effect immediately prior to the applicable Extension Date, then,
effective as of such Extension Date, the scheduled Termination Date of each Extending
Lender and of each Assuming Lender shall be extended to the date falling one year after the scheduled Termination Date in effect for such Lenders (except that, if such date is not a Business Day, such Termination Date as so extended shall be the next preceding
Business Day) and each Assuming Lender shall thereupon become a “Revolving Credit
Lender” for all purposes of this Agreement.
Credit Commitments in effect immediately prior to the applicable Extension Date, then,
effective as of such Extension Date, the scheduled Termination Date of each Extending
Lender and of each Assuming Lender shall be extended to the date falling one year after the scheduled Termination Date in effect for such Lenders (except that, if such date is not a Business Day, such Termination Date as so extended shall be the next preceding
Business Day) and each Assuming Lender shall thereupon become a “Revolving Credit
Lender” for all purposes of this Agreement.
(f) Conditions to Effectiveness of Extensions. Notwithstanding the
foregoing, the extension of the scheduled Termination Date pursuant to this Section 2.22
foregoing, the extension of the scheduled Termination Date pursuant to this Section 2.22
shall not be effective with respect to any Revolving Credit Lender unless on the Notice
Date and on the Extension Date:
Date and on the Extension Date:
(i) no Default shall have occurred and be continuing on such date and
after giving effect to such extension; and
after giving effect to such extension; and
(ii) the representations and warranties contained in Section 4.01 are
true and correct on and as of such date of such extension and after giving effect to
true and correct on and as of such date of such extension and after giving effect to
such extension, as though made on and as of such date, except where such
representations and warranties expressly refer to an earlier date, in which case
such representations and warranties shall be true and correct on and as of such
date on and after giving effect to such extension.
representations and warranties expressly refer to an earlier date, in which case
such representations and warranties shall be true and correct on and as of such
date on and after giving effect to such extension.
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Section 2.23. Incremental Facilities.
(a) [Reserved]
(b) The Borrower may, by written notice to the Agent from time to
time, request Incremental Commitments in an amount for all such Incremental
Commitments not to exceed the Incremental Facility Amount at such time from one or
more Incremental Lenders, which may include any existing Lender or Eligible Assignee (each of which shall be entitled to agree or decline to participate in its sole discretion);
provided that (i) any Incremental Revolving Credit Commitments (and the Incremental
Revolving Credit Advances thereunder) shall be implemented as an increase to the total
Revolving Credit Commitments and shall have identical terms as the Revolving Credit
Commitments (and the Revolving Credit Advances thereunder) and (ii) each Incremental Lender shall be subject to the approval of the Agent (and, in the case of an Incremental
Revolving Credit Lender, each Issuing Bank) (which approvals shall not be unreasonably withheld or delayed) if such approvals would be required by Section 9.07 for an
assignment of Advances or Commitments to such Incremental Lender. Such notice shall set forth (x) the amount of the Incremental Commitments being requested (which shall be in minimum increments of $5,000,000 and a minimum amount of $25,000,000 or such
lesser amount equal to the remaining Incremental Facility Amount, as applicable), (y) the date on which such Incremental Commitments are requested to become effective (which shall not be less than 10 Business Days nor more than 60 days after the date of such
notice, unless the Agent shall otherwise agree) and (z) in the case of Incremental Term
Commitments, whether such Incremental Term Commitments are (i) commitments to
make additional Term Advances, additional Term 2 Advances, additional Tranche B Loans or additional Tranche B2 Loans or (ii) commitments to make new A Type Term Loans (as defined below) with terms different from the Term Advances and the Term 2 Advances (such loans, “Specified Incremental Tranche A Advances” and such
commitments “Specified Incremental Tranche A Commitments”) or new B Type Term Loans (as defined below) with terms different from the Tranche B Loans and the Tranche B2 Loans (such loans, “Specified Incremental Tranche B Advances” (and together with
any Specified Incremental Tranche A Advances, “Specified Incremental Term
Advances”) and such commitments “Specified Incremental Tranche B Commitments”).
Commitments not to exceed the Incremental Facility Amount at such time from one or
more Incremental Lenders, which may include any existing Lender or Eligible Assignee (each of which shall be entitled to agree or decline to participate in its sole discretion);
provided that (i) any Incremental Revolving Credit Commitments (and the Incremental
Revolving Credit Advances thereunder) shall be implemented as an increase to the total
Revolving Credit Commitments and shall have identical terms as the Revolving Credit
Commitments (and the Revolving Credit Advances thereunder) and (ii) each Incremental Lender shall be subject to the approval of the Agent (and, in the case of an Incremental
Revolving Credit Lender, each Issuing Bank) (which approvals shall not be unreasonably withheld or delayed) if such approvals would be required by Section 9.07 for an
assignment of Advances or Commitments to such Incremental Lender. Such notice shall set forth (x) the amount of the Incremental Commitments being requested (which shall be in minimum increments of $5,000,000 and a minimum amount of $25,000,000 or such
lesser amount equal to the remaining Incremental Facility Amount, as applicable), (y) the date on which such Incremental Commitments are requested to become effective (which shall not be less than 10 Business Days nor more than 60 days after the date of such
notice, unless the Agent shall otherwise agree) and (z) in the case of Incremental Term
Commitments, whether such Incremental Term Commitments are (i) commitments to
make additional Term Advances, additional Term 2 Advances, additional Tranche B Loans or additional Tranche B2 Loans or (ii) commitments to make new A Type Term Loans (as defined below) with terms different from the Term Advances and the Term 2 Advances (such loans, “Specified Incremental Tranche A Advances” and such
commitments “Specified Incremental Tranche A Commitments”) or new B Type Term Loans (as defined below) with terms different from the Tranche B Loans and the Tranche B2 Loans (such loans, “Specified Incremental Tranche B Advances” (and together with
any Specified Incremental Tranche A Advances, “Specified Incremental Term
Advances”) and such commitments “Specified Incremental Tranche B Commitments”).
(i) The Borrower and each applicable Incremental Lender shall
execute and deliver to the Agent an Incremental Assumption Agreement and such
execute and deliver to the Agent an Incremental Assumption Agreement and such
other documentation as the Agent shall reasonably specify to evidence the
Incremental Commitment of each Incremental Lender. Each Incremental
Assumption Agreement shall specify the terms of any Incremental Term
Advances to be made thereunder; provided that (1) (A) (i) the final maturity date
of any Specified Incremental Tranche A Advances shall be (x) for any Specified
Incremental Tranche A Advances up to an aggregate initial principal amount of
all such Specified Incremental Tranche A Advances less than or equal to the
Specified Incremental A Cap, no earlier than the Term Loan Maturity Date or
Incremental Commitment of each Incremental Lender. Each Incremental
Assumption Agreement shall specify the terms of any Incremental Term
Advances to be made thereunder; provided that (1) (A) (i) the final maturity date
of any Specified Incremental Tranche A Advances shall be (x) for any Specified
Incremental Tranche A Advances up to an aggregate initial principal amount of
all such Specified Incremental Tranche A Advances less than or equal to the
Specified Incremental A Cap, no earlier than the Term Loan Maturity Date or
(y) for any Specified Incremental Tranche A Advances in excess of the Specified
Incremental A Cap, no earlier than the later of the Tranche B Maturity Date and
the Tranche B2 Maturity Date and (ii) the Weighted Average Life to Maturity of
Incremental A Cap, no earlier than the later of the Tranche B Maturity Date and
the Tranche B2 Maturity Date and (ii) the Weighted Average Life to Maturity of
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any Specified Incremental Tranche A Advances shall be (x) for any Specified
Incremental Tranche A Advances up to an aggregate initial principal amount of all such Specified Incremental Tranche A Advances less than or equal to the Specified Incremental A Cap, no shorter than the later of the Weighted Average
Life to Maturity of the Term Advances and the Term 2 Advances, or (y) for any
Specified Incremental Tranche A Advances in excess of the Specified
Incremental Tranche A Advances up to an aggregate initial principal amount of all such Specified Incremental Tranche A Advances less than or equal to the Specified Incremental A Cap, no shorter than the later of the Weighted Average
Life to Maturity of the Term Advances and the Term 2 Advances, or (y) for any
Specified Incremental Tranche A Advances in excess of the Specified
Incremental A Cap, no shorter than the later of the Weighted Average Life to
Maturity of the Tranche B Loans and the Weighted Average Life to Maturity of
the Tranche B2 Loans; (B) the final maturity date of any Specified Incremental
Tranche B Advances shall be no earlier than the later of the Tranche B Maturity
Date and the Tranche B2 Maturity Date and the Weighted Average Life to
Maturity of the Specified Incremental Tranche B Advances shall be no shorter
than the later of the Weighted Average Life to Maturity of the Tranche B Loans
and Weighted Average Life to Maturity of the Tranche B2 Loans; (C) if the initial yield on such Specified Incremental Tranche A Advances or Specified
Incremental Tranche B Advances, as the case may be (as determined by the Agent to be equal to the sum of (x) the margin above the Eurocurrency Rate on such
Advances (which shall be increased by the amount that any interest rate “floor”
applicable to such Advances on the date such Advances are made would exceed
the Eurocurrency Rate for a three-month Interest Period commencing on such
date) and (y) if such Advances are initially made at a discount or the Lenders
making the same receive a fee directly or indirectly from the Borrower or any of
its Subsidiaries for doing so (but excluding the effect of any bona fide
arrangement, structuring, syndication or other fees payable in connection
therewith that are not shared with all lenders or holders thereof) (the amount of
such discount or fee, expressed as a percentage of such Advances, being referred to herein as “OID”), the amount of such OID divided by the lesser of (A) the
Weighted Average Life to Maturity of such Advances and (B) four) exceeds by
more than 50 basis points (the amount of such excess above 50 basis points being referred to herein as the “Yield Differential”) the sum of (A) the Applicable
Margin then in effect for Eurocurrency Rate Term Advances (in the case of
Specified Incremental Tranche A Advances) or Eurocurrency Rate Tranche B
Loans or Eurocurrency Rate Tranche B2 Loans (in the case of Specified Incremental Tranche B Advances), and (B) the amount of the OID initially paid in respect of the Term Advances or Term 2 Advances (in the case of Specified Incremental Tranche A Advances) or the Tranche B Loans or Tranche B2 Loans, respectively, (in the case of Specified Incremental Tranche B Advances), divided by four, then the Applicable Margin then in effect for Term Advances or Term 2
Advances (in the case of Specified Incremental Tranche A Advances) or the
Tranche B Loans or Tranche B2 Loans, respectively, (in the case of Specified
Incremental Tranche B Advances) shall automatically be increased by the Yield
Differential, effective upon the making of the Specified Incremental Tranche A
Advances or the Specified Incremental Tranche B Advances, as applicable, and
(2) the other terms of any Specified Incremental Term Advances shall be
reasonably satisfactory to the Agent. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Assumption Agreement, this
Maturity of the Tranche B Loans and the Weighted Average Life to Maturity of
the Tranche B2 Loans; (B) the final maturity date of any Specified Incremental
Tranche B Advances shall be no earlier than the later of the Tranche B Maturity
Date and the Tranche B2 Maturity Date and the Weighted Average Life to
Maturity of the Specified Incremental Tranche B Advances shall be no shorter
than the later of the Weighted Average Life to Maturity of the Tranche B Loans
and Weighted Average Life to Maturity of the Tranche B2 Loans; (C) if the initial yield on such Specified Incremental Tranche A Advances or Specified
Incremental Tranche B Advances, as the case may be (as determined by the Agent to be equal to the sum of (x) the margin above the Eurocurrency Rate on such
Advances (which shall be increased by the amount that any interest rate “floor”
applicable to such Advances on the date such Advances are made would exceed
the Eurocurrency Rate for a three-month Interest Period commencing on such
date) and (y) if such Advances are initially made at a discount or the Lenders
making the same receive a fee directly or indirectly from the Borrower or any of
its Subsidiaries for doing so (but excluding the effect of any bona fide
arrangement, structuring, syndication or other fees payable in connection
therewith that are not shared with all lenders or holders thereof) (the amount of
such discount or fee, expressed as a percentage of such Advances, being referred to herein as “OID”), the amount of such OID divided by the lesser of (A) the
Weighted Average Life to Maturity of such Advances and (B) four) exceeds by
more than 50 basis points (the amount of such excess above 50 basis points being referred to herein as the “Yield Differential”) the sum of (A) the Applicable
Margin then in effect for Eurocurrency Rate Term Advances (in the case of
Specified Incremental Tranche A Advances) or Eurocurrency Rate Tranche B
Loans or Eurocurrency Rate Tranche B2 Loans (in the case of Specified Incremental Tranche B Advances), and (B) the amount of the OID initially paid in respect of the Term Advances or Term 2 Advances (in the case of Specified Incremental Tranche A Advances) or the Tranche B Loans or Tranche B2 Loans, respectively, (in the case of Specified Incremental Tranche B Advances), divided by four, then the Applicable Margin then in effect for Term Advances or Term 2
Advances (in the case of Specified Incremental Tranche A Advances) or the
Tranche B Loans or Tranche B2 Loans, respectively, (in the case of Specified
Incremental Tranche B Advances) shall automatically be increased by the Yield
Differential, effective upon the making of the Specified Incremental Tranche A
Advances or the Specified Incremental Tranche B Advances, as applicable, and
(2) the other terms of any Specified Incremental Term Advances shall be
reasonably satisfactory to the Agent. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Assumption Agreement, this
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Agreement shall be deemed amended to the extent (but only to the extent)
necessary to reflect the existence and terms of the Incremental Commitments and the Incremental Advances evidenced thereby. For purposes of this
necessary to reflect the existence and terms of the Incremental Commitments and the Incremental Advances evidenced thereby. For purposes of this
Section 2.23(b), “A Type Term Loans” means any term loans which have
(x) scheduled amortization in excess of 1.00% per annum and (y) a final maturity of five years or less, and “B Type Term Loans” means any term loans that are not A Type Term Loans.
(ii) Notwithstanding the foregoing, no Incremental Commitment shall become effective under this Section 2.23(b) unless (i) on the date of such effectiveness, (A) (1) the representations and warranties contained in Section 4.01 are true and correct in all material respects (except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which
shall be true and correct in all respects) and (2) no Default or Event of Default
shall have occurred and be continuing (and the Agent shall have received a
certificate to that effect dated such date and executed by a Financial Officer of the Borrower); provided that, in connection with any Incremental Term Commitment, the proceeds of which are, concurrently with the receipt thereof, to be used by the Borrower to finance, in whole or in part, a Permitted Acquisition, then the
conditions set forth in (1) and (2) above must only be satisfied at the time the
acquisition agreement for such Permitted Acquisition is entered into, and the only representations and warranties that will be required to be true and correct as of the funding of the Term Advances or Term 2 Advances thereunder shall be (x) the
Specified Representations and (y) such of the representations and warranties
shall have occurred and be continuing (and the Agent shall have received a
certificate to that effect dated such date and executed by a Financial Officer of the Borrower); provided that, in connection with any Incremental Term Commitment, the proceeds of which are, concurrently with the receipt thereof, to be used by the Borrower to finance, in whole or in part, a Permitted Acquisition, then the
conditions set forth in (1) and (2) above must only be satisfied at the time the
acquisition agreement for such Permitted Acquisition is entered into, and the only representations and warranties that will be required to be true and correct as of the funding of the Term Advances or Term 2 Advances thereunder shall be (x) the
Specified Representations and (y) such of the representations and warranties
made by or on behalf of the applicable acquired company or business (or the
seller thereof) in the applicable acquisition agreement as are material to the
interests of the Lenders, but only to the extent that the Borrower (or any of its
Subsidiaries) has the right to terminate or elect not to perform its obligations
interests of the Lenders, but only to the extent that the Borrower (or any of its
Subsidiaries) has the right to terminate or elect not to perform its obligations
under such acquisition agreement as a result of the inaccuracy of any such
representations or warranties in such acquisition agreement and (B) the Borrower shall be in compliance with the Financial Covenant set forth in Section 5.05(c)
after giving pro forma effect to the incurrence of such Incremental Term
Commitments and/or Incremental Revolving Credit Commitments, as applicable, the making of Advances to be made on the date of effectiveness thereof, any
Permitted Acquisition consummated simultaneously therewith, and the pro forma adjustments described in Section 1.07; (ii) all fees and expenses owing to the
Agent and the Lenders in respect of such Incremental Term Commitment and/or
Incremental Revolving Credit Commitment shall have been paid in full, (iii) to
representations or warranties in such acquisition agreement and (B) the Borrower shall be in compliance with the Financial Covenant set forth in Section 5.05(c)
after giving pro forma effect to the incurrence of such Incremental Term
Commitments and/or Incremental Revolving Credit Commitments, as applicable, the making of Advances to be made on the date of effectiveness thereof, any
Permitted Acquisition consummated simultaneously therewith, and the pro forma adjustments described in Section 1.07; (ii) all fees and expenses owing to the
Agent and the Lenders in respect of such Incremental Term Commitment and/or
Incremental Revolving Credit Commitment shall have been paid in full, (iii) to
the extent not consistent with this Agreement, the other terms and documentation in respect of the Incremental Term Advances shall be reasonably satisfactory to
the Agent unless otherwise expressly permitted in this Section 2.23(b) and (iv)
except as otherwise specified in the applicable Incremental Assumption
Agreement, the Agent shall have received legal opinions, board resolutions and
other closing certificates reasonably requested by the Agent and consistent with
those delivered on the Effective Date.
the Agent unless otherwise expressly permitted in this Section 2.23(b) and (iv)
except as otherwise specified in the applicable Incremental Assumption
Agreement, the Agent shall have received legal opinions, board resolutions and
other closing certificates reasonably requested by the Agent and consistent with
those delivered on the Effective Date.
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(iii) Each of the parties hereto hereby agrees that the Agent may, in
consultation with the Borrower, take any and all action as may be reasonably
necessary to ensure that all Incremental Advances (other than Specified Incremental Term Advances), when originally made, are included in each Borrowing of outstanding Revolving Credit Advances, Term Advances, Term 2
Advances, Tranche B Loans or Tranche B2 Loans, as applicable, on a pro rata
basis. This may be accomplished by, among other things, requiring each
outstanding Eurocurrency Borrowing to be Converted into a Base Rate
consultation with the Borrower, take any and all action as may be reasonably
necessary to ensure that all Incremental Advances (other than Specified Incremental Term Advances), when originally made, are included in each Borrowing of outstanding Revolving Credit Advances, Term Advances, Term 2
Advances, Tranche B Loans or Tranche B2 Loans, as applicable, on a pro rata
basis. This may be accomplished by, among other things, requiring each
outstanding Eurocurrency Borrowing to be Converted into a Base Rate
Borrowing on the date of such Incremental Advance, or by allocating a portion of
such Incremental Advance to each outstanding Eurocurrency Borrowing under
such Incremental Advance to each outstanding Eurocurrency Borrowing under
the relevant Facility on a pro rata basis. Any Conversion of Eurocurrency Rate
Advances to Base Rate Advances required by the preceding sentence shall be
subject to Section 9.04(f). If any Incremental Advance is to be allocated to an
existing Interest Period for a Eurocurrency Rate Advance, then the interest rate
thereon for such Interest Period and the other economic consequences thereof
shall be as set forth in the applicable Incremental Assumption Agreement. In
addition, to the extent any Incremental Term Advances are Term Advances, the
scheduled amortization payments under Section 2.06(c), required to be made after the making of such Incremental Term Advances shall be ratably increased by the aggregate principal amount of such Incremental Term Advances. In addition, to the extent any Incremental Term Advances are Term 2 Advances, the scheduled amortization payments under Section 2.06(f), required to be made after the making of such Incremental Term Advances shall be ratably increased by the aggregate principal amount of such Incremental Term Advances. Notwithstanding
the foregoing, Incremental Term Commitments to make Specified Incremental Term Advances may not be requested without the prior written consent of the Agent if, as a result of the Specified Incremental Term Advances to be made thereunder, there would be more than five classes of Term Advances, Term 2 Advances, Tranche B Loans or Tranche B2 Loans, together, outstanding.
Advances to Base Rate Advances required by the preceding sentence shall be
subject to Section 9.04(f). If any Incremental Advance is to be allocated to an
existing Interest Period for a Eurocurrency Rate Advance, then the interest rate
thereon for such Interest Period and the other economic consequences thereof
shall be as set forth in the applicable Incremental Assumption Agreement. In
addition, to the extent any Incremental Term Advances are Term Advances, the
scheduled amortization payments under Section 2.06(c), required to be made after the making of such Incremental Term Advances shall be ratably increased by the aggregate principal amount of such Incremental Term Advances. In addition, to the extent any Incremental Term Advances are Term 2 Advances, the scheduled amortization payments under Section 2.06(f), required to be made after the making of such Incremental Term Advances shall be ratably increased by the aggregate principal amount of such Incremental Term Advances. Notwithstanding
the foregoing, Incremental Term Commitments to make Specified Incremental Term Advances may not be requested without the prior written consent of the Agent if, as a result of the Specified Incremental Term Advances to be made thereunder, there would be more than five classes of Term Advances, Term 2 Advances, Tranche B Loans or Tranche B2 Loans, together, outstanding.
(iv) Notwithstanding any other provision of any Loan Document, each
Loan Document may be modified, supplemented, amended and/or amended and
restated by the Agent and the Borrower without the action or consent of any other party, if the Agent determines it to be necessary or advisable, to provide for terms applicable to any Incremental Advances permitted by or to otherwise give effect
to this Section 2.23(b).
Loan Document may be modified, supplemented, amended and/or amended and
restated by the Agent and the Borrower without the action or consent of any other party, if the Agent determines it to be necessary or advisable, to provide for terms applicable to any Incremental Advances permitted by or to otherwise give effect
to this Section 2.23(b).
Section 2.24. Specified Refinancing Debt. ii) The Borrower may,
from time to time, and subject to the consent of the Agent, add one or more new term loan facilities to this Agreement (“Specified Refinancing Debt”) pursuant to procedures reasonably specified by the Agent and reasonably acceptable to the Borrower, to refinance all or any portion of the Tranche B Loans, Tranche B2 Loans, Term Advances or Term 2 Advances then outstanding under this Agreement pursuant to a Refinancing
Amendment; provided that such Specified Refinancing Debt: (i) shall rank pari passu in
right of payment with the other Advances and Commitments hereunder; (ii) shall not be
guaranteed by any Person that is not a Guarantor; (iii) shall be unsecured or secured by
the Collateral on an equal and ratable basis with the Obligations (or on a second-lien
from time to time, and subject to the consent of the Agent, add one or more new term loan facilities to this Agreement (“Specified Refinancing Debt”) pursuant to procedures reasonably specified by the Agent and reasonably acceptable to the Borrower, to refinance all or any portion of the Tranche B Loans, Tranche B2 Loans, Term Advances or Term 2 Advances then outstanding under this Agreement pursuant to a Refinancing
Amendment; provided that such Specified Refinancing Debt: (i) shall rank pari passu in
right of payment with the other Advances and Commitments hereunder; (ii) shall not be
guaranteed by any Person that is not a Guarantor; (iii) shall be unsecured or secured by
the Collateral on an equal and ratable basis with the Obligations (or on a second-lien
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basis pursuant to intercreditor arrangements reasonably satisfactory to the Agent);
(iv) shall have such pricing and optional prepayment terms as may be agreed by the
Borrower and the applicable lenders thereof; (v)(xw) if refinancing all or any portion of
the Tranche B Loans shall have a maturity date that is not prior to the scheduled Tranche B Maturity Date, and shall have a Weighted Average Life to Maturity that is not shorter than the Weighted Average Life to Maturity of the Tranche B Loans being refinanced,
(v)(yx) if refinancing all or any portion of the Term Advances shall have a maturity date that is not prior to the scheduled Term Loan Maturity Date, and shall have a Weighted
Average Life to Maturity that is not shorter than the Weighted Average Life to Maturity of the Term Advances being refinanced, (v)(y) if refinancing all or any portion of the Term 2 Advances shall have a maturity date that is not prior to the scheduled Term Loan Maturity Date, and shall have a Weighted Average Life to Maturity that is not shorter
than the Weighted Average Life to Maturity of the Term 2 Advances being refinanced or (v)(z) if refinancing all or any portion of the Tranche B2 Loans shall have a maturity date that is not prior to the scheduled Tranche B2 Maturity Date, and shall have a Weighted
Average Life to Maturity that is not shorter than the Weighted Average Life to Maturity
of the Tranche B2 Loans being refinanced; (vi) subject to clauses (iv) and (v) above,
Borrower and the applicable lenders thereof; (v)(xw) if refinancing all or any portion of
the Tranche B Loans shall have a maturity date that is not prior to the scheduled Tranche B Maturity Date, and shall have a Weighted Average Life to Maturity that is not shorter than the Weighted Average Life to Maturity of the Tranche B Loans being refinanced,
(v)(yx) if refinancing all or any portion of the Term Advances shall have a maturity date that is not prior to the scheduled Term Loan Maturity Date, and shall have a Weighted
Average Life to Maturity that is not shorter than the Weighted Average Life to Maturity of the Term Advances being refinanced, (v)(y) if refinancing all or any portion of the Term 2 Advances shall have a maturity date that is not prior to the scheduled Term Loan Maturity Date, and shall have a Weighted Average Life to Maturity that is not shorter
than the Weighted Average Life to Maturity of the Term 2 Advances being refinanced or (v)(z) if refinancing all or any portion of the Tranche B2 Loans shall have a maturity date that is not prior to the scheduled Tranche B2 Maturity Date, and shall have a Weighted
Average Life to Maturity that is not shorter than the Weighted Average Life to Maturity
of the Tranche B2 Loans being refinanced; (vi) subject to clauses (iv) and (v) above,
shall have terms and conditions (other than pricing) that are substantially identical to, or less favorable to the lenders providing such Specified Refinancing Debt than, the terms and conditions of the Tranche B Loans, Tranche B2 Loans, Term Advances and/or Term 2 Advances, as applicable, being refinanced (unless such terms are acceptable to the Agent); and (vii) the Net Cash Proceeds of such Specified Refinancing Debt shall be applied, substantially concurrently with the incurrence thereof, to the pro rata prepayment of outstanding Tranche B Loans, Tranche B2 Loans, Term Advances and/or Term 2
Advances, as applicable, being so refinanced, in each case pursuant to Section 2.10;
provided however, that such Specified Refinancing Debt (x) may provide for any
additional or different financial or other covenants or other provisions that are agreed
among the Borrower and the lenders thereof and applicable only during periods after the latest maturity date of any of the Facilities (and Commitments) that remain outstanding
after giving effect to such Specified Refinancing Debt or the date on which all
non-refinanced Obligations are paid in full and (y) shall not have a principal or commitment amount (or accreted value) greater than the Tranche B Loans, Tranche B2
Loans, Term Advances and/or Term 2 Advances, as applicable, being refinanced (plus
accrued interest, fees, discounts, premiums or expenses payable in connection therewith).
Advances, as applicable, being so refinanced, in each case pursuant to Section 2.10;
provided however, that such Specified Refinancing Debt (x) may provide for any
additional or different financial or other covenants or other provisions that are agreed
among the Borrower and the lenders thereof and applicable only during periods after the latest maturity date of any of the Facilities (and Commitments) that remain outstanding
after giving effect to such Specified Refinancing Debt or the date on which all
non-refinanced Obligations are paid in full and (y) shall not have a principal or commitment amount (or accreted value) greater than the Tranche B Loans, Tranche B2
Loans, Term Advances and/or Term 2 Advances, as applicable, being refinanced (plus
accrued interest, fees, discounts, premiums or expenses payable in connection therewith).
(b) The Borrower shall make any request for Specified Refinancing
Debt pursuant to a written notice to the Agent specifying in reasonable detail the proposed terms thereof. No Lender shall have any obligation hereunder to provide Specified Refinancing Debt. To achieve the full amount of a requested issuance of Specified Refinancing Debt, and subject to the approval of the Agent (which approval shall not be unreasonably withheld), the Borrower may invite additional Eligible Assignees to become Lenders in respect of such Specified Refinancing Debt pursuant to a joinder agreement to this Agreement in form and substance reasonably satisfactory to the Agent.
Debt pursuant to a written notice to the Agent specifying in reasonable detail the proposed terms thereof. No Lender shall have any obligation hereunder to provide Specified Refinancing Debt. To achieve the full amount of a requested issuance of Specified Refinancing Debt, and subject to the approval of the Agent (which approval shall not be unreasonably withheld), the Borrower may invite additional Eligible Assignees to become Lenders in respect of such Specified Refinancing Debt pursuant to a joinder agreement to this Agreement in form and substance reasonably satisfactory to the Agent.
(c) The effectiveness of any Refinancing Amendment shall be subject
to the satisfaction on the date thereof of each of the conditions set forth in Section 3.04
to the satisfaction on the date thereof of each of the conditions set forth in Section 3.04
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and, to the extent reasonably requested by the Agent, receipt by the Agent of legal
opinions, board resolutions, officers’ certificates and/or reaffirmation agreements,
including any supplements or amendments to the Security and Guarantee Documents
opinions, board resolutions, officers’ certificates and/or reaffirmation agreements,
including any supplements or amendments to the Security and Guarantee Documents
providing for such Specified Refinancing Debt to be secured thereby, consistent with
those delivered on the Effective Date under Section 3.01 (other than changes to such
legal opinions resulting from a Change in Law, change in fact or change to counsel’s
form of opinion reasonably satisfactory to the Agent). The Lenders hereby authorize the
those delivered on the Effective Date under Section 3.01 (other than changes to such
legal opinions resulting from a Change in Law, change in fact or change to counsel’s
form of opinion reasonably satisfactory to the Agent). The Lenders hereby authorize the
Agent to enter into amendments to this Agreement and the other Loan Documents with
the Borrower as may be necessary in order to establish new tranches of Specified
Refinancing Debt and to make such technical amendments as may be necessary or
appropriate in the reasonable opinion of the Agent and the Borrower in connection with
the establishment of such new tranches, in each case on terms consistent with this Section 2.24.
the Borrower as may be necessary in order to establish new tranches of Specified
Refinancing Debt and to make such technical amendments as may be necessary or
appropriate in the reasonable opinion of the Agent and the Borrower in connection with
the establishment of such new tranches, in each case on terms consistent with this Section 2.24.
(d) Each class of Specified Refinancing Debt incurred under this
Section 2.24 shall be in an aggregate principal amount that is (x) not less than $25,000,000 and (y) an integral multiple of $5,000,000 in excess thereof.
Section 2.24 shall be in an aggregate principal amount that is (x) not less than $25,000,000 and (y) an integral multiple of $5,000,000 in excess thereof.
(e) Each of the parties hereto hereby agrees that, upon the
effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended
effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended
to the extent (but only to the extent) necessary to reflect the existence and terms of the
Specified Refinancing Debt incurred pursuant thereto (including the addition of such
Specified Refinancing Debt as separate “Facilities” hereunder and treated in a manner
consistent with the Facilities being refinanced, including for purposes of prepayments
and voting). Any Refinancing Amendment may, without the consent of any Person other than the Borrower, the Agent and the Lenders providing such Specified Refinancing
Debt, effect such amendments to this Agreement and the other Loan Documents as may
be necessary or appropriate, in the reasonable opinion of the Agent and the Borrower, to effect the provisions of this Section 2.24.
Specified Refinancing Debt incurred pursuant thereto (including the addition of such
Specified Refinancing Debt as separate “Facilities” hereunder and treated in a manner
consistent with the Facilities being refinanced, including for purposes of prepayments
and voting). Any Refinancing Amendment may, without the consent of any Person other than the Borrower, the Agent and the Lenders providing such Specified Refinancing
Debt, effect such amendments to this Agreement and the other Loan Documents as may
be necessary or appropriate, in the reasonable opinion of the Agent and the Borrower, to effect the provisions of this Section 2.24.
ARTICLE III
CONDITIONS TO EFFECTIVENESS AND LENDING
Section 3.01. Conditions Precedent to Effectiveness. The
Section 3.01. Conditions Precedent to Effectiveness. The
effectiveness of this Agreement and the obligations of each Tranche B Lender to fund the Tranche B Loans, shall be subject to the satisfaction of the following conditions
precedent (the first Business Day on which such conditions precedent are so satisfied, the “Effective Date”):
precedent (the first Business Day on which such conditions precedent are so satisfied, the “Effective Date”):
(a) The Agent shall have received duly executed counterparts of this
Agreement and each of the other Loan Documents requested by the Agent from the Borrower, each other Loan Party party thereto and the Agent.
Agreement and each of the other Loan Documents requested by the Agent from the Borrower, each other Loan Party party thereto and the Agent.
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(b) The Administrative Agent shall have received on or before the
Effective Date the following, each dated such day, in form and substance satisfactory to
Effective Date the following, each dated such day, in form and substance satisfactory to
the Agent and (except for any Notes) in sufficient copies for each Lender:
(i) A certificate of the Secretary or Assistant Secretary of each Loan
Party dated the Effective Date and certifying (A) that attached thereto is a true
and complete copy of the by-laws (or comparable organizational document) of
such Loan Party as in effect on the Effective Date and at all times since a date
prior to the date of the resolutions described in clause (B) below, (B) that attached
and complete copy of the by-laws (or comparable organizational document) of
such Loan Party as in effect on the Effective Date and at all times since a date
prior to the date of the resolutions described in clause (B) below, (B) that attached
thereto is a true and complete copy of resolutions duly adopted by the Board of
Directors (or comparable governing body) of such Loan Party authorizing the
execution, delivery and performance of the Loan Documents to which such Loan
Party is a party and, in the case of the Borrower, the Borrowing under the Tranche
B Facility , and that such resolutions have not been modified, rescinded or
amended and are in full force and effect, (C) that the certificate or articles of
incorporation (or comparable organizational document) of such Loan Party have
not been amended since the date of the last amendment thereto shown on the
certificate of good standing furnished pursuant to clause (iii) below and (D) as to
the incumbency and specimen signature of each Responsible Officer executing
any Loan Document or any other document delivered in connection herewith on
behalf of such Loan Party.
Directors (or comparable governing body) of such Loan Party authorizing the
execution, delivery and performance of the Loan Documents to which such Loan
Party is a party and, in the case of the Borrower, the Borrowing under the Tranche
B Facility , and that such resolutions have not been modified, rescinded or
amended and are in full force and effect, (C) that the certificate or articles of
incorporation (or comparable organizational document) of such Loan Party have
not been amended since the date of the last amendment thereto shown on the
certificate of good standing furnished pursuant to clause (iii) below and (D) as to
the incumbency and specimen signature of each Responsible Officer executing
any Loan Document or any other document delivered in connection herewith on
behalf of such Loan Party.
(ii) A certificate of another Responsible Officer as to the incumbency
and specimen signature of the Secretary or Assistant Secretary executing the
certificate pursuant to clause (i) above.
and specimen signature of the Secretary or Assistant Secretary executing the
certificate pursuant to clause (i) above.
(iii) Certified copies of the certificate or articles of incorporation (or
comparable organizational document), including all amendments thereto, of each
comparable organizational document), including all amendments thereto, of each
Loan Party as in effect on the Effective Date, certified as of a recent date by the
Secretary of State (or comparable entity) of the jurisdiction of its organization,
and a certificate as to the good standing (where such concept is applicable) of
each Loan Party as of a recent date, from such Secretary of State (or comparable
entity).
Secretary of State (or comparable entity) of the jurisdiction of its organization,
and a certificate as to the good standing (where such concept is applicable) of
each Loan Party as of a recent date, from such Secretary of State (or comparable
entity).
