Form 8-K
8-K — PENTAIR plc
Accession: 0001104659-26-056228
Filed: 2026-05-06
Period: 2026-05-05
CIK: 0000077360
SIC: 3550 (SPECIAL INDUSTRY MACHINERY (NO METALWORKING MACHINERY))
Item: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item: Financial Statements and Exhibits
Documents
8-K — tm2613486d1_8k.htm (Primary)
EX-4.1 — EXHIBIT 4.1 (tm2613486d1_ex4-1.htm)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 5, 2026
Pentair
plc
(Exact name of registrant as specified in its
charter)
Ireland
001-11625
98-1141328
(State
or other jurisdiction of
incorporation or organization)
(Commission
File No.)
(I.R.S.
Employer
Identification No.)
Regal House, 70 London Road, Twickenham, London,
TW13QS United Kingdom
(Address
of principal executive offices) (Zip
Code)
Registrant’s telephone number, including
area code: 44-74-9421-6154
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Ordinary
Shares, nominal value $0.01 per share
PNR
New
York Stock Exchange
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR
240.12b-2). ¨ Emerging
growth company
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On May 5, 2026 (the “Closing
Date”), Pentair plc (“Pentair”) and its subsidiaries Pentair Finance S.à r.l. (“Pentair Finance”)
and Pentair, Inc. (“Pentair U.S.”) entered into an Amendment No. 1 to Second Amended and Restated Credit Agreement
(the “Amendment”), among Pentair Finance and Pentair U.S., as borrowers, Pentair, as guarantor, and the lenders and agents
party thereto, which amends Pentair’s Second Amended and Restated Credit Agreement, dated as of May 5, 2025 (the “Existing
Credit Agreement”; the Existing Credit Agreement as amended by the Amendment, the “Agreement”), among Pentair Finance
and Pentair U.S., as borrowers, Pentair, as guarantor, and the lenders and agents party thereto.
The Amendment amends the Existing
Credit Agreement to, among other things, add a new tranche of term loans in an aggregate initial principal amount equal to $500 million
(the “Term Loan Facility”) to refinance the term loans outstanding under Pentair’s Loan Agreement, dated as of March 24,
2022 (as amended, the “Loan Agreement”), among Pentair Finance, as borrower, Pentair, as guarantor, and the lenders and agents
party thereto. Concurrent with the effectiveness of the Amendment and the Term Loan Facility on the Closing Date, the Loan Agreement was
prepaid in full and terminated. As of the Closing Date, after giving effect to any borrowings made on such date, the total principal amount
of term loans outstanding under the Term Loan Facility was $500 million and the total principal amount of revolving loans outstanding
under the existing $900 revolving credit facility under the Agreement (the “Revolving Facility” and together with the Term
Loan Facility, the “Senior Credit Facilities”) was $628.6 million.
The Senior Credit Facilities
are guaranteed by Pentair. The Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, Term SOFR, EURIBOR, or,
solely for swingline loans denominated in euros, ESTR, plus, in each case, an applicable margin. The applicable margin is based on, at
Pentair Finance’s election, Pentair’s leverage level or Pentair Finance’s public credit rating.
With certain exceptions, the
Senior Credit Facilities mature on May 5, 2030. The Term Loan Facility amortizes commencing June 30, 2027 in an amount equal
to $3.125 million quarterly through March 31, 2028 and $6.250 million quarterly thereafter. Pentair Finance is permitted to voluntarily
prepay loans and/or reduce the commitments under the Senior Credit Facilities, in whole or in part, without penalty or premium, subject
to certain minimum amounts and increments and the payment of customary breakage costs. No mandatory prepayment will be required under
the Senior Credit Facilities unless certain affiliate and currency sub-limits are exceeded, subject to certain other exceptions.
The Senior Credit Facilities
contain financial covenants requiring Pentair not to permit (i) the ratio of its consolidated debt (net of its consolidated unrestricted
cash and cash equivalents in excess of $5.0 million but not to exceed $250.0 million) to its consolidated net income (excluding, among
other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense
(“EBITDA”) on the last day of any period of four consecutive fiscal quarters (each, a “testing period”) to exceed
3.75 to 1.00 (or, at Pentair Finance’s election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection
with certain material acquisitions) and (ii) the ratio of its EBITDA to its consolidated cash interest expense for the same period
to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities also contains
covenants that, among other things, restrict Pentair’s ability to create liens, merge or consolidate with another person, make acquisitions
and incur subsidiary debt.
The Senior Credit Facilities
contain customary events of default. If an event of default occurs and is continuing, then the lenders may terminate all commitments to
extend further credit and declare all amounts outstanding under the Senior Credit Facilities due and payable immediately. In addition,
in the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization, all amounts outstanding under
the Senior Credit Facilities will automatically become due and payable immediately.
The foregoing description of the Amendment is qualified
in its entirety by reference to the full text of the Amendment filed as Exhibit 4.1 to this Current Report on Form 8-K, which
is incorporated by reference herein.
ITEM 9.01. Financial Statements and Exhibits.
(a)
Financial Statements of Businesses Acquired
Not applicable.
(b)
Pro Forma Financial Information
Not applicable.
(c)
Shell Company Transactions
Not applicable.
(d)
Exhibits
The exhibits listed in the Exhibit Index below are filed as part of this report.
EXHIBIT INDEX
Exhibit No.
Description
4.1
Amendment No. 1 to Second Amended and Restated Credit Agreement, dated as of May 5, 2026, among Pentair plc, Pentair Finance S.à r.l., Pentair, Inc. and the lenders and agents party thereto.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized,
on May 6, 2026.
PENTAIR PLC
Registrant
By:
/s/ Lance Bonner
Lance Bonner
Executive Vice President, General Counsel and Secretary
EX-4.1 — EXHIBIT 4.1
EX-4.1
Filename: tm2613486d1_ex4-1.htm · Sequence: 2
Exhibit 4.1
EXECUTION COPY
AMENDMENT NO. 1
Dated as of May 5, 2026
to
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of May 5, 2025
THIS AMENDMENT NO. 1 (this
“Amendment”) is made as of May 5, 2026 by and among Pentair Finance S.à r.l., a Luxembourg private limited
liability company (Société à responsabilité limitée) having its registered office at 26, Boulevard
Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre de commerce
et des sociétés, Luxembourg) under number B166305 (the “Company”), Pentair plc (the “Parent”)
and Pentair, Inc. (the “Affiliate Borrower” and, collectively with the Company and the Parent, the “Loan
Parties”), the Lenders party hereto and JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders
(the “Administrative Agent”), under that certain Second Amended and Restated Credit Agreement dated as of May 5,
2025 by and among the Loan Parties, the Lenders from time to time party thereto and the Administrative Agent (as amended, restated, supplemented
or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”). Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
WHEREAS, the Loan Parties have
requested that (i) certain Lenders agree to provide additional term loans pursuant to Section 9.02(d) of the Credit Agreement
and (ii) the Required Lenders agree to make certain modifications to the Credit Agreement; and
WHEREAS, the Loan Parties,
the Lenders party hereto and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth
herein.
NOW, THEREFORE, in consideration
of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Loan Parties, the Lenders party hereto and the Administrative Agent hereby agree to
enter into this Amendment.
1. Amendments
to the Credit Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in Section 4
below (such date, the “Amendment Effective Date”):
(a) The
parties hereto agree that the Credit Agreement (including certain of the Schedules and the Exhibits thereto) 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 Credit Agreement (including certain of the Schedules and Exhibits thereto) attached
as Annex A hereto (the Credit Agreement as so amended, the “Amended Credit Agreement”).
(b) The
parties hereto acknowledge and agree that this Amendment is being entered into and consummated pursuant to Section 9.02(d) of
the Credit Agreement.
(c) The
parties hereto acknowledge and agree that each Lender that executes this Amendment as a Lender and which also has a Term Loan Commitment
listed opposite its name in Schedule 2.01 set forth in the Amended Credit Agreement shall be and is a Term Lender under the Amended
Credit Agreement.
2. New
Lenders. The parties hereto hereby acknowledge and agree that:
(a) Each
of the undersigned financial institutions that is not a party to the Credit Agreement prior to the Amendment Effective Date (each, a
“New Lender”) agrees to be bound by the provisions of the Amended Credit Agreement and agrees that it shall, on the
Amendment Effective Date, become a Lender and a Term Lender for all purposes of the Amended Credit Agreement, with a Term Loan Commitment
as set forth on Schedule 2.01 of the Amended Credit Agreement.
(b) Each
undersigned New Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Amendment and to consummate the transactions contemplated hereby and by the Amended Credit Agreement and
to become a Lender under the Amended Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Amended Credit
Agreement and under applicable law that are required to be satisfied by it in order to become a Lender, (iii) from and after the
Amendment Effective Date, it shall be bound by the provisions of the Amended Credit Agreement as a Lender thereunder and shall have the
obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented
by the Term Loans under (and as defined in) the Amended Credit Agreement and either it, or the Person exercising discretion in making
its decision to acquire such Term Loans, is experienced in acquiring assets of such type and (v) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable,
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Amendment (and become party to the Amended Credit Agreement) on the basis of which it has made such analysis and decision independently
and without reliance on the Administrative Agent, any Arranger or any other Lender and their respective Related Parties; and (b) agrees
that (i) it will, independently and without reliance on the Administrative Agent, any Arranger or any other Lender and their respective
Related Parties, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Amended Credit Agreement and the other Loan Documents, and (ii) it will perform
in accordance with their terms all of the obligations which by the terms of the Amended Credit Agreement and the other Loan Documents
are required to be performed by it as a Lender.
3. Non-U.S.
Administrative Agent. J.P. Morgan SE agrees to be bound by the provisions of the Amended Credit Agreement and agrees that it shall,
on the Amendment Effective Date, become the Non-U.S. Administrative Agent for all purposes of the Amended Credit Agreement.
4. Conditions
of Effectiveness. This Amendment shall become effective as of the first date on which each of the following conditions shall have
been satisfied:
(a) The
Administrative Agent (or its counsel) shall have received counterparts of this Amendment duly executed by each of the Loan Parties, the
Required Lenders, each New Lender, each Lender with a Term Loan Commitment under the Amended Credit Agreement and the Administrative
Agent.
(b) The
Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated
the Amendment Effective Date) of (i) Foley & Lardner LLP, special counsel for the Loan Parties, (ii) Arthur Cox, special
Irish counsel for the Loan Parties, and (iii) Allen Overy Shearman Sterling, Société en Commandite Simple, inscrite
au barreau de Luxembourg, special Luxembourg counsel for the Loan Parties, in each case in form and substance reasonably satisfactory
to the Administrative Agent and its counsel and covering such matters relating to the Loan Parties, this Amendment, the Amended Credit
Agreement and the Transactions as the Administrative Agent shall reasonably request. The Company hereby requests such counsels to deliver
such opinions.
2
(c) The
Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request
relating to the organization, existence and good standing (or the equivalent) of the Loan Parties (which shall include, in the case of
the Parent, evidence that the Parent has complied with Section 82 of the Irish Companies Act), the authorization of this Amendment,
the Amended Credit Agreement and the Transactions and any other legal matters relating to the Loan Parties, the Amendment, the Amended
Credit Agreement and the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.
(d) The
Administrative Agent shall have received a certificate, dated the Amendment Effective Date and signed by a Manager of the Company, certifying
(i) compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Amended Credit
Agreement (but, in respect of Section 4.02(a) of the Amended Credit Agreement, such certification shall include, and not exclude,
the representations contained in Sections 3.04(b) and 3.05 of the Amended Credit Agreement) and (ii) that since December 31,
2025, no change, occurrence or development has occurred in respect of the business, assets, operations or financial condition of the
Parent and its Subsidiaries, taken as a whole, that has had a Material Adverse Effect.
(e) The
Administrative Agent shall have received (i) for the account of each Term Lender that delivers its executed signature page to
this Amendment by no later than the date and time specified by the Administrative Agent, an upfront fee in respect of its Term Loan Commitment
in an amount equal to the amount previously disclosed to the Term Lenders (and established by the Administrative Agent in consultation
with the Company) and (ii) payment and/or reimbursement of the Administrative Agent’s and its affiliates’ fees and expenses
(including, to the extent invoiced (in reasonable detail) to the Company at least one (1) Business Day prior to the Amendment Effective
Date, the reasonable, documented and invoiced fees, disbursements and other charges of one primary counsel (and one additional local
counsel in each applicable jurisdiction) for the Administrative Agent) in accordance with the Loan Documents.
(f) The
Administrative Agent shall have received evidence satisfactory to it that the Existing Loan Agreement (as defined in the Amended Credit
Agreement) been terminated and cancelled and any and all indebtedness thereunder shall have been fully repaid (except to the extent being
so repaid with the proceeds of the Term Loans (as defined in the Amended Credit Agreement) and any and all liens thereunder have been
terminated and released.
The Administrative Agent shall notify the Company
and the Lenders of the Amendment Effective Date, and such notice shall be conclusive and binding.
5. Representations
and Warranties of the Loan Parties. Each Loan Party hereby represents and warrants as follows:
(a) Each
of this Amendment and the Amended Credit Agreement constitutes a valid and binding agreement of each Loan Party enforceable against the
applicable Loan Parties in accordance with its terms, except to the extent that the enforceability thereof may be limited by the effect
of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter affecting creditors’ rights
generally, any mandatory applicable provisions of Luxembourg law of general application and general principles of equity.
3
(b) As
of the date hereof and immediately after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing
and (ii) the representations and warranties of the Borrowers set forth in the Amended Credit Agreement (including the representations
contained in Sections 3.04(b) and 3.05 of the Amended Credit Agreement) are true and correct in all material respects
(provided that any representation or warranty that is qualified by materiality or Material Adverse Effect is true and correct
in all respects), or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such
specific date.
6. Confirmation
of Guarantees. The Parent, by its execution of this Amendment, hereby consents to this Amendment and confirms and ratifies that all
of its obligations as a Guarantor under the Amended Credit Agreement shall continue in full force and effect for the benefit of the Administrative
Agent and the Lenders with respect to the Amended Credit Agreement.
7. Reference
to and Effect on the Credit Agreement.
(a) From
and after the effectiveness of the amendment to the Credit Agreement evidenced hereby, the terms “Agreement”, “this
Agreement”, “herein”, “hereinafter”, “hereto”, “hereof” and words of similar import,
as used in the Amended Credit Agreement, shall, unless the context otherwise requires, refer to the Amended Credit Agreement, and the
term “Credit Agreement”, as used in the other Loan Documents, shall mean the Amended Credit Agreement.
(b) Each
Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full
force and effect and are hereby ratified and confirmed.
(c) The
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative
Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments
and agreements executed and/or delivered in connection therewith.
(d) This
Amendment shall be a Loan Document.
8. Governing
Law; Jurisdiction. This Amendment shall be construed in accordance with and governed by the law of the State of New York. Each Loan
Party hereby irrevocably and unconditionally submits, for itself and its property, to only the jurisdiction of (i) the United States
District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction,
the Supreme Court of the State of New York sitting in the Borough of Manhattan) and (ii) any U.S. federal or Illinois state court
sitting in Chicago, Illinois, and in each case any appellate court from any thereof, in any action or proceeding arising out of
or relating to this Amendment or any other Loan Document or the transactions relating hereto or thereto, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of
its Related Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court. Each
of the parties hereto agrees that a final judgment in any such action 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 Amendment or any other Loan Document shall
affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating
to this Amendment or any other Loan Document against any Loan Party or its properties (i) in the courts of any jurisdiction, and
(ii) in respect of any Loan Party incorporated in Luxembourg only, any courts having jurisdiction where the head office, central
administration, centre of main interest, place of effective management, domicile and/or establishment of that Loan Party is situated
or where any asset of that Loan Party is situated.