(iv) A favorable opinion of Xxxxxx & Xxxxxx Xxxx Xxxxxxx LLP,
counsel for the Borrower and the other Loan Parties, dated as of the Effective
counsel for the Borrower and the other Loan Parties, dated as of the Effective
Date, addressed to the Administrative Agent, the Collateral Agent, the Issuing
Bank and each Lender in form and substance reasonably satisfactory to the Agent
and covering such other matters relating to the Loan Documents and the
Transactions as the Agent shall reasonably request, and the Borrower hereby
requests such counsel to deliver such opinion.
Bank and each Lender in form and substance reasonably satisfactory to the Agent
and covering such other matters relating to the Loan Documents and the
Transactions as the Agent shall reasonably request, and the Borrower hereby
requests such counsel to deliver such opinion.
(v) Any Notes, to the extent requested at least three Business Days
prior to the Effective Date by any Lender pursuant to Section 2.16.
prior to the Effective Date by any Lender pursuant to Section 2.16.
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(c) The Administrative Agent shall have received a Notice of
Borrowing as required under Section 2.02 and in the form attached hereto as Exhibit B.
Borrowing as required under Section 2.02 and in the form attached hereto as Exhibit B.
(d) The Administrative Agent shall have received a solvency
certificate from a Financial Officer of the Borrower in the form attached hereto as Exhibit
H.
(e) The representations and warranties contained in Section 4.01 and
in each other Loan Document are correct in all material respects (except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be correct in all respects) except where such representations and warranties expressly refer to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be correct in all respects) on and as of such date. The Administrative Agent shall have received a certificate, dated the Effective Date, from a Financial Officer of the Borrower certifying compliance with this Section 3.01(e).
in each other Loan Document are correct in all material respects (except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be correct in all respects) except where such representations and warranties expressly refer to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which shall be correct in all respects) on and as of such date. The Administrative Agent shall have received a certificate, dated the Effective Date, from a Financial Officer of the Borrower certifying compliance with this Section 3.01(e).
(f) All fees required to be paid by the Borrower hereunder or as
separately agreed by the Borrower and any of the Arrangers or the Tranche B Lenders or
separately agreed by the Borrower and any of the Arrangers or the Tranche B Lenders or
the Term Lenders and all invoiced expenses of the Agent and the Arrangers relating
hereto (including those of counsel to the Agent and the Arrangers), shall have in each
case been paid.
hereto (including those of counsel to the Agent and the Arrangers), shall have in each
case been paid.
(g) After giving effect to the Transactions and the other transactions
contemplated hereby, no Loan Party shall have any outstanding Indebtedness for borrowed money or preferred stock other than the Indebtedness under the Tranche B Facility and Revolving Credit Facility and any applicable Indebtedness permitted pursuant to Section 5.03(k).
contemplated hereby, no Loan Party shall have any outstanding Indebtedness for borrowed money or preferred stock other than the Indebtedness under the Tranche B Facility and Revolving Credit Facility and any applicable Indebtedness permitted pursuant to Section 5.03(k).
(h) Since February 2, 2018, there shall not have been any event that
has resulted or would reasonably be expected to result, individually or in the aggregate,
has resulted or would reasonably be expected to result, individually or in the aggregate,
in a Material Adverse Effect.
(i) No event has occurred and is continuing, or would result from such
Borrowing or from the application of the proceeds therefrom, that constitutes a Default or Event of Default.
(j) The Agent and the Arrangers shall have received, at least four
Business Days prior to the Effective Date, all documentation and other information with
Business Days prior to the Effective Date, all documentation and other information with
respect to the Loan Parties required by regulatory authorities under applicable “know
your customer” and anti-money laundering rules and regulations, including the Patriot
Act, to the extent requested in writing at least ten Business Days prior to the Effective
Date by the Agent or the Arrangers,.
your customer” and anti-money laundering rules and regulations, including the Patriot
Act, to the extent requested in writing at least ten Business Days prior to the Effective
Date by the Agent or the Arrangers,.
(k) The Administrative Agent shall have received a copy of, or a
certificate as to coverage under, the insurance policies required by Section 5.01(c) and
certificate as to coverage under, the insurance policies required by Section 5.01(c) and
the applicable provisions of the Security and Guarantee Documents, each of which shall
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be endorsed or otherwise amended to include a customary lender’s loss payable
endorsement and to name the Collateral Agent as additional insured, in form and
substance reasonably satisfactory to the Agent.
endorsement and to name the Collateral Agent as additional insured, in form and
substance reasonably satisfactory to the Agent.
(l) The Collateral Agent shall have received (i) a Perfection
Certificate with respect to the Loan Parties dated the Effective Date and duly executed by
Certificate with respect to the Loan Parties dated the Effective Date and duly executed by
a Responsible Officer of the Borrower and (ii) the results of a recent lien search made
with respect to the Loan Parties in the states (or other jurisdictions) of formation of such Persons, in which the chief executive office of each such Person is located and in the
other jurisdictions in which such Persons maintain property, as applicable, in each case
as indicated on the Perfection Certificate referred to above, together with copies of the
financing statements (or similar documents) disclosed by such search, and accompanied
by evidence reasonably satisfactory to the Collateral Agent that the Liens indicated in
any such financing statement (or similar document) would be permitted under Section
5.03(a) of this Agreement or have been or will be contemporaneously released or
terminated.
with respect to the Loan Parties in the states (or other jurisdictions) of formation of such Persons, in which the chief executive office of each such Person is located and in the
other jurisdictions in which such Persons maintain property, as applicable, in each case
as indicated on the Perfection Certificate referred to above, together with copies of the
financing statements (or similar documents) disclosed by such search, and accompanied
by evidence reasonably satisfactory to the Collateral Agent that the Liens indicated in
any such financing statement (or similar document) would be permitted under Section
5.03(a) of this Agreement or have been or will be contemporaneously released or
terminated.
(m) The Security and Guarantee Documents shall have been duly
executed by each Loan Party that is to be a party thereto and shall be in full force and
executed by each Loan Party that is to be a party thereto and shall be in full force and
effect on the Effective Date. The Collateral Agent, on behalf of the Secured Parties, shall have a security interest in the Collateral of the type and priority described in each
Security and Guarantee Document.
Security and Guarantee Document.
(n) Each document (including any UCC financing statements but
excluding any Mortgages) required by the Security and Guarantee Documents or under
excluding any Mortgages) required by the Security and Guarantee Documents or under
applicable law or reasonably requested by the Collateral Agent to be filed, registered or
recorded in order to create in favor of the Collateral Agent, for the benefit of the Lenders and the other Secured Parties, a perfected Lien on the Collateral described therein, prior
and superior in right to any other person (subject to applicable Liens permitted under
Section 5.03(a) of this Agreement), shall have been filed, registered or recorded or
delivered to the Collateral Agent in proper form for filing, registration or recordation. On or prior to the Effective Date, the Collateral Agent shall have received all Pledged
Collateral (as defined in the Guarantee and Collateral Agreement) required to be
delivered to the Collateral Agent pursuant to the Guarantee and Collateral Agreement,
together with undated proper instruments of assignment duly executed by the applicable Loan Party in blank and such other instruments or documents as the Collateral Agent
may reasonably request.
recorded in order to create in favor of the Collateral Agent, for the benefit of the Lenders and the other Secured Parties, a perfected Lien on the Collateral described therein, prior
and superior in right to any other person (subject to applicable Liens permitted under
Section 5.03(a) of this Agreement), shall have been filed, registered or recorded or
delivered to the Collateral Agent in proper form for filing, registration or recordation. On or prior to the Effective Date, the Collateral Agent shall have received all Pledged
Collateral (as defined in the Guarantee and Collateral Agreement) required to be
delivered to the Collateral Agent pursuant to the Guarantee and Collateral Agreement,
together with undated proper instruments of assignment duly executed by the applicable Loan Party in blank and such other instruments or documents as the Collateral Agent
may reasonably request.
(o) Other than as set forth in Section 5.01(n), (i) each of the Security
and Guarantee Documents, in form and substance reasonably satisfactory to the Lenders,
and Guarantee Documents, in form and substance reasonably satisfactory to the Lenders,
relating to each of the Mortgaged Properties shall have been duly executed by the parties thereto and delivered to the Collateral Agent and shall be in full force and effect, (ii) each of such Mortgaged Properties shall not be subject to any Lien other than those permitted under Section 5.03(a) of this Agreement, (iii) each such Security and Guarantee
Document shall have been filed and recorded in the recording office as specified on
Schedule 4.01(bb) (or a lender’s title insurance policy, in form and substance reasonably acceptable to the Collateral Agent, insuring such Security and Guarantee Document as a
Document shall have been filed and recorded in the recording office as specified on
Schedule 4.01(bb) (or a lender’s title insurance policy, in form and substance reasonably acceptable to the Collateral Agent, insuring such Security and Guarantee Document as a
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first lien on such Mortgaged Property (subject to applicable Liens permitted under
Section 5.03(a) of this Agreement) shall have been received by the Collateral Agent) and, in connection therewith, the Collateral Agent shall have received evidence reasonably
satisfactory to it of each such filing and recordation and (iv) the Collateral Agent shall
have received such other documents, including a policy or policies of title insurance
issued by a nationally recognized title insurance company, together with such
endorsements, coinsurance and reinsurance as may be reasonably requested by the
Collateral Agent and the Lenders, insuring the Mortgages as valid first liens on the
Mortgaged Properties, free of Liens other than Permitted Liens, together with such
surveys, abstracts, appraisals and legal opinions required to be furnished pursuant to the
terms of the Mortgages or as reasonably requested by the Collateral Agent or the
Section 5.03(a) of this Agreement) shall have been received by the Collateral Agent) and, in connection therewith, the Collateral Agent shall have received evidence reasonably
satisfactory to it of each such filing and recordation and (iv) the Collateral Agent shall
have received such other documents, including a policy or policies of title insurance
issued by a nationally recognized title insurance company, together with such
endorsements, coinsurance and reinsurance as may be reasonably requested by the
Collateral Agent and the Lenders, insuring the Mortgages as valid first liens on the
Mortgaged Properties, free of Liens other than Permitted Liens, together with such
surveys, abstracts, appraisals and legal opinions required to be furnished pursuant to the
terms of the Mortgages or as reasonably requested by the Collateral Agent or the
Lenders.
(p) The Collateral Agent shall have received: (i) with respect to any
Existing Mortgage, evidence that an amendment, supplement or modification in form reasonably satisfactory to the Collateral Agent (the “Mortgage Amendments”) with respect to each such Existing Mortgage has been duly executed, acknowledged and delivered and is in form suitable for filing and recording in all filing or recording offices that the Collateral Agent may deem necessary or desirable in order to maintain or protect the lien of the related Existing Mortgage and the priority thereof, (ii) with respect to the real properties subject to the Mortgage Amendments, fully paid title searches and mortgage modification and continuation endorsements confirming ownership of the related real property by the applicable Loan Party and showing no Liens of record other than Permitted Liens and (iii) evidence that all filing, documentary, stamp, intangible and recording taxes and fees in respect to such Mortgage Amendments have been paid in connection with the preparation, execution, filing and recordation of the Mortgage Amendments.
Existing Mortgage, evidence that an amendment, supplement or modification in form reasonably satisfactory to the Collateral Agent (the “Mortgage Amendments”) with respect to each such Existing Mortgage has been duly executed, acknowledged and delivered and is in form suitable for filing and recording in all filing or recording offices that the Collateral Agent may deem necessary or desirable in order to maintain or protect the lien of the related Existing Mortgage and the priority thereof, (ii) with respect to the real properties subject to the Mortgage Amendments, fully paid title searches and mortgage modification and continuation endorsements confirming ownership of the related real property by the applicable Loan Party and showing no Liens of record other than Permitted Liens and (iii) evidence that all filing, documentary, stamp, intangible and recording taxes and fees in respect to such Mortgage Amendments have been paid in connection with the preparation, execution, filing and recordation of the Mortgage Amendments.
(q) With respect to each Mortgaged Property, the Administrative
Agent shall have received a Flood Hazard Determination and, if any Mortgaged Property
Agent shall have received a Flood Hazard Determination and, if any Mortgaged Property
is a Flood Hazard Property, (i) the Borrower's written acknowledgment of receipt of
written notification from the Administrative Agent as to the fact that such Mortgaged
Property is a Flood Hazard Property and as to whether the community in which each such Flood Hazard Property is located is participating in the NFIP and (ii) copies of the
Borrower’s application for a Flood Insurance Policy plus proof of premium payment, a
declaration page confirming that a Flood Insurance Policy has been issued, or such other evidence of flood insurance satisfactory to the Administrative Agent and naming the
Collateral Agent as sole loss payee.
written notification from the Administrative Agent as to the fact that such Mortgaged
Property is a Flood Hazard Property and as to whether the community in which each such Flood Hazard Property is located is participating in the NFIP and (ii) copies of the
Borrower’s application for a Flood Insurance Policy plus proof of premium payment, a
declaration page confirming that a Flood Insurance Policy has been issued, or such other evidence of flood insurance satisfactory to the Administrative Agent and naming the
Collateral Agent as sole loss payee.
Without limiting the generality of the provisions of Section 8.03, for purposes of
determining compliance with the conditions specified in this Section 3.01, each Lender
determining compliance with the conditions specified in this Section 3.01, each Lender
as of the Effective Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent
shall have received written notice from such Lender prior to the Effective Date
shall have received written notice from such Lender prior to the Effective Date
specifying its objection thereto.
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Section 3.02. Conditions Precedent to a Borrowing on the Engility
Closing Date. The obligations of each Term Lender to fund the entire amount of Term Advances, shall be subject to the satisfaction of the following conditions precedent (the
Closing Date. The obligations of each Term Lender to fund the entire amount of Term Advances, shall be subject to the satisfaction of the following conditions precedent (the
first Business Day on which such conditions precedent are so satisfied, the “Engility
Closing Date”):
Closing Date”):
(a) The Administrative Agent shall have received on or before the
Engility Closing Date the following, each dated such day, in form and substance satisfactory to the Agent and (except for any Notes) in sufficient copies for each Lender:
Engility Closing Date the following, each dated such day, in form and substance satisfactory to the Agent and (except for any Notes) in sufficient copies for each Lender:
(i) A certificate of the Secretary or Assistant Secretary of each
Engility Loan Party certifying (A) that attached thereto is a true and
complete copy of the by-laws (or comparable organizational document) of
such Engility Loan Party as in effect on the Engility Closing Date and at
all times since a date prior to the date of the resolutions described in
clause (B) below, (B) that attached thereto is a true and complete copy of
resolutions duly adopted by the Board of Directors (or comparable
governing body) of such Engility Loan Party authorizing the execution,
delivery and performance of the Loan Documents to which such Engility
Loan Party is a party, and that such resolutions have not been modified,
rescinded or amended and are in full force and effect, (C) that the
certificate or articles of incorporation (or comparable organizational
document) of such Engility Loan Party have not been amended since the
date of the last amendment thereto shown on the certificate of good
standing furnished pursuant to clause (iii) below and (D) as to the
incumbency and specimen signature of each Responsible Officer
executing any Loan Document or any other document delivered in
connection herewith on behalf of such Engility Loan Party.
Engility Loan Party certifying (A) that attached thereto is a true and
complete copy of the by-laws (or comparable organizational document) of
such Engility Loan Party as in effect on the Engility Closing Date and at
all times since a date prior to the date of the resolutions described in
clause (B) below, (B) that attached thereto is a true and complete copy of
resolutions duly adopted by the Board of Directors (or comparable
governing body) of such Engility Loan Party authorizing the execution,
delivery and performance of the Loan Documents to which such Engility
Loan Party is a party, and that such resolutions have not been modified,
rescinded or amended and are in full force and effect, (C) that the
certificate or articles of incorporation (or comparable organizational
document) of such Engility Loan Party have not been amended since the
date of the last amendment thereto shown on the certificate of good
standing furnished pursuant to clause (iii) below and (D) as to the
incumbency and specimen signature of each Responsible Officer
executing any Loan Document or any other document delivered in
connection herewith on behalf of such Engility Loan Party.
(ii) A certificate of another Responsible Officer as to the
incumbency and specimen signature of the Secretary or Assistant
Secretary executing the certificate pursuant to clause (i) above.
incumbency and specimen signature of the Secretary or Assistant
Secretary executing the certificate pursuant to clause (i) above.
(iii) Certified copies of the certificate or articles of
incorporation (or comparable organizational document), including all
incorporation (or comparable organizational document), including all
amendments thereto, of each Engility Loan Party, certified as of a recent
date by the Secretary of State (or comparable entity) of the jurisdiction of
its organization, and a certificate as to the good standing (where such
concept is applicable) of each such Engility Loan Party as of a recent date,
from such Secretary of State (or comparable entity).
date by the Secretary of State (or comparable entity) of the jurisdiction of
its organization, and a certificate as to the good standing (where such
concept is applicable) of each such Engility Loan Party as of a recent date,
from such Secretary of State (or comparable entity).
(iv) A favorable opinion of (a) Xxxxxx & Xxxxxx Xxxx Xxxxxxx
LLP, counsel for the Engility Loan Parties, and (b) to the extent necessary,
LLP, counsel for the Engility Loan Parties, and (b) to the extent necessary,
local counsel to the Engility Loan Parties, in each case, dated as of the
Engility Closing Date, addressed to the Administrative Agent, the
Collateral Agent, the Term Lenders in form and substance reasonably
satisfactory to the Agent and covering such other matters relating to the
Engility Closing Date, addressed to the Administrative Agent, the
Collateral Agent, the Term Lenders in form and substance reasonably
satisfactory to the Agent and covering such other matters relating to the
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Loan Documents and the transactions as the Agent shall reasonably
request, and the Borrower hereby requests such counsel to deliver such
opinion.
request, and the Borrower hereby requests such counsel to deliver such
opinion.
(v) Any Notes, to the extent requested at least three Business
Days prior to the Engility Closing Date by any Lender pursuant to Section
Days prior to the Engility Closing Date by any Lender pursuant to Section
2.16.
(b) The Administrative Agent shall have received a Notice of
Borrowing as required under Section 2.02 and in the form attached hereto as Exhibit B.
(c) The Administrative Agent shall have received a solvency
(c) The Administrative Agent shall have received a solvency
certificate from a Financial Officer of the Borrower in the form attached hereto as Exhibit
H.
(d) The Engility Acquisition and the Engility Transactions shall be
consummated substantially concurrently with the initial funding of the Term Advances in
consummated substantially concurrently with the initial funding of the Term Advances in
accordance with the Engility Acquisition Agreement (without any amendment,
modification or waiver thereof or any consent thereunder which is materially adverse to
the Agent, the Arrangers or the Lenders without the prior written consent of the Agent).
The Engility Acquisition Agreement Representations shall be true and correct and the
Specified Representations shall be true and correct in all material respects (or in all
respects if qualified by materiality). The Administrative Agent shall have received a
certificate, dated the Engility Closing Date from a Financial Officer of the Borrower
certifying compliance with this Section 3.02(d).
modification or waiver thereof or any consent thereunder which is materially adverse to
the Agent, the Arrangers or the Lenders without the prior written consent of the Agent).
The Engility Acquisition Agreement Representations shall be true and correct and the
Specified Representations shall be true and correct in all material respects (or in all
respects if qualified by materiality). The Administrative Agent shall have received a
certificate, dated the Engility Closing Date from a Financial Officer of the Borrower
certifying compliance with this Section 3.02(d).
(e) All fees required to be paid by the Borrower hereunder or as
separately agreed by the Borrower and any of the Arrangers or the Term Lenders and all
separately agreed by the Borrower and any of the Arrangers or the Term Lenders and all
invoiced expenses (but only to the extent invoiced 3 days prior to the Engility Closing
Date) of the Agent and the Arrangers relating hereto (including those of counsel to the
Agent and the Arrangers), shall have in each case been paid.
Date) of the Agent and the Arrangers relating hereto (including those of counsel to the
Agent and the Arrangers), shall have in each case been paid.
(f) Since December 31, 2017, there shall not have been any event that
has had or would reasonably be expected to have, individually or in the aggregate, an Engility Acquisition Agreement Material Adverse Effect.
has had or would reasonably be expected to have, individually or in the aggregate, an Engility Acquisition Agreement Material Adverse Effect.
(g) The Agent and the Arrangers shall have received, at least four
Business Days prior to the Engility Closing Date, all documentation and other information with respect to the Engility Loan Parties required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing at least ten Business Days prior to the Engility Closing Date by the Agent or the Arrangers and not previously delivered to Agent.
Business Days prior to the Engility Closing Date, all documentation and other information with respect to the Engility Loan Parties required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing at least ten Business Days prior to the Engility Closing Date by the Agent or the Arrangers and not previously delivered to Agent.
(h) The Security and Guarantee Documents shall be in full force and
effect on the Engility Closing Date. The Collateral Agent, on behalf of the Secured
effect on the Engility Closing Date. The Collateral Agent, on behalf of the Secured
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Parties, shall have a security interest in the Collateral of the type and priority described in each Security and Guarantee Document.
(i) Each document (including any UCC financing statements but
excluding any Mortgages) required by the Security and Guarantee Documents or under
excluding any Mortgages) required by the Security and Guarantee Documents or under
applicable law or reasonably requested by the Collateral Agent to be filed, registered or
recorded in order to create in favor of the Collateral Agent, for the benefit of the Lenders and the other Secured Parties, a perfected Lien on the Collateral described therein, prior
and superior in right to any other person (subject to applicable Liens permitted under
Section 5.03(a) of this Agreement), shall have been filed, registered or recorded or
delivered to the Collateral Agent in proper form for filing, registration or recordation. On or prior to the Engility Closing Date, the Collateral Agent shall have received all Pledged Collateral (as defined in the Guarantee and Collateral Agreement) required to be
delivered to the Collateral Agent pursuant to the Guarantee and Collateral Agreement,
together with undated proper instruments of assignment duly executed by the applicable
Engility Loan Party in blank and such other instruments or documents as the Collateral
Agent may reasonably request.
recorded in order to create in favor of the Collateral Agent, for the benefit of the Lenders and the other Secured Parties, a perfected Lien on the Collateral described therein, prior
and superior in right to any other person (subject to applicable Liens permitted under
Section 5.03(a) of this Agreement), shall have been filed, registered or recorded or
delivered to the Collateral Agent in proper form for filing, registration or recordation. On or prior to the Engility Closing Date, the Collateral Agent shall have received all Pledged Collateral (as defined in the Guarantee and Collateral Agreement) required to be
delivered to the Collateral Agent pursuant to the Guarantee and Collateral Agreement,
together with undated proper instruments of assignment duly executed by the applicable
Engility Loan Party in blank and such other instruments or documents as the Collateral
Agent may reasonably request.
Notwithstanding the foregoing, if, after the use by the Engility Loan Parties of
commercially reasonable efforts to cause the conditions relating to the collateral and guarantee matters set forth in Section 3.02(h) and Section 3.02(i) above to be satisfied as of the Engility Closing Date (other than Collateral in which a security interest therein
commercially reasonable efforts to cause the conditions relating to the collateral and guarantee matters set forth in Section 3.02(h) and Section 3.02(i) above to be satisfied as of the Engility Closing Date (other than Collateral in which a security interest therein
may be perfected by (A) the filing of a Uniform Commercial Code financing statement,
(B) taking delivery and possession of stock (or other equity interest) certificates and
related stock powers executed in blank (other than in respect of any Excluded Subsidiary) of the Acquired Business or any subsidiary of the Acquired Business organized outside
(B) taking delivery and possession of stock (or other equity interest) certificates and
related stock powers executed in blank (other than in respect of any Excluded Subsidiary) of the Acquired Business or any subsidiary of the Acquired Business organized outside
of the United States) or (C) the filing of a short form security agreement with the United States Patent and Trademark Office or the United States Copyright Office), such
conditions shall not be a condition precedent to the funding of the Term Advances on the Engility Closing Date, but shall be accomplished as promptly as practicable after the
Engility Closing Date and in any event within 30 days or such later date as the Agent
conditions shall not be a condition precedent to the funding of the Term Advances on the Engility Closing Date, but shall be accomplished as promptly as practicable after the
Engility Closing Date and in any event within 30 days or such later date as the Agent
may agree to in its sole discretion. Without limiting the generality of the provisions of
Section 8.03, for purposes of determining compliance with the conditions specified in
Section 8.03, for purposes of determining compliance with the conditions specified in
this Section 3.02, each Lender as of the Engility Closing Date shall be deemed to have
consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a
Lender unless the Administrative Agent shall have received written notice from such
Lender prior to the Engility Closing Date specifying its objection thereto.
consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a
Lender unless the Administrative Agent shall have received written notice from such
Lender prior to the Engility Closing Date specifying its objection thereto.
Section 3.03. Conditions Precedent to a Borrowing on the Fall-Away
Date. The obligations of each Term Lender to fund Term Advances on the Fall-Away Date shall be subject to the satisfaction of the following conditions precedent:
Date. The obligations of each Term Lender to fund Term Advances on the Fall-Away Date shall be subject to the satisfaction of the following conditions precedent:
(a) The Administrative Agent shall have received on or before the
Fall-Away Date the following, each dated such day, in form and substance satisfactory to
Fall-Away Date the following, each dated such day, in form and substance satisfactory to
the Agent and (except for any Notes) in sufficient copies for each Lender:
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(i) Any Notes, to the extent requested at least three Business
Days prior to the Fall-Away Date by any Lender pursuant to Section 2.16.
Days prior to the Fall-Away Date by any Lender pursuant to Section 2.16.
(b) The Administrative Agent shall have received a Notice of
Borrowing as required under Section 2.02 and in the form attached hereto as Exhibit B.
Borrowing as required under Section 2.02 and in the form attached hereto as Exhibit B.
(c) The Specified Representations shall be true and correct in all
material respects (or in all respects if qualified by materiality). The Administrative Agent
material respects (or in all respects if qualified by materiality). The Administrative Agent
shall have received a certificate, dated the Fall-Away Date from a Financial Officer of
the Borrower certifying compliance with this Section 3.03(c).
the Borrower certifying compliance with this Section 3.03(c).
(d) All fees required to be paid by the Borrower hereunder or as
separately agreed by the Borrower and any of the Arrangers or the Term Lenders and all
separately agreed by the Borrower and any of the Arrangers or the Term Lenders and all
invoiced expenses of the Agent and the Arrangers relating hereto (including those of
counsel to the Agent and the Arrangers), shall have in each case been paid (which
amounts may be offset against the proceeds of the Term Advances).
counsel to the Agent and the Arrangers), shall have in each case been paid (which
amounts may be offset against the proceeds of the Term Advances).
Section 3.04. Conditions Precedent to Each Revolving Credit
Borrowing and Issuance. The obligation of each Revolving Credit Lender to make a
Borrowing and Issuance. The obligation of each Revolving Credit Lender to make a
Revolving Credit Advance (other than an Advance made by any Issuing Bank or any
Revolving Credit Lender pursuant to Section 2.03(c)) on the occasion of each Borrowing and the obligation of each Issuing Bank to Issue a Letter of Credit shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing or such Issuance (as the case may be) (a) the following statements shall be
true (and each of the giving of the applicable Notice of Borrowing or Notice of Issuance and the acceptance by the Borrower of the proceeds of such Borrowing or such Issuance shall constitute a representation and warranty by the Borrower that on the date of such
Borrowing or such Issuance such statements are true):
Revolving Credit Lender pursuant to Section 2.03(c)) on the occasion of each Borrowing and the obligation of each Issuing Bank to Issue a Letter of Credit shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Borrowing or such Issuance (as the case may be) (a) the following statements shall be
true (and each of the giving of the applicable Notice of Borrowing or Notice of Issuance and the acceptance by the Borrower of the proceeds of such Borrowing or such Issuance shall constitute a representation and warranty by the Borrower that on the date of such
Borrowing or such Issuance such statements are true):
(i) the representations and warranties contained in Section 4.01 and in
each other Loan Document are correct in all material respects (except for those
representations and warranties that are qualified by materiality or Material
Adverse Effect, which shall be correct in all respects) on and as of such date,
before and after giving effect to such Borrowing or such Issuance and to the
application of the proceeds therefrom, as though made on and as of such date
except where such representations and warranties expressly refer to an earlier
date, in which case such representations and warranties shall be true and correct
each other Loan Document are correct in all material respects (except for those
representations and warranties that are qualified by materiality or Material
Adverse Effect, which shall be correct in all respects) on and as of such date,
before and after giving effect to such Borrowing or such Issuance and to the
application of the proceeds therefrom, as though made on and as of such date
except where such representations and warranties expressly refer to an earlier
date, in which case such representations and warranties shall be true and correct
in all material respects (except for those representations and warranties that are
qualified by materiality or Material Adverse Effect, which shall be correct in all
respects) on and as of such date, and
qualified by materiality or Material Adverse Effect, which shall be correct in all
respects) on and as of such date, and
(ii) no event has occurred and is continuing, or would result from such
Borrowing or such Issuance or from the application of the proceeds therefrom,
that constitutes a Default; and
Borrowing or such Issuance or from the application of the proceeds therefrom,
that constitutes a Default; and
(iii) the Agent shall have received such other approvals, opinions or
documents as any Lender through the Agent may reasonably request.
documents as any Lender through the Agent may reasonably request.
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ARTICLE IV
Section 4.01. Representations and Warranties of the Borrower. The
Borrower represents and warrants as follows:
(a) Each of the Borrower and its Subsidiaries is duly organized or
formed, validly existing and in good standing under the laws of the jurisdiction of its
incorporation or organization, has all requisite power and authority to own or lease its
assets and carry on its business and is duly qualified, licensed and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the
conduct of its business requires such qualification, except where the failure to be so
qualified or in good standing would not have a Material Adverse Effect.
incorporation or organization, has all requisite power and authority to own or lease its
assets and carry on its business and is duly qualified, licensed and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the
conduct of its business requires such qualification, except where the failure to be so
qualified or in good standing would not have a Material Adverse Effect.
(b) The execution, delivery and performance by each Loan Party of
each Loan Document to which it is a party, and the consummation of the Transactions and the other transactions contemplated hereby, are within such Loan Party’s corporate
each Loan Document to which it is a party, and the consummation of the Transactions and the other transactions contemplated hereby, are within such Loan Party’s corporate
or other organizational powers, have been duly authorized by all necessary corporate or
other organizational action, and do not conflict with or contravene or result in any breach of (i) such Loan Party’s charter, by-laws or other organizational documents, (ii) law or
any material contractual restriction binding on or affecting such Loan Party or any of its
Subsidiaries or (iii) any material order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Loan Party or any of its Subsidiaries is
subject.
other organizational action, and do not conflict with or contravene or result in any breach of (i) such Loan Party’s charter, by-laws or other organizational documents, (ii) law or
any material contractual restriction binding on or affecting such Loan Party or any of its
Subsidiaries or (iii) any material order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Loan Party or any of its Subsidiaries is
subject.
(c) No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or any other third party is or will be required for the due execution, delivery and performance by any of the Loan Parties of each Loan Document to which it is a party or otherwise in connection with the Transactions, except for (a) the filing of Uniform Commercial Code financing statements and filings with the United States Patent and Trademark Office and the United States Copyright Office, (b) recordation of the Mortgages and (c) such as have been duly obtained, taken, given or made and are in full force and effect.
(d) This Agreement has been, and each other Loan Document when
delivered hereunder will be, duly executed and delivered by the Borrower and each other
delivered hereunder will be, duly executed and delivered by the Borrower and each other
Loan Party that is a party thereto. This Agreement is, and each other Loan Document
when delivered hereunder will be, the legal, valid and binding obligation of the Borrower and each other Loan Party that is a party thereto, enforceable against the Borrower and
each other Loan Party that is a party thereto in accordance with their respective terms
except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles
relating to enforceability.
when delivered hereunder will be, the legal, valid and binding obligation of the Borrower and each other Loan Party that is a party thereto, enforceable against the Borrower and
each other Loan Party that is a party thereto in accordance with their respective terms
except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles
relating to enforceability.
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(e) The audited Consolidated balance sheet of the Borrower and its
Subsidiaries, and the related Consolidated statements of income, equity and cash flows as
Subsidiaries, and the related Consolidated statements of income, equity and cash flows as
of and for each of the fiscal years ended January 29, 2016, February 3, 2017 and
February 2, 2018: (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein; and (ii) are complete and accurate in all material respects and fairly present, in all material
respects, the financial condition of the Borrower and its Consolidated Subsidiaries as of
the date thereof and results of operations for the period covered thereby. Since February 2, 2018, there has been no Material Adverse Change.
February 2, 2018: (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein; and (ii) are complete and accurate in all material respects and fairly present, in all material
respects, the financial condition of the Borrower and its Consolidated Subsidiaries as of
the date thereof and results of operations for the period covered thereby. Since February 2, 2018, there has been no Material Adverse Change.
(f) There is no pending or (to the knowledge of the Borrower)
threatened action, suit, investigation, litigation or proceeding pending or threatened in
threatened action, suit, investigation, litigation or proceeding pending or threatened in
writing, including pursuant to any Environmental Law, affecting the Consolidated Group before any court, Governmental Authority or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity or
enforceability of this Agreement or any other Loan Document or the consummation of
the transactions contemplated hereby.
the transactions contemplated hereby.
(g) None of the Loan Parties is engaged in the business of purchasing
or carrying, or extending credit for the purpose of purchasing or carrying, margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.
or carrying, or extending credit for the purpose of purchasing or carrying, margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock.
(h) None of the Loan Parties is an “investment company”, within the
meaning of the Investment Company Act of 1940, as amended.
meaning of the Investment Company Act of 1940, as amended.
(i) The Borrower has made available, through the reports and other
filings made by the Borrower under the Exchange Act or Securities Act or through the Agent, to the Lenders all material agreements, instruments and corporate or other
filings made by the Borrower under the Exchange Act or Securities Act or through the Agent, to the Lenders all material agreements, instruments and corporate or other
restrictions to which it or any of its Subsidiaries is subject and all reports or other filings made by the Borrower under the Exchange Act or Securities Act, and disclosed, through the reports and other filings made by the Borrower under the Exchange Act or Securities Act or otherwise, all other matters known to it that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect. None of the
Information Memorandum or any reports, financial statements, certificates or other
information furnished by or on behalf of the Borrower or any of its Subsidiaries to the
Agent or any Lender in connection with the negotiation of this Agreement or delivered
hereunder (as modified or supplemented by other information so certified) contains any
untrue statement of a material fact or omits to state any material fact necessary to make
the statements therein, taken as a whole and in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial
information, the Borrower represents only that such information was prepared in good
faith based upon assumptions the Borrower believed to be reasonable at the time.
Information Memorandum or any reports, financial statements, certificates or other
information furnished by or on behalf of the Borrower or any of its Subsidiaries to the
Agent or any Lender in connection with the negotiation of this Agreement or delivered
hereunder (as modified or supplemented by other information so certified) contains any
untrue statement of a material fact or omits to state any material fact necessary to make
the statements therein, taken as a whole and in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial
information, the Borrower represents only that such information was prepared in good
faith based upon assumptions the Borrower believed to be reasonable at the time.
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(j) The Borrower and its Subsidiaries, on a Consolidated basis, are Solvent.
(k) The Borrower and its Subsidiaries have timely filed all material Tax returns and reports required to be filed, and have paid all material Taxes, levied or imposed upon them or their property, income or assets, that are due and payable, except those which are being contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP.
(l) As of the Effective Date, the Borrower has no Subsidiaries other
than those specifically disclosed on Schedule 4.01(l).
than those specifically disclosed on Schedule 4.01(l).
(m) The on-going operations of the Borrower and each of its
Subsidiaries comply in all respects with all Environmental Laws, except such non-compliance which would not reasonably be likely to have a Material Adverse Effect. The Borrower and each of its Subsidiaries have obtained all Environmental Permits that are required under any Environmental Law necessary for its ordinary course operations, all such Environmental Permits are in good standing, and the Borrower and each of its Subsidiaries are in compliance with all material terms and conditions of such Environmental Permits, except where the failure to obtain or maintain such Environmental Permits or such noncompliance would not be reasonably likely to have a Material Adverse Effect.
Subsidiaries comply in all respects with all Environmental Laws, except such non-compliance which would not reasonably be likely to have a Material Adverse Effect. The Borrower and each of its Subsidiaries have obtained all Environmental Permits that are required under any Environmental Law necessary for its ordinary course operations, all such Environmental Permits are in good standing, and the Borrower and each of its Subsidiaries are in compliance with all material terms and conditions of such Environmental Permits, except where the failure to obtain or maintain such Environmental Permits or such noncompliance would not be reasonably likely to have a Material Adverse Effect.
(n) The Borrower and each of its Subsidiaries have good and
marketable title to, or valid leasehold interests in, all real property necessary or used in
marketable title to, or valid leasehold interests in, all real property necessary or used in
the ordinary conduct of its business, except for Liens permitted by Section 5.03(a) and
for such defects in title as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.
for such defects in title as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.
(o) The Borrower and each of its Subsidiaries owns, or is licensed to
use, all trademarks, service marks, tradenames, copyrights, patents, franchises, licenses and other intellectual property (collectively, “IP Rights”) material to its business, and the
use, all trademarks, service marks, tradenames, copyrights, patents, franchises, licenses and other intellectual property (collectively, “IP Rights”) material to its business, and the
use thereof by such Loan Party and its Subsidiaries does not infringe upon the rights of
any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Set forth on
Schedule 4.01(o) is a complete and accurate list of all material registered or applications to register IP Rights owned or exclusively licensed by Borrower or any of its Subsidiaries as of the Effective Date. To the knowledge of the Borrower, the conduct of the business
of each of the Borrower and its Subsidiaries as currently conducted does not infringe
any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Set forth on
Schedule 4.01(o) is a complete and accurate list of all material registered or applications to register IP Rights owned or exclusively licensed by Borrower or any of its Subsidiaries as of the Effective Date. To the knowledge of the Borrower, the conduct of the business
of each of the Borrower and its Subsidiaries as currently conducted does not infringe
upon or violate any rights held by any other Person, except for such infringements and
violations which, individually or in the aggregate, would not reasonably be expected to
have a Material Adverse Effect. No claim or litigation regarding any of the foregoing is
pending or, to the knowledge of the Borrower, threatened, which, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
violations which, individually or in the aggregate, would not reasonably be expected to
have a Material Adverse Effect. No claim or litigation regarding any of the foregoing is
pending or, to the knowledge of the Borrower, threatened, which, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
(p) Neither the Borrower nor any of its Subsidiaries or Affiliates, nor
any director or officer, nor, to the knowledge of the Borrower or any of its Subsidiaries,
any director or officer, nor, to the knowledge of the Borrower or any of its Subsidiaries,
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any agent, representative, employee or other person associated with or acting on behalf of the Borrower or any of its Subsidiaries or Affiliates is, or is (to the knowledge of the
Borrower) Controlled by Persons that are, (a) currently the subject or the target of any
sanctions or trade embargoes administered or enforced by the U.S. government
(including, without limitation, the Office of Foreign Assets Control of the U.S.
Department of the Treasury or the U.S. Department of State and including, without
limitation, the designation as a “specially designated national” or “blocked person”), the United Nations Security Council, the European Union, any European Member State, Her Majesty’s Treasury, or any other relevant sanctions authority (collectively, “Sanctions”), (b) nor are the Borrower or any of its Subsidiaries located, organized or resident in a
country, region or territory that is the subject or target of Sanctions, including, without
limitation, Cuba, Crimea, Iran, North Korea and Syria (each, a “Sanctioned Country”).
The Borrower has implemented and maintains in effect policies and procedures
reasonably designed to ensure compliance in all material respects by the Borrower, its
Subsidiaries and their respective directors, officers, employees and agents under their
control with Anti-Corruption Laws and applicable Sanctions.
Borrower) Controlled by Persons that are, (a) currently the subject or the target of any
sanctions or trade embargoes administered or enforced by the U.S. government
(including, without limitation, the Office of Foreign Assets Control of the U.S.
Department of the Treasury or the U.S. Department of State and including, without
limitation, the designation as a “specially designated national” or “blocked person”), the United Nations Security Council, the European Union, any European Member State, Her Majesty’s Treasury, or any other relevant sanctions authority (collectively, “Sanctions”), (b) nor are the Borrower or any of its Subsidiaries located, organized or resident in a
country, region or territory that is the subject or target of Sanctions, including, without
limitation, Cuba, Crimea, Iran, North Korea and Syria (each, a “Sanctioned Country”).
The Borrower has implemented and maintains in effect policies and procedures
reasonably designed to ensure compliance in all material respects by the Borrower, its
Subsidiaries and their respective directors, officers, employees and agents under their
control with Anti-Corruption Laws and applicable Sanctions.
(q) No Advance, nor the proceeds from any Advance or Letter of
Credit, has been or will be used, to lend, contribute, provide or has otherwise been made
Credit, has been or will be used, to lend, contribute, provide or has otherwise been made
or will otherwise be made available for the purpose of funding any activity or business in any Sanctioned Country or for the purpose of funding any prohibited activity or business of any Person located, organized or residing in any Sanctioned Country or who is a
Person who is the subject or target of Sanctions or, to the knowledge of the Borrower or
any of its Subsidiaries, any Person owned by or controlled by, or acting for or on behalf
of a Person who is the subject or target of Sanctions, absent valid and effective licenses
and permits issued by the government of the United States or otherwise in accordance
any of its Subsidiaries, any Person owned by or controlled by, or acting for or on behalf
of a Person who is the subject or target of Sanctions, absent valid and effective licenses
and permits issued by the government of the United States or otherwise in accordance
with applicable laws, or in any other manner that will result in any violation by any
Lender, any Issuing Bank or the Agent of any Sanctions (any such Person, a “Sanctioned Person”). None of the Borrower, any Subsidiary of the Borrower or, to the knowledge of the Borrower or such Subsidiary, any of their respective directors, officers or employees or agents (under control of the Borrower) of the Borrower or any Subsidiary that will act in any capacity in connection with the credit facility established hereby, is a Sanctioned
Person.
Lender, any Issuing Bank or the Agent of any Sanctions (any such Person, a “Sanctioned Person”). None of the Borrower, any Subsidiary of the Borrower or, to the knowledge of the Borrower or such Subsidiary, any of their respective directors, officers or employees or agents (under control of the Borrower) of the Borrower or any Subsidiary that will act in any capacity in connection with the credit facility established hereby, is a Sanctioned
Person.
(r) Neither the Borrower nor any of its Subsidiaries or Affiliates, nor
any director, officer, or employee, nor, to the knowledge of the Borrower or any of its Subsidiaries, any agent, representative or other person associated with or acting on behalf of the Borrower or any of its Subsidiaries or Affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any Person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper advantage to the extent the same would be a violation of any law applicable to the Borrower, such Subsidiary or such Affiliate; and the Borrower and each of its Subsidiaries and Affiliates have conducted their respective
any director, officer, or employee, nor, to the knowledge of the Borrower or any of its Subsidiaries, any agent, representative or other person associated with or acting on behalf of the Borrower or any of its Subsidiaries or Affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any officer or employee of a government or government-owned or controlled entity or of a public international organization, or any Person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper advantage to the extent the same would be a violation of any law applicable to the Borrower, such Subsidiary or such Affiliate; and the Borrower and each of its Subsidiaries and Affiliates have conducted their respective
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businesses in compliance with anti-corruption laws applicable to the Borrower or such
Subsidiary or Affiliate and have instituted and maintain and will continue to maintain
policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained herein.
Subsidiary or Affiliate and have instituted and maintain and will continue to maintain
policies and procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained herein.
(s) The Borrower and its Subsidiaries are in compliance with all laws,
regulations and orders and have all requisite governmental licenses, authorizations, consents and approvals to operate their respective business, except for any such non-compliance or failure to have which would not reasonably be likely to have a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is in violation of any legal requirement relating to any laws with respect to terrorism or money laundering, including Executive Order No. 13224 on Terrorist Financing effective September 24, 2001 and the Patriot Act.
regulations and orders and have all requisite governmental licenses, authorizations, consents and approvals to operate their respective business, except for any such non-compliance or failure to have which would not reasonably be likely to have a Material Adverse Effect. Neither the Borrower nor any of its Subsidiaries is in violation of any legal requirement relating to any laws with respect to terrorism or money laundering, including Executive Order No. 13224 on Terrorist Financing effective September 24, 2001 and the Patriot Act.
(t) (i) No ERISA Event has occurred or is reasonably expected to
occur that, when taken together with all other such ERISA Events for which liability is
occur that, when taken together with all other such ERISA Events for which liability is
reasonably expected to occur, could reasonably be expected to have a Material Adverse Effect. As of the most recent valuation date for any Plan, the funding target attainment
percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that could
reasonably be expected to result in the funding attainment percentage dropping below
60% as of the most recent valuation date.
percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that could
reasonably be expected to result in the funding attainment percentage dropping below
60% as of the most recent valuation date.
(ii) As of the Effective Date and throughout the term of this
Agreement, the Borrower is not using “plan assets” (within the meaning of 29
CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more
Benefit Plans in connection with the Advances or the Commitments.
Benefit Plans in connection with the Advances or the Commitments.
(iii) The Administrative Agent, the Arrangers and each Lender hereby
inform the Borrower that such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with
the transactions contemplated hereby, and that such Person or an Affiliate has a
financial interest in the transactions contemplated hereby in that such Person or
an Affiliate thereof (1) may receive interest or other payments with respect to the Advances or the Commitments, (2) may recognize a gain if it purchased the
Advances or the Commitments for an amount less than the par amount thereof or sells the Advances or the Commitments for an amount in excess of what it paid
therefor or extended to the Borrower hereunder and/or (3) may receive fees or
other payments in connection with the transactions contemplated hereby, the
Loan Documents or otherwise, including structuring fees, commitment fees,
arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees,
agency fees, administrative agent or collateral agent fees, utilization fees,
minimum usage fees, deal-away or alternate transaction fees, amendment fees,
processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
inform the Borrower that such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with
the transactions contemplated hereby, and that such Person or an Affiliate has a
financial interest in the transactions contemplated hereby in that such Person or
an Affiliate thereof (1) may receive interest or other payments with respect to the Advances or the Commitments, (2) may recognize a gain if it purchased the
Advances or the Commitments for an amount less than the par amount thereof or sells the Advances or the Commitments for an amount in excess of what it paid
therefor or extended to the Borrower hereunder and/or (3) may receive fees or
other payments in connection with the transactions contemplated hereby, the
Loan Documents or otherwise, including structuring fees, commitment fees,
arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees,
agency fees, administrative agent or collateral agent fees, utilization fees,
minimum usage fees, deal-away or alternate transaction fees, amendment fees,
processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
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(u) The Borrower has the power and authority to make the Borrowings
herein provided for, to grant to the Collateral Agent the Liens described in the Security and Guarantee Documents executed by the Borrower and to perform all of its obligations hereunder and under the other Loan Documents executed by it. Each other Loan Party
herein provided for, to grant to the Collateral Agent the Liens described in the Security and Guarantee Documents executed by the Borrower and to perform all of its obligations hereunder and under the other Loan Documents executed by it. Each other Loan Party
has the power and authority to grant to the Collateral Agent the Liens described in the
Security and Guarantee Documents executed by such Person, and to perform all of its
obligations under the Loan Documents executed by it.
Security and Guarantee Documents executed by such Person, and to perform all of its
obligations under the Loan Documents executed by it.
(v) The Guarantee and Collateral Agreement, upon execution and
delivery thereof by the parties thereto, will create in favor of the Collateral Agent, for the
delivery thereof by the parties thereto, will create in favor of the Collateral Agent, for the
ratable benefit of the Secured Parties, a legal, valid and enforceable (except as
enforceability may be limited by applicable bankruptcy, insolvency, or similar laws
affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability) security interest in the Collateral and the proceeds thereof and (1) when the Pledged Collateral (as defined in the Guarantee and Collateral Agreement) is
delivered to the Collateral Agent, the Lien created under the Guarantee and Collateral
Agreement shall constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of the Loan Parties in such Pledged Collateral, in each case
prior and superior in right to any other Person, and (2) when the financing statements in
appropriate form describing the Collateral as “all assets” or using language of similar
import or otherwise containing a reasonable description of the Collateral are filed in the
offices specified on Schedule 4.01(v), the Lien created under the Guarantee and
Collateral Agreement in the Collateral that may be perfected by the filing of a financing
statement in such office will constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral, in each case prior and
superior in right to any other Person, other than with respect to Liens expressly permitted by Section 5.03(a).
enforceability may be limited by applicable bankruptcy, insolvency, or similar laws
affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability) security interest in the Collateral and the proceeds thereof and (1) when the Pledged Collateral (as defined in the Guarantee and Collateral Agreement) is
delivered to the Collateral Agent, the Lien created under the Guarantee and Collateral
Agreement shall constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of the Loan Parties in such Pledged Collateral, in each case
prior and superior in right to any other Person, and (2) when the financing statements in
appropriate form describing the Collateral as “all assets” or using language of similar
import or otherwise containing a reasonable description of the Collateral are filed in the
offices specified on Schedule 4.01(v), the Lien created under the Guarantee and
Collateral Agreement in the Collateral that may be perfected by the filing of a financing
statement in such office will constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral, in each case prior and
superior in right to any other Person, other than with respect to Liens expressly permitted by Section 5.03(a).
(w) Upon the recordation of the Guarantee and Collateral Agreement
(or a short-form security agreement in form and substance reasonably satisfactory to the
(or a short-form security agreement in form and substance reasonably satisfactory to the
Borrower and the Collateral Agent) with the United States Patent and Trademark Office and the United States Copyright Office, together with the financing statements in
appropriate form filed in the offices specified on Schedule 4.01(o), the Lien created
appropriate form filed in the offices specified on Schedule 4.01(o), the Lien created
under the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in the Intellectual
Property (as defined in the Guarantee and Collateral Agreement) in which a security
interest may be perfected by filing in the United States and its territories and possessions, in each case prior and superior in right to any other Person, other than with respect to
Liens expressly permitted by Section 5.03(a) (it being understood that subsequent
recordings in the United States Patent and Trademark Office and the United States
Copyright Office may be necessary to perfect a Lien on registered trademarks and
patents, trademark and patent applications and registered copyrights acquired by the
Property (as defined in the Guarantee and Collateral Agreement) in which a security
interest may be perfected by filing in the United States and its territories and possessions, in each case prior and superior in right to any other Person, other than with respect to
Liens expressly permitted by Section 5.03(a) (it being understood that subsequent
recordings in the United States Patent and Trademark Office and the United States
Copyright Office may be necessary to perfect a Lien on registered trademarks and
patents, trademark and patent applications and registered copyrights acquired by the
Loan Parties after the Effective Date).
(x) Neither the Borrower nor any of its Subsidiaries is a party to any
agreement or instrument or subject to any corporate restriction that has resulted or could
agreement or instrument or subject to any corporate restriction that has resulted or could
reasonably be expected to result in a Material Adverse Effect. Neither the Borrower nor
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any of its Subsidiaries is in default in any manner under any provision of any indenture
or other agreement or instrument evidencing Indebtedness, or any other material
agreement or instrument to which it is a party or by which it or any of its properties or
assets are or may be bound, where such default has resulted or could reasonably be
expected to result in a Material Adverse Effect.
or other agreement or instrument evidencing Indebtedness, or any other material
agreement or instrument to which it is a party or by which it or any of its properties or
assets are or may be bound, where such default has resulted or could reasonably be
expected to result in a Material Adverse Effect.
(y) Schedule 4.01(y) sets forth a true, complete and correct description of all insurance maintained by the Borrower or by its Subsidiaries as of the Effective Date. Such insurance is in full force and effect and all premiums have been duly paid.
The Borrower and its Subsidiaries have insurance in such amounts and covering such
risks and liabilities as are in accordance with normal industry practice.
risks and liabilities as are in accordance with normal industry practice.
(z) Schedule 4.01(z)-1 lists completely and correctly as of the
Effective Date all real property owned by the Borrower and the Guarantors and the
Effective Date all real property owned by the Borrower and the Guarantors and the
addresses thereof and (ii) Schedule 4.01(z)-2 lists completely and correctly as of the
Effective Date each parcel of real property leased, subleased, licensed or sublicensed by the Borrower and the Guarantors, the address and the owner thereof, and the expiration
date of the related lease, sublease, license or sublicense.
Effective Date each parcel of real property leased, subleased, licensed or sublicensed by the Borrower and the Guarantors, the address and the owner thereof, and the expiration
date of the related lease, sublease, license or sublicense.
(aa) Each Mortgage is effective to create in favor of the Collateral
Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable (except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability) first priority Lien on all of the applicable Loan Party's right, title and interest in and to the Mortgaged Property thereunder and the proceeds thereof, and when such Mortgage is filed in the offices specified on Schedule 4.01(aa), such Mortgage shall constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of such Loan Party in such Mortgaged Property and the proceeds thereof, in each case prior and superior in right to any other Person, other than with respect to Liens expressly permitted by Section 5.03(a).
Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable (except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability) first priority Lien on all of the applicable Loan Party's right, title and interest in and to the Mortgaged Property thereunder and the proceeds thereof, and when such Mortgage is filed in the offices specified on Schedule 4.01(aa), such Mortgage shall constitute a fully perfected first priority Lien on, and security interest in, all right, title and interest of such Loan Party in such Mortgaged Property and the proceeds thereof, in each case prior and superior in right to any other Person, other than with respect to Liens expressly permitted by Section 5.03(a).
(bb) As of the Effective Date, there are no strikes, lockouts or
slowdowns against the Borrower or any of its Subsidiaries pending or, to the knowledge
slowdowns against the Borrower or any of its Subsidiaries pending or, to the knowledge
of the Borrower, threatened, except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. Except as would not reasonably
be expected, individually or in the aggregate, to result in a Material Adverse Effect, (a)
the hours worked by and payments made to employees of each of the Borrower and its
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other
applicable Federal, state, local or foreign law dealing with such matters; (b) all payments due from each of the Borrower and its Subsidiaries, or for which any claim may be made against the Borrower or any of its Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the
books of the Borrower or such Subsidiary; and (c) the consummation of the Transactions will not give rise to any right of termination or right of renegotiation on the part of any
union under any collective bargaining agreement to which the Borrower or any of its
Subsidiaries is bound.
be expected, individually or in the aggregate, to result in a Material Adverse Effect, (a)
the hours worked by and payments made to employees of each of the Borrower and its
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other
applicable Federal, state, local or foreign law dealing with such matters; (b) all payments due from each of the Borrower and its Subsidiaries, or for which any claim may be made against the Borrower or any of its Subsidiaries, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the
books of the Borrower or such Subsidiary; and (c) the consummation of the Transactions will not give rise to any right of termination or right of renegotiation on the part of any
union under any collective bargaining agreement to which the Borrower or any of its
Subsidiaries is bound.
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(cc) Either (i) no Mortgaged Property is a Flood Hazard Property or (ii)
if a Mortgaged Property is a Flood Hazard Property, the Borrower or the applicable Loan Party has delivered to the Administrative Agent Evidence of Flood Insurance with
if a Mortgaged Property is a Flood Hazard Property, the Borrower or the applicable Loan Party has delivered to the Administrative Agent Evidence of Flood Insurance with
respect to such Mortgaged Property.
(dd) The Borrower is not an EEA Financial Institution.
ARTICLE V
Section 5.01. Affirmative Covenants. So long as any Advance or any
other Obligation (other than contingent indemnification obligations as to which no claim has been asserted and Secured Cash Management Obligations and Secured Hedging
Obligations as to which arrangements satisfactory to the applicable Cash Management
Bank or Hedge Bank shall have been made) shall remain unpaid or unsatisfied, any
Letter of Credit is outstanding or any Lender shall have any Commitment hereunder, the Borrower will:
Obligations as to which arrangements satisfactory to the applicable Cash Management
Bank or Hedge Bank shall have been made) shall remain unpaid or unsatisfied, any
Letter of Credit is outstanding or any Lender shall have any Commitment hereunder, the Borrower will:
(a) Compliance with Laws, Etc. Comply, and cause each of its
Subsidiaries to comply with all applicable laws, rules, regulations and orders, such
Subsidiaries to comply with all applicable laws, rules, regulations and orders, such
compliance to include, without limitation, compliance with ERISA, Environmental Laws and the Patriot Act, except to the extent such non-compliance would not be reasonably
expected to have a Material Adverse Effect and maintain in effect and enforce policies
and procedures reasonably designed to ensure compliance in all material respects by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents under their control with Anti-Corruption Laws and applicable Sanctions.
expected to have a Material Adverse Effect and maintain in effect and enforce policies
and procedures reasonably designed to ensure compliance in all material respects by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents under their control with Anti-Corruption Laws and applicable Sanctions.
(b) Payment of Taxes, Etc. Pay and discharge, and cause each of its
Subsidiaries to pay and discharge, before the same shall become delinquent, (i) all material Taxes imposed upon it or upon its property and (ii) all lawful claims that, if unpaid, might by law become a Lien upon its property (other than a Lien described in clause (a) of the definition of Permitted Lien); provided, however, that neither the Borrower nor any of its Subsidiaries shall be required to pay or discharge any such Taxes that (x) are being contested in good faith by appropriate proceedings and for which reserves have been provided in accordance with GAAP or (y) the failure to pay or satisfy such obligations would not reasonably be expected to have a Material Adverse Effect.
Subsidiaries to pay and discharge, before the same shall become delinquent, (i) all material Taxes imposed upon it or upon its property and (ii) all lawful claims that, if unpaid, might by law become a Lien upon its property (other than a Lien described in clause (a) of the definition of Permitted Lien); provided, however, that neither the Borrower nor any of its Subsidiaries shall be required to pay or discharge any such Taxes that (x) are being contested in good faith by appropriate proceedings and for which reserves have been provided in accordance with GAAP or (y) the failure to pay or satisfy such obligations would not reasonably be expected to have a Material Adverse Effect.
(c) Maintenance of Insurance. 1. Maintain, and cause each of its
Subsidiaries to maintain, insurance with responsible and reputable insurance companies
Subsidiaries to maintain, insurance with responsible and reputable insurance companies
or associations in such amounts and covering such risks as is usually carried by
companies engaged in similar businesses and owning similar properties in the same
general areas in which the Borrower or such Subsidiary operates.
companies engaged in similar businesses and owning similar properties in the same
general areas in which the Borrower or such Subsidiary operates.
(ii) Cause all such policies covering any Collateral to be endorsed or
otherwise amended to include a customary lender's loss payable endorsement, in form and substance satisfactory to the Administrative Agent and the Collateral Agent and to
otherwise amended to include a customary lender's loss payable endorsement, in form and substance satisfactory to the Administrative Agent and the Collateral Agent and to
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contain such other provisions as the Administrative Agent or the Collateral Agent may
reasonably require from time to time to protect their interests; deliver original or certified copies of all such policies to the Collateral Agent; and deliver to the Administrative
Agent and the Collateral Agent, prior to the cancellation, modification or nonrenewal of
any such policy of insurance, a copy of a renewal or replacement policy (or other
evidence of renewal of a policy previously delivered to the Administrative Agent and the Collateral Agent) together with evidence reasonably satisfactory to the Administrative
Agent and the Collateral Agent of payment of the premium therefor.
reasonably require from time to time to protect their interests; deliver original or certified copies of all such policies to the Collateral Agent; and deliver to the Administrative
Agent and the Collateral Agent, prior to the cancellation, modification or nonrenewal of
any such policy of insurance, a copy of a renewal or replacement policy (or other
evidence of renewal of a policy previously delivered to the Administrative Agent and the Collateral Agent) together with evidence reasonably satisfactory to the Administrative
Agent and the Collateral Agent of payment of the premium therefor.
(iii) If at any time the area in which the Premises (as defined in the
Mortgages) are located is designated (1) a Special Flood Hazard Area by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance, if so
Mortgages) are located is designated (1) a Special Flood Hazard Area by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance, if so
requested by any Lender, in such total amount as the Administrative Agent, the Collateral Agent or the Required Lenders may from time to time reasonably require and otherwise
comply with the NFIP as set forth in the Flood Laws (each, a “Flood Insurance Policy”)
or (2) a “Zone 1” area, obtain earthquake insurance in such total amount as the
Administrative Agent, the Collateral Agent or the Required Lenders may from time to
time reasonably require. The Administrative Agent will provide copies of each Flood
Hazard Determination, Borrower Notice and all other Evidence of Flood Insurance to the Lenders promptly after its receipt of such documentation. Following the Effective Date,
the Borrower shall deliver to the Collateral Agent annual renewals of the Flood Insurance Policy or annual renewals of a force-placed Flood Insurance Policy for each Mortgaged
Property if flood insurance for such Mortgaged Property was requested by any Lender. In connection with and as a condition to any amendment to this Agreement (other than an
amendment executed in connection with any Advance contemplated to be funded on any Funding Date) pursuant to which any increase, extension, or renewal of Advances is
contemplated, the Administrative Agent shall obtain Flood Hazard Determinations for
each of the Mortgaged Properties and Borrower shall cause to be delivered to the
Administrative Agent for any Mortgaged Property, a Borrower Notice and Evidence of
Flood Insurance, as applicable.
comply with the NFIP as set forth in the Flood Laws (each, a “Flood Insurance Policy”)
or (2) a “Zone 1” area, obtain earthquake insurance in such total amount as the
Administrative Agent, the Collateral Agent or the Required Lenders may from time to
time reasonably require. The Administrative Agent will provide copies of each Flood
Hazard Determination, Borrower Notice and all other Evidence of Flood Insurance to the Lenders promptly after its receipt of such documentation. Following the Effective Date,
the Borrower shall deliver to the Collateral Agent annual renewals of the Flood Insurance Policy or annual renewals of a force-placed Flood Insurance Policy for each Mortgaged
Property if flood insurance for such Mortgaged Property was requested by any Lender. In connection with and as a condition to any amendment to this Agreement (other than an
amendment executed in connection with any Advance contemplated to be funded on any Funding Date) pursuant to which any increase, extension, or renewal of Advances is
contemplated, the Administrative Agent shall obtain Flood Hazard Determinations for
each of the Mortgaged Properties and Borrower shall cause to be delivered to the
Administrative Agent for any Mortgaged Property, a Borrower Notice and Evidence of
Flood Insurance, as applicable.
(iv) With respect to any Mortgaged Property, carry and maintain
comprehensive general liability insurance including the “broad form CGL endorsement”
comprehensive general liability insurance including the “broad form CGL endorsement”
and coverage on an occurrence basis against claims made for personal injury (including
bodily injury, death and property damage) and umbrella liability insurance against any
and all claims, in no event for a combined single limit of less than that which is
customary for companies in the same or similar businesses operating in the same or
similar locations, naming the Collateral Agent as an additional insured, on forms
satisfactory to the Collateral Agent.
bodily injury, death and property damage) and umbrella liability insurance against any
and all claims, in no event for a combined single limit of less than that which is
customary for companies in the same or similar businesses operating in the same or
similar locations, naming the Collateral Agent as an additional insured, on forms
satisfactory to the Collateral Agent.
(d) Preservation of Corporate Existence, Etc. Preserve and maintain,
and cause each of its Subsidiaries to preserve and maintain, its legal existence, rights (charter and statutory) and franchises; provided, however, that the Borrower and its Subsidiaries may consummate any merger or consolidation permitted under Section 5.03(m) and provided further that neither the Borrower nor any of its Subsidiaries shall
and cause each of its Subsidiaries to preserve and maintain, its legal existence, rights (charter and statutory) and franchises; provided, however, that the Borrower and its Subsidiaries may consummate any merger or consolidation permitted under Section 5.03(m) and provided further that neither the Borrower nor any of its Subsidiaries shall
be required to preserve any right or franchise if the Board of Directors of the Borrower or such Subsidiary shall determine that the preservation thereof is no longer desirable in the
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conduct of the business of the Borrower or such Subsidiary, as the case may be, and that the loss thereof is not disadvantageous in any material respect to the Borrower, such
Subsidiary or the Lenders.
Subsidiary or the Lenders.
(e) Visitation Rights. At any reasonable time and from time to time,
permit the Agent or, during the continuance of a Default, any of the Lenders (or any agents or representatives thereof), upon reasonable advance notice to examine and make copies of and abstracts from the records and books of account of, and visit the properties of, the Borrower and any of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and any of its Subsidiaries with any of their officers or
permit the Agent or, during the continuance of a Default, any of the Lenders (or any agents or representatives thereof), upon reasonable advance notice to examine and make copies of and abstracts from the records and books of account of, and visit the properties of, the Borrower and any of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and any of its Subsidiaries with any of their officers or
directors and with their independent certified public accountants; provided that the
Borrower may, if it chooses, be present at any of the foregoing; provided, further, that
such visits and such discussions shall be limited to no more than once per calendar year, respectively, except during the continuance of an Event of Default; and provided, further, that the foregoing shall be subject to compliance with applicable security regulations of
any Governmental Authority and shall not require the Borrower or any Subsidiary of the Borrower to permit inspection of any properties or financial or operating records to an
extent that would require the Borrower or any of its Subsidiaries to reveal any of its trade secrets, research data or proprietary information which its management in good faith
believes to be irrelevant to this Agreement.
Borrower may, if it chooses, be present at any of the foregoing; provided, further, that
such visits and such discussions shall be limited to no more than once per calendar year, respectively, except during the continuance of an Event of Default; and provided, further, that the foregoing shall be subject to compliance with applicable security regulations of
any Governmental Authority and shall not require the Borrower or any Subsidiary of the Borrower to permit inspection of any properties or financial or operating records to an
extent that would require the Borrower or any of its Subsidiaries to reveal any of its trade secrets, research data or proprietary information which its management in good faith
believes to be irrelevant to this Agreement.
(f) Keeping of Books; Maintenance of Ratings. (i) Keep, and cause
each of its Subsidiaries to keep, proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Borrower and each such Subsidiary in accordance with GAAP in effect from time to
each of its Subsidiaries to keep, proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Borrower and each such Subsidiary in accordance with GAAP in effect from time to
time, and (ii) use commercially reasonable efforts to cause the Facilities to be
continuously and publicly rated (but not any specific rating) by S&P and Xxxxx’x and
use commercially reasonable efforts to maintain a public corporate rating (but not any
specific rating) from S&P and a public corporate family rating (but not any specific
rating) from Xxxxx’x.
continuously and publicly rated (but not any specific rating) by S&P and Xxxxx’x and
use commercially reasonable efforts to maintain a public corporate rating (but not any
specific rating) from S&P and a public corporate family rating (but not any specific
rating) from Xxxxx’x.
each of its Subsidiaries to maintain and preserve, all of its properties that are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted and except (i) for Dispositions not prohibited by any Loan Document and (ii) where the failure to do so would not reasonably be expected to have a Material Adverse Effect.
(h) Transactions with Affiliates. Except for transactions between or
among Loan Parties, Raptors Merger Sub, Inc. and any Receivables Subsidiary, conduct,
among Loan Parties, Raptors Merger Sub, Inc. and any Receivables Subsidiary, conduct,
and cause each of its Subsidiaries to conduct, all transactions otherwise permitted under this Agreement with any of their Affiliates on terms that are fair and reasonable and no
less favorable to the Borrower or such Subsidiary than it would obtain in a comparable
arm’s-length transaction with a Person not an Affiliate.
less favorable to the Borrower or such Subsidiary than it would obtain in a comparable
arm’s-length transaction with a Person not an Affiliate.
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(i) Reporting Requirements. Furnish to the Agent for further
distribution to the Lenders:
distribution to the Lenders:
(i) as soon as available and in any event within 50 days after the end
of each of the first three quarters of each fiscal year of the Borrower, a
Consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such quarter and Consolidated statements of income and cash flows of the Borrower and its Consolidated Subsidiaries for such fiscal quarter and for
the period commencing at the end of the previous fiscal year and ending with the end of such quarter, duly certified by a Financial Officer, the Controller or the
Treasurer of the Borrower as having been prepared in accordance with GAAP
(subject to the absence of footnotes and year-end audit adjustments) and
certificates of a Financial Officer, the Controller or the Treasurer of the Borrower (x) as to compliance with the terms of the Loan Documents and setting forth in
reasonable detail the calculations necessary to demonstrate compliance with
Section 5.05 and (y) containing the calculation of the Available Amount Basket
as of the end of such quarter and the amount of the Available Amount Basket
used during such quarter;
of each of the first three quarters of each fiscal year of the Borrower, a
Consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such quarter and Consolidated statements of income and cash flows of the Borrower and its Consolidated Subsidiaries for such fiscal quarter and for
the period commencing at the end of the previous fiscal year and ending with the end of such quarter, duly certified by a Financial Officer, the Controller or the
Treasurer of the Borrower as having been prepared in accordance with GAAP
(subject to the absence of footnotes and year-end audit adjustments) and
certificates of a Financial Officer, the Controller or the Treasurer of the Borrower (x) as to compliance with the terms of the Loan Documents and setting forth in
reasonable detail the calculations necessary to demonstrate compliance with
Section 5.05 and (y) containing the calculation of the Available Amount Basket
as of the end of such quarter and the amount of the Available Amount Basket
used during such quarter;
(ii) as soon as available and in any event within 100 days after the end
of each fiscal year of the Borrower, (a) a copy of the annual audit report for such year for the Borrower and its Consolidated Subsidiaries, containing a
Consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and Consolidated statements of income and cash
flows of the Consolidated Group for such fiscal year prepared in accordance with GAAP, in each case audited and accompanied by an unqualified report and
opinion by Ernst & Young LLP or other independent public accountants of
recognized national standing and certificates of a Financial Officer, the Controller or the Treasurer of the Borrower as to (x) compliance with the terms of the Loan Documents, including setting forth in reasonable detail the calculations necessary to demonstrate compliance with Section 5.05, and (y) the calculation of the
Available Amount Basket as of the end of such fiscal year, the amount of the
Available Amount Basket used during such fiscal year, Excess Cash Flow for
such fiscal year and the related Excess Cash Flow Percentage and (b) a certificate of a Financial Officer setting forth the information required pursuant to the
Perfection Certificate or confirming that there has been no change in such
information since the date of the Perfection Certificate delivered on the Effective Date or the date of the most recent certificate delivered pursuant to this Section
5.01(i)(ii);
of each fiscal year of the Borrower, (a) a copy of the annual audit report for such year for the Borrower and its Consolidated Subsidiaries, containing a
Consolidated balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and Consolidated statements of income and cash
flows of the Consolidated Group for such fiscal year prepared in accordance with GAAP, in each case audited and accompanied by an unqualified report and
opinion by Ernst & Young LLP or other independent public accountants of
recognized national standing and certificates of a Financial Officer, the Controller or the Treasurer of the Borrower as to (x) compliance with the terms of the Loan Documents, including setting forth in reasonable detail the calculations necessary to demonstrate compliance with Section 5.05, and (y) the calculation of the
Available Amount Basket as of the end of such fiscal year, the amount of the
Available Amount Basket used during such fiscal year, Excess Cash Flow for
such fiscal year and the related Excess Cash Flow Percentage and (b) a certificate of a Financial Officer setting forth the information required pursuant to the
Perfection Certificate or confirming that there has been no change in such
information since the date of the Perfection Certificate delivered on the Effective Date or the date of the most recent certificate delivered pursuant to this Section
5.01(i)(ii);
(iii) as soon as possible and in any event within five Business Days
after the occurrence of each Default continuing on the date of such statement, a
after the occurrence of each Default continuing on the date of such statement, a
statement of a Financial Officer of the Borrower setting forth details of such
Default and the action that the Borrower has taken and proposes to take with
respect thereto;
Default and the action that the Borrower has taken and proposes to take with
respect thereto;
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(iv) promptly after the sending or filing thereof, copies of all reports
that the Borrower sends to any of its securityholders, and copies of all reports and
that the Borrower sends to any of its securityholders, and copies of all reports and
registration statements that the Borrower files with the SEC or any national
securities exchange;
securities exchange;
(v) promptly after the commencement thereof, notice of all actions and
proceedings before any court, Governmental Authority or arbitrator affecting the Consolidated Group of the type described in Section 4.01(f);
proceedings before any court, Governmental Authority or arbitrator affecting the Consolidated Group of the type described in Section 4.01(f);
(vi) such other information respecting the Consolidated Group, or
compliance with the terms of the Loan Documents, and as any Lender through the
compliance with the terms of the Loan Documents, and as any Lender through the
Agent may from time to time reasonably request, including all documentation and
other information that such Lender reasonably requests in order to comply with
other information that such Lender reasonably requests in order to comply with
its ongoing obligations under applicable “know your customer” and anti-money
laundering rules and regulations, including the Patriot Act and the Beneficial
Ownership Regulation; and
laundering rules and regulations, including the Patriot Act and the Beneficial
Ownership Regulation; and
(vii) as soon as possible and in any event within five Business Days, a
prompt written notice of (A) any development that has resulted or could
reasonably be expected to result in a Material Adverse Effect, (B) any change in
the Borrower’s public corporate rating by S&P or public corporate family rating
by Xxxxx’x or the ratings of any of the Facilities by S&P or Xxxxx’x, or any
notice from either such agency indicating its intent to effect such a change or to
place the Borrower or the Facilities on a “CreditWatch” or “WatchList” or any
similar list, in each case with negative implications, or its cessation of, or its
intent to cease, rating the Borrower or the Facilities, (C) the occurrence of any
ERISA Event that, alone or together with any other ERISA Events that have
occurred, could reasonably be expected to have a Material Adverse Effect, or (D) the incurrence of any Indebtedness for which the Borrower is required to make a
mandatory prepayment pursuant to Section 2.10(b).
prompt written notice of (A) any development that has resulted or could
reasonably be expected to result in a Material Adverse Effect, (B) any change in
the Borrower’s public corporate rating by S&P or public corporate family rating
by Xxxxx’x or the ratings of any of the Facilities by S&P or Xxxxx’x, or any
notice from either such agency indicating its intent to effect such a change or to
place the Borrower or the Facilities on a “CreditWatch” or “WatchList” or any
similar list, in each case with negative implications, or its cessation of, or its
intent to cease, rating the Borrower or the Facilities, (C) the occurrence of any
ERISA Event that, alone or together with any other ERISA Events that have
occurred, could reasonably be expected to have a Material Adverse Effect, or (D) the incurrence of any Indebtedness for which the Borrower is required to make a
mandatory prepayment pursuant to Section 2.10(b).