4
9. Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.
10. Counterparts.
This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Amendment and/or any document to be signed in connection with
this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), electronic
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. As
used herein, “Electronic Signatures” means any electronic symbol or process attached to, or associated with, any contract
or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.
[Signature Pages Follow]
5
IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first
above written.
PENTAIR Finance S.à r.l.,
as the Company
By:
/s/ Nicholas Brazis
Name:
Nicholas Brazis
Title:
Manager
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
PENTAIR plc,
as the Parent
By:
/s/ Nicholas Brazis
Name:
Nicholas Brazis
Title:
Executive Vice President and Chief Financial Officer
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
PENTAIR INC.,
as an Affiliate Borrower
By:
/s/ Nicholas Brazis
Name:
Nicholas Brazis
Title:
President and Treasurer
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
JPMORGAN CHASE BANK, N.A.,
individually as a Lender and as Administrative Agent
By:
/s/ Nick Nussbaum
Name:
Nick Nussbaum
Title:
Vice President
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
J.P. MORGAN SE, as Administrative Agent
By:
/s/ Haaris Amjad
Name:
Haaris Amjad
Title:
Vice President
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
BANK OF
AMERICA, N.A.,
as a Lender
By:
/s/ Kevin O’Sullivan
Name:
Kevin O’Sullivan
Title:
Vice President
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
BANK OF
MONTREAL, LONDON BRANCH,
as a Lender
By:
/s/ Scott Ackerman
Name:
Scott Ackerman
Title:
Managing Director
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
U.S. BANK
NATIONAL ASSOCIATION,
as a Lender
By:
/s/ Erik Schultz
Name:
Erik Schultz
Title:
Vice President
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH,
as a Lender
By:
/s/ Brian
Crowley
Name:
Brian Crowley
Title:
Managing Director
By:
/s/ Armen Semizian
Name:
Armen Semizian
Title:
Managing Director
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
BANK OF CHINA, LOS ANGELES BRANCH,
as a Lender
By:
/s/ Peng Li
Name:
Peng Li
Title:
SVP & Branch Manager
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
PNC BANK, NATIONAL ASSOCIATION,
as a Lender
By:
/s/ Greg
Strauss
Name:
Greg Strauss
Title:
Managing Director
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
BANK OF MONTREAL EUROPE PLC,
as a Lender
By:
/s/ Jane
Anne Negi
Name:
Jane Anne Negi
Title:
Director, Chief Executive Officer
By:
/s/ Garrett Poynton
Name:
Garrett Poynton
Title:
Chief Risk Officer
Signature Page to Amendment No. 1 to
Second Amended and Restated Credit Agreement dated
as of May 5, 2025
Pentair Finance S.à r.l.
ANNEX A
Attached
SECOND AMENDED AND
RESTATED CREDIT AGREEMENT
dated as of
May 5, 2025
among
PENTAIR plc
as Parent,
PENTAIR FINANCE S.À
R.L.
as Company,
PENTAIR, INC.
as an Affiliate Borrower
The Other Affiliate
Borrowers From Time to Time Party Hereto,
The Lenders Party Hereto,
JPMORGAN CHASE BANK,
N.A. and J.P. MORGAN SE,
as Administrative Agent,
BANK OF AMERICA, N.A.
BANK OF MONTREAL, LONDON
BRANCH
CITIBANK, N.A. and
U.S. BANK NATIONAL
ASSOCIATION
as Syndication Agents
for the Revolving Credit Facility,
and
BANK
OF AMERICA, N.A.
BANK
OF MONTREAL EUROPE PLC
PNC
BANK, NATIONAL ASSOCIATION and
U.S. BANK NATIONAL ASSOCIATION
as
Syndication Agents for the Term Loan Facility,
BANCO BILBAO VIZCAYA
ARGENTARIA, S.A. NEW YORK BRANCH
BANK OF CHINA, LOS
ANGELES BRANCH
PNC BANK, NATIONAL
ASSOCIATION and
SUMITOMO MITSUI BANKING
CORPORATION
as Documentation Agents
for the Revolving Credit Facility
and
BANCO
BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH
BANK
OF CHINA, LOS ANGELES BRANCH
as Documentation Agents for the Term Loan Facility
JPMORGAN CHASE BANK,
N.A.
BofA SECURITIES, INC.
BMO CAPITAL MARKETS
CORP.
CITIBANK, N.A. and
U.S. BANK NATIONAL
ASSOCIATION
as Joint Bookrunners
and Joint Lead Arrangers for the Revolving Credit Facility
and
JPMORGAN
CHASE BANK, N.A.,
BofA
SECURITIES, INC.
BMO
CAPITAL MARKETS CORP.
PNC
CAPITAL MARKETS LLC and
U.S.
BANK NATIONAL ASSOCIATION
as
Joint Bookrunners and Joint Lead Arrangers for the Term Loan Facility
TABLE OF CONTENTS
Page
ARTICLE I.
DEFINITIONS
55
SECTION 1.01
Defined Terms
55
SECTION 1.02
Classification of Loans and
Borrowings
4449
SECTION 1.03
Terms Generally
4449
SECTION 1.04
Accounting Terms; GAAP
4450
SECTION 1.05
Interest Rates; Benchmark Notification
4550
SECTION 1.06
Luxembourg Terms
4551
SECTION 1.07
Certain Calculations
4651
SECTION 1.08
Divisions
4651
SECTION 1.09
Leverage Ratios
4651
SECTION 1.10
Amendment and Restatement of
the Existing Credit Agreement
4651
ARTICLE II.
THE CREDITS
4752
SECTION 2.01
Commitments
4752
SECTION 2.02
Loans and Borrowings
4752
SECTION 2.03
Requests for Borrowings
4853
SECTION 2.04
Determination of Dollar Amounts
4954
SECTION 2.05
Swingline Loans
4955
SECTION 2.06
Letters of Credit
5157
SECTION 2.07
Funding of Borrowings
5663
SECTION 2.08
Interest Elections
5763
SECTION 2.09
Termination and Reduction of
Commitments
5965
SECTION 2.10
Repayment and
Amortization of Loans; Evidence of Indebtedness
6066
SECTION 2.11
Prepayment of Loans
6067
SECTION 2.12
Fees
6269
SECTION 2.13
Interest
6370
SECTION 2.14
Alternate Rate of Interest
6472
SECTION 2.15
Increased Costs
6775
SECTION 2.16
Break Funding Payments
6976
SECTION 2.17
Taxes
6977
SECTION 2.18
Payments Generally; Pro Rata
Treatment; Sharing of Set-offs
7785
SECTION 2.19
Mitigation Obligations; Replacement
of Lenders
7887
SECTION 2.20
Expansion Option
7988
SECTION 2.21
Market Disruption
8189
SECTION 2.22
Judgment Currency
8290
SECTION 2.23
Designation of Affiliate Borrowers
8290
SECTION 2.24
Defaulting Lenders
8290
SECTION 2.25
Extension of Maturity Date
8593
ARTICLE III.
REPRESENTATIONS AND WARRANTIES
8695
SECTION 3.01
Corporate Existence and Power
8695
SECTION 3.02
Corporate and Governmental
Authorization; Contravention
8795
SECTION 3.03
Binding Effect
8795
SECTION 3.04
Financial Information
8795
SECTION 3.05
Litigation, etc.
8796
SECTION 3.06
ERISA Compliance
8796
SECTION 3.07
Taxes
8796
SECTION 3.08
Not an Investment Company
8896
SECTION 3.09
Environmental Matters
8896
SECTION 3.10
Use of Proceeds
8896
SECTION 3.11
Disclosure
8897
SECTION 3.12
Anti-Corruption Laws and Sanctions
8897
SECTION 3.13
Domiciliation; Centre of Main
Interests
8998
SECTION 3.14
Swiss Non-Bank Rules
8998
SECTION 3.15
Affected Financial Institutions
8998
SECTION 3.16
Irish Loan Party
8998
SECTION 3.17
Tax Residence
9099
SECTION 3.18
Outbound Investment Rules
9099
ARTICLE IV.
CONDITIONS
9099
SECTION 4.01
Effective Date
9099
SECTION 4.02
Each Credit Event
91100
SECTION 4.03
Designation of an Affiliate
Borrower
91100
ARTICLE V.
AFFIRMATIVE COVENANTS
93102
SECTION 5.01
Information
93102
SECTION 5.02
Use of Proceeds
95104
SECTION 5.03
Compliance with Contractual
Obligations and Laws
95104
SECTION 5.04
Insurance
95104
SECTION 5.05
Ownership of Borrowers
95105
SECTION 5.06
Payment of Taxes
95105
SECTION 5.07
Swiss Non-Bank Rule
96105
SECTION 5.08
Loan Party Location
96105
SECTION 5.09
Tax Residence
96105
SECTION 5.10
Service of Process Agent
96105
ARTICLE VI.
NEGATIVE COVENANTS
96106
SECTION 6.01
Maximum Net Leverage Ratio
96106
SECTION 6.02
Minimum Interest Coverage Ratio
97106
SECTION 6.03
Negative Pledge
97106
SECTION 6.04
Consolidations, Mergers and
Sales of Assets; Acquisitions
99109
SECTION 6.05
Subsidiary Debt
99109
SECTION 6.06
OFAC and Anti-Corruption Laws
101110
SECTION 6.07
Outbound Investment Rules
101111
ARTICLE VII.
EVENTS OF DEFAULT
102112
ARTICLE VIII.
THE ADMINISTRATIVE AGENT
104115
SECTION 8.01
Authorization and Action
104115
SECTION 8.02
Administrative Agent’s
Reliance, Indemnification, Etc.
107117
SECTION 8.03
Posting of Communications
108118
SECTION 8.04
The Administrative Agent Individually
109119
SECTION 8.05
Successor Administrative Agent
109120
SECTION 8.06
Acknowledgement of Lenders
and Issuing Banks
110121
SECTION 8.07
Certain ERISA Matters
112123
SECTION 8.08
Borrower Communications
113124
ARTICLE IX.
MISCELLANEOUS
114125
SECTION 9.01
Notices
114125
SECTION 9.02
Waivers; Amendments
115127
SECTION 9.03
Expenses; Indemnity; Damage
Waiver
117129
SECTION 9.04
Successors and Assigns
119131
SECTION 9.05
Survival
124136
SECTION 9.06
Counterparts; Integration;
Effectiveness; Electronic Execution
124137
SECTION 9.07
Severability
126138
SECTION 9.08
Right of Setoff
126138
SECTION 9.09
Governing Law; Jurisdiction;
Consent to Service of Process
126138
SECTION 9.10
WAIVER OF JURY TRIAL
128140
SECTION 9.11
Headings
128140
SECTION 9.12
Confidentiality
128141
SECTION 9.13
USA PATRIOT Act; Beneficial
Ownership Regulation
129142
SECTION 9.14
Interest Rate Limitation
130142
SECTION 9.15
No Fiduciary Duty, etc.
130142
SECTION 9.16
Acknowledgement and Consent
to Bail-In of Affected Financial Institutions
131143
SECTION 9.17
Confirmation of Lender’s
Status as Swiss Qualifying Lender
131144
SECTION 9.18
Acknowledgement Regarding Any
Supported QFCs
131144
ARTICLE X.
GUARANTEE
132145
SECTION 10.01
Guaranty
132145
SECTION 10.02
Swiss Limitation Language for
Swiss Loan Parties
134147
SCHEDULES:
Schedule 2.01
--
Commitments
Schedule 2.05
--
Swingline Sublimits
Schedule 6.03
--
List of Existing Liens
Schedule 6.05
--
Existing Debt
EXHIBITS:
Exhibit A
--
Form of Assignment and
Assumption
Exhibit B-1
--
Form of Opinion of Foley &
Lardner LLP
Exhibit B-2
--
Form of Opinion of Arthur Cox
Exhibit B-3
--
Form of Opinion of Allen
Overy Shearman Sterling
Exhibit C-1
--
Form of Increasing Lender
Supplement
Exhibit C-2
--
Form of Augmenting Lender
Supplement
Exhibit D-1
--
Form of Revolving
Credit Note
Exhibit D-2
--
Form of
Term Loan Note
Exhibit E
--
List of Closing Documents
Exhibit F-1
--
Form of Affiliate Borrowing
Agreement
Exhibit F-2
--
Form of Affiliate Borrowing
Termination
Exhibit G
--
[Reserved]
Exhibits H-1-4
--
Form of U.S. Tax Compliance
Certificates
Exhibit I
--
Form of Irish Qualifying
Lender Confirmation
SECOND AMENDED
AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of May 5, 2025 among PENTAIR plc, an Irish public limited
company, PENTAIR FINANCE S.À R.L., a Luxembourg private limited liability company (Société à responsabilité
limitée) having its registered office at 26, Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg and registered
with the Luxembourg Trade and Companies Register (Registre de commerce et des sociétés, Luxembourg) under number
B166305, PENTAIR, INC., a Minnesota corporation, the other AFFILIATE BORROWERS from time to time party hereto, the LENDERS from time
to time party hereto and JPMORGAN CHASE BANK, N.A. and J.P. MORGAN SE,
as Administrative Agent.
WHEREAS, the
Parent, the Company, the Initial Affiliate Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent
thereunder, are currently party to the Credit Agreement, dated as of December 16, 2021 (as amended, supplemented or otherwise modified
prior to the date hereof, the “Existing Credit Agreement”).
WHEREAS, the
Parent, the Company, the Initial Affiliate Borrower, the Lenders, the Departing Lenders (as hereafter defined) and the Administrative
Agent have agreed (a) to enter into this Agreement in order to (i) amend and restate the Existing Credit Agreement in its entirety; (ii)
re-evidence the “Obligations” under, and as defined in, the Existing Credit Agreement, which shall be repayable in accordance
with the terms of this Agreement and (iii) set forth the terms and conditions under which the Lenders will, from time to time, make loans
and extend other financial accommodations to or for the benefit of the Borrowers and (b) that each Departing Lender shall cease to be
a party to the Existing Credit Agreement as evidenced by its execution and delivery of its Departing Lender Signature Page.
WHEREAS, it is the intent
of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the parties under the Existing
Credit Agreement or be deemed to evidence or constitute full repayment of such obligations and liabilities, but that this Agreement amend
and restate in its entirety the Existing Credit Agreement and re-evidence the obligations and liabilities of the Parent, the Company
and the Initial Affiliate Borrower outstanding thereunder, which shall be payable in accordance with the terms hereof.
WHEREAS, it
is also the intent of the Parent, the Company and the Initial Affiliate Borrower to confirm that all obligations under the applicable
“Loan Documents” (as referred to and defined in the Existing Credit Agreement) shall continue in full force and effect as
modified or restated by the Loan Documents (as referred to and defined herein) and that, from and after the Effective Date, all references
to the “Credit Agreement” contained in any such existing “Loan Documents” shall be deemed to refer to this Agreement.
NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein, the parties hereto agree that the Existing Credit Agreement
is hereby amended and restated as follows:
ARTICLE I.
DEFINITIONS
SECTION 1.01
Defined Terms. As used in this Agreement, the following terms have the meanings specified below:
“ABR”,
when used in reference to any Loan or Borrowing, refers to such Loan, or the Loans comprising such Borrowing, bearing interest at a rate
determined by reference to the Alternate Base Rate. All ABR Loans shall be denominated in Dollars.