At the request of the Administrative Agent or the Required Lenders, no later than (i) 10
days after the delivery of any financial statements pursuant to subclause (i) or (ii) of
Section 5.01(i) or (ii) such other time as reasonably agreed by the Borrower and the
Administrative Agent, the appropriate Financial Officers of the Borrower shall
days after the delivery of any financial statements pursuant to subclause (i) or (ii) of
Section 5.01(i) or (ii) such other time as reasonably agreed by the Borrower and the
Administrative Agent, the appropriate Financial Officers of the Borrower shall
participate in one conference call per fiscal quarter (and additional calls at the discretion of the Borrower) with the Administrative Agent and the Lenders to discuss in reasonable detail such financial statements and the financial condition and results of operations of
the Borrower and its Subsidiaries, as well as to answer any reasonable questions from the Administrative Agent or the Lenders about such financial statements.
the Borrower and its Subsidiaries, as well as to answer any reasonable questions from the Administrative Agent or the Lenders about such financial statements.
(j) Use of Proceeds. Use the proceeds of any Advances in accordance
with Section 2.17 or any applicable Incremental Assumption Agreement, as applicable.
with Section 2.17 or any applicable Incremental Assumption Agreement, as applicable.
(k) Regulatory Approvals. Maintain, and cause each of its Subsidiaries
to, maintain all material licenses, permits, authorizations and regulatory approvals necessary to conduct its business and to comply with all applicable laws and regulations,
to, maintain all material licenses, permits, authorizations and regulatory approvals necessary to conduct its business and to comply with all applicable laws and regulations,
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except for such non-maintenance or non-compliance as would not be reasonably
expected to have a Material Adverse Effect.
expected to have a Material Adverse Effect.
(l) Further Assurances. (2) Execute any and all further documents,
financing statements, agreements and instruments, and take all further action (including
financing statements, agreements and instruments, and take all further action (including
filing UCC and other financing statements, mortgages and deeds of trust and any
applicable flood documentation) that may be required under applicable law, or that the
Required Lenders or the Agent may reasonably request, in order to effectuate the
transactions contemplated by the Loan Documents and, if applicable, in order to grant,
preserve, protect and perfect the validity and first priority (subject to any Liens permitted under Section 5.03(a)) of the security interests created or intended to be created by the
Security and Guarantee Documents.
applicable flood documentation) that may be required under applicable law, or that the
Required Lenders or the Agent may reasonably request, in order to effectuate the
transactions contemplated by the Loan Documents and, if applicable, in order to grant,
preserve, protect and perfect the validity and first priority (subject to any Liens permitted under Section 5.03(a)) of the security interests created or intended to be created by the
Security and Guarantee Documents.
(ii) If, following the Effective Date, any Domestic Subsidiary (other
than an Excluded Subsidiary) is acquired or organized by any Loan Party, the
Borrower shall promptly (and in any event within 30 days (or such longer period as the Collateral Agent shall agree) of such event) (A) notify the Collateral Agent thereof, (B) cause such Domestic Subsidiary (other than an Excluded Subsidiary) to become a Loan Party by executing the Guarantee and Collateral Agreement (or a supplement thereto in the form specified therein), (C) cause the Equity Interest of such Domestic Subsidiary (other than an Excluded Subsidiary) and the Equity Interest of any Subsidiary owned by such Domestic Subsidiary (other than an
Excluded Subsidiary) (limited to, in the case of any first-tier Foreign Subsidiary
owned by such Domestic Subsidiary (other than an Excluded Subsidiary), 65% of the voting and 100% of the non-voting Equity Interests of such first-tier Foreign
Subsidiary, and in the case of any other Foreign Subsidiary owned by such
Domestic Subsidiary (other than an Excluded Subsidiary), 100% of the
non-voting Equity Interests of such other Foreign Subsidiary) to be pledged to the Collateral Agent on a first priority basis and deliver to the Collateral Agent all
certificates or other instruments representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in
blank to the extent required by the Security and Guarantee Documents, (D) cause all documents and instruments, including UCC financing statements and
Mortgages, required by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to create the Liens intended to be created by the
Security and Guarantee Documents and perfect or record such Liens to the extent, and with the priority, required by the Security and Guarantee Documents, to be
filed, registered or recorded or delivered to the Collateral Agent for filing,
registration or recording, (E) cause each Loan Party to take all other action
required under the Security and Guarantee Documents or reasonably requested by the Collateral Agent to perfect, register and/or record the Liens granted by it
thereunder and (F) cause to be delivered to the Lenders all such instruments and
documents (including legal opinions, title insurance policies and lien searches) as the Collateral Agent shall reasonably request to evidence compliance with this
Section 5.01(l).
than an Excluded Subsidiary) is acquired or organized by any Loan Party, the
Borrower shall promptly (and in any event within 30 days (or such longer period as the Collateral Agent shall agree) of such event) (A) notify the Collateral Agent thereof, (B) cause such Domestic Subsidiary (other than an Excluded Subsidiary) to become a Loan Party by executing the Guarantee and Collateral Agreement (or a supplement thereto in the form specified therein), (C) cause the Equity Interest of such Domestic Subsidiary (other than an Excluded Subsidiary) and the Equity Interest of any Subsidiary owned by such Domestic Subsidiary (other than an
Excluded Subsidiary) (limited to, in the case of any first-tier Foreign Subsidiary
owned by such Domestic Subsidiary (other than an Excluded Subsidiary), 65% of the voting and 100% of the non-voting Equity Interests of such first-tier Foreign
Subsidiary, and in the case of any other Foreign Subsidiary owned by such
Domestic Subsidiary (other than an Excluded Subsidiary), 100% of the
non-voting Equity Interests of such other Foreign Subsidiary) to be pledged to the Collateral Agent on a first priority basis and deliver to the Collateral Agent all
certificates or other instruments representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in
blank to the extent required by the Security and Guarantee Documents, (D) cause all documents and instruments, including UCC financing statements and
Mortgages, required by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to create the Liens intended to be created by the
Security and Guarantee Documents and perfect or record such Liens to the extent, and with the priority, required by the Security and Guarantee Documents, to be
filed, registered or recorded or delivered to the Collateral Agent for filing,
registration or recording, (E) cause each Loan Party to take all other action
required under the Security and Guarantee Documents or reasonably requested by the Collateral Agent to perfect, register and/or record the Liens granted by it
thereunder and (F) cause to be delivered to the Lenders all such instruments and
documents (including legal opinions, title insurance policies and lien searches) as the Collateral Agent shall reasonably request to evidence compliance with this
Section 5.01(l).
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(iii) If any fee owned real property is acquired by any Loan Party after
the Effective Date, having a value in excess of $1,000,000 the Borrower will
notify the Collateral Agent thereof, and, if requested by the Collateral Agent or
the Required Lenders, the Borrower will, no later than 90 days after such
acquisition (or such longer period as the Collateral Agent shall agree), cause such assets to be subjected to a Lien securing the Facilities and will take such actions
as shall be requested by the Collateral Agent to grant and perfect such Liens,
including the satisfaction of the Real Estate Collateral Requirements, all at the
expense of the Borrower.
the Effective Date, having a value in excess of $1,000,000 the Borrower will
notify the Collateral Agent thereof, and, if requested by the Collateral Agent or
the Required Lenders, the Borrower will, no later than 90 days after such
acquisition (or such longer period as the Collateral Agent shall agree), cause such assets to be subjected to a Lien securing the Facilities and will take such actions
as shall be requested by the Collateral Agent to grant and perfect such Liens,
including the satisfaction of the Real Estate Collateral Requirements, all at the
expense of the Borrower.
(m) Information Regarding Collateral. Furnish to the Administrative
Agent prompt written notice of any change (1) in the corporate name of any Loan Party,
Agent prompt written notice of any change (1) in the corporate name of any Loan Party,
(2) in the jurisdiction of organization or formation of any Loan Party, (3) in any Loan
Party's identity or corporate structure or (4) in any Loan Party's Federal Taxpayer
Identification Number. The Borrower agrees not to effect or permit any change referred
to in the preceding sentence unless all filings have been made under the UCC or
otherwise that are required in order for the Collateral Agent to continue at all times
following such change to have a valid, legal and perfected security interest in all the
Collateral. The Borrower also agrees promptly to notify the Administrative Agent if any material portion of the Collateral is damaged or destroyed.
Party's identity or corporate structure or (4) in any Loan Party's Federal Taxpayer
Identification Number. The Borrower agrees not to effect or permit any change referred
to in the preceding sentence unless all filings have been made under the UCC or
otherwise that are required in order for the Collateral Agent to continue at all times
following such change to have a valid, legal and perfected security interest in all the
Collateral. The Borrower also agrees promptly to notify the Administrative Agent if any material portion of the Collateral is damaged or destroyed.
(n) Post-Closing Obligations. [Reserved]
Section 5.02. [Reserved]
Section 5.03. Negative Covenants. So long as any Advance or any
other Obligation (other than contingent indemnification obligations as to which no claim has been asserted and Secured Cash Management Obligations and Secured Hedging
Obligations as to which arrangements satisfactory to the applicable Cash Management
Bank or Hedge Bank shall have been made) shall remain unpaid or unsatisfied, any
Letter of Credit is outstanding or any Lender shall have any Commitment hereunder:
Obligations as to which arrangements satisfactory to the applicable Cash Management
Bank or Hedge Bank shall have been made) shall remain unpaid or unsatisfied, any
Letter of Credit is outstanding or any Lender shall have any Commitment hereunder:
(a) Liens, Etc. The Borrower will not create or suffer to exist, or
permit any of its Subsidiaries to create or suffer to exist, any Lien on or with respect to
permit any of its Subsidiaries to create or suffer to exist, any Lien on or with respect to
any of its properties or assets (including Equity Interests or other securities of any
Person), whether now owned or hereafter acquired, or assign, or permit any of its
Subsidiaries to assign, any right to receive income, other than:
Person), whether now owned or hereafter acquired, or assign, or permit any of its
Subsidiaries to assign, any right to receive income, other than:
(i) (1) Liens pursuant to any Loan Document and (2) Permitted Liens;
(ii) (1) Liens on any of the assets of the Borrower or any of its
(ii) (1) Liens on any of the assets of the Borrower or any of its
Subsidiaries, created solely to secure obligations incurred to finance the
refurbishment, improvement or construction of such asset, which obligations are
incurred no later than 3 months after completion of such refurbishment,
improvement or construction, and all renewals, extensions, refinancings,
replacements or refundings of such obligations; and
refurbishment, improvement or construction of such asset, which obligations are
incurred no later than 3 months after completion of such refurbishment,
improvement or construction, and all renewals, extensions, refinancings,
replacements or refundings of such obligations; and
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(2) (A) Liens given to secure the payment of the purchase price
incurred in connection with the acquisition (including acquisition through merger
incurred in connection with the acquisition (including acquisition through merger
or consolidation) of assets (including shares of stock), including Capital Lease
transactions in connection with any such acquisition, and (B) Liens existing on
assets at the time of acquisition thereof or at the time of acquisition by the
transactions in connection with any such acquisition, and (B) Liens existing on
assets at the time of acquisition thereof or at the time of acquisition by the
Borrower or any of its Subsidiaries of any Person then owning such assets
whether or not such existing Liens were given to secure the payment of the
purchase price of the assets to which they attach; provided that, with respect to
clause (A), the Liens shall be given within 3 months after such acquisition and
shall attach solely to the property acquired or purchased and any improvements
then or thereafter placed thereon; provided further that the aggregate principal
amount of the Indebtedness secured by the Liens referred to in these clauses
(ii)(1) and (ii)(2) shall not exceed $30,000,000 (which shall automatically be
increased to $50,000,000 on the Engility Closing Date without any action by any party hereto) at any time outstanding;
whether or not such existing Liens were given to secure the payment of the
purchase price of the assets to which they attach; provided that, with respect to
clause (A), the Liens shall be given within 3 months after such acquisition and
shall attach solely to the property acquired or purchased and any improvements
then or thereafter placed thereon; provided further that the aggregate principal
amount of the Indebtedness secured by the Liens referred to in these clauses
(ii)(1) and (ii)(2) shall not exceed $30,000,000 (which shall automatically be
increased to $50,000,000 on the Engility Closing Date without any action by any party hereto) at any time outstanding;
(iii) the Liens existing on the Effective Date and described on
Schedule 5.03(a) hereto (or to the extent not listed on such Schedule, where the
fair market value of asset to which such Lien is attached is less than $2,500,000);
(iv) Liens on property of a Person existing at the time such Person is
(iv) Liens on property of a Person existing at the time such Person is
merged into or consolidated with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the Borrower; provided that such Liens were not
created in contemplation of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person so merged into or consolidated with the Borrower or such Subsidiary or acquired by the Borrower or such
Subsidiary;
created in contemplation of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person so merged into or consolidated with the Borrower or such Subsidiary or acquired by the Borrower or such
Subsidiary;
(v) other Liens securing Indebtedness; provided that the sum of (1) the aggregate principal amount of the Indebtedness then outstanding and secured by the Liens referred to in this clause (v) and (2) the aggregate fair value of property sold pursuant to sale and lease-back transactions permitted by Section 5.03(f)(iv) below with respect to which the applicable lease remains in effect, shall not exceed the greater of (x) $45,000,000 (which shall automatically be increased to $100,000,000 on the Engility Closing Date without any action by any party hereto) and (y) 2.0% of Total Assets at any time;
(vi) Liens encumbering customary initial deposits and margin deposits and other Liens in the Ordinary Course of Business, in each case securing obligations under Hedge Agreements and forward contracts, options, futures contracts, futures options, equity xxxxxx or similar agreements or arrangements designed to protect from fluctuations in interest rates, currencies, equities or the price of commodities;
(vii) the replacement, extension or renewal of any Lien permitted by
clause (iii) or (iv) above upon or in the same property theretofore subject thereto
clause (iii) or (iv) above upon or in the same property theretofore subject thereto
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or the replacement, extension or renewal (without increase in the amount or
change in any direct or contingent obligor) of the Indebtedness secured thereby;
change in any direct or contingent obligor) of the Indebtedness secured thereby;
(viii) Liens on accounts receivable and related assets incurred in
connection with a Receivables Facility in an amount outstanding at any time not
connection with a Receivables Facility in an amount outstanding at any time not
to exceed the greater of (x) $300,000,000 and (y) 6.5% of Total Assets;
(ix) receipt of progress payments and advances from customers in the
(ix) receipt of progress payments and advances from customers in the
Ordinary Course of Business to the extent same creates a Lien on the related
inventory and proceeds thereof;
inventory and proceeds thereof;
(x) Liens arising out of consignment or similar arrangements for the
sale by the Borrower or any of its Subsidiaries of goods through third parties in
the Ordinary Course of Business;
sale by the Borrower or any of its Subsidiaries of goods through third parties in
the Ordinary Course of Business;
(xi) Liens solely on any xxxx xxxxxxx money deposits made by the
Borrower or any of its Subsidiaries in connection with an Investment permitted by
Borrower or any of its Subsidiaries in connection with an Investment permitted by
Section 5.03(j);
(xii) Liens on specific items of inventory or other goods and proceeds
of the Borrower or any of its Subsidiaries arising in the Ordinary Course of
Business securing such Person’s obligations in respect of bankers’ acceptances
and letters of credit issued or created for the account of such Person to facilitate
the purchase, shipment or storage of such inventory or other goods;
Business securing such Person’s obligations in respect of bankers’ acceptances
and letters of credit issued or created for the account of such Person to facilitate
the purchase, shipment or storage of such inventory or other goods;
(xiii) Liens on cash or Cash Equivalents used to defease or to satisfy and
discharge Indebtedness; provided that such defeasance or satisfaction and
discharge is not prohibited hereunder;
discharge Indebtedness; provided that such defeasance or satisfaction and
discharge is not prohibited hereunder;
(xiv) Liens on Equity Interests in joint ventures securing obligations of
such joint venture;
such joint venture;
(xv) Liens securing Indebtedness or other obligations of the Borrower
or any of its Subsidiaries in favor of the Borrower or any other Loan Party; and
or any of its Subsidiaries in favor of the Borrower or any other Loan Party; and
(xvi) Liens on intellectual property owned or developed by, or licensed
to, the Borrower, or any of its Subsidiaries consisting of licenses of such
intellectual property to third parties in the Ordinary Course of Business on
customary terms which do not materially interfere with the business of the
Borrower and its Subsidiaries.
to, the Borrower, or any of its Subsidiaries consisting of licenses of such
intellectual property to third parties in the Ordinary Course of Business on
customary terms which do not materially interfere with the business of the
Borrower and its Subsidiaries.
(b) [Reserved]
(c) Accounting Changes. The Borrower will not make or permit, or
permit any of its Subsidiaries to make or permit, any change in accounting policies or
reporting practices, except as required or permitted by GAAP.
reporting practices, except as required or permitted by GAAP.
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(d) Change in Nature of Business. The Borrower will not make any
material change in the nature of the business of the Borrower and its Subsidiaries, taken
material change in the nature of the business of the Borrower and its Subsidiaries, taken
as a whole, from the business as carried out by the Borrower and its Subsidiaries on the
Effective Date; it being understood that this Section 5.03(d) shall not prohibit (i) the
Engility Acquisition or (ii) members of the Consolidated Group from conducting any
business or business activities incidental or related to the business as carried out by the
Borrower and its Subsidiaries on the Effective Date or the Acquired Business on the
Engility Closing Date or any business or activity that is reasonably similar or
complementary thereto or a reasonable extension, development or expansion thereof or
ancillary thereto.
Effective Date; it being understood that this Section 5.03(d) shall not prohibit (i) the
Engility Acquisition or (ii) members of the Consolidated Group from conducting any
business or business activities incidental or related to the business as carried out by the
Borrower and its Subsidiaries on the Effective Date or the Acquired Business on the
Engility Closing Date or any business or activity that is reasonably similar or
complementary thereto or a reasonable extension, development or expansion thereof or
ancillary thereto.
(e) Hedge Agreements. The Borrower will not enter into, or permit
any of its Subsidiaries to enter into, any Hedge Agreement, other than Hedge Agreements
entered into to hedge or mitigate risks to which the Borrower or any of its Subsidiaries, is exposed in the conduct of its business or management of its assets or liabilities.
(f) Limitation on Sale and Lease-Back Transactions. The Borrower
will not enter into, or permit any of its Subsidiaries to enter into, any sale and lease-back
will not enter into, or permit any of its Subsidiaries to enter into, any sale and lease-back
transaction for the sale and leasing back of any property, whether now owned or hereafter acquired, unless:
(i) such transaction was entered into (x) prior to the Effective Date,
(y) with respect to any Acquired Entity, prior to the merger or consolidation of
the Acquired Entity with the Borrower provided such sale and lease-back
(y) with respect to any Acquired Entity, prior to the merger or consolidation of
the Acquired Entity with the Borrower provided such sale and lease-back
transaction was not entered into in contemplation of such transaction, or (z) in the
Ordinary Course of Business of the Borrower or any of its Subsidiaries;
Ordinary Course of Business of the Borrower or any of its Subsidiaries;
(ii) such transaction was for the sale and leasing back to the Borrower
or any of its Subsidiaries of any property by one of the Borrower’s Subsidiaries;
or any of its Subsidiaries of any property by one of the Borrower’s Subsidiaries;
(iii) such transaction was for the sale and leasing back to the Borrower
or any of its Subsidiaries of any property by any domestic or foreign
Governmental Authority in connection with pollution control, industrial revenue, private activity bonds or similar financing;
or any of its Subsidiaries of any property by any domestic or foreign
Governmental Authority in connection with pollution control, industrial revenue, private activity bonds or similar financing;
(iv) the aggregate fair value of property sold pursuant to such
transactions involving a lease for more than three years that is then outstanding
shall not exceed, together with the aggregate principal amount of Indebtedness
shall not exceed, together with the aggregate principal amount of Indebtedness
that is then outstanding and secured by the Liens referred to in Section 5.03(a)(v)
above, the greater of (x) $45,000,000 (which shall automatically be increased to
$80,000,000 on the Engility Closing Date without any action by any party hereto)
and (y) 2.0% of Total Assets;
above, the greater of (x) $45,000,000 (which shall automatically be increased to
$80,000,000 on the Engility Closing Date without any action by any party hereto)
and (y) 2.0% of Total Assets;
(v) the Borrower or any of its Subsidiaries would be entitled to incur
Indebtedness secured by a mortgage on the property to be leased in an amount
equal to the attributable Liens with respect to such sale and lease-back
transaction; or
Indebtedness secured by a mortgage on the property to be leased in an amount
equal to the attributable Liens with respect to such sale and lease-back
transaction; or
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(vi) the Borrower or any of its Subsidiaries applies an amount equal to
the fair value of the property sold to the purchase of property or to the retirement of its long-term Indebtedness within 365 days of the effective date of any such
the fair value of the property sold to the purchase of property or to the retirement of its long-term Indebtedness within 365 days of the effective date of any such
sale and lease-back transaction.
(g) [Reserved]
(g) [Reserved]
(h) Dividends; Capital Stock. Except for transactions between or
among Loan Parties, the Borrower will not (or permit any of its Subsidiaries to) declare
among Loan Parties, the Borrower will not (or permit any of its Subsidiaries to) declare
or make any dividend payment or other distribution of assets, properties, cash, rights,
obligations or securities on account of any shares of any class of capital stock of the
Borrower or any of its Subsidiaries, or purchase, redeem or otherwise acquire for value
(or permit any of its Subsidiaries to do so) any shares of any class of capital stock of the Borrower or any of its Subsidiaries or any warrants, rights or options to acquire any such shares, now or hereafter outstanding (collectively, “Restricted Payments”), except that:
obligations or securities on account of any shares of any class of capital stock of the
Borrower or any of its Subsidiaries, or purchase, redeem or otherwise acquire for value
(or permit any of its Subsidiaries to do so) any shares of any class of capital stock of the Borrower or any of its Subsidiaries or any warrants, rights or options to acquire any such shares, now or hereafter outstanding (collectively, “Restricted Payments”), except that:
(i) each Subsidiary of the Borrower may (A) make Restricted
Payments to the Borrower and to other Subsidiaries of the Borrower that directly
or indirectly own Equity Interests of such Subsidiary (and, in the case of a
Restricted Payment by a non-wholly owned Subsidiary, to the Borrower and any
of its other Subsidiaries and to each other owner of Equity Interests of such
Subsidiary based on their relative ownership interests) and (B) declare and make
dividend payments or other distributions payable solely in the Equity Interests of
such Person;
Restricted Payment by a non-wholly owned Subsidiary, to the Borrower and any
of its other Subsidiaries and to each other owner of Equity Interests of such
Subsidiary based on their relative ownership interests) and (B) declare and make
dividend payments or other distributions payable solely in the Equity Interests of
such Person;
(ii) the Borrower may declare and pay recurring dividends; provided
that the aggregate amount of such dividends paid in any fiscal year shall not
exceed $100,000,000;
that the aggregate amount of such dividends paid in any fiscal year shall not
exceed $100,000,000;
(iii) the Borrower may declare and pay special dividends and enter into
share repurchases in an aggregate amount not to exceed $50,000,000 in any fiscal year (which shall automatically be increased to $175,000,000 in any fiscal year
share repurchases in an aggregate amount not to exceed $50,000,000 in any fiscal year (which shall automatically be increased to $175,000,000 in any fiscal year
on the Engility Closing Date without any action by any party hereto); provided
that no Default or Event of Default shall have occurred and be continuing or
would result therefrom; and provided further, however, that so long as (1) no
Default or Event of Default shall have occurred and be continuing or would result
therefrom and (2) the Leverage Ratio is equal to or less than 3.00 to 1.00, in each
case on a pro forma basis after giving effect to such Restricted Payment and the
pro forma adjustments described in Section 1.07, Restricted Payments described
in this clause (iii) shall be unlimited; and
that no Default or Event of Default shall have occurred and be continuing or
would result therefrom; and provided further, however, that so long as (1) no
Default or Event of Default shall have occurred and be continuing or would result
therefrom and (2) the Leverage Ratio is equal to or less than 3.00 to 1.00, in each
case on a pro forma basis after giving effect to such Restricted Payment and the
pro forma adjustments described in Section 1.07, Restricted Payments described
in this clause (iii) shall be unlimited; and
(iv) the Borrower may make additional Restricted Payments in an
aggregate amount not to exceed the portion, if any, of the Available Amount
Basket as of such time that the Borrower elects to apply to this Section
aggregate amount not to exceed the portion, if any, of the Available Amount
Basket as of such time that the Borrower elects to apply to this Section
5.03(h)(iv), such election to be specified in a written notice of a Financial Officer
of the Borrower calculating in reasonable detail the amount of the Available
Amount Basket immediately prior to such election and the amount thereof elected
of the Borrower calculating in reasonable detail the amount of the Available
Amount Basket immediately prior to such election and the amount thereof elected
123
to be so applied; provided that (i) before and after giving effect to any such
Restricted Payment, no Default or Event of Default shall have occurred and be
continuing or would result therefrom and (ii) after giving effect to any such
Restricted Payment, the Interest Coverage Ratio is equal to or greater than 2.00 to
1.00 on a pro forma basis after giving effect to such Restricted Payment and the
pro forma adjustments described in Section 1.07.
Restricted Payment, no Default or Event of Default shall have occurred and be
continuing or would result therefrom and (ii) after giving effect to any such
Restricted Payment, the Interest Coverage Ratio is equal to or greater than 2.00 to
1.00 on a pro forma basis after giving effect to such Restricted Payment and the
pro forma adjustments described in Section 1.07.
(i) Negative Pledge. The Borrower will not enter into or suffer to
exist, or permit any of its Subsidiaries to enter into or suffer to exist, any agreement (other than the Loan Documents) prohibiting or conditioning the creation or assumption of any Lien upon any of the Borrower’s property or assets for the benefit of the Agent, the Lenders and the Issuing Banks with respect to the Obligations under the Loan Documents except (a) agreements in favor of the Agent and the Lenders; (b) prohibitions or conditions under (i) any Indebtedness or agreements existing on the Effective Date,
exist, or permit any of its Subsidiaries to enter into or suffer to exist, any agreement (other than the Loan Documents) prohibiting or conditioning the creation or assumption of any Lien upon any of the Borrower’s property or assets for the benefit of the Agent, the Lenders and the Issuing Banks with respect to the Obligations under the Loan Documents except (a) agreements in favor of the Agent and the Lenders; (b) prohibitions or conditions under (i) any Indebtedness or agreements existing on the Effective Date,
(ii) any purchase money Indebtedness not prohibited hereunder solely to the extent that
the agreement or instrument governing such Indebtedness prohibits a Lien on the
the agreement or instrument governing such Indebtedness prohibits a Lien on the
property acquired with the proceeds of such Indebtedness, (iii) any Capital Lease not
prohibited hereunder solely to the extent that such Capital Lease prohibits a Lien on the
property subject thereto, (iv) any Indebtedness outstanding or agreements existing on the date any Person first becomes a Subsidiary of the Borrower (so long as such agreement
was not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower), (v) any Indebtedness permitted pursuant to Section 5.03(k)(vii) to the extent
no more restrictive than the covenants in this Agreement or (vi) or relating to any
Receivables Facility; (c) software and other intellectual property licenses pursuant to
which the Borrower or any of its Subsidiaries is the licensee of the relevant software or
intellectual property, as the case may be (in which case, any prohibition or limitation
shall relate only to the assets that are subject of the applicable license); (d) customary
provisions contained in joint venture agreements and other similar agreements applicable to joint ventures entered into in the Ordinary Course of Business; or (e) customary
provisions restricting assignment of any agreement entered into in the Ordinary Course
prohibited hereunder solely to the extent that such Capital Lease prohibits a Lien on the
property subject thereto, (iv) any Indebtedness outstanding or agreements existing on the date any Person first becomes a Subsidiary of the Borrower (so long as such agreement
was not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower), (v) any Indebtedness permitted pursuant to Section 5.03(k)(vii) to the extent
no more restrictive than the covenants in this Agreement or (vi) or relating to any
Receivables Facility; (c) software and other intellectual property licenses pursuant to
which the Borrower or any of its Subsidiaries is the licensee of the relevant software or
intellectual property, as the case may be (in which case, any prohibition or limitation
shall relate only to the assets that are subject of the applicable license); (d) customary
provisions contained in joint venture agreements and other similar agreements applicable to joint ventures entered into in the Ordinary Course of Business; or (e) customary
provisions restricting assignment of any agreement entered into in the Ordinary Course
of Business.
(j) Investments, Loans and Advances. The Borrower will not (and
will not permit any of its Subsidiaries to) make, hold or acquire any Investments, except:
will not permit any of its Subsidiaries to) make, hold or acquire any Investments, except:
(i) (a) Investments by the Borrower and its Subsidiaries existing on
the Effective Date in any Subsidiary of the Borrower and (b) additional
Investments by the Borrower and its Subsidiaries in the Borrower or any of its
Subsidiaries; provided that the aggregate amount of Investments made after the
Effective Date in Subsidiaries of the Borrower that are not Loan Parties, taken
together with loans and advances made after the Effective Date by Loan Parties to Subsidiaries of the Borrower that are not Loan Parties (determined without regard to any write-downs or write-offs of such investments, loans and advances) shall
not exceed $20,000,000 (which shall automatically be increased to $40,000,000
on the Engility Closing Date without any action by any party hereto);
the Effective Date in any Subsidiary of the Borrower and (b) additional
Investments by the Borrower and its Subsidiaries in the Borrower or any of its
Subsidiaries; provided that the aggregate amount of Investments made after the
Effective Date in Subsidiaries of the Borrower that are not Loan Parties, taken
together with loans and advances made after the Effective Date by Loan Parties to Subsidiaries of the Borrower that are not Loan Parties (determined without regard to any write-downs or write-offs of such investments, loans and advances) shall
not exceed $20,000,000 (which shall automatically be increased to $40,000,000
on the Engility Closing Date without any action by any party hereto);
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(ii) Investments in cash or Cash Equivalents;
(iii) loans or advances made by the Borrower to any of its Subsidiaries
and made by any of its Subsidiaries to the Borrower or any other Subsidiary of
the Borrower; provided that (a) any such loans and advances made by a Loan
Party shall be evidenced by a promissory note or global intercompany note
pledged pursuant to any Security and Guarantee Document and (b) the amount of
such loans and advances made by Loan Parties to any Subsidiaries of the
Borrower that are not Loan Parties shall be subject to the limitation set forth in
clause (i) above;
the Borrower; provided that (a) any such loans and advances made by a Loan
Party shall be evidenced by a promissory note or global intercompany note
pledged pursuant to any Security and Guarantee Document and (b) the amount of
such loans and advances made by Loan Parties to any Subsidiaries of the
Borrower that are not Loan Parties shall be subject to the limitation set forth in
clause (i) above;
(iv) Investments received in connection with the bankruptcy or
reorganization of, or settlement of delinquent accounts and disputes with,
customers and suppliers, in each case in the Ordinary Course of Business;
reorganization of, or settlement of delinquent accounts and disputes with,
customers and suppliers, in each case in the Ordinary Course of Business;
(v) the Borrower and its Subsidiaries may make loans and advances in
the Ordinary Course of Business to their respective employees so long as the
aggregate principal amount thereof at any time outstanding (determined without
regard to any write-downs or write-offs of such loans and advances) shall not
exceed $5,000,000 (which shall automatically be increased to $10,000,000 on the Engility Closing Date without any action by any party hereto) in any fiscal year;
the Ordinary Course of Business to their respective employees so long as the
aggregate principal amount thereof at any time outstanding (determined without
regard to any write-downs or write-offs of such loans and advances) shall not
exceed $5,000,000 (which shall automatically be increased to $10,000,000 on the Engility Closing Date without any action by any party hereto) in any fiscal year;
(vi) the Borrower or any of its Subsidiaries may acquire all or
substantially all the assets of a Person or line of business of such Person, or not
substantially all the assets of a Person or line of business of such Person, or not
less than 100% of the Equity Interests (other than directors’ qualifying shares) of
a Person (referred to herein as the “Acquired Entity”); provided that (a) such
acquisition was not preceded by an unsolicited tender offer for such Equity
Interests by, or proxy contest initiated by, the Borrower or any of its Subsidiaries;
(b) the Acquired Entity shall be in a line of business reasonably similar, ancillary
or incidental to the business of that of the Borrower and its Subsidiaries as
conducted during the current and most recent calendar year; and (c) (A) both
before and after giving effect thereto, no Event of Default shall have occurred and
be continuing, in each case at and as of the date the agreement for such
acquisition was not preceded by an unsolicited tender offer for such Equity
Interests by, or proxy contest initiated by, the Borrower or any of its Subsidiaries;
(b) the Acquired Entity shall be in a line of business reasonably similar, ancillary
or incidental to the business of that of the Borrower and its Subsidiaries as
conducted during the current and most recent calendar year; and (c) (A) both
before and after giving effect thereto, no Event of Default shall have occurred and
be continuing, in each case at and as of the date the agreement for such
acquisition is signed, (B) on the date the agreement for such acquisition is signed,
the Senior Secured Leverage Ratio, after giving pro forma effect to such
acquisition and the pro forma adjustments described in Section 1.07, is equal to or
less than 3.75 to 1.00, (C) at the time of the consummation of such transaction,
the Senior Secured Leverage Ratio, after giving pro forma effect to such
acquisition and the pro forma adjustments described in Section 1.07, is equal to or
less than 3.75 to 1.00, (C) at the time of the consummation of such transaction,
the Borrower shall have delivered a certificate of a Financial Officer, certifying as
to the foregoing and containing reasonably detailed calculations in support
thereof, in form and substance satisfactory to the Agent, and (D) at the time of the
consummation of such transaction, the Borrower shall comply, and shall cause the
Acquired Entity to comply, with the applicable provisions of Section 5.03(k) and
any Security and Guarantee Documents; provided that the total consideration paid
by or on behalf of the Borrower or any of its Subsidiaries for any such acquisition
of a Person that does not become a Loan Party (including by way of merger) or of
assets that do not become collateral under any Security and Guarantee
to the foregoing and containing reasonably detailed calculations in support
thereof, in form and substance satisfactory to the Agent, and (D) at the time of the
consummation of such transaction, the Borrower shall comply, and shall cause the
Acquired Entity to comply, with the applicable provisions of Section 5.03(k) and
any Security and Guarantee Documents; provided that the total consideration paid
by or on behalf of the Borrower or any of its Subsidiaries for any such acquisition
of a Person that does not become a Loan Party (including by way of merger) or of
assets that do not become collateral under any Security and Guarantee
Documents, when aggregated with the total consideration paid by or on behalf of
125
the Borrower or any of its Subsidiaries for all other acquisitions made by the
Borrower or any of its Subsidiaries of Persons that do not become Loan Parties
(including by way of merger) or of assets that do not become collateral under any Security and Guarantee Documents, shall not exceed the greater of
Borrower or any of its Subsidiaries of Persons that do not become Loan Parties
(including by way of merger) or of assets that do not become collateral under any Security and Guarantee Documents, shall not exceed the greater of
(x) $75,000,000 (which shall automatically be increased to $150,000,000 on the
Engility Closing Date without any action by any party hereto) and (y) 3.5% of
Total Assets (any acquisition of an Acquired Entity meeting all the criteria of this Section 5.03(j)(vi) being referred to herein as a “Permitted Acquisition”);
provided that, notwithstanding any of the foregoing, the Engility Acquisition shall constitute a Permitted Acquisition;
Engility Closing Date without any action by any party hereto) and (y) 3.5% of
Total Assets (any acquisition of an Acquired Entity meeting all the criteria of this Section 5.03(j)(vi) being referred to herein as a “Permitted Acquisition”);
provided that, notwithstanding any of the foregoing, the Engility Acquisition shall constitute a Permitted Acquisition;
(vii) in addition to Investments permitted by paragraphs (i) through (vi) above, additional investments, loans and advances by the Borrower and its Subsidiaries so long as the aggregate amount invested, loaned or advanced pursuant to this paragraph (vii) (determined without regard to any write-downs or write-offs of such investments, loans and advances) does not exceed
$100,000,000 in the aggregate;
$100,000,000 in the aggregate;
(viii) in addition to Investments permitted by paragraphs (i) through (vii) above, additional investments, loans and advances by the Borrower and its Subsidiaries so long as (1) no Default or Event of Default shall have occurred and be continuing or would result therefrom, (2) the Borrower would be in
compliance with the covenant set forth in Section 5.05, after giving pro forma
effect to such investment, loan or advance and the pro forma adjustments
described in Section 1.07 and (3) on a pro forma basis after giving effect to such
investment, loan or advance and the pro forma adjustments described in Section
1.07, the Leverage Ratio is equal to or less than 3.00 to 1.00;
effect to such investment, loan or advance and the pro forma adjustments
described in Section 1.07 and (3) on a pro forma basis after giving effect to such
investment, loan or advance and the pro forma adjustments described in Section
1.07, the Leverage Ratio is equal to or less than 3.00 to 1.00;
(ix) the Borrower and each of its Subsidiaries may make Investments
in an aggregate amount not to exceed the portion, if any, of the Available Amount
Basket as of such time that the Borrower or such Subsidiary elects to apply to this Section 5.03(j)(ix), such election to be specified in a written notice of a Financial Officer of the Borrower calculating in reasonable detail the amount of the
Available Amount Basket immediately prior to such election and the amount
thereof elected to be so applied; provided that before and after giving effect to
Available Amount Basket immediately prior to such election and the amount
thereof elected to be so applied; provided that before and after giving effect to
any such Investment, no Default or Event of Default shall have occurred and be
continuing or would result therefrom;
continuing or would result therefrom;
(x) Investments relating to any Receivables Subsidiary that, in the
good faith determination of the Borrower, are necessary or advisable to effect a
good faith determination of the Borrower, are necessary or advisable to effect a
Receivables Facility or any repurchases or other transactions in connection
therewith;
therewith;
(xi) Non-speculative Investments consisting of Hedge Agreements
permitted hereunder;
permitted hereunder;
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(xii) Investments arising directly out of the receipt by the Borrower or
any of its Subsidiaries of non-cash consideration for any Disposition permitted
under Section 5.03(n); provided that such non-cash considering shall in no event exceed 25% of the total consideration received for such sale;
any of its Subsidiaries of non-cash consideration for any Disposition permitted
under Section 5.03(n); provided that such non-cash considering shall in no event exceed 25% of the total consideration received for such sale;
(xiii) Investments resulting from pledges and deposits referred to in
clauses (c) and (d) of the “Permitted Liens” definition;
clauses (c) and (d) of the “Permitted Liens” definition;
(xiv) Investments consisting of licensing of intellectual property
pursuant to joint marketing arrangements with other Persons which do not
materially interfere with the business of the Borrower and its Subsidiaries;
pursuant to joint marketing arrangements with other Persons which do not
materially interfere with the business of the Borrower and its Subsidiaries;
(xv) any Investment in a Foreign Subsidiary to the extent such
Investment is substantially contemporaneously repaid in full with a dividend or
Investment is substantially contemporaneously repaid in full with a dividend or
other distribution from such Foreign Subsidiary;
(xvi) Investments in the Ordinary Course of Business consisting of UCC
Article 3 endorsements for collection or deposit and UCC Article 4 customary
trade arrangements with customers constituent with past practices;
trade arrangements with customers constituent with past practices;
(xvii) Advances of payroll payments to employees, or fee payments to
directors or consultants, in the Ordinary Course of Business;
directors or consultants, in the Ordinary Course of Business;
(xviii) Investments of any Person that becomes a Subsidiary of the
Borrower after the Effective Date; provided that (a) such Investments exist at the
Borrower after the Effective Date; provided that (a) such Investments exist at the
time such Person becomes a Subsidiary or such asset is acquired and is not
created in contemplation of or in connection with such Person becoming a
Subsidiary or such asset being acquired; and
created in contemplation of or in connection with such Person becoming a
Subsidiary or such asset being acquired; and
(xix) Investments in Raptors Merger Sub, Inc. to the extent made to
effectuate the closing of the Engility Acquisition.
effectuate the closing of the Engility Acquisition.
For purposes of compliance with this Section 5.03(j), the amount of any Investment shall be the amount actually invested (measured at the time made), without adjustment for
subsequent increases or decreases in the value of such Investment but, except to the
extent it would increase the Available Amount Basket, giving effect to any returns or
distributions of capital or repayment of principal actually received in cash by such other
Person with respect thereto (but only to the extent that the aggregate amount of all such
returns, distributions and repayments with respect to such Investment does not exceed the original amount of such Investment).
subsequent increases or decreases in the value of such Investment but, except to the
extent it would increase the Available Amount Basket, giving effect to any returns or
distributions of capital or repayment of principal actually received in cash by such other
Person with respect thereto (but only to the extent that the aggregate amount of all such
returns, distributions and repayments with respect to such Investment does not exceed the original amount of such Investment).
(k) Indebtedness. The Borrower will not (and will not permit any of its
Subsidiaries to) incur, create, assume or permit to exist any Indebtedness, except:
Subsidiaries to) incur, create, assume or permit to exist any Indebtedness, except:
(i) Indebtedness created hereunder and under the other Loan
Documents;
Documents;
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(ii) intercompany Indebtedness of the Borrower and its Subsidiaries to the extent permitted by Section 5.03(j)(iii); provided that (x) upon request of the Agent any such Indebtedness owed to a Loan Party shall be evidenced by a promissory note (including a global intercompany note), pledged and delivered to the Agent as additional security for the obligations of such Loan Party, together with an appropriate allonge or note power and (y) any such Indebtedness owed by a Loan Party to a Subsidiary of the Borrower that is not a Loan Party shall be subordinated in right of payment to the obligations of the Loan Party pursuant to an affiliate subordination agreement reasonably satisfactory to the Agent;
(iii) Indebtedness of the Borrower or any of its Subsidiaries incurred to finance the acquisition, construction or improvement of any fixed or capital assets, and extensions, renewals and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that (a) such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement and (b) the aggregate principal amount at any time outstanding of Indebtedness permitted by this Section 5.03(k)(iii), when combined with the aggregate principal amount of all Capital Lease Obligations and Synthetic Lease Obligations incurred pursuant to Section 5.03(k)(iv), shall not exceed the greater of (x) $100,000,000 (which shall automatically be increased to $200,000,000 on the Engility Closing Date without any action by any party hereto) and (y) 5.0% of Total Assets;
(iv) Capital Lease Obligations and Synthetic Lease Obligations in an
aggregate principal amount at any time outstanding, when combined with the aggregate principal amount of all Indebtedness incurred pursuant to Section 5.03(k)(iii), not exceeding the greater of (x) $100,000,000 (which shall
automatically be increased to $200,000,000 on the Engility Closing Date without any action by any party hereto) and (y) 5.0% of Total Assets;
aggregate principal amount at any time outstanding, when combined with the aggregate principal amount of all Indebtedness incurred pursuant to Section 5.03(k)(iii), not exceeding the greater of (x) $100,000,000 (which shall
automatically be increased to $200,000,000 on the Engility Closing Date without any action by any party hereto) and (y) 5.0% of Total Assets;
(v) Indebtedness under performance or surety bonds or with respect to workers’ compensation claims, in each case incurred in the Ordinary Course of Business;
(vi) Indebtedness of any Person that becomes a Subsidiary of the
Borrower after the Effective Date or Indebtedness acquired or assumed by the
Borrower after the Effective Date or Indebtedness acquired or assumed by the
Borrower or any of its Subsidiary in connection with any Permitted Acquisition
or other acquisition permitted under Section 5.03(j); provided that (a) such
Indebtedness exists at the time such Person becomes a Subsidiary or such asset is acquired and is not created in contemplation of or in connection with such Person becoming a Subsidiary or such asset being acquired, (b) immediately before and
after such Person becomes a Subsidiary, no Default shall have occurred and be
continuing and (c) at the time such Indebtedness is acquired or assumed or such
Person becomes a Subsidiary, the Borrower shall be in compliance with the
financial covenant set forth in Section 5.03 after giving pro forma effect to the
or other acquisition permitted under Section 5.03(j); provided that (a) such
Indebtedness exists at the time such Person becomes a Subsidiary or such asset is acquired and is not created in contemplation of or in connection with such Person becoming a Subsidiary or such asset being acquired, (b) immediately before and
after such Person becomes a Subsidiary, no Default shall have occurred and be
continuing and (c) at the time such Indebtedness is acquired or assumed or such
Person becomes a Subsidiary, the Borrower shall be in compliance with the
financial covenant set forth in Section 5.03 after giving pro forma effect to the
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acquisition or assumption of such Indebtedness and the pro forma adjustments
described in Section 1.07 and any Permitted Refinancing thereof;
described in Section 1.07 and any Permitted Refinancing thereof;
(vii) unsecured Indebtedness of the Borrower or any of its Subsidiaries in an aggregate amount not to exceed the greater of (x) $100,000,000 and (y) such
other amount, so long as after giving pro forma effect to the incurrence of such
Indebtedness (and the use of proceeds therefrom) and the pro forma adjustments
described in Section 1.07, the Leverage Ratio is equal to or less than 4.50 to 1.00; provided that, if the proceeds of such unsecured Indebtedness are being used to
finance, in whole or in part, a Permitted Acquisition then the Leverage Ratio set
forth in clause (y) above must only be satisfied at the time the acquisition
agreement for such Permitted Acquisition is entered into and if the proceeds of
such unsecured Indebtedness are being used to finance, in whole or in part, the
Olympus Acquisition then the Leverage Ratio set forth in clause (y) above must
only be satisfied on the First Amendment Effective Date; provided further that (a) the terms of such Indebtedness are not, when taken as a whole, materially more
favorable to the lenders providing such Indebtedness than those applicable to the Facilities or are otherwise on current market terms for such type of Indebtedness, as determined by the Borrower, (b) the final maturity date of such Indebtedness
shall be no earlier than 181 days after the final maturity date of any of the
Facilities outstanding at the time of incurrence of such Indebtedness, (c) the
aggregate amount of principal payments required to be made on such
Indebtedness prior to the date that is 181 days after the final maturity date of any of the Facilities outstanding at the time of incurrence of such Indebtedness shall
not exceed 10% of the original principal amount of such Indebtedness, (d) on a
pro forma basis after giving effect to the incurrence of such Indebtedness (and the use of proceeds therefrom), no Event of Default shall have occurred and be
continuing or would result therefrom, in the case of a Permitted Acquisition, at
the time the acquisition agreement for such Permitted Acquisition is entered into and in the case of the Olympus Acquisition, on the First Amendment Effective
Date and (e) the aggregate amount of all such Indebtedness incurred by
Subsidiaries of the Borrower that are not Loan Parties shall not exceed the greater of (x) $100,000,000 and (y) 2.5% of Total Assets; provided further that the
foregoing requirements of clause (b) shall not apply to the extent such
Indebtedness constitutes a customary bridge facility, so long as the long-term
Indebtedness into which any such customary bridge facility is to be converted or exchanged satisfies the requirements of clause (b) and such conversion or
exchange is subject only to conditions customary for similar conversions or
exchanges as determined by the Borrower;
Indebtedness (and the use of proceeds therefrom) and the pro forma adjustments
described in Section 1.07, the Leverage Ratio is equal to or less than 4.50 to 1.00; provided that, if the proceeds of such unsecured Indebtedness are being used to
finance, in whole or in part, a Permitted Acquisition then the Leverage Ratio set
forth in clause (y) above must only be satisfied at the time the acquisition
agreement for such Permitted Acquisition is entered into and if the proceeds of
such unsecured Indebtedness are being used to finance, in whole or in part, the
Olympus Acquisition then the Leverage Ratio set forth in clause (y) above must
only be satisfied on the First Amendment Effective Date; provided further that (a) the terms of such Indebtedness are not, when taken as a whole, materially more
favorable to the lenders providing such Indebtedness than those applicable to the Facilities or are otherwise on current market terms for such type of Indebtedness, as determined by the Borrower, (b) the final maturity date of such Indebtedness
shall be no earlier than 181 days after the final maturity date of any of the
Facilities outstanding at the time of incurrence of such Indebtedness, (c) the
aggregate amount of principal payments required to be made on such
Indebtedness prior to the date that is 181 days after the final maturity date of any of the Facilities outstanding at the time of incurrence of such Indebtedness shall
not exceed 10% of the original principal amount of such Indebtedness, (d) on a
pro forma basis after giving effect to the incurrence of such Indebtedness (and the use of proceeds therefrom), no Event of Default shall have occurred and be
continuing or would result therefrom, in the case of a Permitted Acquisition, at
the time the acquisition agreement for such Permitted Acquisition is entered into and in the case of the Olympus Acquisition, on the First Amendment Effective
Date and (e) the aggregate amount of all such Indebtedness incurred by
Subsidiaries of the Borrower that are not Loan Parties shall not exceed the greater of (x) $100,000,000 and (y) 2.5% of Total Assets; provided further that the
foregoing requirements of clause (b) shall not apply to the extent such
Indebtedness constitutes a customary bridge facility, so long as the long-term
Indebtedness into which any such customary bridge facility is to be converted or exchanged satisfies the requirements of clause (b) and such conversion or
exchange is subject only to conditions customary for similar conversions or
exchanges as determined by the Borrower;
(viii) Indebtedness outstanding as of the Effective Date, as set forth on
Schedule 5.03(k)(viii) and any Permitted Refinancing thereof;
Schedule 5.03(k)(viii) and any Permitted Refinancing thereof;
(ix) guarantees of any Loan Party in respect of Indebtedness of the
Borrower (or any Permitted Refinancing thereof) or any other Loan Party otherwise permitted hereunder;
Borrower (or any Permitted Refinancing thereof) or any other Loan Party otherwise permitted hereunder;
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(x) Indebtedness in respect of purchase price adjustments or other
similar adjustments incurred by the Borrower or any of its Subsidiaries in a Permitted Acquisition, Receivables Facility or Disposition under agreements which provide for the adjustment of the purchase price or for similar adjustments;
similar adjustments incurred by the Borrower or any of its Subsidiaries in a Permitted Acquisition, Receivables Facility or Disposition under agreements which provide for the adjustment of the purchase price or for similar adjustments;
(xi) Indebtedness consisting of obligations of the Borrower or any of
its Subsidiaries under deferred consideration (e.g., earn-outs, indemnifications, incentive non-competes and other contingent obligations) or other similar arrangements incurred by such Person in connection with the Engility
Acquisition, any Permitted Acquisition or other Investment permitted under Section 5.03(j);
its Subsidiaries under deferred consideration (e.g., earn-outs, indemnifications, incentive non-competes and other contingent obligations) or other similar arrangements incurred by such Person in connection with the Engility
Acquisition, any Permitted Acquisition or other Investment permitted under Section 5.03(j);
(xii) Indebtedness in respect of a Receivables Facility in an amount
outstanding at any time not to exceed the greater of (x) $300,000,000 and
outstanding at any time not to exceed the greater of (x) $300,000,000 and
(y) 6.5% of Total Assets;
(xiii) Indebtedness arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument inadvertently drawn by
financial institution of a check, draft or similar instrument inadvertently drawn by
the Borrower or any of its Subsidiaries in the Ordinary Course of Business against insufficient funds, so long as such Indebtedness is promptly repaid;
(xiv) Indebtedness of the Borrower or any of its Subsidiaries as an
account party in respect of letters of credit in the Ordinary Course of Business;
account party in respect of letters of credit in the Ordinary Course of Business;
(xv) Indebtedness owing to any insurance company in connection with the financing of any insurance premiums permitted by such insurance company in
the Ordinary Course of Business;
(xvi) (i) Indebtedness representing deferred compensation or
stock-based compensation to employees of Borrower or any of its Subsidiaries
incurred in the Ordinary Course of Business and (ii) Indebtedness consisting of
obligations of the Borrower or any of its Subsidiaries under deferred
compensation or other similar arrangements incurred in connection with any
Investment permitted hereunder;
incurred in the Ordinary Course of Business and (ii) Indebtedness consisting of
obligations of the Borrower or any of its Subsidiaries under deferred
compensation or other similar arrangements incurred in connection with any
Investment permitted hereunder;
(xvii) Indebtedness in respect of overdraft facilities, employee credit card programs, netting services, automatic clearinghouse arrangements and other cash management and similar arrangements in the Ordinary Course of Business;
(xviii) Indebtedness of Borrower or any of its Subsidiaries undertaken in connection with cash management and related activities with respect to any Subsidiary or joint venture in the Ordinary Course of Business and (ii)
Indebtedness of the Borrower or any of its Subsidiaries to any joint venture (regardless of the form of legal entity) that is not a Subsidiary arising in the Ordinary Course of Business in connection with the cash management operations (including in respect of intercompany self-insurance arrangements) of the Borrower or any of its Subsidiaries; and
Indebtedness of the Borrower or any of its Subsidiaries to any joint venture (regardless of the form of legal entity) that is not a Subsidiary arising in the Ordinary Course of Business in connection with the cash management operations (including in respect of intercompany self-insurance arrangements) of the Borrower or any of its Subsidiaries; and
130
(xix) all premium (if any), interest (including post-petition interest),
fees, expenses, charges, accretion or amortization of original issue discount,
accretion of interest paid in kind and additional or contingent interest on
obligations described in the foregoing clauses (i) through (xviii).
fees, expenses, charges, accretion or amortization of original issue discount,
accretion of interest paid in kind and additional or contingent interest on
obligations described in the foregoing clauses (i) through (xviii).
(and will not permit any of its Subsidiaries to) effect (x) any waiver, supplement, modification, amendment, termination or release of any indenture, instrument or agreement pursuant to which any unsecured Indebtedness, any Indebtedness that is expressly subordinated in right of payment to the obligations of the Loan Parties in respect of the Loan Documents or any Indebtedness that is secured by junior-priority security interest in any collateral securing the Facilities (collectively, together with any Permitted Refinancing of the foregoing, “Junior Financing”) if the effect of such waiver, supplement, modification, amendment, termination or release would be adverse to the Lenders in any material respect or (y) any waiver, supplement, modification or amendment of its certificate of incorporation, by-laws, operating, management or partnership agreement or other organizational documents, to the extent any such waiver, supplement, modification or amendment would be adverse to the Lenders in any material respect.
(ii) The Borrower will not (and will not permit any of its Subsidiaries
to) prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner any Junior Financing (it being understood that
to) prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner any Junior Financing (it being understood that
payments of regularly scheduled interest and principal shall be permitted) or
make any payment in violation of any subordination terms of any Junior
Financing, except (a) the refinancing of any Junior Financing with any Permitted
Refinancing thereof, (b) the prepayment, redemption, purchase, defeasement or
other satisfaction prior to the scheduled maturity of any Junior Financing or
Permitted Refinancing thereof, in an aggregate amount not to exceed the greater
of (x) $50,000,000 (which shall automatically be increased to $80,000,000 on the
Engility Closing Date without any action by any party hereto) and (y) such other
amount, so long as after giving pro forma effect to the incurrence of such
Indebtedness (and the use of proceeds therefrom) and the pro forma adjustments
described in Section 1.07, (1) the Leverage Ratio is equal to or less than 3.00 to
1.00 and (2) no Event of Default shall have occurred and be continuing or would
result therefrom, and (c) the prepayment, redemption, purchase, defeasement or
other satisfaction prior to the scheduled maturity of any Junior Financing in an
aggregate amount not to exceed the portion, if any, of the Available Amount
Basket as of such time that the Borrower elects to apply to this Section
5.03(l)(ii)(c), such election to be specified in a written notice of a Financial
Officer of the Borrower calculating in reasonable detail the amount of the
Available Amount Basket immediately prior to such election and the amount
thereof elected to be so applied; provided that, in the case of this Section
5.03(l)(ii)(c), before and after giving effect to any such prepayment, redemption,
purchase, defeasement or other satisfaction, no Default or Event of Default shall
have occurred and be continuing or would result therefrom.
make any payment in violation of any subordination terms of any Junior
Financing, except (a) the refinancing of any Junior Financing with any Permitted
Refinancing thereof, (b) the prepayment, redemption, purchase, defeasement or
other satisfaction prior to the scheduled maturity of any Junior Financing or
Permitted Refinancing thereof, in an aggregate amount not to exceed the greater
of (x) $50,000,000 (which shall automatically be increased to $80,000,000 on the
Engility Closing Date without any action by any party hereto) and (y) such other
amount, so long as after giving pro forma effect to the incurrence of such
Indebtedness (and the use of proceeds therefrom) and the pro forma adjustments
described in Section 1.07, (1) the Leverage Ratio is equal to or less than 3.00 to
1.00 and (2) no Event of Default shall have occurred and be continuing or would
result therefrom, and (c) the prepayment, redemption, purchase, defeasement or
other satisfaction prior to the scheduled maturity of any Junior Financing in an
aggregate amount not to exceed the portion, if any, of the Available Amount
Basket as of such time that the Borrower elects to apply to this Section
5.03(l)(ii)(c), such election to be specified in a written notice of a Financial
Officer of the Borrower calculating in reasonable detail the amount of the
Available Amount Basket immediately prior to such election and the amount
thereof elected to be so applied; provided that, in the case of this Section
5.03(l)(ii)(c), before and after giving effect to any such prepayment, redemption,
purchase, defeasement or other satisfaction, no Default or Event of Default shall
have occurred and be continuing or would result therefrom.
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(iii) The Borrower will not (and will not permit any of its Subsidiaries
to) enter into or permit to exist any contractual obligation (other than this
Agreement or any other Loan Document) that limits the ability of any of its
Subsidiaries to make Restricted Payments to the Borrower or any Guarantor or to otherwise transfer property to or invest in the Borrower or any Guarantor, except for (i) any agreement in effect on the Effective Date and described on
to) enter into or permit to exist any contractual obligation (other than this
Agreement or any other Loan Document) that limits the ability of any of its
Subsidiaries to make Restricted Payments to the Borrower or any Guarantor or to otherwise transfer property to or invest in the Borrower or any Guarantor, except for (i) any agreement in effect on the Effective Date and described on
Schedule 5.03(l), (ii) any agreement in effect at the time any Person becomes a
Subsidiary of the Borrower, so long as such agreement was not entered into solely
in contemplation of such Person becoming a Subsidiary of the Borrower, (iii) any
agreement representing Indebtedness of a Subsidiary of the Borrower which is not
a Loan Party which is permitted by Section 5.03(k), (iv) any agreement in
connection with a Disposition permitted hereunder, (v) customary provisions in
joint venture agreements or other similar agreements applicable to joint ventures
permitted under Section 5.03(j) and applicable solely to such joint venture entered
into in the Ordinary Course of Business, (vi) customary provisions restricting
assignment of any agreement entered into in the Ordinary Course of Business,
(vii) customary provisions restricting the subletting or assignment of any lease
governing a leasehold interest, (viii) in each case so long as no Subsidiary of the
Borrower is restricted from making Restricted Payments or transfers to the
Borrower, customary restrictions contained in Indebtedness permitted under this
Agreement to the extent no more restrictive to the Borrower and its Subsidiaries
than the covenants contained in this Agreement, (ix) restrictions regarding
Subsidiary of the Borrower, so long as such agreement was not entered into solely
in contemplation of such Person becoming a Subsidiary of the Borrower, (iii) any
agreement representing Indebtedness of a Subsidiary of the Borrower which is not
a Loan Party which is permitted by Section 5.03(k), (iv) any agreement in
connection with a Disposition permitted hereunder, (v) customary provisions in
joint venture agreements or other similar agreements applicable to joint ventures
permitted under Section 5.03(j) and applicable solely to such joint venture entered
into in the Ordinary Course of Business, (vi) customary provisions restricting
assignment of any agreement entered into in the Ordinary Course of Business,
(vii) customary provisions restricting the subletting or assignment of any lease
governing a leasehold interest, (viii) in each case so long as no Subsidiary of the
Borrower is restricted from making Restricted Payments or transfers to the
Borrower, customary restrictions contained in Indebtedness permitted under this
Agreement to the extent no more restrictive to the Borrower and its Subsidiaries
than the covenants contained in this Agreement, (ix) restrictions regarding
licenses or sublicenses by the Borrower and its Subsidiaries of intellectual
property in the Ordinary Course of Business (in which case such restriction shall
relate only to such intellectual property) and (x) any agreement entered into in
connection with a Receivables Facility.
property in the Ordinary Course of Business (in which case such restriction shall
relate only to such intellectual property) and (x) any agreement entered into in
connection with a Receivables Facility.
(m) Fundamental Changes. The Borrower will not (and will not permit
any of its Subsidiaries to) merge, dissolve, liquidate, amalgamate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Event of Default would result therefrom:
any of its Subsidiaries to) merge, dissolve, liquidate, amalgamate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Event of Default would result therefrom:
(i) any Subsidiary of the Borrower may merge, amalgamate or
consolidate with (x) the Borrower (including a merger, the purpose of which is to
reorganize the Borrower into a new jurisdiction in any State of the United States
of America); provided that the Borrower shall be the continuing or surviving
Person or the surviving Person shall expressly assume the obligations of the
Borrower pursuant to documents reasonably acceptable to the Agent or (y) any
other Subsidiary of the Borrower; provided that when any Guarantor is merging
with another Subsidiary of the Borrower that is not a Loan Party (A) the
Guarantor shall be the continuing or surviving Person, (B) to the extent
constituting an Investment, such Investment must be a permitted Investment in
accordance with Section 5.03(j) and (C) to the extent constituting a Disposition,
such Disposition must be permitted hereunder;
of America); provided that the Borrower shall be the continuing or surviving
Person or the surviving Person shall expressly assume the obligations of the
Borrower pursuant to documents reasonably acceptable to the Agent or (y) any
other Subsidiary of the Borrower; provided that when any Guarantor is merging
with another Subsidiary of the Borrower that is not a Loan Party (A) the
Guarantor shall be the continuing or surviving Person, (B) to the extent
constituting an Investment, such Investment must be a permitted Investment in
accordance with Section 5.03(j) and (C) to the extent constituting a Disposition,
such Disposition must be permitted hereunder;
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(ii) (x) any Subsidiary of the Borrower that is not a Loan Party may
merge, amalgamate or consolidate with or into any other Subsidiary of the
Borrower that is not a Loan Party and (y) any Subsidiary of the Borrower may
liquidate or dissolve, or the Borrower or any of its Subsidiaries may (if the
validity, perfection and priority of the Liens securing the Obligations is not
adversely affected thereby) change its legal form, if the Borrower determines in
good faith that such action is in the best interest of the Borrower and its
Subsidiaries and is not disadvantageous to the Lenders in any material respect (it being understood that in the case of any dissolution of a Subsidiary that is a
Guarantor, such Subsidiary shall at or before the time of such dissolution transfer its assets to another Subsidiary that is a Guarantor unless such Disposition of
assets is permitted hereunder; and in the case of any change in legal form, a
Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is
otherwise permitted to cease being a Guarantor hereunder);
merge, amalgamate or consolidate with or into any other Subsidiary of the
Borrower that is not a Loan Party and (y) any Subsidiary of the Borrower may
liquidate or dissolve, or the Borrower or any of its Subsidiaries may (if the
validity, perfection and priority of the Liens securing the Obligations is not
adversely affected thereby) change its legal form, if the Borrower determines in
good faith that such action is in the best interest of the Borrower and its
Subsidiaries and is not disadvantageous to the Lenders in any material respect (it being understood that in the case of any dissolution of a Subsidiary that is a
Guarantor, such Subsidiary shall at or before the time of such dissolution transfer its assets to another Subsidiary that is a Guarantor unless such Disposition of
assets is permitted hereunder; and in the case of any change in legal form, a
Subsidiary that is a Guarantor will remain a Guarantor unless such Guarantor is
otherwise permitted to cease being a Guarantor hereunder);
(iii) any Subsidiary of the Borrower may Dispose of all or substantially
all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to
all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to
any of its other Subsidiaries; provided that if the transferor in such a transaction is
a Guarantor, then (i) the transferee must either be the Borrower or a Guarantor
a Guarantor, then (i) the transferee must either be the Borrower or a Guarantor
and (ii) to the extent constituting an Investment, such Investment must be a
permitted in accordance with Section 5.03(j);
permitted in accordance with Section 5.03(j);
(iv) the Borrower and its Subsidiaries may consummate the Engility
Acquisition;
Acquisition;
(v) any Subsidiary of the Borrower may merge, dissolve, liquidate,
amalgamate, consolidate with or into another Person, or Dispose of all or
substantially all of its assets in order to effect a Disposition permitted pursuant to Section 5.03(n) (other than Section 5.03(n) (ii)(A));
amalgamate, consolidate with or into another Person, or Dispose of all or
substantially all of its assets in order to effect a Disposition permitted pursuant to Section 5.03(n) (other than Section 5.03(n) (ii)(A));
(vi) any Investment permitted by Section 5.03(j) may be structured as a
merger, consolidation or amalgamation; and
merger, consolidation or amalgamation; and
(vii) any Receivables Subsidiary may merge, dissolve, liquidate,
amalgamate, consolidate with or into another Person, or Dispose of (whether in
amalgamate, consolidate with or into another Person, or Dispose of (whether in
one transaction or in a series of transactions) all or substantially all of its assets
(whether now owned or hereafter acquired) to or in favor of any Person, in each
case, in connection with a Receivables Facility.
(whether now owned or hereafter acquired) to or in favor of any Person, in each
case, in connection with a Receivables Facility.
(n) Dispositions. The Borrower will not (and will not permit any of its
Subsidiaries to) make any Disposition, except:
Subsidiaries to) make any Disposition, except:
(i) Dispositions of obsolete, surplus or worn out property, whether
now owned or hereafter acquired, in the Ordinary Course of Business and
Dispositions of property no longer used or useful in the conduct of the business of the Borrower and its Subsidiaries (including allowing any registrations or any
now owned or hereafter acquired, in the Ordinary Course of Business and
Dispositions of property no longer used or useful in the conduct of the business of the Borrower and its Subsidiaries (including allowing any registrations or any
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applications for registration of any immaterial intellectual property to lapse or go abandoned);
(ii) (A) Dispositions permitted by Section 5.03(m), (B) Investments
permitted by Section 5.03(j), (C) Restricted Payments permitted by
permitted by Section 5.03(j), (C) Restricted Payments permitted by
Section 5.03(h) and (D) Liens permitted by Section 5.03(a);
(iii) Dispositions by the Borrower or any of its Subsidiaries of property pursuant to sale-leaseback transactions permitted by Section 5.03(f);
(iv) Dispositions of inventory, cash and Cash Equivalents for fair
market value in the Ordinary Course of Business;
market value in the Ordinary Course of Business;
(v) licensing or sublicensing of any intellectual property rights in the Ordinary Course of Business on customary terms;
(vi) Disposition of property (A) between Loan Parties, (B) between
Subsidiaries of the Borrower (other than Loan Parties), (C) by Subsidiaries of the
Subsidiaries of the Borrower (other than Loan Parties), (C) by Subsidiaries of the
Borrower that are not Loan Parties to the Loan Parties or (D) by Loan Parties to
any Subsidiary of the Borrower that is not a Loan Party; provided that (1) the
portion (if any) of any such Disposition made for less than fair market value and (2) any noncash consideration received in exchange for any such Disposition,
shall in each case constitute an Investment in such Subsidiary;
any Subsidiary of the Borrower that is not a Loan Party; provided that (1) the
portion (if any) of any such Disposition made for less than fair market value and (2) any noncash consideration received in exchange for any such Disposition,
shall in each case constitute an Investment in such Subsidiary;
(vii) leases, subleases, licenses or sublicenses of property in the
Ordinary Course of Business and which do not materially interfere with the
Ordinary Course of Business and which do not materially interfere with the
business of the Borrower and its Subsidiaries;
(viii) transfers of equipment, fixed assets or real property (including any
improvements thereon) subject to any event that gives rise to the receipt by the
Borrower or any of its Subsidiaries of any casualty insurance proceeds or
condemnation awards in respect thereof to replace, restore or repair, or
compensate for the loss of, such equipment, fixed assets or real property, upon
receipt of the Net Cash Proceeds of such casualty insurance proceeds or
condemnation awards;
Borrower or any of its Subsidiaries of any casualty insurance proceeds or
condemnation awards in respect thereof to replace, restore or repair, or
compensate for the loss of, such equipment, fixed assets or real property, upon
receipt of the Net Cash Proceeds of such casualty insurance proceeds or
condemnation awards;
(ix) the Disposition of other assets for fair market value; provided that (i) at least 75% of the total consideration for any such Disposition received by the
Borrower and its Subsidiaries is in the form of cash or Cash Equivalents and (ii)
the requirements of Section 2.10(b), to the extent applicable, are complied with in connection therewith;
the requirements of Section 2.10(b), to the extent applicable, are complied with in connection therewith;
(x) any Disposition or discounts of accounts receivable, or
participations therein, and related assets in connection with any Receivables
participations therein, and related assets in connection with any Receivables
Facility in an amount outstanding at any time not to exceed the greater of
(x) $300,000,000 and (y) 6.5% of Total Assets;
(x) $300,000,000 and (y) 6.5% of Total Assets;
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(xi) the sale or discount, in each case without recourse and in the
Ordinary Course of Business, or overdue accounts receivable arising in the
Ordinary Course of Business, but only in connection with the compromise or
collection thereof consistent with customary industry practice (and not as part of any bulk sale or financing of receivables); and
Ordinary Course of Business, or overdue accounts receivable arising in the
Ordinary Course of Business, but only in connection with the compromise or
collection thereof consistent with customary industry practice (and not as part of any bulk sale or financing of receivables); and
(xii) Dispositions pursuant to a requirement of law issued by a
Governmental Authority.