“Acquisition”
means any transaction or series of related transactions (excluding any transaction solely among the Parent and/or one or more persons
that are already Subsidiaries) that result, directly or indirectly, in (a) the acquisition by the Parent or any Subsidiary of all or
substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person, (b) the acquisition
of in excess of 50% of the capital stock, partnership interests, membership interests or equity of any Person, or otherwise causing any
Person to become a Subsidiary, or (c) a merger or consolidation or any other combination with another Person; provided that the Parent
or a Subsidiary is the ultimate surviving entity.
“Acquisition
Debt” means any Debt of the Parent or any of its Subsidiaries that has been issued for the purpose of financing, in whole or
in part, a Material Acquisition and any related transactions or series of related transactions (including for the purpose of refinancing
or replacing all or a portion of any pre- existing Debt of the Parent, any of its Subsidiaries or the person(s) or assets to be acquired);
provided that (a) the release of the proceeds thereof to the Parent and its Subsidiaries is contingent upon the consummation of such
Material Acquisition and, pending such release, such proceeds are held in escrow (and, if the definitive agreement (or, in the case of
a tender offer or similar transaction, the definitive offer document) for such acquisition is terminated prior to the consummation of
such Material Acquisition or if such Material Acquisition is otherwise not consummated by the date specified in the definitive documentation
relating to such Debt, such proceeds shall be promptly applied to satisfy and discharge all obligations of the Parent and its Subsidiaries
in respect of such Debt) or (b) such Debt contains a “special mandatory redemption” provision (or other similar provision)
or otherwise permits or requires such Debt to be redeemed or prepaid if such Material Acquisition is not consummated by the date specified
in the definitive documentation relating to such Debt (and if the definitive agreement (or, in the case of a tender offer or similar
transaction, the definitive offer document) for such Material Acquisition is terminated in accordance with its terms prior to the consummation
of such Material Acquisition or such Material Acquisition is otherwise not consummated by the date specified in the definitive documentation
relating to such Debt, such Debt is so redeemed or prepaid within 90 days of such termination or such specified date, as the case may
be).
“Acquisition-Related Incremental Term Loans”
has the meaning assigned to such term in Section 2.20.
“Additional Commitment Lender” has
the meaning assigned to such term in Section 2.25(d).
“Adjusted
Daily Simple RFR” means (i) with respect to any RFR Borrowing denominated in Dollars, an interest rate per annum equal to the
Daily Simple RFR for Dollars and (ii) with respect to any RFR Borrowing comprised of Swingline Loans denominated in euro, an interest
rate per annum equal to the Daily Simple RFR for euro; provided that if the Adjusted Daily Simple RFR as so determined would be
less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.
“Adjusted
EURIBO Rate” means, with respect to any Term Benchmark Borrowing denominated in euro for any Interest Period, an interest rate
per annum equal to (a) the EURIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if
the Adjusted EURIBO Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes
of this Agreement.
6
“Adjusted
Term SOFR Rate” means, with respect to any Term Benchmark Borrowing denominated in Dollars for any Interest Period, an interest
rate per annum equal to the Term SOFR Rate for such Interest Period; provided that if the Adjusted Term SOFR Rate as so determined
would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.
“Administrative
Agent” means JPMCB (including its branches and affiliates) in its capacity as administrative
agent for the Lenders hereunder, and any successor administrative agent arising under Section 9.04.the U.S. Administrative Agent and/or the Non-U.S. Administrative Agent as the context
requires or as the U.S. Administrative Agent and/or Non-U.S. Administrative Agent deems appropriate in its or their sole discretion.
“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.
“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.
“Affiliate”
means, as to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control
with, such Person. A Person shall be deemed to be “controlled by” any other Person if such other Person possesses, directly
or indirectly, power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise
(but, for the avoidance of doubt, no individual shall be deemed to be an Affiliate of a Person solely because such individual is a director
(or the equivalent thereof) or senior officer of such Person).
“Affiliate Borrower Sublimit” means
$300,000,000.
“Affiliate
Borrowers” means, collectively, the Initial Affiliate Borrower and any Eligible Subsidiary that becomes an Affiliate Borrower
pursuant to Section 2.23 and, in each case, that has not ceased to be an Affiliate Borrower; and “Affiliate Borrower”
means any of the Affiliate Borrowers.
“Affiliate
Borrowing Agreement” means an Affiliate Borrowing Agreement substantially in the form of Exhibit F-1.
“Affiliate Borrowing Termination”
means an Affiliate Borrowing Termination substantially in the form of Exhibit F-2.
“Aggregate
Commitment” means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time
to time pursuant to the terms and conditions hereof. The initial Aggregate Commitment as of the Effective Date is $900,000,000.
“Agreed Currencies” means with respect
to (a) Revolving Loans, Agreed Loan Currencies and (b) Letters of Credit, Agreed LC Currencies.
“Agreed LC Currencies” means
(a) the Agreed Loan Currencies and (b) any other currency that is (i) readily available and freely transferable and convertible into
Dollars and (ii) agreed to by the Company, the Administrative Agent and the relevant Issuing Bank.
“Agreed
Loan Currencies” means (i) Dollars, (ii) euro and (iii) any other currency that is (A) a lawful currency (other than Dollars)
that is readily available and freely transferable and convertible into Dollars and (B) agreed to by the Administrative Agent and each
of the Revolving Lenders.
7
“Agreement” has the meaning specified
in the introductory paragraph.
“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
NYFRB Rate in effect on such day plus ½ of 1% and (c) the Adjusted Term SOFR Rate for a one month Interest Period as published
two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the
immediately preceding U.S. Government Securities Business Day) plus 1%; provided that for the purpose of this definition, the
Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, on such
day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR
Reference Rate methodology). Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted
Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted
Term SOFR Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 (for
the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base
Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance
of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be
1.00% for purposes of this Agreement.
“Amendment
No. 1 Effective Date” means May 5, 2026.
“Ancillary Document” has the meaning
assigned to such term in Section 9.06.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Parent and its affiliated companies
concerning or relating to bribery, corruption or money laundering.
“Applicable
LC Sublimit” means (i) with respect to JPMCB in its capacity as an Issuing Bank under this Agreement, $40,000,000, (ii) with
respect to Bank of America, N.A. in its capacity as an Issuing Bank under this Agreement, $40,000,000, (iii) with respect to Bank of
Montreal, London Branch in its capacity as an Issuing Bank under this Agreement, $40,000,000, (iv) with respect to Citibank, N.A. in
its capacity as an Issuing Bank under this Agreement, $40,000,000, (v) with respect to U.S. Bank National Association in its capacity
as an Issuing Bank under this Agreement, $40,000,000 and (vi) with respect to any other Person that becomes an Issuing Bank pursuant
to the terms of this Agreement, such amount as agreed to in writing by the Company, the Administrative Agent and such Person at the time
such Person becomes an Issuing Bank pursuant to the terms of the Agreement, as each of the foregoing amounts may be decreased or increased
from time to time with the written consent of the Company, the Administrative Agent and the Issuing Banks (provided that any increase
in the Applicable LC Sublimit with respect to any Issuing Bank shall only require the consent of the Company and such Issuing Bank).
“Applicable Maturity Date” has the
meaning assigned to such term in Section 2.25(a).
“Applicable Parties” has the meaning
assigned to such term in Section 8.03(c).
“Applicable
Percentage” means, with respect to any Lender, (a) with respect
to Revolving Loans, Revolving Credit Exposure, LC Exposure or Swingline Loans, the percentage of
the Aggregate Commitment represented byequal to a
fraction the numerator of which is such Lender’s Revolving
Commitment;
provided that, in the case of Section 2.24 when a Defaulting Lender shall exist, “Applicable Percentage”
shall mean the percentage of the Aggregate Commitment (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s
Commitment. If the and the denominator of which is
the aggregate Revolving Commitments of all Revolving Lenders (if the Revolving Commitments have terminated or expired, the
Applicable Percentages shall be determined based upon the Revolving Commitments most recently
in effect, giving effect to any assignments and to any Lender’s status as);
provided that in the case of Section 2.24 when a Defaulting Lender at the time of determination.shall
exist, any such Defaulting Lender’s Revolving Commitment shall be disregarded in the calculation and (b) with respect to the Term
Loans, a percentage equal to a fraction the numerator of which is such Lender’s outstanding principal amount of the Term Loans
and the denominator of which is the aggregate outstanding principal amount of the Term Loans of all Term Lenders.
8
“Applicable
Rate” means, for any day, with respect to any Term Benchmark Revolving
Loan, any Term Benchmark Term Loan, any ABR Revolving
Loan, any ABR Term Loan or any RFR Loan,
or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the
caption “Term Benchmark / RFR Spread for Revolving
Loans”, “Term Benchmark / RFR Spread for Term Loans”, “ABR Spread ”, for
Revolving Loans”, “ABR Spread for Term Loans” or “Facility Fee”, as the case may be, based
upon the Pricing Level applicable on such date.
Pricing
Facility
Term
ABR
Term
ABR
Level
Fee
Benchmark /
Spread
Benchmark /
Spread for
RFR Spread
for Revolving
RFR Spread
Term Loans
for Revolving
Loans
for
Loans
Term Loans
Level I
0.10%
0.90%
0%
0.875%
0%
Level II
0.11%
1.015%
0.015%
1.00%
0%
Level III
0.125%
1.125%
0.125%
1.125%
0.125%
Level IV
0.15%
1.225%
0.225%
1.25%
0.25%
Level V
0.20%
1.425%
0.425%
1.50%
0.50%
For purposes hereof: (i) Pricing Level I,
Leverage Level 1 and Ratings Level A are equivalent and correspond to each other, (ii) Pricing Level II, Leverage Level 2 and Ratings
Level B are equivalent and correspond to each other, (iii) Pricing Level III, Leverage Level 3 and Ratings Level C are equivalent and
correspond to each other, (iv) Pricing Level IV, Leverage Level 4 and Ratings Level D are equivalent and correspond to each other and
(v) Pricing Level V, Leverage Level 5 and Ratings Level E are equivalent and correspond to each other.
At any time of determination, the
Pricing Level shall be determined by reference to the Leverage Level or the Ratings Level, as the Company shall from time to time
elect by written notice to the Administrative Agent, and any change in Pricing Level resulting from such election by the Company
shall be effected as promptly as practicable by the Administrative Agent after receiving such written election from the Company.
Notwithstanding anything to the contrary set forth in this definition, it is understood and agreed that Pricing Level III shall be
deemed to be applicable from the Amendment No. 1
Effective Date until the Administrative Agent’s receipt of the financial statements and related compliance certificate for the
Parent’s first fiscal quarter ending after the Amendment No.
1 Effective Date (it being understood and agreed that the Company shall not be permitted to elect pricing by reference to
the Ratings Level until such receipt by the Administrative Agent of such financial statements and compliance certificate), and
adjustments to the Pricing Level then in effect shall thereafter be effected in accordance with the terms of this
definition.
9
Leverage Level Determination
Leverage
Level
Net
Leverage Ratio
Level
1
≤ 0.50 to 1.00
Level
2
> 0.50 to 1.00
but
≤
1.00 to 1.00
Level
3
> 1.00 to 1.00
but
≤
1.75 to 1.00
Level
4
>1.75 to 1.00 but
≤
2.50 to 1.00
Level
5
> 2.50 to 1.00
If at any time the Parent fails to deliver
the quarterly or annual financial statements or related compliance certificates required under Section 5.01 on or before the date
such statements or certificates are due, Leverage Level 5 shall be deemed applicable for the period commencing three (3) Business Days
after such required date of delivery and ending on the date which is three (3) Business Days after such statements or certificates are
actually delivered, after which the Leverage Level shall be determined in accordance with this definition.
Except as otherwise provided in the paragraph
below or in the immediately preceding paragraph, adjustments, if any, to the Leverage Level then in effect shall be effective three (3)
Business Days after the Administrative Agent has received the applicable financial statements and certificates (it being understood and
agreed that each change in Leverage Level shall apply during the period commencing on the effective date of such change and ending on
the date immediately preceding the effective date of the next such change).
Ratings Level Determination
Ratings
Level
Public
Debt Ratings
(S&P / Moody’s
/ Fitch)
Level
A
A- / A3 / A- or higher
Level
B
BBB+ / Baa1 / BBB+
Level
C
BBB / Baa2 / BBB
Level
D
BBB- / Baa3 / BBB-
Level
E
BB+ / Ba1 / BB+ or
lower
10
For purposes of the foregoing, (a)
if only one of S&P, Moody’s or Fitch shall have in effect a Public Debt Rating, the Ratings Level shall be determined by reference
to the available rating; (b) if none of S&P, Moody’s or Fitch shall have in effect a Public Debt Rating, the Ratings Level
will be set in accordance with Level E; (c) if all three of the rating agencies shall have a Public Debt Rating in effect and the ratings
established by each of S&P, Moody’s and Fitch shall fall within three different Levels in the immediately foregoing table (such
Level A, Level B, Level C, Level D and Level E, collectively, the “Levels” and each a “Level”),
the Ratings Level shall be based upon the intermediate Level; (d) if all three of the rating agencies shall have a Public Debt Rating
in effect and two out of the three ratings of S&P, Moody’s and Fitch are at the same Level, then the Ratings Level shall be
based on such Level, (e) if only two Public Debt Ratings from S&P, Moody’s and Fitch are available and such ratings fall within
different Levels, then the Ratings Level shall be based on the higher rating unless such ratings differ by two or more Levels, in which
case the applicable Ratings Level will be deemed to be one Level above the lower of such Levels, (f) if any rating established by S&P,
Moody’s or Fitch shall be changed, such change shall be effective as of the third Business Day following the date on which such
change is first announced publicly by the rating agency making such change; (g) if S&P, Moody’s or Fitch shall change the basis
on which ratings are established, each reference to the Public Debt Rating announced by S&P, Moody’s or Fitch, as the case
may be, shall refer to the then equivalent rating by S&P, Moody’s or Fitch, as the case may be (and if there is no such equivalent
rating, to the rating most recently in effect prior to such change); and (h) if any such rating agency shall cease to be in the business
of rating corporate debt obligations, the Company and the Lenders shall negotiate in good faith to amend this definition to reflect the
unavailability of ratings from such rating agency and, pending the effectiveness of such amendment, the Ratings Level shall be determined
by reference to the rating (and the Level applicable thereto) most recently in effect prior to such cessation.
“Applicable
Time” means, with respect to any Borrowings and payments in any Foreign Currency, the local time in the place of settlement
for such Foreign Currency as may be determined by the Administrative Agent or the applicable Issuing Bank, as the case may be, to be
necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment.
“Approved Borrower Portal” has the
meaning assigned to it in Section 8.08(a).
“Approved Electronic Platform” has
the meaning assigned to it in Section 8.03(a).
“Approved Fund” has the meaning
assigned to such term in Section 9.04.
“Approved
Jurisdictions” means Ireland, Switzerland, Luxembourg, the United States and England and Wales.
“ Arrangers”
means (i) each of JPMCB, BofA Securities, Inc., BMO
Capital Markets Corp., Citibank, N.A. and U.S. Bank National Association in its capacity as a joint bookrunner and joint lead
arranger hereunder. for
the Revolving Credit Facility and (ii) each of JPMCB, BofA Securities, Inc., BMO Capital Markets Corp., PNC Capital Markets LLC and
U.S. Bank National Association in its capacity as a joint bookrunner and joint lead arranger hereunder for the Term Loan
Facility.
“Assignment
and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A
or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.
“Augmenting Lender” is defined in
Section 2.20.
11
“Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Revolving
Credit Maturity Date and the date of termination of the Revolving
Commitments.
“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark for any Agreed Loan Currency,
as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark
(or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise,
for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including,
for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant
to clause (e) of Section 2.14.
“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an
Affected Financial Institution.
“Bail-In
Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country
from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the
United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings).
“Bail-In Lender” is defined in Section
2.19(b).
“Banking
Services” means each and any of the following bank services provided to the Parent or any Subsidiary by any Lender or any of
its Affiliates: (a) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing cards),
(b) stored value cards, (c) merchant processing services and (d) treasury management services (including, without limitation, controlled
disbursement services, automated clearinghouse transactions, return items services, any direct debit scheme or arrangement, overdraft
services and interstate depository network services).
“Banking
Services Agreement” means any agreement entered into by the Parent or any Subsidiary in connection with Banking Services.
“Bankruptcy Code” means the Federal
Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.).
“Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors
or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith
determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect thereof,
provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership
interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or
provides such Person 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 permits such Person (or such Governmental Authority or instrumentality) to reject,
repudiate, disavow or disaffirm any contracts or agreements made by such Person.
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“Benchmark”
means, initially, with respect to any (i) RFR Loan in any Agreed Loan Currency, the applicable Relevant Rate for such Agreed Loan Currency
or (ii) Term Benchmark Loan, the Relevant Rate for such Agreed Loan Currency; provided that if a Benchmark Transition Event and
the related Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such
Agreed Loan Currency, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement
has replaced such prior benchmark rate pursuant to clause (b) of Section 2.14.
“Benchmark
Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the
Administrative Agent for the applicable Benchmark Replacement Date; provided that, in the case of any Loan denominated in a Foreign
Currency, “Benchmark Replacement” shall mean the alternative set forth in (2) below:
(1) in the case of any Loan denominated in Dollars, the Adjusted Daily Simple RFR for RFR Borrowings denominated in Dollars; or
(2) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of
a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated
in the applicable Agreed Loan Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment;
provided
that if the Benchmark Replacement as determined pursuant to clause (1) or clause (2) above would be less than the Floor, the Benchmark
Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.
“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement
for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment,
or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected
by the Administrative Agent and the Company for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the
applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii)
any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities
denominated in the applicable Agreed Loan Currency at such time.
“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement and/or any Term Benchmark Revolving Loan
denominated in Dollars, any technical, administrative or operational changes (including changes to the definition of
“Alternate Base Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities
Business Day,” the definition of “RFR Business Day,” the definition of “Interest Period,” timing and
frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or
continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or
operational matters) that the Administrative Agent, in consultation with the Company, decides in its reasonable good faith
discretion may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof
by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides in
its reasonable good faith discretion that adoption of any portion of such market practice is not administratively feasible or if the
Administrative Agent determines in its reasonable good faith discretion that no market practice for the administration of such
Benchmark exists, in such other manner of administration as the Administrative Agent, in consultation with the Company, decides is
reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
13
“Benchmark Replacement Date”
means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:
(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public
statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published
component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such
component thereof); or
(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the
published component used in the calculation thereof) has been or, if such Benchmark is a term rate, all Available Tenors of such Benchmark
(or component thereof) have been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such
component thereof) to be no longer representative; provided that such non-representativeness will be determined by reference to the most
recent statement or publication referenced in such clause (3) and even if such Benchmark (or component thereof) or, if such Benchmark
is a term rate, any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.
For the avoidance
of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time
in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such
determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2)
with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current
Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark
Transition Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect
to such then-current Benchmark:
(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely as of a specific date; provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is
a term rate, any Available Tenor of such Benchmark (or such component thereof);
14
(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board, the NYFRB, the CME Term SOFR Administrator,
the central bank for the Agreed Loan Currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator
for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component)
or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component),
in each case which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark
(or such component thereof) or, if such Benchmark is a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently
or indefinitely as of a specific date; provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate, any Available Tenor of
such Benchmark (or such component thereof); or
(3) a public statement
or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in
the calculation thereof) announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate, all Available
Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.
For the avoidance
of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement
or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the
published component used in the calculation thereof).
“Benchmark Unavailability
Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then- current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and (y) ending at the time that
a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 2.14.
“Beneficial Ownership Certification”
means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means
31 C.F.R. § 1010.230.
“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title
I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person
whose assets include (for purposes of the Plan Asset Regulations 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”.
“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.
“Blocking Law” has the meaning
assigned to it in Section 3.12.
“Blocking Regulation” has
the meaning assigned to it in Section 3.12.
“Board” means the Board
of Governors of the Federal Reserve System of the United States of America.
15
“Borrower” means the Company or any Affiliate
Borrower.
“Borrowing”
means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Term Benchmark Loans, as
to which a single Interest Period is in effect or,
(b) a Term Loan of the same Type and Class, made, converted or continued
on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect or (c) a
Swingline Loan.
“Borrowing
Request” means a request by any Borrower for a Borrowing in accordance with Section 2.03 in substantially the form approved
by the Administrative Agent and separately provided to the Company.
“Business
Day” means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City; provided
that, in addition to the foregoing, a Business Day shall be (i) in relation to Loans denominated in euro and in relation to the calculation
or computation of the EURIBO Rate, any day which is a TARGET Day, (ii) in relation to RFR Loans and any interest rate settings, fundings,
disbursements, settlements or payments of any such RFR Loan, or any other dealings in the applicable Agreed Currency of such RFR Loan,
any such day that is only a RFR Business Day and (iii) in relation to Loans referencing the Adjusted Term SOFR Rate and any interest rate
settings, fundings, disbursements, settlements or payments of any such Loans referencing the Adjusted Term SOFR Rate or any other dealings
of such Loans referencing the Adjusted Term SOFR Rate, any such day that is a U.S. Government Securities Business Day.
“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent, the applicable Issuing
Bank and the Revolving Lenders, as collateral or support for the LC Exposure, cash or deposit
account balances, or a standby letter of credit from a financial institution satisfactory to the Administrative Agent, in each case pursuant
to documentation in form and substance reasonably satisfactory to the Administrative Agent and the applicable Issuing Bank (which documents
are hereby consented to by the Lenders). Derivatives of such term shall have corresponding meanings.
“CBR Loan”
means a Loan that bears interest at a rate determined by reference to the Central Bank Rate.
“CBR Spread” means the Applicable Rate
applicable to a Loan that is replaced by a CBR Loan.
“Central Bank Rate”
means the greater of (i) (A) for any Loan denominated in euro, one of the following three rates as may be selected by the Administrative
Agent reasonably and in good faith: (1) the fixed rate for the main refinancing operations of the European Central Bank (or any successor
thereto), or, if that rate is not published, the minimum bid rate for the main refinancing operations of the European Central Bank (or
any successor thereto), each as published by the European Central Bank (or any successor thereto) from time to time, (2) the rate for
the marginal lending facility of the European Central Bank (or any successor thereto), as published by the European Central Bank (or any
successor thereto) from time to time, or (3) the rate for the deposit facility of the central banking system of the Participating Member
States, as published by the European Central Bank (or any successor thereto) from time to time and (c) any other Foreign Currency determined
after the Effective Date, a central bank rate as determined by the Administrative Agent in its reasonable good faith discretion; plus
(B) the applicable Central Bank Rate Adjustment and (ii) the Floor.
16
“Central Bank Rate Adjustment” means,
for any day, for any Loan denominated in:
(a) euro,
a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average of the Adjusted EURIBO Rate for
the five most recent Business Days preceding such day for which the EURIBO Screen Rate was available (excluding, from such averaging,
the highest and the lowest Adjusted EURIBO Rate applicable during such period of five Business Days) minus (ii) the Central Bank Rate
in respect of euro in effect on the last Business Day in such period, and
(b) any other
Foreign Currency determined after the Effective Date, an adjustment as determined by the Administrative Agent in its reasonable good faith
discretion designed to represent the reserve ratio or analogous requirement of any central banking or financial regulatory authority imposed
in respect of the maintenance of the Commitments or the funding of the Loans.
For purposes of this
definition, (x) the term Central Bank Rate shall be determined disregarding clause (i)(B) of the definition of such term and (y) the EURIBO
Rate on any day shall be based on the EURIBO Screen Rate on such day at approximately the time referred to in the definition of such term
for deposits in the applicable Agreed Currency for a maturity of one month.
“Change in Law”
means the occurrence, after the Effective Date (or with respect to any Lender, if later, the date on which such Lender becomes a Lender),
of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation
or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority, or (c) the making
or issuance of any request, rule, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority;
provided however, that notwithstanding anything herein to the contrary, except to the extent they are merely proposed and not in
effect, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives
thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and 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, issued or implemented.
“Charges” has the meaning assigned to
such term in Section 9.14.
“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans,
Term Loans or Swingline Loans.
“CME Term
SOFR Administrator” means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight
Financing Rate (SOFR) (or a successor administrator).
“Code” means the Internal Revenue Code
of 1986, as amended from time to time
“Combination” has the meaning assigned
to such term in Section 2.09(c).
“Combined Lender” has the meaning assigned
to such term in Section 2.09(c).
“Commitment” means, with respect to
each Lender, the amountsum of such
Lender’s Revolving Commitment and Term Loan Commitment. The initial amount of each
Lender’s Commitment is set forth on Schedule 2.01 opposite such
Lender’s name under the heading “Commitment”, or in the Assignment and Assumption or
other documentation or record (as such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) as provided
in Section 9.04(b)(ii)(C) or other documentation contemplated
hereby pursuant to which such Lender shall have assumed its Revolving
Commitment or Term Loan Commitment pursuant to the terms hereof, as applicable,
and giving effect to (a) any reduction in such amount from time to time pursuant to Section 2.09, (b) any increase from time to time
pursuant to Section 2.20 and (c) any reduction or increase in such amount from time to time pursuant to assignments by or to such
Lender pursuant to Section 9.04; provided that at no time shall the Revolving Credit
Exposure of any Lender exceed its Commitment..
17
“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.
“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party
pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or
any Issuing Bank by means of electronic communications pursuant to Section 8.03(c), including through an Approved Electronic Platform.
“Company”
means Pentair Finance S.à r.l., a Luxembourg private limited liability company (société à responsabilité
limitée), having its registered office at 26, Boulevard Royal, L-2449 Luxembourg and registered with the Luxembourg Trade and
Companies Register (Registre de commerce et des sociétés, Luxembourg) under number B166305.
“Computation Date” has the meaning assigned
to such term in Section 2.04.
“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.
“Consolidated
Subsidiary” means, as of any date, any Subsidiary or other entity the accounts of which would be consolidated with those of
the Parent in its consolidated financial statements as of such date prepared in accordance with GAAP.
“Consolidated Total Assets”
means the total consolidated assets of the Parent and its Subsidiaries, in each case determined in accordance with GAAP.
“Corresponding
Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment
period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Country Risk Event” means:
(a) any law, action
or failure to act by any Governmental Authority in any Borrower’s or Letter of Credit beneficiary’s country which has the
effect of:
(i)
changing the obligations of any Issuing Bank or the Lenders under the relevant Letter of Credit, the Agreement or any of the other Loan
Documents as originally agreed or otherwise creating any additional liability, cost or expense to any Issuing Bank, the Lenders or the
Administrative Agent from that which exists on the Effective Date,
(ii)
changing the ownership or control by such Borrower or Letter of Credit beneficiary of its business, or
18
(iii) preventing or restricting the conversion
into or transfer of the applicable Agreed Currency;
(b) force majeure; or
(c) any similar event,
which, in relation to (a), (b) and (c),
directly or indirectly, prevents or restricts the payment or transfer of any amounts owing under the relevant Letter of Credit in the
applicable Agreed Currency into an account designated by the Administrative Agent or such Issuing Bank and freely available to the Administrative
Agent or such Issuing Bank.
“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).
“Covered Party” has the meaning assigned
to it in Section 9.18.
“Credit
Exposure” means, as to any Lender at any time, the sum of (a) such Lender’s Revolving Credit Exposure at such time, plus (b)
an amount equal to the aggregate principal amount of its Term Loans outstanding at such time.
“Credit Event” means a Borrowing, the issuance or extension of a Letter of Credit, the amendment of a Letter of Credit that increases the face
amount thereof, an LC Disbursement or any of the foregoing.
“Credit Party”
means the Administrative Agent, the Issuing Banks, the Swingline Lenders or any other Lender.
“Daily
Simple RFR” means, for any day (an “RFR Interest Day”), an interest rate per annum equal to, for any
RFR Loan denominated in (i) Dollars, Daily Simple SOFR (following a Benchmark Transition Event and a Benchmark Replacement Date with
respect to the Term SOFR Rate) and (ii) euro (solely with respect to Swingline Loans denominated in euro), ESTR for the day that is
five (5) RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (B) if such RFR
Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day.
“Daily Simple
SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day that is five
(5) RFR Business Days prior to (i) if such SOFR Rate Day is an RFR Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is
not an RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by
the SOFR Administrator on the SOFR Administrator’s Website. Any change in Daily Simple SOFR due to a change in SOFR shall be
effective from and including the effective date of such change in SOFR without notice to the Company. If by 5:00 p.m. (New York City
time) on the second (2nd) RFR Business Day immediately following any SOFR Determination Date, SOFR in respect of such SOFR
Determination Date has not been published on the SOFR Administrator’s Website and a Benchmark Replacement Date with respect to
the Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Date will be SOFR as published in respect of the first
preceding RFR Business Day for which such SOFR was published on the SOFR Administrator’s Website.
19
“Debt”
means, with respect to any Person at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person
to pay the deferred purchase price of property or services, except trade accounts payable and accrued liabilities (including
employee compensation and benefit obligations) arising in the ordinary course of business, (iv) the outstanding principal
obligations of such Person as lessee under capital leases, (v) all Debt of others secured by a Lien on any asset of such Person,
whether or not such Debt is assumed by such Person (it being understood that if such Debt has not been assumed by such Person, the
amount of such Debt shall be deemed to be the lesser of the fair market value at such date of such asset and the amount of such
Debt), (vi) the aggregate outstanding investment or claim held by purchasers, assignees or transferees of (or of interests in)
receivables of such Person in connection with any Securitization Transaction, (vii) all non-contingent reimbursement obligations of
such Person under letters of credit and bank guarantees, and (viii) all Debt (as defined above) of others Guaranteed by such Person.
Notwithstanding the foregoing, Debt shall exclude (a) any customary purchase price adjustments, earnouts, holdbacks and deferred
payments of a similar nature in connection with a Permitted Acquisition (including deferred compensation representing consideration
or other contingent obligations incurred in connection with a Permitted Acquisition), (b) any obligations in respect of customer
advances in the ordinary course of business consistent with past practices, (c) defeased, discharged and/or redeemed indebtedness so
long as (1) neither the Parent nor any Subsidiary has any liability (contingent or otherwise) with respect to such indebtedness and
(2) the cash, securities and/or other assets used to defease, discharge and/or redeem such indebtedness are not, directly or
indirectly, an asset of the Parent or any Subsidiary and (d) interest, fees, make-whole amounts, premiums, charges or expenses, if
any, relating to the principal amount of Debt. In the event any of the foregoing Debt is limited to recourse against a particular
asset or assets of such Person, the amount of the corresponding Debt shall be equal to the lesser of the amount of such Debt and the
fair market value of such asset or assets, as determined by the Company in good faith, at the date for determination of the amount
of such Debt. For the avoidance of doubt, the amount of Debt of any Person at any date will be calculated without duplication of any
Guarantee in respect thereof.