Governmental Authority.
Section 5.04. [Reserved]
Section 5.05. Financial Covenant. So long as any Term Commitment,
Term Advances, Term 2 Advances, Revolving Credit Commitment or Revolving Credit
Advances is outstanding shall remain unpaid or unsatisfied, and any Letter of Credit is
outstanding, the Borrower will:
Advances is outstanding shall remain unpaid or unsatisfied, and any Letter of Credit is
outstanding, the Borrower will:
fiscal quarter after the Effective Date, (w) in the case of any fiscal quarter ending prior to the consummation of the Engility Acquisition, a Senior Secured Leverage Ratio equal to or less than 3.75 to 1.00, (x) in the case of the fiscal quarter during which the Engility
Acquisition is consummated and the first six full fiscal quarters thereafter, a Senior
Secured Leverage Ratio equal to or less than 4.50 to 1.00 and (z) in the case of any
subsequent fiscal quarter, a Senior Secured Leverage Ratio equal to or less than 4.00 to
1.00; provided that, the Senior Secured Leverage Ratio may, at the request of the
Borrower, be increased to 4.25 to 1.00 from 4.00 to 1.00 for the fiscal quarter during
which a Permitted Acquisition is consummated and any of the first three full fiscal
quarters thereafter (each, a “Financial Covenant Step-up”), provided that there shall be a maximum of two Financial Covenant Step-ups during the term of this Agreement.
Acquisition is consummated and the first six full fiscal quarters thereafter, a Senior
Secured Leverage Ratio equal to or less than 4.50 to 1.00 and (z) in the case of any
subsequent fiscal quarter, a Senior Secured Leverage Ratio equal to or less than 4.00 to
1.00; provided that, the Senior Secured Leverage Ratio may, at the request of the
Borrower, be increased to 4.25 to 1.00 from 4.00 to 1.00 for the fiscal quarter during
which a Permitted Acquisition is consummated and any of the first three full fiscal
quarters thereafter (each, a “Financial Covenant Step-up”), provided that there shall be a maximum of two Financial Covenant Step-ups during the term of this Agreement.
ARTICLE VI
Section 6.01. Events of Default. If any of the following events (such
events, and subject to the proviso to clause (c) below, “Events of Default”) shall occur
and be continuing:
and be continuing:
(a) The Borrower shall fail to pay any principal of any Advance
within one day after the same becomes due and payable; or the Borrower shall fail to pay
within one day after the same becomes due and payable; or the Borrower shall fail to pay
any interest on any Advance or make any other payment of fees or other amounts payable under this Agreement or any other Loan Document within five days after the same
becomes due and payable; or
becomes due and payable; or
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(b) Any representation or warranty or certification made or deemed
made by any Loan Party in any Loan Document or by such Loan Party (or any of its officers) in connection with any Loan Document shall prove to have been incorrect in any material respect when made or deemed made; or
made by any Loan Party in any Loan Document or by such Loan Party (or any of its officers) in connection with any Loan Document shall prove to have been incorrect in any material respect when made or deemed made; or
(c) (i) Any Loan Party shall fail to perform or observe any term,
covenant or agreement contained in Sections 5.01(d) (with respect to the Borrower only),
covenant or agreement contained in Sections 5.01(d) (with respect to the Borrower only),
5.01(i), 5.03 or 5.05 or (ii) any Loan Party shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or in any other Loan Document on its part to be performed or observed if such failure shall remain unremedied for 30 days after written notice thereof shall have been given to the Borrower by the Agent or any Lender; provided that no breach or default by the Borrower under Section 5.05 (a “Financial
Covenant Event of Default”) shall constitute an Event of Default with respect to the Tranche B Facility or Tranche B2 Facility, unless and until the Required RC/TLA
Lenders have accelerated the Revolving Credit Advances, the Term Advances and/or the Term 2 Advances and/or have terminated the Revolving Credit Commitments in their
entirety (and upon any such acceleration and/or termination, an Event of Default with
respect to the Tranche B Facility and the Tranche B2 Facility shall occur without any
further action by any party); or
Lenders have accelerated the Revolving Credit Advances, the Term Advances and/or the Term 2 Advances and/or have terminated the Revolving Credit Commitments in their
entirety (and upon any such acceleration and/or termination, an Event of Default with
respect to the Tranche B Facility and the Tranche B2 Facility shall occur without any
further action by any party); or
(d) A member of the Consolidated Group shall fail to pay any
principal of or premium or interest on any Indebtedness that is outstanding in a principal
principal of or premium or interest on any Indebtedness that is outstanding in a principal
or notional amount of at least $50,000,000 (which shall automatically be increased to
$100,000,000 on the Engility Closing Date without any action by any party hereto) in the aggregate (but excluding Indebtedness outstanding hereunder and any Receivables
Facility) of a member of the Consolidated Group, when the same becomes due and
payable (whether by scheduled maturity, required prepayment, acceleration, demand or
otherwise), and such failure shall continue after the applicable grace period, if any,
specified in the agreement or instrument relating to such Indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument relating to any
$100,000,000 on the Engility Closing Date without any action by any party hereto) in the aggregate (but excluding Indebtedness outstanding hereunder and any Receivables
Facility) of a member of the Consolidated Group, when the same becomes due and
payable (whether by scheduled maturity, required prepayment, acceleration, demand or
otherwise), and such failure shall continue after the applicable grace period, if any,
specified in the agreement or instrument relating to such Indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument relating to any
such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or
to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption, or, with respect to any
secured Indebtedness, resulting from a disposition, condemnation, insured loss or similar event relating to the property securing such Indebtedness), purchased or defeased, or an
offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be
made, in each case prior to the stated maturity thereof; or
to permit the acceleration of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption, or, with respect to any
secured Indebtedness, resulting from a disposition, condemnation, insured loss or similar event relating to the property securing such Indebtedness), purchased or defeased, or an
offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be
made, in each case prior to the stated maturity thereof; or
(e) A member of the Consolidated Group shall generally not pay its
debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against a member of the Consolidated Group seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of
debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against a member of the Consolidated Group seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of
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debtors, or seeking the entry of an order for relief or the appointment of a receiver,
trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it),
either such proceeding shall remain undismissed or unstayed for a period of 60 days, or
any of the actions sought in such proceeding (including, without limitation, the entry of
an order for relief against, or the appointment of a receiver, trustee, custodian or other
similar official for, it or for any substantial part of its property) shall occur; or a member of the Consolidated Group shall take any corporate action to authorize any of the actions set forth above in this subsection (e); or
trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it),
either such proceeding shall remain undismissed or unstayed for a period of 60 days, or
any of the actions sought in such proceeding (including, without limitation, the entry of
an order for relief against, or the appointment of a receiver, trustee, custodian or other
similar official for, it or for any substantial part of its property) shall occur; or a member of the Consolidated Group shall take any corporate action to authorize any of the actions set forth above in this subsection (e); or
(f) Judgments or orders for the payment of money in excess of
$50,000,000 (which shall automatically be increased to $100,000,000 on the Engility
$50,000,000 (which shall automatically be increased to $100,000,000 on the Engility
Closing Date without any action by any party hereto) in the aggregate shall be rendered
against a member of the Consolidated Group and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided,
however, that any such judgment or order shall not be an Event of Default under this
Section 6.01(f) if and for so long as (i) the amount of such judgment or order is covered
by a valid and binding policy of insurance between the defendant and the insurer
against a member of the Consolidated Group and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided,
however, that any such judgment or order shall not be an Event of Default under this
Section 6.01(f) if and for so long as (i) the amount of such judgment or order is covered
by a valid and binding policy of insurance between the defendant and the insurer
covering payment thereof and (ii) such insurer, which shall be rated at least “A-” by
A.M. Best Company, has been notified of, and has not disputed the claim made for
payment of, the amount of such judgment or order; or
payment of, the amount of such judgment or order; or
(g) Any Person or two or more Persons acting in concert shall have
acquired beneficial ownership (within the meaning of Rule 13d-3 of the SEC under the
acquired beneficial ownership (within the meaning of Rule 13d-3 of the SEC under the
Exchange Act), directly or indirectly, of Voting Stock of the Borrower (or other
securities convertible into or exchangeable for such Voting Stock) representing 35% or
more of the combined voting power of all Voting Stock of the Borrower (on a fully
diluted basis); or
securities convertible into or exchangeable for such Voting Stock) representing 35% or
more of the combined voting power of all Voting Stock of the Borrower (on a fully
diluted basis); or
(h) The Borrower or any of its ERISA Affiliates shall incur, or shall
be reasonably likely to incur liability in excess of $50,000,000 (which shall automatically
be increased to $100,000,000 on the Engility Closing Date without any action by any
party hereto) in the aggregate as a result of the occurrence of any ERISA Event; or
party hereto) in the aggregate as a result of the occurrence of any ERISA Event; or
(i) Any Loan Party contests in writing the validity or enforceability of
any provision of any Loan Document, or any Loan Party denies in writing that it has any liability or obligation under any Loan Document, or purports in writing to revoke or rescind any Loan Document; or
any provision of any Loan Document, or any Loan Party denies in writing that it has any liability or obligation under any Loan Document, or purports in writing to revoke or rescind any Loan Document; or
(j) Any guarantee provided by a Guarantor under any applicable
Security and Guarantee Document for any reason shall cease to be in full force and effect
Security and Guarantee Document for any reason shall cease to be in full force and effect
(other than in accordance with its terms), or any Guarantor shall deny in writing that it
has any further liability under such Security and Guarantee Document (other than as a
has any further liability under such Security and Guarantee Document (other than as a
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result of the discharge of such Guarantor in accordance with the terms of the Loan
Documents); or
Documents); or
(k) Any security interest over any material asset or property purported
to be created by and required to be covered by any Security and Guarantee Document shall cease to be, or shall be asserted by the Borrower or any other Loan Party not to be, a valid, perfected (except as otherwise expressly provided in this Agreement or such Security and Guarantee Document) security interest in the asset or property intended to
to be created by and required to be covered by any Security and Guarantee Document shall cease to be, or shall be asserted by the Borrower or any other Loan Party not to be, a valid, perfected (except as otherwise expressly provided in this Agreement or such Security and Guarantee Document) security interest in the asset or property intended to
be covered thereby,
then, and in any such event, the Agent (i) shall at the request, or may with the
consent, of the Required Lenders (or, if a Financial Covenant Event of Default occurs
consent, of the Required Lenders (or, if a Financial Covenant Event of Default occurs
and is continuing, at the request of, or with the consent of, only the Required RC/TLA
Lenders), by notice to the Borrower, declare the obligation of each Lender to make
Advances (other than Advances to be made by an Issuing Bank or a Lender pursuant to
Section 2.03(c) or Section 2.01(b)) and of the Issuing Banks to Issue Letters of Credit to be terminated, whereupon the same shall forthwith terminate, (ii) shall at the request, or
may with the consent, of the Required Lenders (or, if a Financial Covenant Event of
Default occurs and is continuing, at the request of, or with the consent of, only the
Required RC/TLA Lenders), by notice to the Borrower, declare all the Advances, all
interest thereon and all other amounts payable under this Agreement to be forthwith due
and payable, whereupon all the Advances, all such interest and all such amounts shall
become and be forthwith due and payable, without presentment, demand, protest or
further notice of any kind, all of which are hereby expressly waived by the Borrower;
provided, however, that in the event of an actual or deemed entry of an order for relief
with respect to the Borrower or any other Loan Party under any Debtor Relief Law,
Lenders), by notice to the Borrower, declare the obligation of each Lender to make
Advances (other than Advances to be made by an Issuing Bank or a Lender pursuant to
Section 2.03(c) or Section 2.01(b)) and of the Issuing Banks to Issue Letters of Credit to be terminated, whereupon the same shall forthwith terminate, (ii) shall at the request, or
may with the consent, of the Required Lenders (or, if a Financial Covenant Event of
Default occurs and is continuing, at the request of, or with the consent of, only the
Required RC/TLA Lenders), by notice to the Borrower, declare all the Advances, all
interest thereon and all other amounts payable under this Agreement to be forthwith due
and payable, whereupon all the Advances, all such interest and all such amounts shall
become and be forthwith due and payable, without presentment, demand, protest or
further notice of any kind, all of which are hereby expressly waived by the Borrower;
provided, however, that in the event of an actual or deemed entry of an order for relief
with respect to the Borrower or any other Loan Party under any Debtor Relief Law,
(A) the obligation of each Lender to make Advances (other than Advances to be made by an Issuing Bank or a Lender pursuant to Section 2.03(c) or Section 2.01(b)) and of the
Issuing Banks to Issue Letters of Credit shall automatically be terminated and (B) the
Advances, all such interest and all such amounts shall automatically become and be due
and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower, and (iii) shall be entitled to exercise on
behalf of itself, the Lenders, the Issuing Banks and the other Secured Parties all rights
Issuing Banks to Issue Letters of Credit shall automatically be terminated and (B) the
Advances, all such interest and all such amounts shall automatically become and be due
and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower, and (iii) shall be entitled to exercise on
behalf of itself, the Lenders, the Issuing Banks and the other Secured Parties all rights
and remedies available to it, the Lenders, the Issuing Banks and the other Secured Parties under the Loan Documents and/or under applicable law.
Section 6.02. Actions in Respect of the Letters of Credit upon
Default. If any Event of Default shall have occurred and be continuing, the Agent may
Default. If any Event of Default shall have occurred and be continuing, the Agent may
with the consent, or shall at the request, of the Required Revolving Credit Lenders,
irrespective of whether it is taking any of the actions described in Section 6.01 or
otherwise, make demand upon the Borrower to, and forthwith upon such demand the
Borrower will, (a) pay to the Agent on behalf of the Revolving Credit Lenders in same
day funds at the Agent’s office designated in such demand, for deposit in the L/C Cash
Deposit Account, an amount equal to the aggregate Available Amount of all Letters of
Credit then outstanding (but only to the extent such Available Amount has not already
been Cash Collateralized) or (b) make such other arrangements in respect of the
outstanding Letters of Credit as shall be acceptable to the Required Revolving Credit
irrespective of whether it is taking any of the actions described in Section 6.01 or
otherwise, make demand upon the Borrower to, and forthwith upon such demand the
Borrower will, (a) pay to the Agent on behalf of the Revolving Credit Lenders in same
day funds at the Agent’s office designated in such demand, for deposit in the L/C Cash
Deposit Account, an amount equal to the aggregate Available Amount of all Letters of
Credit then outstanding (but only to the extent such Available Amount has not already
been Cash Collateralized) or (b) make such other arrangements in respect of the
outstanding Letters of Credit as shall be acceptable to the Required Revolving Credit
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Lenders and not more disadvantageous to the Borrower than clause (a); provided,
however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower under any Debtor Relief Law, an amount equal to the aggregate
Available Amount of all outstanding Letters of Credit shall be immediately due and
payable to the Agent for the account of the Revolving Credit Lenders without notice to or demand upon the Borrower, which are expressly waived by the Borrower, to be held in
the L/C Cash Deposit Account. If at any time an Event of Default is continuing the Agent determines that any funds held in the L/C Cash Deposit Account are subject to any right or claim of any Person other than the Agent and the Lenders or that the total amount of
such funds is less than the aggregate Available Amount of all Letters of Credit, the
Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional
funds to be deposited and held in the L/C Cash Deposit Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Deposit Account that the Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, to the extent funds are on deposit in the L/C Cash Deposit Account, such funds shall be applied to reimburse the Issuing Banks to the extent permitted by applicable law. After all such Letters of
Credit shall have expired or been fully drawn upon and all other obligations of the
Borrower hereunder and under the other Loan Documents shall have been paid in full,
however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower under any Debtor Relief Law, an amount equal to the aggregate
Available Amount of all outstanding Letters of Credit shall be immediately due and
payable to the Agent for the account of the Revolving Credit Lenders without notice to or demand upon the Borrower, which are expressly waived by the Borrower, to be held in
the L/C Cash Deposit Account. If at any time an Event of Default is continuing the Agent determines that any funds held in the L/C Cash Deposit Account are subject to any right or claim of any Person other than the Agent and the Lenders or that the total amount of
such funds is less than the aggregate Available Amount of all Letters of Credit, the
Borrower will, forthwith upon demand by the Agent, pay to the Agent, as additional
funds to be deposited and held in the L/C Cash Deposit Account, an amount equal to the excess of (a) such aggregate Available Amount over (b) the total amount of funds, if any, then held in the L/C Cash Deposit Account that the Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit, to the extent funds are on deposit in the L/C Cash Deposit Account, such funds shall be applied to reimburse the Issuing Banks to the extent permitted by applicable law. After all such Letters of
Credit shall have expired or been fully drawn upon and all other obligations of the
Borrower hereunder and under the other Loan Documents shall have been paid in full,
the balance, if any, in such L/C Cash Deposit Account shall be applied in accordance
with the priority of payments set forth in Section 6.03.
Section 6.03. Application of Funds. After the exercise of any
remedies provided for in Section 6.01 or Section 6.02 (or after an actual or deemed entry
remedies provided for in Section 6.01 or Section 6.02 (or after an actual or deemed entry
of an order for relief with respect to the Borrower or any other Loan Party under any
Debtor Relief Law), any amounts received on account of the Obligations (including, for
the avoidance of doubt, any proceeds of any collection, sale, foreclosure or other
realization upon any Collateral, including Collateral consisting of cash) shall, subject to
the provisions of Section 2.19, be applied by the Agent in the following order:
Debtor Relief Law), any amounts received on account of the Obligations (including, for
the avoidance of doubt, any proceeds of any collection, sale, foreclosure or other
realization upon any Collateral, including Collateral consisting of cash) shall, subject to
the provisions of Section 2.19, be applied by the Agent in the following order:
(a) first, to payment of that portion of the Obligations constituting
fees, indemnities, expenses and other amounts (including fees, disbursements and other
fees, indemnities, expenses and other amounts (including fees, disbursements and other
charges of counsel payable under Section 9.04) payable to the Agent in its capacity as
such, including any costs and expenses incurred by the Agent in its capacity as such in
connection with the collection, sale, foreclosure or realization or otherwise of Collateral in connection with this Agreement or any other Loan Document or any of the
Obligations, the repayment of advances made by the Agent hereunder or under any other Loan Document on behalf of any Loan Party and any other costs or expenses incurred in connection with exercise of any right or remedy hereunder or under any other Loan
Document;
such, including any costs and expenses incurred by the Agent in its capacity as such in
connection with the collection, sale, foreclosure or realization or otherwise of Collateral in connection with this Agreement or any other Loan Document or any of the
Obligations, the repayment of advances made by the Agent hereunder or under any other Loan Document on behalf of any Loan Party and any other costs or expenses incurred in connection with exercise of any right or remedy hereunder or under any other Loan
Document;
(b) second, to payment in full of Unfunded Advances/Participations
(the amounts so applied to be distributed between or among, as applicable, the Agent and
(the amounts so applied to be distributed between or among, as applicable, the Agent and
the Issuing Banks pro rata in accordance with the amounts of Unfunded
Advances/Participations owed to them on the date of any such distribution);
Advances/Participations owed to them on the date of any such distribution);
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(c) third, to payment of that portion of the Obligations constituting
fees, indemnities, expenses and other amounts (other than principal, interest and Letter of
fees, indemnities, expenses and other amounts (other than principal, interest and Letter of
Credit fees) payable to the Lenders and the Issuing Banks (including fees, disbursements and other charges of counsel payable under Section 9.04) arising under the Loan
Documents, ratably among them in proportion to the respective amounts described in this clause (c) held by them;
Documents, ratably among them in proportion to the respective amounts described in this clause (c) held by them;
(d) fourth, to payment of that portion of the Obligations constituting
accrued and unpaid Letter of Credit fees and interest on the Advances, and on unreimbursed Letter of Credit drawings, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause (d) held by them;
accrued and unpaid Letter of Credit fees and interest on the Advances, and on unreimbursed Letter of Credit drawings, ratably among the Lenders and the Issuing Banks in proportion to the respective amounts described in this clause (d) held by them;
(e) fifth, (i) to payment of that portion of the Obligations constituting
unpaid principal of the Advances, unreimbursed Letter of Credit drawings and
unpaid principal of the Advances, unreimbursed Letter of Credit drawings and
obligations of the Loan Parties or their respective Subsidiaries then arising under Secured Hedging Obligations and Secured Cash Management Obligations and (ii) to Cash
Collateralize Letters of Credit in the manner contemplated by Section 6.02 (ratably
among the Lenders, the Issuing Banks, the Hedge Banks and the Cash Management
Banks) in proportion to the respective amounts described in this clause (e) held by them; provided upon the expiration of any Letter of Credit, the pro rata share of Cash Collateral attributable to such expired Letter of Credit shall be applied by the Agent in accordance
with the priority of payments set forth in this Section 6.03;
Collateralize Letters of Credit in the manner contemplated by Section 6.02 (ratably
among the Lenders, the Issuing Banks, the Hedge Banks and the Cash Management
Banks) in proportion to the respective amounts described in this clause (e) held by them; provided upon the expiration of any Letter of Credit, the pro rata share of Cash Collateral attributable to such expired Letter of Credit shall be applied by the Agent in accordance
with the priority of payments set forth in this Section 6.03;
(f) sixth, to the payment of all other Obligations of the Loan Parties
owing under or in respect of the Loan Documents that are then due and payable to the Agent, the Lenders, the Issuing Banks and the other holders or beneficiaries thereof, ratably based upon the respective aggregate amounts of all such Obligations then owing to all of them; and
owing under or in respect of the Loan Documents that are then due and payable to the Agent, the Lenders, the Issuing Banks and the other holders or beneficiaries thereof, ratably based upon the respective aggregate amounts of all such Obligations then owing to all of them; and
(g) last, after all of the Obligations have been indefeasibly paid in full,
to the Borrower or as otherwise required by law.
to the Borrower or as otherwise required by law.
ARTICLE VII
[RESERVED]
ARTICLE VIII
Section 8.01. Authorization and Authority. 1. Each of the Lenders
hereby irrevocably appoints, designates and authorizes Citibank to act on its behalf as the Agent hereunder and under the other Loan Documents and authorizes the Agent to take
such actions on its behalf and to exercise such powers as are delegated to the Agent by
such actions on its behalf and to exercise such powers as are delegated to the Agent by
the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. The provisions of this Article are solely for the benefit of the Agent,
the Lenders and the Issuing Banks, and the Borrower shall not have rights as a third-party
incidental thereto. The provisions of this Article are solely for the benefit of the Agent,
the Lenders and the Issuing Banks, and the Borrower shall not have rights as a third-party
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beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any Loan Document (or any other similar term) with reference to the Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
(ii) The Agent shall also act as the Collateral Agent under the Loan
Documents, and each of the Lenders (including in each such Lender’s capacity as a potential Cash Management Bank and/or Hedge Bank) and Issuing Banks hereby irrevocably appoints and authorizes the Agent to act as the agent of such Lender or Issuing Bank for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Agent, as Collateral Agent (and any co-agents, sub-agents and attorneys-in-fact appointed by the Agent pursuant to Section 8.05 for purposes of holding or enforcing any Lien on the collateral (or any portion thereof) granted under the Security and Guarantee Documents, or for exercising any rights and remedies thereunder at the direction of the Agent), shall be entitled to the benefits of all provisions of this Article VIII and of paragraphs (a), (b) and (c) of Section 9.04, as though such co-agents, sub-agents and attorneys-in-fact were the Collateral Agent under the Loan Documents) as if set forth in full herein with respect thereto. Anything contained in any of the Loan Documents to the contrary notwithstanding, but without limiting the rights of any Lender, Issuing Bank or any of their respective Affiliates under Section 9.05, each Loan Party, the Agent and each Lender hereby agree that no Lender, in its capacity as such, shall have any right individually to realize upon any collateral subject to any Security and Guarantee Documents, it being understood and agreed that all powers, rights and remedies
Documents, and each of the Lenders (including in each such Lender’s capacity as a potential Cash Management Bank and/or Hedge Bank) and Issuing Banks hereby irrevocably appoints and authorizes the Agent to act as the agent of such Lender or Issuing Bank for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Agent, as Collateral Agent (and any co-agents, sub-agents and attorneys-in-fact appointed by the Agent pursuant to Section 8.05 for purposes of holding or enforcing any Lien on the collateral (or any portion thereof) granted under the Security and Guarantee Documents, or for exercising any rights and remedies thereunder at the direction of the Agent), shall be entitled to the benefits of all provisions of this Article VIII and of paragraphs (a), (b) and (c) of Section 9.04, as though such co-agents, sub-agents and attorneys-in-fact were the Collateral Agent under the Loan Documents) as if set forth in full herein with respect thereto. Anything contained in any of the Loan Documents to the contrary notwithstanding, but without limiting the rights of any Lender, Issuing Bank or any of their respective Affiliates under Section 9.05, each Loan Party, the Agent and each Lender hereby agree that no Lender, in its capacity as such, shall have any right individually to realize upon any collateral subject to any Security and Guarantee Documents, it being understood and agreed that all powers, rights and remedies
hereunder or thereunder may be exercised solely by the Agent, on behalf of the Lenders, in accordance with the terms hereof or thereof, as applicable.
Section 8.02. Rights as a Lender. The Person serving as the Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other
hereunder shall have the same rights and powers in its capacity as a Lender as any other
Lender and may exercise the same as though it were not the Agent, and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include the Person serving as the Agent hereunder in its individual
capacity. Such Person and its Affiliates may accept deposits from, lend money to, own
securities of, act as the financial advisor or in any other advisory capacity for, and
generally engage in any kind of business with, any member of the Consolidated Group or other Affiliate thereof as if such Person were not the Agent hereunder and without any
duty to account therefor to the Lenders.
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include the Person serving as the Agent hereunder in its individual
capacity. Such Person and its Affiliates may accept deposits from, lend money to, own
securities of, act as the financial advisor or in any other advisory capacity for, and
generally engage in any kind of business with, any member of the Consolidated Group or other Affiliate thereof as if such Person were not the Agent hereunder and without any
duty to account therefor to the Lenders.
Section 8.03. Duties of Agent; Exculpatory Provisions. iii) The Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature.
Without limiting the generality of the foregoing, the Agent:
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(i) shall not be subject to any fiduciary or other implied duties,
regardless of whether a Default has occurred and is continuing;
regardless of whether a Default has occurred and is continuing;
(ii) shall not have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Agent is required
to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the
other Loan Documents); provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to
liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay
under any Debtor Relief Law or that may effect a forfeiture, modification or
termination of property of a Defaulting Lender in violation of any Debtor Relief
Law; and
any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Agent is required
to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the
other Loan Documents); provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to
liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay
under any Debtor Relief Law or that may effect a forfeiture, modification or
termination of property of a Defaulting Lender in violation of any Debtor Relief
Law; and
(iii) shall not, except as expressly set forth herein and in the other Loan
Documents, have any duty to disclose, and shall not be liable for the failure to
disclose, any information relating to the Borrower or any of its Affiliates that is
communicated to or obtained by the Person serving as the Agent or any of its
Affiliates in any capacity.
Documents, have any duty to disclose, and shall not be liable for the failure to
disclose, any information relating to the Borrower or any of its Affiliates that is
communicated to or obtained by the Person serving as the Agent or any of its
Affiliates in any capacity.
(b) The Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.01 and 6.01), or (ii) in the absence of its own gross negligence or willful misconduct as determined by
a court of competent jurisdiction by final and nonappealable judgment. The Agent shall
be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Agent in writing by the Borrower or a Lender.
be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Agent in writing by the Borrower or a Lender.
(c) The Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in
ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with this Agreement or any other Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of
any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document,
or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the Agent.
certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of
any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document,
or (v) the satisfaction of any condition set forth in Article III or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the Agent.
Section 8.04. Reliance by Agent. The Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.
upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.
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The Agent also may rely upon any statement made to it orally or by telephone and
believed by it to have been made by the proper Person, and shall not incur any liability
for relying thereon. In determining compliance with any condition hereunder to the
Effective Date, the making of an Advance or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or
an Issuing Bank, the Agent may presume that such condition is satisfactory to such
Lender unless the Agent shall have received notice to the contrary from such Lender or
Issuing Bank prior to the occurrence of the Effective Date, the making of such Advance
or the issuance of such Letter of Credit. The Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the
advice of any such counsel, accountants or experts.
believed by it to have been made by the proper Person, and shall not incur any liability
for relying thereon. In determining compliance with any condition hereunder to the
Effective Date, the making of an Advance or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or
an Issuing Bank, the Agent may presume that such condition is satisfactory to such
Lender unless the Agent shall have received notice to the contrary from such Lender or
Issuing Bank prior to the occurrence of the Effective Date, the making of such Advance
or the issuance of such Letter of Credit. The Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the
advice of any such counsel, accountants or experts.
Section 8.05. Delegation of Duties. The Agent may perform any and
all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Facilities as well as activities as Agent. The Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.
all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Facilities as well as activities as Agent. The Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.
Section 8.06. Resignation of Agent. iv) The Agent may at any time
give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such
give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such
notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United
States, or an Affiliate of any such bank with an office in the United States. If no such
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation
(or such earlier day as shall be agreed by the Required Lenders) (the “Resignation
Effective Date”) then the retiring Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above.
Whether or not a successor has been appointed, such resignation shall become effective
in accordance with such notice on the Resignation Effective Date.
States, or an Affiliate of any such bank with an office in the United States. If no such
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation
(or such earlier day as shall be agreed by the Required Lenders) (the “Resignation
Effective Date”) then the retiring Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above.
Whether or not a successor has been appointed, such resignation shall become effective
in accordance with such notice on the Resignation Effective Date.
(b) If the Person serving as Agent is a Defaulting Lender pursuant to
clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by
clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by
applicable law, by notice in writing to the Borrower and such Person remove such Person as Agent and, in consultation with the Borrower, appoint a successor. If no such
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required
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Lenders) (the “Removal Effective Date”) then such removal shall nonetheless become
effective in accordance with such notice on the Removal Effective Date.
effective in accordance with such notice on the Removal Effective Date.
(c) With effect from the Resignation Effective Date or the Removal
Effective Date (as applicable) (1) the retiring or removed Agent shall be discharged from
Effective Date (as applicable) (1) the retiring or removed Agent shall be discharged from
its duties and obligations hereunder (except that in the case of any collateral security held by the Agent on behalf of the Lenders hereunder, the retiring or removed Agent shall
continue to hold such collateral security until such time as a successor Agent is
appointed) and (2) except for any indemnity payments owed to the retiring or removed
Agent, all payments, communications and determinations provided to be made by, to or
through the Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for above. Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring or removed Agent (other than any rights to indemnity payments owed to the
retiring or removed Agent), and the retiring or removed Agent shall be discharged from
all of its duties and obligations hereunder or under the other Loan Documents. The fees
payable by the Borrower to a successor Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Agent’s resignation or removal hereunder, the provisions of this
Article and Section 9.04 shall continue in effect for the benefit of such retiring or
removed Agent, its sub-agents and their respective Related Parties in respect of any
actions taken or omitted to be taken by any of them while the retiring or removed Agent
was acting as Agent.
continue to hold such collateral security until such time as a successor Agent is
appointed) and (2) except for any indemnity payments owed to the retiring or removed
Agent, all payments, communications and determinations provided to be made by, to or
through the Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for above. Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring or removed Agent (other than any rights to indemnity payments owed to the
retiring or removed Agent), and the retiring or removed Agent shall be discharged from
all of its duties and obligations hereunder or under the other Loan Documents. The fees
payable by the Borrower to a successor Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Agent’s resignation or removal hereunder, the provisions of this
Article and Section 9.04 shall continue in effect for the benefit of such retiring or
removed Agent, its sub-agents and their respective Related Parties in respect of any
actions taken or omitted to be taken by any of them while the retiring or removed Agent
was acting as Agent.
(d) Any resignation pursuant to this Section by a Person acting as
Agent shall, unless such Person shall notify the Borrower and the Lenders otherwise, also
Agent shall, unless such Person shall notify the Borrower and the Lenders otherwise, also
act to relieve such Person and its Affiliates of any obligation to advance or issue new, or extend existing, Letters of Credit where such advance, issuance or extension is to occur
on or after the effective date of such resignation. Upon the acceptance of a successor’s
appointment as Agent hereunder, (i) such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring Issuing Bank, (ii) the
retiring Issuing Bank shall be discharged from all of their respective duties and
obligations hereunder or under the other Loan Documents and (iii) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or make other arrangement satisfactory to the retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank
with respect to such Letters of Credit.
on or after the effective date of such resignation. Upon the acceptance of a successor’s
appointment as Agent hereunder, (i) such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of the retiring Issuing Bank, (ii) the
retiring Issuing Bank shall be discharged from all of their respective duties and
obligations hereunder or under the other Loan Documents and (iii) the successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or make other arrangement satisfactory to the retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank
with respect to such Letters of Credit.
Section 8.07. Non-Reliance on Agent and Other Lenders. Each
Lender acknowledges that it has, independently and without reliance upon the Agent or
Lender acknowledges that it has, independently and without reliance upon the Agent or
any other Lender or any of their Related Parties and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and
based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon
information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and
based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon
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this Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder.
furnished hereunder or thereunder.
Section 8.08. No Other Duties, etc. Anything herein to the contrary
notwithstanding, none of the Bookrunners, Arrangers or Co-Documentation Agents listed
notwithstanding, none of the Bookrunners, Arrangers or Co-Documentation Agents listed
on the cover page hereof shall have any powers, duties or responsibilities under this
Agreement or any of the other Loan Documents, except in its capacity, as applicable, as
the Agent or a Lender hereunder.
Agreement or any of the other Loan Documents, except in its capacity, as applicable, as
the Agent or a Lender hereunder.