“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.
“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.
“Defaulting
Lender” means any Lender that (a) has failed, within three (3) Business Days of the date required to be funded or paid, to
(i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay
over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender
notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a
condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b)
has notified the Company or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or
expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that
such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and
including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other
agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by the Company or the
Administrative Agent, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it
will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in
then outstanding Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a
Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance
satisfactory to it and the Administrative Agent, or (d) has become the subject of (i) a Bankruptcy Event and/or (ii) a Bail-In
Action.
20
“Departing
Lender” means each lender under the Existing Credit Agreement that executes and delivers to the Administrative Agent a Departing
Lender Signature Page.
“Departing
Lender Signature Page” means the signature page to this Agreement on which it is indicated that the Departing Lender executing
the same shall cease to be a party to the Existing Credit Agreement on the Effective Date.
“Designated Persons” means any Person
listed on a Sanctions List.
“Disqualified Institutions”
means (i) those Persons identified by the Company to the Administrative Agent and the Lenders in writing prior to the Effective Date,
(ii) those Persons that are reasonably determined by the Company to be competitors of the Company or any of its Subsidiaries and which
have been specifically identified by the Company to the Administrative Agent and the Lenders in writing prior to the Effective Date and
(iii) in the case of each of clauses (i) and (ii) (and any supplements thereto as contemplated below), any of their respective Affiliates,
to the extent any such Affiliate (x) is clearly identifiable as an Affiliate of the applicable Person solely by similarity of such Affiliate’s
name and (y) is not a bona fide debt investment fund that is an Affiliate of such Person; provided that, the Company, by notice
to the Administrative Agent and the Lenders after the Effective Date, shall be permitted to supplement from time to time in writing by
name the list of Persons that are Disqualified Institutions to the extent that the Persons added by such supplements are determined by
the Company to be competitors of the Company or any of its Subsidiaries (or Affiliates of such competitors that are not bona fide debt
investment funds). Each such supplement shall become effective three (3) Business Days after delivery thereof to the Administrative Agent
and the Lenders (including through an Approved Electronic Platform) in accordance with Section 9.01, but which shall not apply
retroactively to disqualify any Persons that have previously acquired an assignment or participation interest in the Loans (but solely
with respect to such Loans). It is understood and agreed that (i) the Administrative Agent shall have no responsibility or liability to
determine or monitor whether any Lender or potential Lender is a Disqualified Institution, (ii) the Company’s failure to deliver
such list (or supplement thereto) in accordance with Section 9.01 shall render such list (or supplement) not received and not effective
and (iii) “Disqualified Institution” shall exclude any Person that the Company has designated as no longer being a “Disqualified
Institution” by written notice delivered to the Administrative Agent (which notice may be distributed to the Lenders) from time
to time in accordance with Section 9.01.
“Disregarded
Entity” means an entity that, pursuant to Treas. Reg. § 301.7701-2(c)(2), is disregarded for U.S. federal income Tax purposes
as an entity separate from its owner.
“Documentation
Agent” means (i) each of PNC Bank, National Association, Bank of China, Los
Angeles Branch, Banco Bilbao Vizcaya Argentaria, S.A. New York Branch and Sumitomo Mitsui Banking Corporation in its capacity as
documentation agent for the credit facility evidenced by this
Agreement.Revolving Credit Facility and (ii) each of Bank of China, Los
Angeles Branch and Banco Bilbao Vizcaya Argentaria, S.A. New York Branch in its capacity as documentation agent for the Term Loan
Facility.
21
“Dollar Amount”
of any amount of any currency means, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, (b)
if such amount is expressed in a Foreign Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for
the purchase of Dollars with such Foreign Currency last provided (either by publication or otherwise provided to the Administrative Agent)
by the applicable Reuters source on the Business Day (New York City time) immediately preceding the date of determination or if such service
ceases to be available or ceases to provide a rate of exchange for the purchase of Dollars with such Foreign Currency, as provided by
such other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the
Administrative Agent in its reasonable discretion (or if such service ceases to be available or ceases to provide such rate of exchange,
the equivalent of such amount in Dollars as reasonably determined by the Administrative Agent, in consultation with the Company, using
any reasonable method of determination it deems reasonably appropriate) and (c) if such amount is denominated in any other currency, the
equivalent of such amount in Dollars as reasonably determined by the Administrative Agent, in consultation with the Company, using any
reasonable method of determination it deems reasonably appropriate.
“Dollars” or “$” refers
to lawful money of the United States of America.
“Domestic Subsidiary” means each Subsidiary
of the Parent other than a Foreign Subsidiary.
“DQ List” has the meaning specified in
Section 9.04(e)(iv) hereof.
“EBITDA”
means, for any period, the sum of the consolidated net income of the Parent for such period excluding the effect of (a) any non-
cash gains (including any non-cash gains arising from the adoption of mark-to-market accounting with respect to pension or other
retirement benefit plans); (b) any non-cash losses, charges and expenses (including any non-cash loss, charge or expense arising
from the adoption of mark-to-market accounting with respect to pension or other retirement benefit plans); (c) any earnings from
discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement
to dispose of such operations, such earnings shall be excluded in the calculation of EBITDA (i) only when and to the extent such
operations are actually disposed of and (ii) if the sales revenue generated by the applicable entity or business unit in the twelve
(12) months prior to such disposition was $25,000,000 or more); (d) fees, costs, expenses, premiums, make-whole or penalty payments,
other similar items and, in the case of clause (v) below, awards, settlement payments and similar amounts, in each case,
incurred after the Effective Date arising out of (i) Permitted Acquisitions, (ii) investments and dispositions not prohibited by
this Agreement, (iii) any incurrence, issuance, repayment or refinancing of Debt permitted by this Agreement, (iv) any issuance or
redemption of Equity Interests and (v) litigation, arbitration and/or other resolutions of legal disputes (provided that the
aggregate amount permitted to be added back pursuant to this clause (d)(v) shall not exceed $25,000,000 during such period);
(e) any losses, charges, costs and expenses from discontinued operations plus, to the extent deducted in determining such
consolidated net income, but without duplication, Interest Expense, taxes on or measured by income, depreciation, amortization,
non-cash stock-based compensation expenses; (f) any losses, charges, costs and expenses from restructurings, casualty and
condemnation events, takings under power of eminent domain and similar events (not to exceed 10% of EBITDA for such period); (g) any
unusual or non-recurring losses, charges, costs and expenses to the extent deducted in the calculation of consolidated net income
(together with the amount added back pursuant to clause (h) below, not to exceed 10% of EBITDA); and (h) any cost-savings and
cost synergies resulting from a Permitted Acquisition projected in good faith by the Parent to be realized within 18 months of such
acquisition (together with the amounts in clause (g) above, not to exceed 10% of EBITDA).
22
“ECP”
means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated
thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.
“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the
supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described
in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution
described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution
Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA
Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Effective
Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section
9.02).
“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted
by a Person with the intent to sign, authenticate or accept such contract or record.
“Eligible
Subsidiary” means any (i) Subsidiary incorporated or organized under the laws of an Approved Jurisdiction and (ii) Subsidiary
that is approved from time to time by the Administrative Agent and each of the Revolving
Lenders.
“Environmental
Claims” means all claims, however asserted, by any Governmental Authority or other Person alleging potential liability or responsibility
for violation of any Environmental Law, or for release or injury to the environment.
“Environmental
Laws” means all federal, state and local laws, statutes, common law duties, rules, regulations, ordinances and codes, together
with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any judicial,
regulating or other governmental authority, in each case relating to environmental and land use matters or health or safety matters affecting
the environment or land use.
“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Parent or any Subsidiary directly or indirectly resulting from or based upon
(a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any
Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into
the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.
23
“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust
or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any such equity interest.
“ERISA” means the Employee Retirement
Income Security Act of 1974.
“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Parent within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).
“ESTR”
means, with respect to any Business Day, a rate per annum equal to the Euro Short Term Rate for such Business Day published by the ESTR
Administrator on the ESTR Administrator’s Website.
“ESTR Administrator”
means the European Central Bank (or any successor administrator of the Euro Short Term Rate).
“ESTR Administrator’s
Website” means the European Central Bank’s website, currently at http://www.ecb.europa.eu, or any successor source for
the Euro Short Term Rate identified as such by the ESTR Administrator from time to time.
“EU” means the European Union.
“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.
“EURIBO Rate”
means, with respect to any Term Benchmark Borrowing denominated in euro and for any Interest Period, the EURIBO Screen Rate two (2) TARGET
Days prior to the commencement of such Interest Period.
“EURIBO Screen Rate”
means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration
of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01
of the Reuters screen (or any replacement Reuters page which displays that rate) or on the appropriate page of such other information
service which publishes that rate from time to time in place of Reuters as published at approximately 11:00 a.m. Brussels time on such
date of determination. If such page or service ceases to be available, the Administrative Agent may specify another page or service displaying
the relevant rate after consultation with the Company.
“euro” and/or “EUR”
means the single currency of the Participating Member States.
“Event of
Default” has the meaning assigned to such term in Article VII; provided that any requirement for the giving
of notice, the lapse of time, or both, or any other condition has been satisfied.
“Excluded
Swap Obligation” means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a
portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified
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) (a) by virtue of such
Loan Party’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or the grant of such
security interest becomes or would become effective with respect to such Specified Swap Obligation or (b) in the case of a Specified
Swap Obligation subject to a clearing requirement pursuant to Section 2(h) of the Commodity Exchange Act (or any successor provision
thereto), because such Loan Party is a “financial entity,” as defined in Section 2(h)(7)(C)(i) of the Commodity Exchange
Act (or any successor provision thereto), at the time the Guarantee of such Loan Party or the grant of such security interest
becomes or would become effective with respect to such related Specified Swap Obligation. If a Specified Swap Obligation arises
under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Specified Swap
Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.
24
“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on
account of any obligation of any Borrower or any guarantor under any Loan Document, (a) Taxes imposed on or measured by net income (however
denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed by the jurisdiction under the laws of which such recipient
is organized or in which it has a principal office or, in the case of any Lender, in which its applicable lending office is located or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, any U.S. federal withholding Tax that is imposed on amounts payable
to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law
in effect on the date on which (i) such Lender becomes a party to this Agreement (other than pursuant to an assignment request by the
Company or any other Borrower under Section 2.19(b) or Section 9.02(c)) or (ii) such Lender designates a new lending office,
except in each case to the extent that such Lender (or its assignor, if any) was entitled, immediately before the designation of a new
lending office (or an assignment), to receive additional amounts pursuant to Section 2.17(a), (c) Taxes attributable to such recipient’s
failure to comply with Section 2.17(e), (d) any withholding Tax that is imposed under FATCA and (e) any deduction or withholding
on account of Taxes imposed by Luxembourg under the law dated 23 December 2005, as amended, introducing a final withholding tax on interest
payable to Luxembourg resident individuals.
“Existing Credit Agreement” is defined
in the recitals hereof.
“Existing
Loan Agreement” means that certain Loan Agreement, dated as of March 24, 2022, among the Parent, the Borrower, the lenders party
thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended, restated, supplemented or otherwise modified from time to
time prior to the Amendment No. 1 Effective Date).
“Existing Loans” has the meaning assigned
to such term in Section 1.10.
“Extended Maturity Date” has the meaning
assigned to such term in Section 2.25(a).
“Extending Lender” has the meaning assigned
to such term in Section 2.25(b).
“Extension
Availability Period” means the period beginning on the Effective Date and ending on the five year anniversary thereof.
“Extension Date” has the meaning assigned
to such term in Section 2.25(a).
“Facility
Office” means the office or offices through which a Lender will perform its obligations under this Agreement.
“FATCA”
means 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), any current or future regulations or official
interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental
Authorities and implementing such Sections of the Code.
25
“FATCA Deduction”
means a deduction or withholding from a payment under a Loan Document required by FATCA.
“Federal
Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions
by depositary institutions, as determined in such manner as shall be set forth on the NYFRB’s Website from time to time, and published
on the next succeeding Business Day by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Effective Rate
as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
“Financial
Officer” means (i) with respect to the Company, a Manager of the Company; and (ii) with respect to the Parent, the Chief Financial
Officer, the Chief Accounting Officer or the Treasurer of the Parent.
“Fitch” means Fitch Ratings, Inc.
“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate, the Adjusted
Daily Simple RFR, or the Central Bank Rate, as applicable. For the avoidance of doubt, the initial Floor for each of the Adjusted Term
SOFR Rate, the Adjusted EURIBO Rate, the Adjusted Daily Simple RFR or the Central Bank Rate shall be 0%.
“Foreign Currencies” means each Agreed
Currency other than Dollars.
“Foreign Currency
LC Exposure” means, at any time, the sum of (a) the Dollar Amount of the aggregate undrawn, available and unexpired amount of
all outstanding Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements
in respect of Foreign Currency Letters of Credit that have not yet been reimbursed at such time.
“Foreign Currency Letter of Credit” means
a Letter of Credit denominated in a Foreign Currency.
“Foreign
Currency Payment Office” of the Administrative Agent shall mean, for each Foreign Currency, the office, branch, affiliate or
correspondent bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Company
and each Lender.
“Foreign Currency Sublimit” means $300,000,000.
“Foreign
Lender” means a Lender that is neither a U.S. Person nor a Disregarded Entity that is treated for U.S. federal income Tax purposes
as having as its sole owner a Person that is a U.S. Person.
“Foreign
Subsidiary” means, with respect to any Person, each Subsidiary of such Person that is incorporated or organized under the laws
of a jurisdiction located outside of the United States or any state thereof.
26
“GAAP” means generally
accepted accounting principles as from time to time in effect in the United States of America.
“Governmental Authority”
means any federal, state, municipal, national or other governmental department, commission, board, bureau, court, agency, ministry or
instrumentality or political subdivision thereof or any entity, officer, minister or other Person exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to any government or any court (including any supra-national bodies such as the
European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules
or standards (including the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking
Supervision or any successor or similar authority to any of the foregoing).
“Guarantee”
means, with respect to any Person, any obligation of such Person, contingent or otherwise, directly or indirectly guaranteeing any Debt
of any other Person or in any manner providing for the payment of any Debt of any other Person or otherwise protecting the holder of such
Debt against loss (whether by agreement to keep- well, to purchase assets, goods, securities or services, to take-or-pay or otherwise);
provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course
of business. The term “Guarantee” used as a verb has a correlative meaning. It is understood that the amount of any
Guarantee of or by any Person shall be deemed to be the lower of (a) the amount of Debt in respect of which such Guarantee exists and
(b) the maximum amount for which such Person may be liable pursuant to the instrument embodying such Guarantee. For the avoidance of doubt,
in the event any Guarantee is limited to recourse against a particular asset or assets of such Person, the amount of such Guarantee shall
be equal to the lesser of the amount of such Guarantee and the fair market value of such asset or assets, as determined by such Person
in good faith, at the date for determination of the amount of such Guarantee.
“Guarantor” means the Parent.
“Hazardous
Materials” means (a) petroleum and petroleum products, 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.
“Hedging
Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or similar agreement involving,
or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial
or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these
transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current
or former directors, officers, employees or consultants of the Parent or the Subsidiaries shall be a Hedging Agreement.
“Increasing Lender” has the meaning assigned
to such term in Section 2.20.
“Incremental Term Loan” has the meaning
assigned to such term in Section 2.20.
“Incremental Term Loan Amendment” has
the meaning assigned to such term in Section 2.20.
“Indemnified
Taxes” means (a) Taxes other than Excluded Taxes imposed on or with respect to any payment made by any Loan Party under any
Loan Document and (b) Other Taxes.
27
“Indemnitee” has the meaning assigned
to such term in Section 9.03(b).
“Ineligible Institution” has the meaning
assigned to such term in Section 9.04(b).
“Information” has the meaning assigned
to such term in Section 9.12.
“Initial Affiliate Borrower” means Pentair,
Inc., a Minnesota corporation.
“Insolvency Regulation”
means Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast).
“Interest
Coverage Ratio” means, for any period, the ratio of (i) EBITDA for such period to (ii) Interest Expense (excluding any Interest
Expense in respect of intercompany Debt), to the extent paid in cash, for such period.
“Interest Expense”
means, for any period, the sum, without duplication, of consolidated interest expense of the Parent and its Subsidiaries for such period
(including, in each case to the extent included in interest expense on the Parent’s consolidated income statement, the interest
component of capital leases, the interest component of Synthetic Lease Obligations, facility, commitment and usage fees, and fees for
standby letters of credit), plus consolidated yield or discount accrued, during such period on the aggregate outstanding investment
or claim held by purchasers, assignees or other transferees of (or of interests in) receivables of the Parent and its Subsidiaries in
connection with any Securitization Transaction (regardless of the accounting treatment of such Securitization Transaction), plus net payments
(if any) pursuant to Hedging Agreements, minus the sum (without duplication) of (a) annual administrative agent fees, (b) costs
associated with obtaining swap agreements and any interest expense attributable to the movement of the mark-to-market valuation of obligations
under swap agreements or other derivative instruments and any one- time costs associated with breakage in respect of swap agreements for
interest rates, (c) costs associated with the issuance or incurrence of debt, including amortization and write-off of deferred and other
financing fees, debt issuance costs, commissions, fees and expenses and original issue discount, (d) PIK interest, (e) any non-cash expense
in respect of any interest component relating to accretion or accrual of discounted liabilities and (f) net receipts (if any) pursuant
to Hedging Agreements.
“Interest
Election Request” means a request by the applicable Borrower to convert or continue a Borrowing in accordance with Section
2.08 in substantially the form attached hereto as Exhibit G-2 or such other form as the Administrative Agent may approve from
time to time.
“Interest Payment
Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and
December and the applicable Maturity Date, (b) with respect to any RFR Loan, each date that is on the numerically corresponding day in
each calendar month that is one month after the Borrowing of such RFR Loan (or, if there is no such numerically corresponding day in such
month, then the last day of such month) and the applicable Maturity Date, (c) with respect
to any Term Benchmark Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part and, in the
case of a Term Benchmark Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of
such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and the applicable
Maturity Date, and (d) with respect to any Swingline Loan, the day that such Loan is required to be repaid and the applicable Maturity
Date.
28
“Interest
Period” means with respect to any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending
on the numerically corresponding day in the calendar month that is one, three or six months thereafter (or such other period of time
as is acceptable to each of the Lenders) (in each case, subject to the availability for the Benchmark applicable to the relevant
Loan or Commitment for any Agreed Currency), as the applicable Borrower (or the Company on behalf of the applicable Borrower) may
elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be
extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in
which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last
Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such
Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has
been removed from this definition pursuant to Section 2.14(e) shall be available for specification in any Borrowing Request
or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is
made and thereafter, other than for purposes of Section 4.02, shall be the effective date of the most recent conversion or
continuation of such Borrowing.
“Ireland” means Ireland, exclusive of
Northern Ireland.
“Irish Borrower” means any Affiliate Borrower
resident for tax purposes in Ireland.
“Irish Companies Act” means the Companies
Act 2014 of Ireland.
“Irish Guarantor” means the Parent.
“Irish Loan
Party” means any Irish Borrower or any Irish Guarantor or any Affiliate Borrower incorporated in Ireland.
“Irish Qualifying Lender” means
a Lender which is beneficially entitled to interest payable to it in respect of an advance under this Agreement, and is:
(a) a bank within
the meaning of Section 246 of the Irish TCA which is carrying on a bona fide banking business in Ireland for the purposes of Section 246(3)(a)
of the Irish TCA and whose Facility Office is located in Ireland; or
(b)
(i)
a company (within the meaning of Section 246 of the Irish TCA) which by virtue of the laws of a Relevant Territory is resident in that
Relevant Territory for the purposes of tax and that Relevant Territory imposes a tax that generally applies to interest receivable in
that Relevant Territory by companies from sources outside that Relevant Territory; or
(ii) a company
(within the meaning of Section 246 of the Irish TCA) in receipt of interest under this Agreement which:
(A) is exempted from the charge to Irish income tax under an Irish Treaty between Ireland
and the country in which the Lender is resident for tax purposes having the force of law under the procedures set out in section 826(1)
of the Irish TCA; or
(B) would be exempted from the charge to Irish income tax under an Irish Treaty between Ireland and the
country in which the Lender is resident for tax purposes entered into on or before the payment date of that interest if that Irish Treaty had the force of law under the procedures set
out in section 826(1) of the Irish TCA at that date; or
29
(iii) a U.S.
company that is incorporated in the U.S. and taxed in the U.S. on its worldwide income; or
(iv) a U.S.
limited liability company (“LLC”), provided the ultimate recipients of the interest would be Irish Qualifying Lenders
within paragraph (i), (ii) or (iii) of this definition and the business conducted through the LLC is so structured for non-tax commercial
reasons and not for tax avoidance purposes;
provided that,
in the case of (i), (ii), (iii), and (iv), the company does not provide its (or in the case of (iv), the ultimate recipients of the interest
do not provide their) commitment in connection with a trade or business which is carried on in Ireland through a branch or agency; or
(c) a body corporate which:
(i) advances
money in the ordinary course of a trade which includes the lending of money and whose Facility Office is located in Ireland; and
(ii) in whose
hands any interest payable in respect of money so advanced is taken into account in computing the trading income of that company; and
(iii) which
has complied with the notification requirements set out in Section 246(5)(a) of the Irish TCA.
(d) a qualifying company within the meaning
of Section 110 of the Irish TCA; or
(e) an investment undertaking within the meaning
of Section 739B of the Irish TCA; or
(f) an Irish Treaty Lender; or
(g) an exempted approved scheme within the
meaning of Section 774 of the Irish TCA.
“Irish TCA” means the Taxes Consolidation
Act, 1997 of Ireland.
“Irish Treaty
Lender” means a Lender (other than a Lender falling within clause (b) of the definition of Irish Qualifying Lender) which
is on the date the relevant payment is made entitled under a double taxation agreement (an “Irish Treaty”) in force
on that date between Ireland and another jurisdiction to that payment without any withholding for or on account of Irish Tax (subject
to the completion of any procedural formalities) and which does not carry on a business in Ireland through a permanent establishment
with which that Lender’s participation in the Loan is effectively connected.
“Issuing
Bank” means each of JPMCB, Bank of America, N.A., Bank of Montreal, London Branch, Citibank, N.A. and U.S. Bank National Association
and each other Lender designated by the Company as an “Issuing Bank” hereunder that has agreed to such designation (and is
reasonably acceptable to the Administrative Agent), each in its capacity as the issuer of Letters of Credit hereunder, and its successors
in such capacity as provided in Section 2.06(i). Each Issuing Bank may, in its discretion, arrange for one or more Letters of
Credit to be issued by Affiliates or branches of such Issuing Bank, in which case the term “Issuing Bank” shall include any
such Affiliate or branch, as applicable, with respect to Letters of Credit issued by such Affiliate or branch, as applicable (excluding
Sections 2.06(i) and 9.04(b)(i)(C)). Each reference herein to the “Issuing Bank” in connection with a Letter of Credit or
other matter shall be deemed to be a reference to the relevant Issuing Bank with respect thereto, and, further, references herein to
“the Issuing Bank” shall be deemed to refer to each of the Issuing Banks or the relevant Issuing Bank, as the context requires.
30
“JPMCB” means JPMorgan Chase Bank, N.A.
“Knowledge” means the
actual knowledge of a Responsible Officer, without giving effect to imputed or constructive knowledge or giving rise to any duty to investigate.
“LC Disbursement” means a payment made
by an Issuing Bank pursuant to a Letter of Credit.
“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all outstanding Letters of Credit at such time which are then
available plus (b) the aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company
at such time. The LC Exposure of any Revolving Lender at any
time shall be its Applicable Percentage of the total LC Exposure at such time. For all purposes of this Agreement, if on any date of
determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of
Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or
such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices,
International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar
terms in the governing rules or laws or of the Letter of Credit itself, or if compliant documents have been presented but not yet honored,
such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available
to be paid, and the obligations of the Company and each Lender shall remain in full force and effect until the relevant Issuing Bank
and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter
of Credit.
“Lender Notice Date” has the meaning
assigned to such term in Section 2.25(b).
“Lender
Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.
“Lender-Related Person” has the meaning
assigned to such term in Section 9.03(d).
“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender hereunder pursuant to Section
2.20 or pursuant to an Assignment and Assumption or other documentation contemplated hereby, other than any such Person that ceases
to be a party hereto pursuant to an Assignment and Assumption or other documentation contemplated hereby. Unless the context otherwise
requires, the term “Lenders” includes the Swingline Lenders and the Issuing Banks. For the avoidance of doubt, the term “Lenders”
excludes the Departing Lender.
“Letter
of Credit” means any standby or commercial letter of credit issued pursuant to this Agreement.
“Letter of Credit Agreement” has the
meaning assigned to such term in Section 2.06(b).
“Liabilities” means any losses, claims, damages
or liabilities.
31
“Lien”
means any interest in property securing any obligation owed to, or a claim by, a Person other than the owner of the property, whether
such interest is based on the common law, statute, regulation, decree or contract, including (a) any lien or security interest arising
from any mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or consignment or bailment for security
purposes and (b) the interest of a person under a capital lease (but excluding the interest of a lessor under an operating lease).
“Liquidity”
means, at any time, the amount of unrestricted an unencumbered cash and cash equivalent investments of the Parent and its Subsidiaries
at such time that is not subject to any Lien other than Liens permitted under Section 6.03 that is in excess of $5,000,000 but
in no event to exceed $250,000,000.
“Limited Conditionality Acquisition”
has the meaning assigned to such term in Section 2.20.
“Limited
Conditionality Acquisition Agreement” has the meaning assigned to such term in Section 2.20.
“Loan Documents”
means this Agreement, each Affiliate Borrowing Agreement, each Affiliate Borrowing Termination, each Letter of Credit Agreement, any
promissory notes executed and delivered pursuant to Section 2.10(d), each Borrowing Request and any and all other instruments
and documents executed and delivered in connection with any of the foregoing.
“Loan Party” means the Parent, the Company
and each Affiliate Borrower.
“Loans”
means the loans made by the Lenders to the Borrowers pursuant to this Agreement, it being understood that conversions and continuations
of Loans are not Loans hereunder.
“Local Time”
means (i) Chicago time in the case of a Loan, Borrowing or LC Disbursement denominated in Dollars and (ii) local time in the case of
a Loan, Borrowing or LC Disbursement denominated in a Foreign Currency (it being understood that such local time shall mean (a) London,
England time with respect to any Foreign Currency (other than euro) and (b) Brussels, Belgium time with respect to euro, in each case
of the foregoing clauses (a) and (b) unless otherwise notified by the Administrative Agent).
“Luxembourg” means the Grand Duchy of
Luxembourg.
“Luxembourg Debtor
Relief Laws” means (i) bankruptcy (faillite) within the meaning of Articles 437 et seq. of the Luxembourg Commercial
Code, (ii) judicial reorganisation proceedings in the form of a mutual agreement (réorganisation judiciaire par accord amiable),
a collective agreement (réorganisation judiciaire par accord collectif) or a judicial reorganisation by transfer by court
order (réorganisation judiciaire par transfert par décision de justice) within the meaning of Luxembourg law of
7 August 2023 on business preservation and modernization of the bankruptcy law, (iv) suspension of payments (sursis de paiement)
within the meaning of Articles 593 et seq. of the Luxembourg Commercial Code, and (v) voluntary or compulsory liquidation pursuant
to the Luxembourg law of August 10, 1915 on commercial companies.
“Luxembourg Person”
means an entity that (i) is organized under the laws of the Grand-Duchy of Luxembourg, (ii) has its center of main interests, within
the meaning of the Insolvency Regulation, in Luxembourg or (iii) has an establishment, within the meaning of the Insolvency Regulation,
in Luxembourg.
32
“Luxembourg
Relief” means bankruptcy (faillite), suspension of payments (sursis de paiement), administrative dissolution
without liquidation “(dissolution administrative sans liquidation), judicial reorganisation proceedings in the form of a
mutual agreement (réorganisation judiciaire par accord amiable), a collective agreement (réorganisation judiciaire
par accord collectif) or a judicial reorganisation by transfer by court order (réorganisation judiciaire par transfert
par décision de justice), a general settlement with creditors and voluntary or compulsory liquidation, as such terms are understood
within the Luxembourg Debtor Relief Laws, and also means any other proceedings affecting the rights of creditors generally or the appointment
of an interim administrator (administrateur provisoire).
“Material
Acquisition” means any acquisition if the aggregate consideration paid or to be paid (including liabilities to be assumed as
part of the purchase consideration) by the Parent or a Subsidiary in respect of such acquisition is equal to or greater than $250,000,000.
“Material
Adverse Effect” means a material adverse effect on (i) the business, assets, operations or financial condition of the Parent
and its Subsidiaries taken as a whole or (ii) the ability of any Loan Party to perform its obligations hereunder; provided, however,
that specific events, circumstances, changes, effects or conditions (and not general economic or industry conditions) specifically applicable
to the Parent and its Subsidiaries disclosed in the Public Filings shall not constitute a “Material Adverse Effect” to the
extent so disclosed.
“Material
Financial Obligations” means Debt or Synthetic Lease Obligations of the Parent or any Subsidiary (excluding amounts owed to
the Parent or any Subsidiary that is wholly-owned (except for directors’ qualifying shares)) in an aggregate amount (for all applicable
Debt and Synthetic Lease Obligations, but without duplication) equal to or greater than a Dollar Amount of $75,000,000.
“Material Subsidiary”
means (a) each Borrower and (b) each other Subsidiary of the Parent that at the time of determination constitutes a “significant
subsidiary” (as such term is defined in Regulation S-X of the SEC as in effect on the date of this Agreement).
“Maturity
Date” means the five year anniversary of the Effective Date, as extended (in the case of
each Lender consenting thereto) pursuant to Section 2.25; provided,
however, in each case, if such date is not a Business Day, the Maturity Date shall be the next
preceding Business DayRevolving Credit Maturity Date
or the Term Loan Maturity Date, as the case may be.
“Maximum Rate” has the meaning assigned
to such term in Section 9.14.
“Moody’s” means Moody’s Investors
Service, Inc.