Section 8.09. Agent May File Proofs of Claim. In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to any Loan
Party, the Agent (irrespective of whether the principal of any Advance or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:
Party, the Agent (irrespective of whether the principal of any Advance or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:
(A) to file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of the Advances, L/C Obligations and all
other Obligations that are owing and unpaid and to file such other documents as
may be necessary or advisable in order to have the claims of the Lenders and the Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Agent and their respective
agents and counsel and all other amounts due the Lenders and the Agent under
Sections 2.04 and 9.04) allowed in such judicial proceeding; and
interest owing and unpaid in respect of the Advances, L/C Obligations and all
other Obligations that are owing and unpaid and to file such other documents as
may be necessary or advisable in order to have the claims of the Lenders and the Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Agent and their respective
agents and counsel and all other amounts due the Lenders and the Agent under
Sections 2.04 and 9.04) allowed in such judicial proceeding; and
(B) to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same;
deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender to make
such payments to the Agent and, in the event that the Agent shall consent to the making
of such payments directly to the Lenders, to pay to the Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Agent and its
respective agents and counsel, and any other amounts due the Agent under Sections 2.04 and 9.04.
official in any such judicial proceeding is hereby authorized by each Lender to make
such payments to the Agent and, in the event that the Agent shall consent to the making
of such payments directly to the Lenders, to pay to the Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Agent and its
respective agents and counsel, and any other amounts due the Agent under Sections 2.04 and 9.04.
Nothing contained herein shall be deemed to authorize the Agent to
authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Agent to vote in respect of the claim of any Lender in any such proceeding.
authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Agent to vote in respect of the claim of any Lender in any such proceeding.
Section 8.10. Collateral and Guaranty Matters. Each of the Lenders
(including in each such Lender’s capacity as a potential Cash Management Bank and/or Hedge Bank) and each Issuing Bank irrevocably authorize the Agent, at its option and in
(including in each such Lender’s capacity as a potential Cash Management Bank and/or Hedge Bank) and each Issuing Bank irrevocably authorize the Agent, at its option and in
its discretion,
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(A) to release any Lien on any property granted to or held by the Agent
under any Loan Document (i) upon termination of the Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations as to which no claim has been asserted and (B) obligations and liabilities under Cash Management Agreements and Hedge Agreements as to which arrangements
under any Loan Document (i) upon termination of the Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations as to which no claim has been asserted and (B) obligations and liabilities under Cash Management Agreements and Hedge Agreements as to which arrangements
satisfactory to the applicable Cash Management Bank or Hedge Bank shall have
been made) and the expiration or termination of all Letters of Credit (other than
Letters of Credit which have been Cash Collateralized), (ii) that is sold or
distributed or to be sold or distributed as part of or in connection with any sale
permitted hereunder or under any other Loan Document, or (iii) if approved,
authorized or ratified in writing by the Required Lenders (unless approval by a
greater number or percentage of Lenders is expressly provided in any Loan
Document);
been made) and the expiration or termination of all Letters of Credit (other than
Letters of Credit which have been Cash Collateralized), (ii) that is sold or
distributed or to be sold or distributed as part of or in connection with any sale
permitted hereunder or under any other Loan Document, or (iii) if approved,
authorized or ratified in writing by the Required Lenders (unless approval by a
greater number or percentage of Lenders is expressly provided in any Loan
Document);
(B) to subordinate any Lien on any property granted to or held by the
Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 5.03(a)(ii) and (iv); and
Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 5.03(a)(ii) and (iv); and
(C) to release any Guarantor from its obligations under the Security
and Guarantee Documents if such Person ceases to be a Subsidiary as a result of a
and Guarantee Documents if such Person ceases to be a Subsidiary as a result of a
transaction permitted hereunder.
Upon request by the Agent at any time, the Required Lenders will confirm in writing the
Agent’s authority to release its interest in particular types or items of property, or to
release any Guarantor from its obligations under the Security and Guarantee Documents pursuant to this Section. In each case as specified in this Section, the Agent will, at the
Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of collateral from the assignment and security interest granted under the Security and Guarantee
Documents, or to release such Guarantor from its obligations under the Security and
Guarantee Documents, in each case in accordance with the terms of the Loan Documents and this Section; provided that the Borrower shall have delivered to the Agent a
certificate of a Responsible Officer of the Borrower certifying that any such transaction
has been consummated in compliance with this Agreement and the other Loan
Documents).
release any Guarantor from its obligations under the Security and Guarantee Documents pursuant to this Section. In each case as specified in this Section, the Agent will, at the
Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of collateral from the assignment and security interest granted under the Security and Guarantee
Documents, or to release such Guarantor from its obligations under the Security and
Guarantee Documents, in each case in accordance with the terms of the Loan Documents and this Section; provided that the Borrower shall have delivered to the Agent a
certificate of a Responsible Officer of the Borrower certifying that any such transaction
has been consummated in compliance with this Agreement and the other Loan
Documents).
Section 8.11. Cash Management Banks and Hedge Banks. No Cash
Management Bank or Hedge Bank that obtains the benefits of any guarantee or any collateral by virtue of the provisions hereof or of any Security and Guarantee Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of any collateral (including the release or impairment of any collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article VIII to the contrary, the Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, any Secured Cash Management Obligations or Secured Hedging Obligations unless the Agent has received written notice of such Obligations,
Management Bank or Hedge Bank that obtains the benefits of any guarantee or any collateral by virtue of the provisions hereof or of any Security and Guarantee Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of any collateral (including the release or impairment of any collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article VIII to the contrary, the Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, any Secured Cash Management Obligations or Secured Hedging Obligations unless the Agent has received written notice of such Obligations,
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together with such supporting documentation as the Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.
ARTICLE IX
Section 9.01. Amendments, Etc. (a) Without limiting Section 8.10
and except as otherwise provided below in this Section 9.01, no amendment or waiver of any provision of any Loan Document or the Notes, nor consent to any departure by the
Borrower therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Required Lenders, and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; provided,
however, that (i) no amendment, waiver or consent shall, unless in writing and signed by all the Lenders, do any of the following: (w) waive any of the conditions specified in
Section 3.01, (x) change the percentage of the Commitments or of the aggregate unpaid
principal amount of the Advances, or the number of Lenders, that shall be required for
Borrower therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Required Lenders, and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; provided,
however, that (i) no amendment, waiver or consent shall, unless in writing and signed by all the Lenders, do any of the following: (w) waive any of the conditions specified in
Section 3.01, (x) change the percentage of the Commitments or of the aggregate unpaid
principal amount of the Advances, or the number of Lenders, that shall be required for
the Lenders or any of them to take any action hereunder, (y) amend Section 6.03 or (z)
amend this Section 9.01; (ii) no amendment, waiver or consent shall, unless in writing
amend this Section 9.01; (ii) no amendment, waiver or consent shall, unless in writing
and signed by each Lender directly affected thereby, do any of the following: (w) release all or substantially all of the value of the Collateral or the guarantees of the Guarantors
(except as otherwise permitted by the Loan Documents), (x) increase the Commitments
(except as otherwise permitted by the Loan Documents), (x) increase the Commitments
of such Lender, (y) reduce the principal of, or interest on, the Advances or any fees or
other amounts payable to such Lender or (z) postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable to such
Lender hereunder; (iii) no amendment, waiver or consent shall, unless in writing and
signed by the Required Term Lenders, waive any of the conditions specified in Section
3.02 or Section 3.03; (iv) no amendment, waiver or consent shall, unless in writing and
signed by the Required Revolving Credit Lenders, waive any of the conditions specified in Section 3.04; and (v) no amendment, waiver or consent shall change the provisions of any Loan Document in a manner that by its terms adversely affects the rights in respect
other amounts payable to such Lender or (z) postpone any date fixed for any payment of principal of, or interest on, the Advances or any fees or other amounts payable to such
Lender hereunder; (iii) no amendment, waiver or consent shall, unless in writing and
signed by the Required Term Lenders, waive any of the conditions specified in Section
3.02 or Section 3.03; (iv) no amendment, waiver or consent shall, unless in writing and
signed by the Required Revolving Credit Lenders, waive any of the conditions specified in Section 3.04; and (v) no amendment, waiver or consent shall change the provisions of any Loan Document in a manner that by its terms adversely affects the rights in respect
of payments due to Lenders holding Advances of one Class differently from the rights of Lenders holding Advances of any other Class without, in addition to the Lenders required above to take such action, the prior written consent of Lenders holding a majority in
interest of the outstanding Advances and unused Commitments of each Class so
interest of the outstanding Advances and unused Commitments of each Class so
adversely affected; and provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the Agent in addition to the Lenders required above to
take such action, affect the rights or duties of the Agent under this Agreement or any
other Loan Document and (ii) no amendment, waiver or consent shall, unless in writing
and signed by the Issuing Banks in addition to the Lenders required above to take such
action, adversely affect the rights or obligations of the Issuing Banks in their capacities
take such action, affect the rights or duties of the Agent under this Agreement or any
other Loan Document and (ii) no amendment, waiver or consent shall, unless in writing
and signed by the Issuing Banks in addition to the Lenders required above to take such
action, adversely affect the rights or obligations of the Issuing Banks in their capacities
as such under this Agreement.
(b) Notwithstanding anything to the contrary contained in this Section
9.01, the Borrower, the Agent and each Lender agreeing pursuant to the terms thereof to make any Incremental Advances in accordance with the provisions of Section 2.23(b),
9.01, the Borrower, the Agent and each Lender agreeing pursuant to the terms thereof to make any Incremental Advances in accordance with the provisions of Section 2.23(b),
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may enter into an Incremental Assumption Agreement without the consent of any other
Person; provided that after execution and delivery thereof (and except as expressly
provided otherwise therein), such Incremental Assumption Agreement may thereafter
only be modified in accordance with the requirements of Section 9.01(a).
Person; provided that after execution and delivery thereof (and except as expressly
provided otherwise therein), such Incremental Assumption Agreement may thereafter
only be modified in accordance with the requirements of Section 9.01(a).
(c) [Reserved].
(d) Notwithstanding anything to the contrary contained in this Section
9.01, (x) the Security and Guarantee Documents and related documents executed in
connection with this Agreement may be in a form reasonably determined by the Agent
and may be amended, modified, supplemented and waived with the consent of the Agent and the Borrower without the need to obtain the consent of any other Person if such
amendment, modification, supplement or waiver is delivered in order (i) to comply with
local law (including any foreign law or regulatory requirement) or advice of local
counsel, (ii) to cure any ambiguity, inconsistency, obvious error or mistake or any error, mistake or omission of a technical or immaterial nature jointly identified by the Agent
and the Borrower or (iii) to cause such Security and Guarantee Document or other
document to be consistent with this Agreement and the other Loan Documents and (y) if the Agent and the Borrower shall have jointly identified an ambiguity, inconsistency,
obvious error or mistake or any error, mistake or omission of a technical or immaterial
nature, in each case, in any provision of the Loan Documents (other than the Security and Guarantee Documents), then the Agent and the Borrower shall be permitted to amend
such provision and such amendment shall become effective without any further action or consent of any other Person if the same is not objected to in writing by the Required
Lenders within five Business Days following receipt of notice thereof.
connection with this Agreement may be in a form reasonably determined by the Agent
and may be amended, modified, supplemented and waived with the consent of the Agent and the Borrower without the need to obtain the consent of any other Person if such
amendment, modification, supplement or waiver is delivered in order (i) to comply with
local law (including any foreign law or regulatory requirement) or advice of local
counsel, (ii) to cure any ambiguity, inconsistency, obvious error or mistake or any error, mistake or omission of a technical or immaterial nature jointly identified by the Agent
and the Borrower or (iii) to cause such Security and Guarantee Document or other
document to be consistent with this Agreement and the other Loan Documents and (y) if the Agent and the Borrower shall have jointly identified an ambiguity, inconsistency,
obvious error or mistake or any error, mistake or omission of a technical or immaterial
nature, in each case, in any provision of the Loan Documents (other than the Security and Guarantee Documents), then the Agent and the Borrower shall be permitted to amend
such provision and such amendment shall become effective without any further action or consent of any other Person if the same is not objected to in writing by the Required
Lenders within five Business Days following receipt of notice thereof.
(e) Notwithstanding anything to the contrary contained in this Section
9.01, amendments, modifications or waivers of the Financial Covenant in Section
9.01, amendments, modifications or waivers of the Financial Covenant in Section
5.05(c), or waivers or consents to any Default or Event of Default resulting from a breach thereof, shall solely require the consent of the Required RC/TLA Lenders.
(f) Notwithstanding anything to the contrary contained in this Section
9.01, any amendment, modification or waiver of this Agreement that by its terms affects the rights or duties under this Agreement of Lenders holding Advances or Commitments of a particular Class (but not the Lenders holding Advances or Commitments of any other Class) may be effected by an agreement or agreements in writing entered into by the Borrower and the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto under this Section 9.01 if such Class of Lenders were the only Class of Lenders hereunder at the time. Notwithstanding anything to the contrary in this Section 9.01 and without limiting the generality of the immediately preceding sentence, the addition of one or more term loan and/or revolving credit facilities under this Agreement or any other refinancing to refinance all or any portion of the Term Facility. Term 2 Facility, and/or the Revolving Credit Facility, as applicable, shall not require the consent of any Tranche B Lender or Tranche B2 Lender; provided that the loans and/or commitments, as applicable, established pursuant to such refinancing: (i) rank pari passu in right of payment with the other Advances and Commitments; (ii) are not guaranteed by any Person that is not a Guarantor; (iii) are
9.01, any amendment, modification or waiver of this Agreement that by its terms affects the rights or duties under this Agreement of Lenders holding Advances or Commitments of a particular Class (but not the Lenders holding Advances or Commitments of any other Class) may be effected by an agreement or agreements in writing entered into by the Borrower and the requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto under this Section 9.01 if such Class of Lenders were the only Class of Lenders hereunder at the time. Notwithstanding anything to the contrary in this Section 9.01 and without limiting the generality of the immediately preceding sentence, the addition of one or more term loan and/or revolving credit facilities under this Agreement or any other refinancing to refinance all or any portion of the Term Facility. Term 2 Facility, and/or the Revolving Credit Facility, as applicable, shall not require the consent of any Tranche B Lender or Tranche B2 Lender; provided that the loans and/or commitments, as applicable, established pursuant to such refinancing: (i) rank pari passu in right of payment with the other Advances and Commitments; (ii) are not guaranteed by any Person that is not a Guarantor; (iii) are
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unsecured or secured by the Collateral on an equal and ratable basis with the Obligations (or on a second-lien basis pursuant to intercreditor arrangements reasonably satisfactory to the Agent); (iv) have such pricing and optional prepayment terms as may be agreed by the Borrower and the applicable lenders thereof; (v) have a maturity date or termination date that is not prior to the scheduled Term Loan Maturity Date (in the case of a
refinancing of the Term Facility or Term 2 Facility) or the scheduled Revolving Credit Facility Maturity Date (in the case of a refinancing of the Revolving Credit Facility), and shall have a Weighted Average Life to Maturity that is not shorter than the Weighted
Average Life to Maturity of the Term Advances or Term 2 Advances, as applicable,
refinancing of the Term Facility or Term 2 Facility) or the scheduled Revolving Credit Facility Maturity Date (in the case of a refinancing of the Revolving Credit Facility), and shall have a Weighted Average Life to Maturity that is not shorter than the Weighted
Average Life to Maturity of the Term Advances or Term 2 Advances, as applicable,
being refinanced (in the case of a refinancing of the Term Facility or Term 2 Facility) or the Revolving Credit Advances being refinanced (in the case of a refinancing of the
Revolving Credit Facility); (vi) subject to clauses (iv) and (v) above, shall have terms
Revolving Credit Facility); (vi) subject to clauses (iv) and (v) above, shall have terms
and conditions (other than pricing) that are substantially identical to, or less favorable to the lenders providing such refinancing than, the terms and conditions of the Term Advances or Term 2 Advances, as applicable, being refinanced (in the case of a
refinancing of the Term Facility or Term 2 Facility, as applicable) or the Revolving
Credit Facility being refinanced (in the case of a refinancing of the Revolving Credit
Facility) (unless such terms are acceptable to the Agent); and (vii) the Net Cash Proceeds of such refinancing shall be applied, substantially concurrently with the incurrence thereof, to the pro rata prepayment of outstanding Term Advances or Term 2 Advances, as applicable, being refinanced (in the case of a refinancing of the Term Facility) or Term 2 Facility, as applicable) or Revolving Credit Advances being refinanced (in the case of a refinancing of the Revolving Credit Facility); provided however, that such refinancing
refinancing of the Term Facility or Term 2 Facility, as applicable) or the Revolving
Credit Facility being refinanced (in the case of a refinancing of the Revolving Credit
Facility) (unless such terms are acceptable to the Agent); and (vii) the Net Cash Proceeds of such refinancing shall be applied, substantially concurrently with the incurrence thereof, to the pro rata prepayment of outstanding Term Advances or Term 2 Advances, as applicable, being refinanced (in the case of a refinancing of the Term Facility) or Term 2 Facility, as applicable) or Revolving Credit Advances being refinanced (in the case of a refinancing of the Revolving Credit Facility); provided however, that such refinancing
(x) may provide for any additional or different financial or other covenants or other
provisions that are agreed among the Borrower and the lenders thereof and applicable
only during periods after the latest maturity date of any of the Facilities (and
Commitments) that remain outstanding after giving effect to such refinancing or the date on which all non-refinanced Obligations are paid in full and (y) shall not have a principal or commitment amount (or accreted value) greater than (i) principal amount of the Term Advances or Term 2 Advances, as applicable, being refinanced (in the case of a
refinancing of the Term Facility or Term 2 Facility, as applicable) or (ii) the Revolving
Credit Facility being refinanced (in the case of a refinancing of the Revolving Credit
Facility) (in each case, plus accrued interest, fees, discounts, premiums or expenses
payable in connection therewith).
provisions that are agreed among the Borrower and the lenders thereof and applicable
only during periods after the latest maturity date of any of the Facilities (and
Commitments) that remain outstanding after giving effect to such refinancing or the date on which all non-refinanced Obligations are paid in full and (y) shall not have a principal or commitment amount (or accreted value) greater than (i) principal amount of the Term Advances or Term 2 Advances, as applicable, being refinanced (in the case of a
refinancing of the Term Facility or Term 2 Facility, as applicable) or (ii) the Revolving
Credit Facility being refinanced (in the case of a refinancing of the Revolving Credit
Facility) (in each case, plus accrued interest, fees, discounts, premiums or expenses
payable in connection therewith).
(g) Notwithstanding anything to the contrary contained in this Section
9.01, the Borrower, the Agent and each Lender agreeing pursuant to the terms thereof to provide any Specified Refinancing Debt in accordance with the provisions of Section 2.24 may enter into a Refinancing Amendment without the consent of any other Person; provided that after execution and delivery thereof (and except as expressly provided otherwise therein), such Refinancing Amendment may thereafter only be modified in accordance with the requirements of Section 9.01(a).
9.01, the Borrower, the Agent and each Lender agreeing pursuant to the terms thereof to provide any Specified Refinancing Debt in accordance with the provisions of Section 2.24 may enter into a Refinancing Amendment without the consent of any other Person; provided that after execution and delivery thereof (and except as expressly provided otherwise therein), such Refinancing Amendment may thereafter only be modified in accordance with the requirements of Section 9.01(a).
Section 9.02. Notices, Etc. v) Notices Generally. Except in the case
of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications
of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications
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provided for herein shall be in writing and shall be delivered by hand or overnight courier service, or mailed by certified or registered mail as follows:
(i) if to the Borrower or any other Loan Party, to the Borrower at
00000 Xxxxxx Xxxxx Xxxx, Xxxxxx, XX 00000, Attention of (1) Xxxxxxx XxXxx
00000 Xxxxxx Xxxxx Xxxx, Xxxxxx, XX 00000, Attention of (1) Xxxxxxx XxXxx
(Telephone No. 000-000-0000; e-mail XXXXXXX.X.XXXXX@xxxx.xxx) and (2)
Xxxxxxx Xxxxxxxx (Telephone No. 000- 000-0000; e-mail
Xxxxxxx.Xxxxxxxx@xxxx.xxx);
Xxxxxxx Xxxxxxxx (Telephone No. 000- 000-0000; e-mail
Xxxxxxx.Xxxxxxxx@xxxx.xxx);
(ii) if to the Administrative Agent, to Citibank at OPS III, 0000 Xxxxx
Xxxx, Xxx Xxxxxx, Xxxxxxxx 00000 Attention of Agency Operations (Telephone
No. (000) 000-0000);
Xxxx, Xxx Xxxxxx, Xxxxxxxx 00000 Attention of Agency Operations (Telephone
No. (000) 000-0000);
(iii) if to the Collateral Agent, to Citibank at CRMS Documentation
Unit, 000 Xxxxxxxxxx Xxxx , Xxxxxxxxx, XX 00000; email:
XXXX.XX.Xxxxxxxxxxxxx@xxxx.xxx;
Unit, 000 Xxxxxxxxxx Xxxx , Xxxxxxxxx, XX 00000; email:
XXXX.XX.Xxxxxxxxxxxxx@xxxx.xxx;
(iv) if to Bank of America, N.A. in its capacity as Issuing Bank, to it at
000 Xxxxxxxxxx Xxxxxx – 6 Floor, Xxx Xxxxxxxxx, XX 00000, Attention of Xxxxxx Xxxxxxx (Telephone No. 000-000-0000), and if to any other Issuing Bank, to it at the address provided in writing to the Agent and the Borrower at the time of its
000 Xxxxxxxxxx Xxxxxx – 6 Floor, Xxx Xxxxxxxxx, XX 00000, Attention of Xxxxxx Xxxxxxx (Telephone No. 000-000-0000), and if to any other Issuing Bank, to it at the address provided in writing to the Agent and the Borrower at the time of its
appointment as an Issuing Bank hereunder;
(v) if to a Lender, to it at its address set forth in its Administrative
Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or
registered mail, shall be deemed to have been given when received. Notices delivered
through electronic communications, to the extent provided in paragraph (b) below, shall
be effective as provided in said paragraph (b).
through electronic communications, to the extent provided in paragraph (b) below, shall
be effective as provided in said paragraph (b).
(b) Electronic Communications. Notices and other communications to
the Lenders and the Issuing Banks hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to
the Lenders and the Issuing Banks hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to
procedures approved by the Agent, provided that the foregoing shall not apply to notices to any Lender or Issuing Bank pursuant to Article II if such Lender or Issuing Bank, as
applicable, has notified the Agent that it is incapable of receiving notices under such
Article by electronic communication. The Agent or the Borrower may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications.
applicable, has notified the Agent that it is incapable of receiving notices under such
Article by electronic communication. The Agent or the Borrower may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such
procedures may be limited to particular notices or communications.
Unless the Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s
communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgement), and
(ii) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient, at its e-mail address as
(ii) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient, at its e-mail address as
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described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i)
and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have
been sent at the opening of business on the next business day for the recipient.
and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have
been sent at the opening of business on the next business day for the recipient.
for notices and other communications hereunder by notice to the other parties hereto.
(d) Platform.
(i) The Borrower agrees that the Agent may, but shall not be obligated
to, make the Communications (as defined below) available to the Issuing Banks
and the other Lenders by posting the Communications on Debt Domain,
Intralinks, Syndtrak or a substantially similar electronic transmission system (the
“Platform”).
and the other Lenders by posting the Communications on Debt Domain,
Intralinks, Syndtrak or a substantially similar electronic transmission system (the
“Platform”).
(ii) The Platform is provided “as is” and “as available.” The Agent
Parties (as defined below) do not warrant the adequacy of the Platform and
expressly disclaim liability for errors or omissions in the Communications. No
warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose,
Parties (as defined below) do not warrant the adequacy of the Platform and
expressly disclaim liability for errors or omissions in the Communications. No
warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose,
non-infringement of third-party rights or freedom from viruses or other code
defects, is made by any Agent Party in connection with the Communications or
the Platform. In no event shall the Agent or any of its Related Parties
(collectively, the “Agent Parties”) have any liability to the Borrower, any Lender
or any other Person or entity for damages of any kind, including, without
limitation, direct or indirect, special, incidental or consequential damages, losses
or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s
or the Agent’s transmission of communications through the Platform.
“Communications” means, collectively, any notice, demand, communication,
information, document or other material provided by or on behalf of the Borrower
pursuant to any Loan Document or the transactions contemplated therein which is
distributed to the Agent, any Lender or any Issuing Bank by means of electronic
communications pursuant to this Section, including through the Platform.
defects, is made by any Agent Party in connection with the Communications or
the Platform. In no event shall the Agent or any of its Related Parties
(collectively, the “Agent Parties”) have any liability to the Borrower, any Lender
or any other Person or entity for damages of any kind, including, without
limitation, direct or indirect, special, incidental or consequential damages, losses
or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s
or the Agent’s transmission of communications through the Platform.
“Communications” means, collectively, any notice, demand, communication,
information, document or other material provided by or on behalf of the Borrower
pursuant to any Loan Document or the transactions contemplated therein which is
distributed to the Agent, any Lender or any Issuing Bank by means of electronic
communications pursuant to this Section, including through the Platform.
Section 9.03. No Waiver; Remedies. No failure on the part of any
Lender or the Agent to exercise, and no delay in exercising, any right hereunder or under
Lender or the Agent to exercise, and no delay in exercising, any right hereunder or under
any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.
Section 9.04. Costs and Expenses. vi) Costs and Expenses. The
Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Agent and
its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Agent), in connection with the syndication of the Facilities, the preparation, negotiation,
its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Agent), in connection with the syndication of the Facilities, the preparation, negotiation,
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execution, delivery and administration of this Agreement and the other Loan Documents, or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any Issuing Bank in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any
demand for payment thereunder, and (iii) all out-of-pocket expenses incurred by the
Agent, any Lender or any Issuing Bank (including the fees, charges and disbursements of any counsel for the Agent, any Lender or any Issuing Bank), in connection with the
enforcement or protection of its rights (A) in connection with this Agreement and the
other Loan Documents, including its rights under this Section, or (B) in connection with
the Advances made or Letters of Credit issued hereunder, including all such
out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Advances or Letters of Credit.
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by any Issuing Bank in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or any
demand for payment thereunder, and (iii) all out-of-pocket expenses incurred by the
Agent, any Lender or any Issuing Bank (including the fees, charges and disbursements of any counsel for the Agent, any Lender or any Issuing Bank), in connection with the
enforcement or protection of its rights (A) in connection with this Agreement and the
other Loan Documents, including its rights under this Section, or (B) in connection with
the Advances made or Letters of Credit issued hereunder, including all such
out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Advances or Letters of Credit.
(b) Indemnification by the Borrower. The Borrower shall indemnify
the Agent (and any sub-agent thereof), each Co-Documentation Agent, each Arranger, each Lender and each Issuing Bank, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and reasonable and documented related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result
the Agent (and any sub-agent thereof), each Co-Documentation Agent, each Arranger, each Lender and each Issuing Bank, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and reasonable and documented related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) other than such Indemnitee and its Related Parties arising out of, in connection with, or as a result
of (i) the execution or delivery of this Agreement, any other Loan Document or any
agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Advance or Letter of Credit or the
use or proposed use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in
connection with such demand do not strictly comply with the terms of such Letter of
Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by a member of the Consolidated Group, or violation of or liability under any Environmental Law by or of any member of the Consolidated
Group, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Borrower or any other Loan Party, and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or (y) result from a claim brought
agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Advance or Letter of Credit or the
use or proposed use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in
connection with such demand do not strictly comply with the terms of such Letter of
Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by a member of the Consolidated Group, or violation of or liability under any Environmental Law by or of any member of the Consolidated
Group, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by the Borrower or any other Loan Party, and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee or (y) result from a claim brought
by the Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Loan Document, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction. This Section 9.04(b) shall not apply with respect to Taxes other
obligations hereunder or under any other Loan Document, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction. This Section 9.04(b) shall not apply with respect to Taxes other
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than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax
claim.
claim.
(c) Reimbursement by Lenders. To the extent that the Borrower for
any reason fails to indefeasibly pay any amount required under paragraph (a) or (b) of this Section to be paid by it to the Agent (or any sub-agent thereof), any Issuing Bank or
any reason fails to indefeasibly pay any amount required under paragraph (a) or (b) of this Section to be paid by it to the Agent (or any sub-agent thereof), any Issuing Bank or
any Related Party of any of the foregoing, each Lender severally agrees to pay to the
Agent (or any such sub-agent), such Issuing Bank or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought based on each Lender’s share of
the aggregate principal amount of the Advances and the Available Amount of all
outstanding Letters of Credit at such time) of such unpaid amount (including any such
unpaid amount in respect of a claim asserted by such Lender); provided that with respect to such unpaid amounts owed to any Issuing Bank solely in its capacity as such, only the Revolving Credit Lenders shall be required to pay such unpaid amounts, such payment to be made severally among them based on such Lenders’ Ratable Share of the Revolving
Credit Facility (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought); provided, further, that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may be, was
incurred by or asserted against the Agent (or any such sub-agent), such Issuing Bank in
its capacity as such, or against any Related Party of any of the foregoing acting for the
Agent (or any such sub-agent) or such Issuing Bank in connection with such capacity.
The obligations of the Lenders under this paragraph (c) are subject to the provisions of
Section 2.02(e).
Agent (or any such sub-agent), such Issuing Bank or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought based on each Lender’s share of
the aggregate principal amount of the Advances and the Available Amount of all
outstanding Letters of Credit at such time) of such unpaid amount (including any such
unpaid amount in respect of a claim asserted by such Lender); provided that with respect to such unpaid amounts owed to any Issuing Bank solely in its capacity as such, only the Revolving Credit Lenders shall be required to pay such unpaid amounts, such payment to be made severally among them based on such Lenders’ Ratable Share of the Revolving
Credit Facility (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought); provided, further, that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may be, was
incurred by or asserted against the Agent (or any such sub-agent), such Issuing Bank in
its capacity as such, or against any Related Party of any of the foregoing acting for the
Agent (or any such sub-agent) or such Issuing Bank in connection with such capacity.
The obligations of the Lenders under this paragraph (c) are subject to the provisions of
Section 2.02(e).
(d) Waiver of Consequential Damages, Etc. To the fullest extent
permitted by applicable law, no Loan Party shall assert, and each hereby waives, any
permitted by applicable law, no Loan Party shall assert, and each hereby waives, any
claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out
consequential or punitive damages (as opposed to direct or actual damages) arising out
of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or
thereby, any Advance or Letter of Credit, or the use of the proceeds thereof. No
Indemnitee referred to in paragraph (b) above shall be liable for any damages arising
thereby, any Advance or Letter of Credit, or the use of the proceeds thereof. No
Indemnitee referred to in paragraph (b) above shall be liable for any damages arising
from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in
connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby.
connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby.
(e) Payments. All amounts due under this Section shall be payable not
later than five Business Days after demand therefor.
later than five Business Days after demand therefor.
(f) Breakage. If any payment of principal of, or Conversion of, any
Eurocurrency Rate Advance is made by the Borrower to or for the account of a Lender (i) other than on the last day of the Interest Period for such Advance, as a result of a
Eurocurrency Rate Advance is made by the Borrower to or for the account of a Lender (i) other than on the last day of the Interest Period for such Advance, as a result of a
prepayment or payment or Conversion pursuant to Section 2.08, 2.10 or 2.12,
acceleration of the maturity pursuant to Section 6.01 or for any other reason, or by an
Eligible Assignee to a Lender other than on the last day of the Interest Period for such
acceleration of the maturity pursuant to Section 6.01 or for any other reason, or by an
Eligible Assignee to a Lender other than on the last day of the Interest Period for such
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Advance upon an assignment of rights and obligations under this Agreement pursuant to Section 9.07 as a result of a demand by the Borrower pursuant to Section 9.07(a) or (ii)
as a result of a prepayment or payment or Conversion pursuant to Section 2.08, 2.10 or
2.12, the Borrower shall, upon demand by such Lender (with a copy of such demand to
the Agent), pay to the Agent for the account of such Lender any amounts required to
compensate such Lender for any additional losses, costs or expenses that it may
reasonably incur as a result of such payment or Conversion, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. If the amount of the Committed Currency purchased by any
Lender in the case of a Conversion or exchange of Advances in the case of Section 2.08
or 2.12 exceeds the sum required to satisfy such Lender’s liability in respect of such
Advances, such Lender agrees to remit to the Borrower such excess.
2.12, the Borrower shall, upon demand by such Lender (with a copy of such demand to
the Agent), pay to the Agent for the account of such Lender any amounts required to
compensate such Lender for any additional losses, costs or expenses that it may
reasonably incur as a result of such payment or Conversion, including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. If the amount of the Committed Currency purchased by any
Lender in the case of a Conversion or exchange of Advances in the case of Section 2.08
or 2.12 exceeds the sum required to satisfy such Lender’s liability in respect of such
Advances, such Lender agrees to remit to the Borrower such excess.
(g) Without prejudice to the survival of any other agreement of the
Borrower hereunder, the agreements and obligations of the Borrower contained in Sections 2.11, 2.14 and 9.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the other Loan Documents.
Borrower hereunder, the agreements and obligations of the Borrower contained in Sections 2.11, 2.14 and 9.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under the other Loan Documents.
Section 9.05. Right of Set-off. If an Event of Default shall have
occurred and be continuing, each Lender, each Issuing Bank, and each of their respective
occurred and be continuing, each Lender, each Issuing Bank, and each of their respective
Affiliates is hereby authorized at any time and from time to time, to the fullest extent
permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other
obligations (in whatever currency) at any time owing, by such Lender, such Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower against any and
all of the obligations of the Borrower now or hereafter existing under this Agreement or
any other Loan Document to such Lender or such Issuing Bank or their respective
Affiliates, irrespective of whether or not such Lender, Issuing Bank or Affiliate shall
permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other
obligations (in whatever currency) at any time owing, by such Lender, such Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower against any and
all of the obligations of the Borrower now or hereafter existing under this Agreement or
any other Loan Document to such Lender or such Issuing Bank or their respective
Affiliates, irrespective of whether or not such Lender, Issuing Bank or Affiliate shall
have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a
branch, office or Affiliate of such Lender or such Issuing Bank different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that
in the event that any Defaulting Lender shall exercise any such right of set-off, (x) all
amounts so set off shall be paid over immediately to the Agent for further application in
accordance with the provisions of Section 2.20 and, pending such payment, shall be
segregated by such Defaulting Lender from its other funds and deemed held in trust for
the benefit of the Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting
Lender shall provide promptly to the Agent a statement describing in reasonable detail
branch, office or Affiliate of such Lender or such Issuing Bank different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided that
in the event that any Defaulting Lender shall exercise any such right of set-off, (x) all
amounts so set off shall be paid over immediately to the Agent for further application in
accordance with the provisions of Section 2.20 and, pending such payment, shall be
segregated by such Defaulting Lender from its other funds and deemed held in trust for
the benefit of the Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting
Lender shall provide promptly to the Agent a statement describing in reasonable detail
the Advances owing to such Defaulting Lender as to which it exercised such right of
set-off. The rights of each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of set-off) that such Lender, such Issuing Bank or their respective Affiliates may have. Each Lender and Issuing Bank agrees to notify the Borrower and the Agent promptly after any such
set-off and application; provided that the failure to give such notice shall not affect the
validity of such set-off and application.
set-off. The rights of each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of set-off) that such Lender, such Issuing Bank or their respective Affiliates may have. Each Lender and Issuing Bank agrees to notify the Borrower and the Agent promptly after any such
set-off and application; provided that the failure to give such notice shall not affect the
validity of such set-off and application.
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Section 9.06. Binding Effect. This Agreement shall become effective
on and as of the Effective Date and thereafter shall be binding upon and inure to the benefit of the Borrower, the Agent, the Issuing Banks and each Lender and their respective successors and assigns, except that neither the Borrower nor any other Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lenders (and any other attempted assignment or transfer by any party hereto shall be null and void).
on and as of the Effective Date and thereafter shall be binding upon and inure to the benefit of the Borrower, the Agent, the Issuing Banks and each Lender and their respective successors and assigns, except that neither the Borrower nor any other Loan Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lenders (and any other attempted assignment or transfer by any party hereto shall be null and void).