“Net Leverage
Ratio” means, as of the last day of any period of four consecutive fiscal quarters, the ratio of (a) (i) the sum (without duplication)
of the outstanding principal amount of all Debt (excluding, without duplication, Synthetic Lease Obligations) of the Parent and its Consolidated
Subsidiaries determined on a consolidated basis as of such date, minus (ii) Liquidity as of such date, to (b) EBITDA for the period
of four consecutive fiscal quarters then ended; provided that for purposes of calculating EBITDA pursuant to this clause (b),
the consolidated net income of any Person or business unit acquired (or divested or liquidated, if the sales revenue generated by such
Person or business unit in the 12 months prior to such divestiture or liquidation was $ 25,000,000 or more) by the Parent or any Subsidiary
during such period ( plus, to the extent deducted in determining such consolidated net income, Interest Expense, income tax expense,
depreciation and amortization and non-cash compensation expenses of such Person or business unit) shall be included (or, in the case
of a divestiture or liquidation, excluded) on a pro forma basis for such period (assuming the consummation of each such acquisition
and the incurrence or assumption of any Debt in connection therewith (or the consummation of such divestiture or liquidation) occurred
on the first day of such period) in accordance with Article 11 of Regulation S-X of the SEC; provided, further, that,
at any time after the definitive agreement for any Material Acquisition shall have been executed (or, in the case of a Material Acquisition
in the form of a tender offer or similar transaction, after the offer shall have been launched) and prior to the consummation of such
Material Acquisition (or termination of the definitive documentation in respect thereof (or such later date as such indebtedness ceases
to constitute Acquisition Debt as set forth in the definition of “Acquisition Debt”)), any Acquisition Debt (and the proceeds
of such Debt) shall be excluded from the determination of the Net Leverage Ratio.
33
“New Money Credit
Event” means with respect to any Issuing Bank, any increase (directly or indirectly) in such Issuing Bank’s exposure
(whether by way of additional credit or banking facilities or otherwise, including as part of a restructuring) to any Borrower occurring
by reason of (i) any law, action or requirement of any Governmental Authority in such Borrower’s or such Letter of Credit beneficiary’s
country, or (ii) any agreement in relation to clause (i), in each case to the extent calculated by reference to the aggregate Revolving
Credit Exposures outstanding prior to such increase.
“Non-Consenting Lender” has the meaning
assigned to such term in Section 9.02(c).
“Non-Extending Lender” has the meaning
assigned to such term in Section 2.25(b).
“Non-U.S.
Administrative Agent” means J.P. Morgan SE (or any of its designated branch offices or affiliates), in its capacity as administrative
agent for the Lenders hereunder.
“Note”
means a note, substantially in the form of Exhibit D-1
or D-2 hereto, as applicable, evidencing
the Revolving Loans of
the applicable Class made by any applicable Lender
to each applicable Borrower.
“NYFRB” means the Federal Reserve Bank
of New York.
“NYFRB Rate”
means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate
in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if
both such rates are not so published for any day that is a Business Day, the term “NYFRB Rate” means the rate quoted for
such day for a federal funds transaction at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal
funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined
would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.
“NYFRB’s
Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.
“Obligations”
means all indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, examinership, receivership
or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the
Parent and its Subsidiaries to any of the Lenders, any of the Issuing Banks, any indemnified party and the Administrative Agent, individually
or collectively, under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement obligations
incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof.
“OFAC” means the Office of Foreign Assets
Control of the U.S. Department of Treasury.
34
“Organizational
Documents” means, (a) with respect to any corporation or unlimited liability company, the certificate or articles of incorporation
and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any
limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to
any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement
of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation
or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any
certificate or articles of formation or organization of such entity.
“Other Connection
Taxes” means, with respect to the Administrative Agent, any Lender or any Issuing Bank, Taxes imposed as a result of a present
or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient
having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security
interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan,
Letter of Credit or Loan Document).
“Other Taxes”
means any and all present or future stamp, registration or documentary Taxes or any other excise or property Taxes, charges or similar
Taxes or levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect
to, any Loan Document, but excluding (i) Excluded Taxes and (ii) any such stamp, court or documentary, intangible, mortgage, recording,
filing or similar Tax that becomes payable upon a registration made by any party (including, for the avoidance of doubt, any Luxembourg
registration duties (droits d'enregistrement)), including the Administrative Agent or any Lender, if such registration is not
required to enforce the rights of such party or obligations of any party under a Loan Document.
“Outbound Investment
Rules” means the regulations administered and enforced, together with any related public guidance issued, by the United States
Treasury Department under U.S. Executive Order 14105 of August 9, 2023, or any similar law or regulation; as of the date of this Agreement,
and as codified at 31 C.F.R. § 850.101 et seq.
“Overnight
Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions
denominated in Dollars by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the
NYFRB as set forth on the NYFRB’s Website from time to time) and published on the next succeeding Business Day by the NYFRB as
an overnight bank funding rate.
“Overnight
Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the NYFRB Rate and (b) with respect to any
amount denominated in a Foreign Currency, an overnight rate reasonably determined by the Administrative Agent or the relevant Issuing
Bank, as the case may be, in accordance with banking industry rules on interbank compensation.
“Parent” means Pentair plc, an Irish
public limited company.
“Participant” has the meaning set forth
in Section 9.04(c).
“Participant Register” has the meaning
set forth in Section 9.04(c).
35
“Participating
Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance
with legislation of the European Union relating to economic and monetary union.
“Patriot Act” has the meaning assigned
to it in Section 9.13.
“Payment” has the meaning assigned to
it in Section 8.06(c).
“Payment Notice” has the meaning assigned
to it in Section 8.06(c).
“PBGC” means the Pension Benefit Guaranty
Corporation and any successor thereto.
“Permitted Acquisition”
means any Acquisition by the Parent or a Subsidiary which satisfies each of the following requirements: (i) no Event of Default or Default
has occurred and is continuing at the time of, or will result upon giving effect to, such Acquisition; and (ii) in the case of the Acquisition
of any Person, the board of directors (or equivalent governing body) of the Person being acquired (or all of the equity holders thereof)
shall have approved such Acquisition.
“Person”
means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture or Governmental Authority.
“Plan”
means at any time an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards
under Section 412 of the Code and is either (i) maintained by the Parent or any ERISA Affiliate for employees of the Parent or such ERISA
Affiliate or (ii) maintained pursuant to a collective bargaining agreement or any other arrangement under which more than one employer
makes contributions and to which the Parent or any ERISA Affiliate is then making or accruing an obligation to make contributions or
has within the preceding five plan years made contributions.
“Plan Asset
Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to
time.
“Prime Rate”
means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street
Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release
H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar
rate quoted therein (as determined reasonably and in good faith by the Administrative Agent) or any similar release by the Board (as
determined reasonably and in good faith by the Administrative Agent). Each change in the Prime Rate shall be effective from and including
the date such change is publicly announced or quoted as being effective.
“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time
to time.
“Public
Debt Rating” means the rating that has been most recently announced by S&P, Moody’s or Fitch, as the case may be,
for any class of non-credit enhanced long-term senior unsecured debt issued by the Company (or if no such rating is then in effect with
respect to such debt, then the corporate, issuer or similar rating with respect to the Parent, that has been most recently announced
by S&P, Moody’s or Fitch, as the case may be), or, if any such rating agency shall have issued more than one such rating, the
lowest such rating issued by such rating agency.
36
“Public
Filings” means any 10-K, 10-Q or 8-K, S-1 or S-4 filed by the Parent, in each case with the SEC after December 31, 2017 and
on or before the Effective Date.
“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).
“QFC Credit Support” has the meaning
assigned to it in Section 9.18.
“Reference
Time” with respect to any setting of the then-current Benchmark means (i) if such Benchmark is the Term SOFR Rate, 5:00 a.m.,
Chicago time, on the day that is two (2) U.S. Government Securities Business Days preceding the date of such setting, (ii) if such Benchmark
is the EURIBO Rate, 11:00 a.m., Brussels time, two (2) TARGET Days preceding the date of such setting, (iii) if, following a Benchmark
Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, the RFR for such Benchmark is Daily Simple SOFR,
then four (4) RFR Business Days prior to such setting or (iv) if such Benchmark is none of the Term SOFR Rate, Daily Simple SOFR or the
EURIBO Rate, the time determined by the Administrative Agent in its reasonable good faith discretion.
“Register” has the meaning set forth
in Section 9.04(b).
“Related Indemnified Person” has the
meaning assigned to it in Section 9.03(b).
“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees,
agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
“Relevant Governmental
Body” means (i) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Board and/or the NYFRB,
or a committee officially endorsed or convened by the Board and/or the NYFRB or, in each case, any successor thereto, (ii) with respect
to a Benchmark Replacement in respect of Loans denominated in euro, the European Central Bank, or a committee officially endorsed or
convened by the European Central Bank or, in each case, any successor thereto or (iii) with respect to a Benchmark Replacement in respect
of Loans denominated in any other currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated
or any central bank or other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator
of such Benchmark Replacement or (b) any working group or committee officially endorsed or convened by (1) the central bank for the currency
in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either
(A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors
or (4) the Financial Stability Board or any part thereof.
“Relevant
Rate” means (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Rate, (ii) with respect
to any Term Benchmark Borrowing denominated in euro, the EURIBO Rate or (iii) with respect to any RFR Borrowing denominated in Dollars,
the applicable Daily Simple RFR, in each case, as applicable.
“Relevant
Screen Rate” means (i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Reference Rate or
(ii) with respect to any Term Benchmark Borrowing denominated in euro, the EURIBO Screen Rate.
37
“Relevant
Territory” means:
(a) a member state
of the European Communities (other than Ireland); or
(b) to the
extent not a member state of the European Communities, a jurisdiction with which Ireland has entered into a double taxation treaty that
either has the force of law by virtue of Section 826(1) of the Irish TCA or which will have the force of law on completion of the procedures
set out in Section 826(1) of the Irish TCA.
“Replacement Lender” has the meaning
assigned to such term in Section 2.09(c).
“Required
Lenders” means, subject to Section 2.24, (a) at any time prior to the earlier of the Loans becoming due and payable
pursuant to Article VII or the Revolving Commitments
terminating or expiring, Lenders having Revolving Credit ExposureExposures
and Unfunded Commitments representing more than 50% of the sum of the Total Revolvingtotal
Credit Exposures and Unfunded Commitments at such time; provided that, solely for purposes of declaring the Loans to be due and
payable pursuant to Article VII, the Unfunded Commitment of each Revolving
Lender shall be deemed to be zero; and (b) for all purposes after the Loans become due and payable pursuant to Article VII or
the Revolving Commitments expire or terminate, Lenders having
Revolving Credit Exposures representing more than 50% of the Total
Revolvingsum of the total Credit ExposureExposures;
provided that, in the case of clauses (a) and (b) above, (x) the Revolving Credit Exposure of any Revolving
Lender that is a Swingline Lender shall be deemed to exclude any amount of its Swingline Exposure in excess of its Applicable Percentage
of all outstanding Swingline Loans, adjusted to give effect to any reallocation under Section 2.24 of the Swingline Exposures of Defaulting
Lenders in effect at such time, and the Unfunded Commitment of such Lender shall be determined on the basis of its Revolving Credit Exposure
excluding such excess amount and (y) for the purpose of determining the Required Lenders needed for any waiver, amendment, modification
or consent of or under this Agreement or any other Loan Document, any Lender that is the Parent or an Affiliate of the Parent shall be
disregarded.
“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Responsible
Officer” means (i) with respect to the Company, a Manager of the Company; (ii) with respect to the Parent, the Chief Executive
Officer, the Chief Financial Officer, the Chief Accounting Officer or the Treasurer of the Parent; and (iii) with respect to any other
Loan Party, a manager, a director, the chief executive officer, the chief operating officer, the president, any vice president (if appointed
by the board of directors or similar governing body of such Loan Party), the chief financial officer, the treasurer or any assistant
treasurer of such Loan Party, or any other officer having substantially the same authority and responsibility.
“Retired Commitments” has the meaning
assigned to such term in Section 2.09(c).
“Reuters” means Thomson Reuters Corp.,
Refinitiv or any successor thereto.
“Revolving
Commitment” means, with respect to each Lender, the commitment of such Lender, if any, to make Revolving Loans and to acquire participations
in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s
Revolving Credit Exposure hereunder, as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.09,
(b) increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by or
to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Revolving Commitment is set forth on Schedule 2.01,
or in the Assignment and Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70) of the New York
Uniform Commercial Code) as provided in Section 9.04(b)(ii)(C) or other documentation contemplated hereby pursuant to which such Lender
shall have assumed its Revolving Commitment pursuant to the terms hereof, as applicable. The aggregate amount of the Revolving Lenders’
Revolving Commitments as of the Amendment No. 1 Effective Date is $900,000,000.
38
“Revolving
Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
Revolving Loans and its LC Exposure and Swingline Exposure at such time.
“Revolving
Credit Facility” means the revolving credit facility under this Agreement.
“Revolving
Credit Maturity Date” means the five year anniversary of the Effective Date, as extended (in the case of each Revolving Lender
consenting thereto) pursuant to Section 2.25; provided, however, in each case, if such date is not a Business Day, the Revolving Credit
Maturity Date shall be the next preceding Business Day.
“Revolving
Lender” means, as of any date of determination, each Lender that has a Revolving Commitment or, if the Revolving Commitments have
terminated or expired, a Lender with Revolving Credit Exposure.
“Revolving Loan” means a Loan made by
a Revolving Lender pursuant to Section 2.01(a).
“RFR”
means, for any RFR Loan denominated in (a) Dollars, (solely following a Benchmark Transition Event and a Benchmark Replacement Date with
respect to the Term SOFR Rate), Daily Simple SOFR and (b) euro (but solely with respect to a Swingline Loan denominated in euro), ESTR,
and when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at
a rate determined by reference to the applicable Adjusted Daily Simple RFR.
“RFR Borrowing” means, as to any Borrowing,
the RFR Loans comprising such Borrowing.
“RFR Business
Day” means, for any Loan denominated in (a) Dollars, a U.S. Government Securities Business Day and (b) euro (but solely with
respect to a Swingline Loan denominated in euro), any day except for (i) a Saturday, (ii) a Sunday or (iii) any day on which the TARGET2
payment system is not open for the settlement of payments in euro.
“RFR Interest Day” has the meaning specified
in the definition of “Daily Simple RFR”.
“RFR Loan” means a Loan that bears interest
at a rate based on the Adjusted Daily Simple RFR.
“S&P” means Standard & Poor’s
Financial Services LLC, a subsidiary of S&P Global Inc.
“Sanctioned Country”
means a country, region or territory which is at any relevant time subject to any comprehensive Sanctions (at the time of this Agreement,
the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea, Zaporizhzhia and Kherson Regions
of Ukraine, Cuba, Iran, and
North Korea and Syria).
“Sanctions” means:
(a) economic or financial
sanctions, trade embargoes or similar restrictions imposed, administered or enforced from time to time by the US government and administered
by OFAC; and
39
(b) (i)
economic or financial sanctions imposed, trade embargoes or similar restrictions
imposed, administered or enforced from time to time by the US State Department, the US Department of Commerce, the US Department of the
Treasury or (ii) the United Nations Security Council, the European Union,
any European Union member state, His Majesty’s Treasury of the United Kingdom or other relevant sanctions authority.
“Sanctions
List” means any of the lists of specifically designated nationals or designated persons or entities (or equivalent) maintained
by the US government, including by OFAC, the US State Department, the US Department of Commerce or the US Department of the Treasury
or by the United Nations Security Council or any similar list maintained by any other U.S. government entity or by
the United Nations Security Council, the European Union, any European Union member state, His Majesty’s Treasury of the United Kingdom
or other relevant sanctions authority or other relevant sanctions authority, in each case as the same may be amended, supplemented or
substituted from time to time.
“SEC”
means the Securities and Exchange Commission of the United States, or any Governmental Authority succeeding to any of its principal functions.