Section 9.07. Assignments and Participations.
(a) Successors and Assigns Generally. No Lender may assign or
(a) Successors and Assigns Generally. No Lender may assign or
otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in
accordance with the provisions of paragraph (b) of this Section, (ii) by way of
participation in accordance with the provisions of paragraph (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
accordance with the provisions of paragraph (b) of this Section, (ii) by way of
participation in accordance with the provisions of paragraph (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
paragraph (e) of this Section (and any other attempted assignment or transfer by any
party hereto shall be null and void). Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the
Related Parties of each of the Agent and the Lenders) any legal or equitable right,
shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the
Related Parties of each of the Agent and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement.
(b) Assignments by Lenders. Any Lender may at any time assign to
one or more assignees all or a portion of its rights and obligations under this Agreement
one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Advances (in each case with
respect to any Facility) at the time owing to it); provided that (in each case with respect
to any Facility) any such assignment shall be subject to the following conditions:
respect to any Facility) at the time owing to it); provided that (in each case with respect
to any Facility) any such assignment shall be subject to the following conditions:
(A) in the case of an assignment of the entire remaining amount
of the assigning Lender’s Commitment and/or the Advances at the time
owing to it (in each case with respect to any Facility) or contemporaneous
assignments to related Approved Funds that equal at least the amount
specified in paragraph (b)(i)(B) of this Section in the aggregate or in the
case of an assignment to a Lender, an Affiliate of a Lender or an
Approved Fund, no minimum amount need be assigned; and
owing to it (in each case with respect to any Facility) or contemporaneous
assignments to related Approved Funds that equal at least the amount
specified in paragraph (b)(i)(B) of this Section in the aggregate or in the
case of an assignment to a Lender, an Affiliate of a Lender or an
Approved Fund, no minimum amount need be assigned; and
(B) in any case not described in paragraph (b)(i)(A) of this
Section, the aggregate amount of the Commitment (which for this purpose
Section, the aggregate amount of the Commitment (which for this purpose
includes Advances outstanding thereunder) or, if the applicable
Commitment is not then in effect, the principal outstanding balance of the
Advances of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Agent or, if “Trade Date” is specified
in the Assignment and Assumption, as of the Trade Date) shall not be less
Commitment is not then in effect, the principal outstanding balance of the
Advances of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Agent or, if “Trade Date” is specified
in the Assignment and Assumption, as of the Trade Date) shall not be less
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than $10,000,000, in the case of any assignment in respect of the
Revolving Credit Facility, or $1,000,000, in the case of any assignment in
respect of any other Facility, unless each of the Agent and, so long as no
Event of Default has occurred and is continuing, the Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed).
Revolving Credit Facility, or $1,000,000, in the case of any assignment in
respect of any other Facility, unless each of the Agent and, so long as no
Event of Default has occurred and is continuing, the Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed).
(ii) Proportionate Amounts. Each partial assignment shall be made as
an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Advance or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis.
an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Advance or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a non-pro rata basis.
(iii) Required Consents. No consent shall be required for any
assignment except to the extent required by paragraph (b)(i)(B) of this Section
assignment except to the extent required by paragraph (b)(i)(B) of this Section
and, in addition:
(A) the consent of the Borrower (such consent not to be
unreasonably withheld or delayed) shall be required unless (x) an Event of
Default has occurred and is continuing at the time of such assignment or
(y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund in respect of the Revolving Credit Facility, the Term
Facility, Term 2 Facility, the Tranche B Facility or the Tranche B2
Facility; provided that the Borrower shall be deemed to have consented to
any such assignment unless it shall object thereto by written notice to the
Agent within ten Business Days after having received notice thereof;
(y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund in respect of the Revolving Credit Facility, the Term
Facility, Term 2 Facility, the Tranche B Facility or the Tranche B2
Facility; provided that the Borrower shall be deemed to have consented to
any such assignment unless it shall object thereto by written notice to the
Agent within ten Business Days after having received notice thereof;
(B) the consent of the Agent (such consent not to be
unreasonably withheld or delayed) shall be required for assignments in
respect of (i) the Revolving Credit Facility if such assignment is to a
Person that is not a Lender with a Commitment in respect of such Facility,
an Affiliate of such Lender or an Approved Fund with respect to such
Lender, (ii) any Term Advances if such assignment is to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund in respect of the Revolving Credit Facility, the Term Facility, Term 2 Facility, the Tranche B Facility or the Tranche B2 Facility, (iii) any TrancheTerm 2 Advances if such assignment is to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund in respect of the Revolving Credit Facility, the Term Facility, Term 2 Facility, the Tranche B Facility
or the Tranche B2 Facility, (iv) any Tranche B Loans if such assignment is to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund in respect of the Revolving Credit Facility, the Term Facility, Term
Person that is not a Lender with a Commitment in respect of such Facility,
an Affiliate of such Lender or an Approved Fund with respect to such
Lender, (ii) any Term Advances if such assignment is to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund in respect of the Revolving Credit Facility, the Term Facility, Term 2 Facility, the Tranche B Facility or the Tranche B2 Facility, (iii) any TrancheTerm 2 Advances if such assignment is to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund in respect of the Revolving Credit Facility, the Term Facility, Term 2 Facility, the Tranche B Facility
or the Tranche B2 Facility, (iv) any Tranche B Loans if such assignment is to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund in respect of the Revolving Credit Facility, the Term Facility, Term
2 Facility, the Tranche B Facility or the Tranche B2 Facility or (ivv) any Tranche B2 Loans if such assignment is to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund in respect of the Revolving
Credit Facility, the Term Facility, Term 2 Facility, the Tranche B Facility
Credit Facility, the Term Facility, Term 2 Facility, the Tranche B Facility
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or the Tranche B2 Facility; and
(C) the consent of each Issuing Bank shall be required for any
assignment in respect of the Revolving Credit Facility.
(iv) Assignment and Assumption. The parties to each assignment shall
(iv) Assignment and Assumption. The parties to each assignment shall
execute and deliver to the Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500; provided that the Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any
processing and recordation fee of $3,500; provided that the Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it is not a Lender, shall deliver to the Agent an
Administrative Questionnaire.
Administrative Questionnaire.
(v) No Assignment to Certain Persons. No such assignment shall be
made to (A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries or
(B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon
made to (A) the Borrower or any of the Borrower’s Affiliates or Subsidiaries or
(B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon
becoming a Lender hereunder, would constitute any of the foregoing Persons
described in this clause (B).
described in this clause (B).
(vi) No Assignment to Natural Persons. No such assignment shall be
made to a natural Person.
made to a natural Person.
(vii) Certain Additional Payments. In connection with any assignment
of rights and obligations of any Defaulting Lender hereunder, no such assignment
of rights and obligations of any Defaulting Lender hereunder, no such assignment
shall be effective unless and until, in addition to the other conditions thereto set
forth herein, the parties to the assignment shall make such additional payments to
the Agent in an aggregate amount sufficient, upon distribution thereof as
appropriate (which may be outright payment, purchases by the assignee of
participations or subparticipations, or other compensating actions, including
funding, with the consent of the Borrower and the Agent, the applicable pro rata
share of Advances previously requested but not funded by the Defaulting Lender,
to each of which the applicable assignee and assignor hereby irrevocably
forth herein, the parties to the assignment shall make such additional payments to
the Agent in an aggregate amount sufficient, upon distribution thereof as
appropriate (which may be outright payment, purchases by the assignee of
participations or subparticipations, or other compensating actions, including
funding, with the consent of the Borrower and the Agent, the applicable pro rata
share of Advances previously requested but not funded by the Defaulting Lender,
to each of which the applicable assignee and assignor hereby irrevocably
consent), to (x) pay and satisfy in full all payment liabilities then owed by such
Defaulting Lender to the Agent, each Issuing Bank and each other Lender
hereunder (and interest accrued thereon), and (y) acquire (and fund as
Defaulting Lender to the Agent, each Issuing Bank and each other Lender
hereunder (and interest accrued thereon), and (y) acquire (and fund as
appropriate) its full pro rata share of all Advances and participations in Letters of
Credit in accordance with its Ratable Share. Notwithstanding the foregoing, in the
event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable law without compliance with
the provisions of this paragraph, then the assignee of such interest shall be
Credit in accordance with its Ratable Share. Notwithstanding the foregoing, in the
event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable law without compliance with
the provisions of this paragraph, then the assignee of such interest shall be
deemed to be a Defaulting Lender for all purposes of this Agreement until such
compliance occurs.
compliance occurs.
Subject to acceptance and recording thereof by the Agent pursuant to
paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
paragraph (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
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thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.11 and 9.04 and remain liable under Section
9.04(e) with respect to facts and circumstances occurring prior to the effective date of
such assignment; provided, that except to the extent otherwise expressly agreed by the
affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in
accordance with paragraph (d) of this Section.
Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.11 and 9.04 and remain liable under Section
9.04(e) with respect to facts and circumstances occurring prior to the effective date of
such assignment; provided, that except to the extent otherwise expressly agreed by the
affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in
accordance with paragraph (d) of this Section.
the Borrower, shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the
names and addresses of the Lenders, and the Commitments of, and principal amounts
(and stated interest) of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Agent and the Lenders shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement. The Register shall be available for
inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(and stated interest) of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Agent and the Lenders shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement. The Register shall be available for
inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(d) Participations. Any Lender may at any time, without the consent
of, or notice to, the Borrower, any Issuing Bank or the Agent, sell participations to any Person (other than a natural Person or the Borrower or any of the Borrower’s Affiliates or
of, or notice to, the Borrower, any Issuing Bank or the Agent, sell participations to any Person (other than a natural Person or the Borrower or any of the Borrower’s Affiliates or
Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or
the Advances owing to it); provided that (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations, and (iii) the Borrower,
the Agent, the Issuing Banks and Lenders shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this
Agreement.
obligations under this Agreement (including all or a portion of its Commitment and/or
the Advances owing to it); provided that (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations, and (iii) the Borrower,
the Agent, the Issuing Banks and Lenders shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this
Agreement.
Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of
this Agreement; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in 9.01(b) that affects such Participant. The Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.11, 9.04(f) and
2.14 (subject to the requirements and limitations therein, including the requirements
under Section 2.14(f) (it being understood that the documentation required under Section
Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in 9.01(b) that affects such Participant. The Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.11, 9.04(f) and
2.14 (subject to the requirements and limitations therein, including the requirements
under Section 2.14(f) (it being understood that the documentation required under Section
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2.14(f) shall be delivered to the participating Lender)) to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section; provided that such Participant (A) agrees to be subject to the provisions of
Sections 2.18 as if it were an assignee under paragraph (b) of this Section; and (B) shall
not be entitled to receive any greater payment under Sections 2.11 or 2.14, with respect
Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section; provided that such Participant (A) agrees to be subject to the provisions of
Sections 2.18 as if it were an assignee under paragraph (b) of this Section; and (B) shall
not be entitled to receive any greater payment under Sections 2.11 or 2.14, with respect
to any participation, than its participating Lender would have been entitled to receive,
except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each
except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each
Lender that sells a participation agrees, at the Borrower’s request and expense, to use
reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.18 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.05 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.15 as though it were a Lender. Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of
each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Advances or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or
other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its
capacity as Agent) shall have no responsibility for maintaining a Participant Register.
reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.18 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.05 as though it were a Lender; provided that such Participant agrees to be subject to Section 2.15 as though it were a Lender. Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of
each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Advances or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or
other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its
capacity as Agent) shall have no responsibility for maintaining a Participant Register.
(e) Certain Pledges. Any Lender may at any time pledge or assign a
security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
Issuing Banks agree to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of
the confidential nature of such Information and instructed to keep such Information
confidential); (b) to the extent required or requested by any regulatory authority
purporting to have jurisdiction over such Person or its Related Parties (including any
self-regulatory authority, such as the National Association of Insurance Commissioners); (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process; provided that such Person shall, to the extent permitted by law, use its
commercially reasonable efforts to promptly inform the Borrower of such disclosure and
the confidential nature of such Information and instructed to keep such Information
confidential); (b) to the extent required or requested by any regulatory authority
purporting to have jurisdiction over such Person or its Related Parties (including any
self-regulatory authority, such as the National Association of Insurance Commissioners); (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process; provided that such Person shall, to the extent permitted by law, use its
commercially reasonable efforts to promptly inform the Borrower of such disclosure and
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to ensure that such Information is accorded confidential treatment; (d) to any other party hereto; (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan
Document or the enforcement of rights hereunder or thereunder; (f) subject to an
agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights and obligations under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments
hereunder; (g) on a confidential basis to (i) any rating agency in connection with rating
the Borrower or its Subsidiaries or the Facilities or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with
respect to the Facilities; (h) with the consent of the Borrower; (i) in syndication or other
marketing materials relating to the Term 2 Advances, Tranche B Loans or Tranche B2
Loans, or (j) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes available to the Agent, any Lender, any Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a
agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights and obligations under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments
hereunder; (g) on a confidential basis to (i) any rating agency in connection with rating
the Borrower or its Subsidiaries or the Facilities or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with
respect to the Facilities; (h) with the consent of the Borrower; (i) in syndication or other
marketing materials relating to the Term 2 Advances, Tranche B Loans or Tranche B2
Loans, or (j) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes available to the Agent, any Lender, any Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a
source other than the Borrower.
For purposes of this Section, “Information” means all information
received from the Borrower or any of its Subsidiaries relating to the Borrower or any of
received from the Borrower or any of its Subsidiaries relating to the Borrower or any of
its Subsidiaries or any of their respective businesses, other than any such information that is available to the Agent, any Lender or any Issuing Bank on a nonconfidential basis
prior to disclosure by the Borrower or any of its Subsidiaries; provided that, in the case of information received from the Borrower or any of its Subsidiaries after the Effective
Date, such information is clearly identified at the time of delivery as confidential. Any
Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information.
Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information.
Section 9.09. Governing Law. This Agreement and the other Loan
Documents and any claims, controversy, dispute or cause of action (whether in contract
Documents and any claims, controversy, dispute or cause of action (whether in contract
or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein)
and the transactions contemplated hereby and thereby shall be governed by, and
construed in accordance with, the law of the State of New York.
and the transactions contemplated hereby and thereby shall be governed by, and
construed in accordance with, the law of the State of New York.
Section 9.10. Execution in Counterparts. This Agreement may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by email shall be effective as delivery of a manually executed counterpart of this Agreement.
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by email shall be effective as delivery of a manually executed counterpart of this Agreement.
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Section 9.11. Judgment. vii) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so,
that the rate of exchange used shall be that at which in accordance with normal banking
procedures the Agent could purchase Dollars with such other currency at Citibank’s
principal office in London at 11:00 A.M. (London time) on the Business Day preceding
that on which final judgment is given.
procedures the Agent could purchase Dollars with such other currency at Citibank’s
principal office in London at 11:00 A.M. (London time) on the Business Day preceding
that on which final judgment is given.
(b) If for the purposes of obtaining judgment in any court it is
necessary to convert a sum due hereunder in a Committed Currency into Dollars, the
necessary to convert a sum due hereunder in a Committed Currency into Dollars, the
parties agree to the fullest extent that they may effectively do so, that the rate of
exchange used shall be that at which in accordance with normal banking procedures the
Agent could purchase such Committed Currency with Dollars at Citibank’s principal
office in London at 11:00 A.M. (London time) on the Business Day preceding that on
which final judgment is given.
exchange used shall be that at which in accordance with normal banking procedures the
Agent could purchase such Committed Currency with Dollars at Citibank’s principal
office in London at 11:00 A.M. (London time) on the Business Day preceding that on
which final judgment is given.
(c) The obligation of the Borrower in respect of any sum due from it
in any currency (the “Primary Currency”) to any Lender or the Agent hereunder shall,
notwithstanding any judgment in any other currency, be discharged only to the extent
notwithstanding any judgment in any other currency, be discharged only to the extent
that on the Business Day following receipt by such Lender or the Agent (as the case may be), of any sum adjudged to be so due in such other currency, such Lender or the Agent
(as the case may be) may in accordance with normal banking procedures purchase the
applicable Primary Currency with such other currency; if the amount of the applicable
Primary Currency so purchased is less than such sum due to such Lender or the Agent (as the case may be) in the applicable Primary Currency, the Borrower agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify such Lender or the
Agent (as the case may be) against such loss, and if the amount of the applicable Primary Currency so purchased exceeds such sum due to any Lender or the Agent (as the case
may be) in the applicable Primary Currency, such Lender or the Agent (as the case may
be) agrees to remit to the Borrower such excess.
(as the case may be) may in accordance with normal banking procedures purchase the
applicable Primary Currency with such other currency; if the amount of the applicable
Primary Currency so purchased is less than such sum due to such Lender or the Agent (as the case may be) in the applicable Primary Currency, the Borrower agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify such Lender or the
Agent (as the case may be) against such loss, and if the amount of the applicable Primary Currency so purchased exceeds such sum due to any Lender or the Agent (as the case
may be) in the applicable Primary Currency, such Lender or the Agent (as the case may
be) agrees to remit to the Borrower such excess.
Section 9.12. Jurisdiction, Etc. viii) Jurisdiction. The Borrower
irrevocably and unconditionally agrees that it will not commence any action, litigation or
irrevocably and unconditionally agrees that it will not commence any action, litigation or
proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Agent, any Lender, any Issuing Bank, or any Related Party
of the foregoing in any way relating to this Agreement or any other Loan Document or
the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts
and agrees that all claims in respect of any such action, litigation or proceeding may be
heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final
judgment in any such action, litigation or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Nothing in this Agreement or in any other Loan Document shall affect any right
that the Agent, any Lender or any Issuing Bank may otherwise have to bring any action
of the foregoing in any way relating to this Agreement or any other Loan Document or
the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts
and agrees that all claims in respect of any such action, litigation or proceeding may be
heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final
judgment in any such action, litigation or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Nothing in this Agreement or in any other Loan Document shall affect any right
that the Agent, any Lender or any Issuing Bank may otherwise have to bring any action
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or proceeding relating to this Agreement or any other Loan Document against the
Borrower or its properties in the courts of any jurisdiction.
Borrower or its properties in the courts of any jurisdiction.
(b) Waiver of Venue. The Borrower irrevocably and unconditionally
waives, to the fullest extent permitted by applicable law, any objection that it may now or
waives, to the fullest extent permitted by applicable law, any objection that it may now or
hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (a)
of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
service of process in the manner provided for notices in Section 9.02. Nothing in this
Agreement will affect the right of any party hereto to serve process in any other manner
permitted by applicable law.
permitted by applicable law.
Section 9.13. Substitution of Currency. If a change in any Committed
Currency occurs pursuant to any applicable law, rule or regulation of any governmental, monetary or multi-national authority, this Agreement (including, without limitation, the definition of Eurocurrency Rate) will be amended to the extent determined by the Agent (acting reasonably and in consultation with the Borrower) to be necessary to reflect the change in currency and to put the Lenders and the Borrower in the same position, so far as possible, that they would have been in if no change in such Committed Currency had occurred.
Currency occurs pursuant to any applicable law, rule or regulation of any governmental, monetary or multi-national authority, this Agreement (including, without limitation, the definition of Eurocurrency Rate) will be amended to the extent determined by the Agent (acting reasonably and in consultation with the Borrower) to be necessary to reflect the change in currency and to put the Lenders and the Borrower in the same position, so far as possible, that they would have been in if no change in such Committed Currency had occurred.
Section 9.14. No Liability of the Issuing Banks. The Borrower
assumes all risks of the acts or omissions of any beneficiary or transferee of any Letter of
assumes all risks of the acts or omissions of any beneficiary or transferee of any Letter of
Credit with respect to its use of such Letter of Credit. Neither an Issuing Bank nor any of its Related Parties shall be liable or responsible for: (a) the use that may be made of any
Letter of Credit or any acts or omissions of any beneficiary or transferee in connection
therewith; (b) the failure to obtain any document (other than any sight draft, certificates
and documents expressly required by the applicable Letter of Credit); (c) validity,
sufficiency or genuineness of documents, or of any endorsement thereon, even if such
documents should prove to be in any or all respects invalid, insufficient, fraudulent or
forged; (d) payment by such Issuing Bank against presentation of documents that do not comply with the terms of a Letter of Credit, including failure of any documents to bear
any reference or adequate reference to the Letter of Credit; or (e) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit, except that the Borrower shall have a claim against such Issuing Bank, and such Issuing Bank shall
be liable to the Borrower, to the extent of any direct, but not consequential, damages
suffered by the Borrower that the Borrower proves were caused by such Issuing Bank’s
willful misconduct or gross negligence when determining whether drafts and other
documents presented under a Letter of Credit comply with the terms thereof. In
furtherance and not in limitation of the foregoing, such Issuing Bank may accept
documents that appear on their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the contrary; provided that
Letter of Credit or any acts or omissions of any beneficiary or transferee in connection
therewith; (b) the failure to obtain any document (other than any sight draft, certificates
and documents expressly required by the applicable Letter of Credit); (c) validity,
sufficiency or genuineness of documents, or of any endorsement thereon, even if such
documents should prove to be in any or all respects invalid, insufficient, fraudulent or
forged; (d) payment by such Issuing Bank against presentation of documents that do not comply with the terms of a Letter of Credit, including failure of any documents to bear
any reference or adequate reference to the Letter of Credit; or (e) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit, except that the Borrower shall have a claim against such Issuing Bank, and such Issuing Bank shall
be liable to the Borrower, to the extent of any direct, but not consequential, damages
suffered by the Borrower that the Borrower proves were caused by such Issuing Bank’s
willful misconduct or gross negligence when determining whether drafts and other
documents presented under a Letter of Credit comply with the terms thereof. In
furtherance and not in limitation of the foregoing, such Issuing Bank may accept
documents that appear on their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the contrary; provided that
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nothing herein shall be deemed to excuse such Issuing Bank if it acts with gross
negligence or willful misconduct in accepting such documents.
negligence or willful misconduct in accepting such documents.
Section 9.15. Patriot Act Notice. Each Lender and the Agent (for
itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the
itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the
requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender or the Agent, as applicable, to identify the Borrower in accordance with the Patriot Act. The Borrower shall provide such information and take such actions as are reasonably requested by the Agent or any
Lenders in order to assist the Agent and the Lenders in maintaining compliance with the Patriot Act.
Borrower and other information that will allow such Lender or the Agent, as applicable, to identify the Borrower in accordance with the Patriot Act. The Borrower shall provide such information and take such actions as are reasonably requested by the Agent or any
Lenders in order to assist the Agent and the Lenders in maintaining compliance with the Patriot Act.
Section 9.16. Other Relationships; No Fiduciary Duty. No
relationship created hereunder or under any other Loan Document shall in any way affect
relationship created hereunder or under any other Loan Document shall in any way affect
the ability of the Agent and each Lender to enter into or maintain business relationships
with the Borrower or any Affiliate thereof beyond the relationships specifically
contemplated by this Agreement and the other Loan Documents. The Borrower agrees
that in connection with all aspects of the transactions contemplated hereby and any
communications in connection therewith, the Borrower, its Subsidiaries and their
respective Affiliates, on the one hand, and the Agent, the Lenders and their respective
Affiliates, on the other hand, will have a business relationship that does not create, by
implication or otherwise, any advisory, equitable or fiduciary duties on the part of the
Agent, any Lender or any of their respective Affiliates, and no such duties will be
deemed to have arisen in connection with any such transactions or communications. The Borrower also hereby agrees that none of the Agent, any Lender or any of their
respective Affiliates have advised and are advising the Borrower as to any legal,
accounting, regulatory or tax matters, and that the Borrower is consulting its own
advisors concerning such matters to the extent it deems appropriate.
with the Borrower or any Affiliate thereof beyond the relationships specifically
contemplated by this Agreement and the other Loan Documents. The Borrower agrees
that in connection with all aspects of the transactions contemplated hereby and any
communications in connection therewith, the Borrower, its Subsidiaries and their
respective Affiliates, on the one hand, and the Agent, the Lenders and their respective
Affiliates, on the other hand, will have a business relationship that does not create, by
implication or otherwise, any advisory, equitable or fiduciary duties on the part of the
Agent, any Lender or any of their respective Affiliates, and no such duties will be
deemed to have arisen in connection with any such transactions or communications. The Borrower also hereby agrees that none of the Agent, any Lender or any of their
respective Affiliates have advised and are advising the Borrower as to any legal,
accounting, regulatory or tax matters, and that the Borrower is consulting its own
advisors concerning such matters to the extent it deems appropriate.
irrevocably waives, to the fullest extent permitted by applicable law, any right it may
have to a trial by jury in any legal proceeding directly or indirectly arising out of or
relating to this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (whether based on contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other Person has represented, expressly or otherwise, that such other Person would not, in the event of litigation, seek
to enforce the foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement and the other Loan Documents by,
relating to this Agreement or any other Loan Document or the transactions contemplated hereby or thereby (whether based on contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other Person has represented, expressly or otherwise, that such other Person would not, in the event of litigation, seek
to enforce the foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement and the other Loan Documents by,
among other things, the mutual waivers and certifications in the Section.
Section 9.18. Interest Rate Limitation. Notwithstanding anything to
the contrary in any Loan Document, the interest paid or agreed to be paid under the Loan
the contrary in any Loan Document, the interest paid or agreed to be paid under the Loan
Documents shall not exceed the maximum rate of non-usurious interest permitted by
applicable law (the “Maximum Rate”). If the Agent or any Lender shall receive interest
in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the
principal of the Advances or, if it exceeds such unpaid principal, refunded to the
applicable law (the “Maximum Rate”). If the Agent or any Lender shall receive interest
in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the
principal of the Advances or, if it exceeds such unpaid principal, refunded to the
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Borrower. In determining whether the interest contracted for, charged, or received by the Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee,
or premium rather than interest, (b) exclude voluntary prepayments and the effects
thereof and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total
amount of interest throughout the contemplated term of the Obligations hereunder.
thereof and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total
amount of interest throughout the contemplated term of the Obligations hereunder.
Section 9.19. Effect of Restatement. This Agreement shall, except as
otherwise expressly set forth herein, supersede the Second Amended & Restated Credit Agreement from and after the Effective Date with respect to the transactions hereunder and with respect to the Facilities and Letters of Credit outstanding under the Second Amended & Restated Credit Agreement as of the Effective Date. The parties hereto acknowledge and agree, however, that (a) this Agreement and all other Loan Documents executed and delivered herewith do not constitute a novation, payment and reborrowing or termination of the Facilities under the Second Amended & Restated Credit Agreement and the other Loan Documents as in effect prior to the Effective Date, (b) such obligations are in all respects continuing with only the terms being modified as provided in this Agreement and the other Loan Documents, and (c) all references in the other Loan Documents to the Second Amended & Restated Credit Agreement shall be deemed to refer without further amendment to this Agreement.
otherwise expressly set forth herein, supersede the Second Amended & Restated Credit Agreement from and after the Effective Date with respect to the transactions hereunder and with respect to the Facilities and Letters of Credit outstanding under the Second Amended & Restated Credit Agreement as of the Effective Date. The parties hereto acknowledge and agree, however, that (a) this Agreement and all other Loan Documents executed and delivered herewith do not constitute a novation, payment and reborrowing or termination of the Facilities under the Second Amended & Restated Credit Agreement and the other Loan Documents as in effect prior to the Effective Date, (b) such obligations are in all respects continuing with only the terms being modified as provided in this Agreement and the other Loan Documents, and (c) all references in the other Loan Documents to the Second Amended & Restated Credit Agreement shall be deemed to refer without further amendment to this Agreement.
Section 9.20. Acknowledgement and Consent to Bail-In of EEA
Financial Institutions. Notwithstanding anything to the contrary in any Loan Document
Financial Institutions. Notwithstanding anything to the contrary in any Loan Document
or in any other agreement, arrangement or understanding among the parties hereto or to
any other Loan Document, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is
unsecured, may be subject to the Write-Down and Conversion Powers of an EEA
Resolution Authority and agrees and consents to, and acknowledges and agrees to be
bound by:
any other Loan Document, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is
unsecured, may be subject to the Write-Down and Conversion Powers of an EEA
Resolution Authority and agrees and consents to, and acknowledges and agrees to be
bound by:
(a) the application of any Write-Down and Conversion Powers by an
EEA Resolution Authority to any such liabilities arising hereunder which may be payable
EEA Resolution Authority to any such liabilities arising hereunder which may be payable
to it by any party hereto that is an EEA Financial Institution; and
(b) the effects of any Bail-in Action on any such liability, including, if
applicable, (i) a reduction in full or in part or cancellation of any such liability, (ii) a
conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document, or (iii) the variation of the terms of
such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.
conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document, or (iii) the variation of the terms of
such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.
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Section 9.21. Certain ERISA Matters.
(a) Each Lender (x) represents and warrants, as of the date such
Person became a Lender party hereto, to, and (y) covenants, from the date such Person
became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is
and will be true:
became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is
and will be true:
(i) such Lender is not using “plan assets” (within the meaning of
Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect
Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect
to such Lender’s entrance into, participation in, administration of and
performance of the Advances, the Letters of Credit, the Commitments or this
Agreement,
performance of the Advances, the Letters of Credit, the Commitments or this
Agreement,
(ii) the transaction exemption set forth in one or more PTEs, such as
PTE 84-14 (a class exemption for certain transactions determined by independent
PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain
transactions involving insurance company general accounts), PTE 90-1 (a class
exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91-38 (a class exemption for certain transactions involving bank
collective investment funds) or PTE 96-23 (a class exemption for certain
transactions determined by in-house asset managers), is applicable with respect to
such Lender’s entrance into, participation in, administration of and performance
of the Advances, the Letters of Credit, the Commitments and this Agreement,
transactions involving insurance company general accounts), PTE 90-1 (a class
exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91-38 (a class exemption for certain transactions involving bank
collective investment funds) or PTE 96-23 (a class exemption for certain
transactions determined by in-house asset managers), is applicable with respect to
such Lender’s entrance into, participation in, administration of and performance
of the Advances, the Letters of Credit, the Commitments and this Agreement,
(iii) (A) such Lender is an investment fund managed by a “Qualified
Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B)
Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B)
such Qualified Professional Asset Manager made the investment decision on
behalf of such Lender to enter into, participate in, administer and perform the
Advances, the Letters of Credit, the Commitments and this Agreement, (C) the
entrance into, participation in, administration of and performance of the
Advances, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84- 14 and (D)
to the best knowledge of such Lender, the requirements of subsection (a) of Part I
of PTE 84-14 are satisfied with respect to such Lender’s entrance into,
participation in, administration of and performance of the Advances, the Letters
of Credit, the Commitments and this Agreement, or
behalf of such Lender to enter into, participate in, administer and perform the
Advances, the Letters of Credit, the Commitments and this Agreement, (C) the
entrance into, participation in, administration of and performance of the
Advances, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84- 14 and (D)
to the best knowledge of such Lender, the requirements of subsection (a) of Part I
of PTE 84-14 are satisfied with respect to such Lender’s entrance into,
participation in, administration of and performance of the Advances, the Letters
of Credit, the Commitments and this Agreement, or
(iv) such other representation, warranty and covenant as may be agreed
in writing between the Administrative Agent, in its sole discretion, and such
Lender.
in writing between the Administrative Agent, in its sole discretion, and such
Lender.
(b) In addition, unless either (1) sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another
preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another
representation, warranty and covenant in accordance with sub-clause (iv) in the
immediately preceding clause (a), such Lender further (x) represents and warrants, as of
immediately preceding clause (a), such Lender further (x) represents and warrants, as of
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the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of
doubt, to or for the benefit of the Borrower or any other Loan Party, that the
Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement (including in
connection with the reservation or exercise of any rights by the Administrative Agent
under this Agreement, any Loan Document or any documents related hereto or thereto).
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of
doubt, to or for the benefit of the Borrower or any other Loan Party, that the
Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Advances, the Letters of Credit, the Commitments and this Agreement (including in
connection with the reservation or exercise of any rights by the Administrative Agent
under this Agreement, any Loan Document or any documents related hereto or thereto).
Section 9.22. Acknowledgement Regarding Any Supported QFCs.
To the extent that the Loan Documents provide support, through a guarantee or
otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC
(such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the
(such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the
parties acknowledge and agree as follows with respect to the resolution power of the
Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect
Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect
of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated
to be governed by the laws of the State of New York and/or of the United States or any
other state of the United States):
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated
to be governed by the laws of the State of New York and/or of the United States or any
other state of the United States):
(a) In the event a Covered Entity that is party to a Supported QFC
(each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised
(each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with
respect to a Supported QFC or any QFC Credit Support.
Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with
respect to a Supported QFC or any QFC Credit Support.
(b) As used in this Section 9.22, the following terms have the
following meanings:
following meanings:
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“BHC Act Affiliate” of a party means an “affiliate” (as such term is
defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Covered Entity” means any of the following:
(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).”
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EXHIBIT B
TERM 2 COMMITMENTS
Schedule I-B
Term 2 Commitments
Lender | Term 2 Commitment | ||||
Citibank, N.A. | $ 9,090,910 | ||||
Bank of America, N.A. | $ 9,090,909 | ||||
Truist Bank | $ 9,090,909 | ||||
MUFG Bank, Ltd. | $ 9,090,909 | ||||
PNC Bank National Association | $ 9,090,909 | ||||
U.S. Bank National Association | $ 9,090,909 | ||||
Xxxxx Fargo Bank, National Association | $ 9,090,909 | ||||
Capital One, National Association | $ 9,090,909 | ||||
JPMorgan Chase Bank, N.A. | $ 9,090,909 | ||||
Sumitomo Mitsui Banking Corporation | $ 9,090,909 | ||||
TD Bank, N.A. | $ 9,090,909 | ||||
Total | $ 100,000,000 |
EXHIBIT C
FORM OF TERM 2 NOTE
EXHIBIT A-5 - FORM OF
TERM 2 NOTE
U.S.$ Dated: , 20[_]
FOR VALUE RECEIVED, the undersigned, SCIENCE APPLICATIONS INTERNATIONAL CORPORATION, a Delaware corporation (the “Borrower”), HEREBY PROMISES TO PAY to___________ (the “Lender”) and its registered assigns for the account of its Applicable Lending Office on the Term Loan Maturity Date (each as defined in the Credit Agreement referred to below) the principal sum of U.S $[amount of the Lender’s Term 2 Commitment in figures] or, if less, the aggregate principal amount of the Term 2 Advance made by the Lender to the Borrower pursuant to the Third Amended and Restated Credit Agreement dated as of October 31, 2018, among the Borrower, the Lender and certain other lenders parties thereto, and Citibank, N.A., as Agent for the Lender and such other lenders (as amended or modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined) outstanding on the Term Loan Maturity Date.
The Borrower promises to pay interest on the unpaid principal amount of each Term 2 Advance from the date of such Term 2 Advance until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement.
Both principal and interest in respect of each Term 2 Advance are payable in lawful money of the United States of America to the Agent at its account maintained at 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, in same day funds. Each Term 2 Advance owing to the Lender by the Borrower pursuant to the Credit Agreement, and all payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Note.
This Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement. The Credit Agreement, among other things, contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of principal hereof prior to the maturity hereof upon the terms and conditions therein specified.
Science Applications International | ||
Corporation |
By: | |||||
Name: | |||||
Title: |
ADVANCES AND PAYMENTS OF PRINCIPAL
Date | Amount of Term 2 Advance | Amount of Principal Paid or Prepaid | Unpaid Principal Balance | Notation Made By |