“Securitization
Transaction” means any sale, assignment or other transfer by the Parent or any Subsidiary of accounts receivable, lease receivables,
financial assets or other payment obligations owing to the Parent or such Subsidiary or any interest in any of the foregoing (other than
sales of defaulted receivables, foreign receivables or similar items in the ordinary course of business), together in each case with
any collections and other proceeds thereof, any collection or deposit accounts related thereto, and any collateral, guaranties or other
property or claims in favor of the Parent or such Subsidiary supporting or securing payment by the obligor thereon of, or otherwise related
to, any such receivables, financial assets or other payment obligations.
“Senior Financial Officer”
means the Chief Financial Officer, the Chief Accounting Officer or the Treasurer of the Parent.
“Service
of Process Agent” means (i) so long as the Initial Affiliate Borrower is a Borrower hereunder, the Initial Affiliate Borrower
and (ii) to the extent the Initial Affiliate Borrower ceases to be a Borrower hereunder in accordance with the terms of Section 2.23,
CT Corporation Systems, with an office on the date hereof at 111 Eighth Avenue, New York, New York 10011.
“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.
“SOFR Administrator”
means the NYFRB (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s
Website” means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight
financing rate identified as such by the SOFR Administrator from time to time.
“SOFR Rate Day” has the meaning specified
in the definition of “Daily Simple SOFR”.
40
“Specified
Ancillary Obligations” means all obligations and liabilities (including interest and fees accruing during the pendency of any
bankruptcy, insolvency, examinership, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding)
of any of the Subsidiaries, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent,
matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, to the Lenders
or any of their Affiliates under any Hedging Agreement or any Banking Services Agreement; provided that the definition of “Specified
Ancillary Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan
Party to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any
Loan Party.
“Specified
Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction
that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations
promulgated thereunder.
“Statutory Reserve
Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the
number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted EURIBO Rate
for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the Board) or any other
reserve ratio or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance
of the Commitments or the funding of the Loans. Such reserve percentage shall include those imposed pursuant to Regulation D of the Board.
Term Benchmark Loans for which the associated Benchmark is adjusted by reference to the Statutory Reserve Rate (per the related definition
of such Benchmark) shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit
of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D of the Board
or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change
in any reserve percentage, and the Administrative Agent shall notify the Company promptly of any such adjustment.
“Subsidiary”
of a Person means a company, corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned,
or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Parent.
“Supported QFC” has the meaning assigned
to such term in Section 9.18.
“Surviving Commitment” has the meaning
assigned to such term in Section 2.09(c).
“Surviving Lender” has the meaning assigned
to such term in Section 2.09(c).
“Swingline
Exposure” means, at any time, the aggregate principal Dollar Amount of all Swingline Loans outstanding at such time. The Swingline
Exposure of any Revolving Lender at any time shall be the
sum, without duplication, of (a) its Applicable Percentage of the aggregate principal Dollar Amount of all Swingline Loans outstanding
at such time (excluding, in the case of any Revolving Lender
that is a Swingline Lender, Swingline Loans made by it that are outstanding at such time to the extent that the other Revolving
Lenders shall not have funded their participations in such Swingline Loans), adjusted to give effect to any reallocation under Section
2.24 of the Swingline Exposure of Defaulting Lenders in effect at such time, and (b) in the case of any Revolving
Lender that is a Swingline Lender, the aggregate principal Dollar Amount of all Swingline Loans made by such Revolving
Lender outstanding at such time, less the Dollar Amount of participations funded by the other Revolving
Lenders in such Swingline Loans.
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“Swingline Foreign Currency Sublimit”
means $45,000,000.
“Swingline Lenders”
means each of JPMCB, Bank of America, N.A., Bank of Montreal, London Branch, Citibank, N.A., U.S. Bank National Association and each
other Lender designated by the Company as a “Swingline Lender” hereunder that has agreed to such designation (and is reasonably
acceptable to the Administrative Agent), each in its capacity as a lender of Swingline Loans hereunder.
“Swingline Loan” means a Loan made pursuant
to Section 2.05.
“Swingline Sublimit”
means as to any Lender (i) the amount set forth opposite such Lender’s name on Schedule 2.05 hereof or (ii) if such Lender
has entered into an Assignment and Assumption, the amount set forth for such Lender as its Swingline Sublimit in the Register maintained
by the Administrative Agent pursuant to Section 9.04(b)(iv) (provided that, in the case of each of the foregoing clauses (i) and
(ii), any increase in the Swingline Sublimit with respect to any Lender shall only require the consent of the Company and such Lender).
“Swiss Borrower”
means any Affiliate Borrower organized under the laws of Switzerland or, if different, is deemed resident in Switzerland for Swiss Withholding
Tax purposes pursuant to Article 9 of the Swiss Withholding Tax Act.
“Swiss Guidelines” means, together,
(a)
guideline S-02.123 in relation to interbank loans of 22 September 1986 (Merkblatt Verrechnungssteuer auf Zinsen von Bankguthaben, deren
Gläubiger Banken sind (Interbankguthaben) vom 22 September 1986);
(b)
guideline S-02.130.1 in relation to money market instruments and book claims of April 1999 (Merkblatt vom April 1999 betreffend Geldmarktpapiere
und Buchforderungen inländischer Schuldner);
(c)
circular letter no. 34 of 26 July 2011 (1.034-V-2011) in relation to deposits (Kreisschreiben Nr. 34 betreffend Kundenguthaben vom
26. Juli 2011);
(d)
circular letter no. 15 of 3 October 2017 (1-015-DVS-2017) in relation to bonds and derivative financial instruments as subject matter
of taxation of Swiss federal income tax, Swiss withholding tax and Swiss stamp taxes (Kreisschreiben Nr. 15 “Obligationen und
derivative Finanzinstrumente als Gegenstand der direkten Bundessteuer, der Verrechnungssteuer und der Stempelabgaben” vom 3. Oktober
2017);
(e)
circular letter No. 46 of 24 July 2019 (1-046-VS-2019) in relation to syndicated credit facilities (Kreisschreiben Nr. 46 betreffend
steuerliche Behandlung von Konsortialdarlehen, Schuldscheindarlehen, Wechseln und Unterbeteiligungen vom 24. Juli 2019);
(f)
circular letter No. 47 of 25 July 2019 (1-047-V-2019) in relation to bonds (Kreisschreiben Nr. 47 betreffend Obligationen vom 25.
Juli 2019); and
42
(g) notice 010-DVS-2019-d
in relation to withholding tax treatment of credit balances within the group of 5 February 2019;
each as issued, amended
or substituted from time to time by the Swiss Federal Tax Administration or as substituted or superseded or overruled by any law, statute,
ordinance, court decision, regulation or the like as in force from time to time.
“Swiss Loan
Party” means (a) any Loan Party that is organized under the laws of Switzerland, (b) any Loan Party that is treated as resident
in Switzerland for Swiss Withholding Tax purposes and/or (c) any other Loan Party if, as a result of such Loan Party’s obtaining
or maintaining Credit Events hereunder, there is a bona fide risk that any payment hereunder would become subject to taxation for Swiss
Withholding Tax purposes.
“Swiss Qualifying
Lender” means (i) any bank as defined in the Swiss Federal Code for Banks and Savings Banks dated 8 November 1934 (Bundesgesetz
über die Banken und Sparkassen) as amended from time to time or (ii) a person or entity which effectively conducts banking
activities with its own infrastructure and staff as its principal business purpose and which has a banking license in full force and
effect issued in accordance with the banking laws in force in its jurisdiction of incorporation, or if acting through a branch, issued
in accordance with the banking laws in the jurisdiction of such branch, all and in each case in accordance with the Swiss Guidelines.
“Swiss Non-Bank
Rules” means together the Swiss Twenty Non-Bank Rule and the Swiss Ten-Non-Bank Rule.
“Swiss Non-Qualifying Lender” means any
person which does not qualify as a Swiss Qualifying
Lender.
“Swiss Ten Non-Bank
Rule” means the rule that the aggregate number of Lenders (other than Swiss Qualifying Lenders) of any Swiss Loan Party under
this Agreement must not at any time exceed ten (10); in each case in accordance with the meaning of the Swiss Guidelines or the applicable
legislation or explanatory notes addressing the same issues that are in force at such time.
“Swiss Twenty Non-Bank
Rule” means the rule that (without duplication) the aggregate number of creditors (including the Lenders), other than Swiss
Qualifying Lenders, of the Swiss Borrower under all outstanding debts relevant for classification as debenture (Kassenobligation)
(including debt arising under this Agreement and intra- group loans (if and to the extent intra-group loans are not exempt in accordance
with the ordinance of the Swiss Federal Council of 18 June 2010 amending the Swiss Federal Ordinance on withholding tax and the Swiss
Federal Ordinance on stamp duties with effect as of 1 August 2010)), loans, facilities and/or private placements (including under this
Agreement) must not, at any time, exceed twenty (20); in each case in accordance with the meaning of the Swiss Guidelines.
“Swiss Withholding Tax” means any Taxes
levied pursuant to the Swiss Withholding Tax Act.
“Swiss Withholding
Tax Act” means the Swiss Federal Act on the Withholding Tax of 13 October 1965 (Bundesgesetz über die Verrechnungssteuer
vom 13. Oktober 1965, SR 642.21), together with the related ordinances, regulations and guidelines, all as amended and applicable
from time to time.
“Switzerland” means the Swiss Confederation.
43
“Syndication
Agent” means (i) each of Bank of America, N.A.,
Bank of Montreal, London Branch, Citibank, N.A. and U.S. Bank National Association in its capacity as syndication agent for the credit
facility evidenced by this Agreement.Revolving Credit
Facility and (ii) each of Bank of America, N.A., Bank of Montreal Europe plc, PNC Bank, National Association and U.S. Bank National Association
in its capacity as syndication agent for the Term Loan Facility.
“Synthetic
Lease Obligations” means obligations under operating leases (as determined pursuant to Statement of Financial Accounting Standards
No. 13) of properties which are reported for United States income tax purposes as owned by the Parent or a Consolidated Subsidiary. The
amount of Synthetic Lease Obligations under any such lease shall be determined in accordance with GAAP as if such operating lease were
a capital lease.
“T2” means the real time gross settlement
system operated by the Eurosystem, or any successor system.
“TARGET
Day” means any day on which T2 (or, if such payment system ceases to be operative, such other payment system, if any, reasonably
determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in euro.
“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, fees, value added taxes, or any other goods and services,
use or sales taxes, assessments, charges or withholdings imposed by any Governmental Authority, including any interest, additions to
tax or penalties applicable thereto.
“Term Benchmark”,
when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such Borrowing, bears interest at a rate
determined by reference to the Adjusted Term SOFR Rate (except pursuant to clause (c) of the definition of “Alternate Base Rate”)
or the Adjusted EURIBO Rate.
“Term
Lender” means, as of any date of determination, each Lender having a Term Loan Commitment or that holds Term Loans.
“Term
Loan Commitment” means (a) as to any Term Lender, the aggregate commitment of such Term Lender to make Term Loans as set forth
on Schedule 2.01 or in the Assignment and Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70)
of the New York Uniform Commercial Code) as provided in Section 9.04(b)(ii)(C) or other documentation contemplated hereby pursuant to
which such Lender shall have assumed its Term Loan Commitment, as applicable and (b) as to all Term Lenders, the aggregate commitment
of all Term Lenders to make Term Loans, which aggregate commitment shall be $500,000,000 on the Amendment No. 1 Effective Date. After
advancing the Term Loan, each reference to a Term Lender’s Term Loan Commitment shall refer to that Term Lender’s Applicable
Percentage of the Term Loans.
“Term
Loan Facility” means the term loan facility under this Agreement.
“Term
Loan Maturity Date” means the five year anniversary of the Effective Date, as extended (in the case of each Term Lender consenting
thereto) pursuant to Section 2.25; provided, however, in each case, if such date is not a Business Day, the Term Loan Maturity Date shall
be the next preceding Business Day
“Term
Loans” means the term loans made by the Term Lenders to the Company pursuant to Section 2.01(b).
44
“Term SOFR
Determination Day” has the meaning assigned to it under the definition of Term SOFR Reference Rate.
“Term SOFR
Rate” means, with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable
Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior
to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.
“Term SOFR Reference
Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term
Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published
by the CME Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00
p.m. (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has
not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred,
then, so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination
Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which
such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities
Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.
“Total Revolving
Credit Exposure” means, at any time, the sum of (a) the outstanding principal amount of the Revolving Loans and Swingline Loans
at such time and (b) the total LC Exposure at such time.
“Trade Date” has the meaning specified
in Section 9.04(e)(i) hereof.
“Transactions”
means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing of Loans,
the use of the proceeds thereof and the issuance of Letters of Credit hereunder.
“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBO Rate, the Adjusted Daily Simple RFR, the Alternate
Base Rate or the Central Bank Rate.
“UKPTIL” has the meaning assigned
to such term in Section 3.12.
“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
“Unfunded
Commitment” means, with respect to each Revolving Lender, the Revolving Commitment
of such Lender less its Revolving Credit Exposure.
“Unfunded
Vested Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (i) the current liability as
defined in Section 412(l)(7) of the Code under such Plan exceeds (ii) the fair market value of all Plan assets allocable to such
benefits, all as determined as of the then most recent valuation date for such Plan, but only to the extent that such excess
represents a potential liability of the Parent or any ERISA Affiliate to the PBGC or such Plan under Title IV of ERISA.
45
“United Kingdom” and “UK”
each mean the United Kingdom of Grean Britain and Northern Ireland.
“United States” and “U.S.”
each mean the United States of America.
“U.S.
Administrative Agent” means JPMorgan Chase Bank, N.A. (or any of its designated branch offices or affiliates), in its capacity as
administrative agent for the Lenders hereunder.
“U.S. Government
Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry
and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes
of trading in United States government securities.
“U.S. Lender” means a Lender that is not
a Foreign Lender.
“U.S. Person”
means (i) for purposes of Sections 3.18 and 6.07 hereof, any United States citizen, lawful permanent resident, entity organized under
the laws of the United States or any jurisdiction within the United States, including any foreign branch of any such entity, or any person
in the United States and (ii) for all other purposes, a “United States person” within the meaning of Section 7701(a)(30) of
the Code.
“U.S. Special Resolution Regime” has the
meaning assigned to such term in Section 9.18.
“UK Bankruptcy Event” means:
a UK Relevant Entity is unable
or admits inability to pay its debts (as defined in section 123(1)(a) of the UK Insolvency Act) as they fall due or is deemed to or declared
to be unable to pay its debts under applicable law, or suspends or threatens to suspend making payments on any of its debts or, by reason
of actual or anticipated financial difficulties; or
any corporate action,
legal proceedings or other formal procedure or formal step for (i) the suspension of payments, a moratorium of any indebtedness, winding-up,
dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise) of any UK Relevant
Entity; (ii) a composition, compromise, assignment or arrangement with any creditor of any UK Relevant Entity; or (iii) the appointment
of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any UK Relevant
Entity, or any of the assets of any UK Relevant Entity; save that this paragraph (b) shall not apply to any action, proceeding, procedure
or formal step which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.
“UK Borrower” means any Affiliate Borrower
resident for tax purposes in England and Wales.
“UK Borrower
DTTP Filing” means an HM Revenue & Customs’ Form DTTP2, duly completed and filed by the relevant UK Borrower, which:
where it relates
to a UK Treaty Lender that is a Lender on the day this Agreement is entered into (or any amendment hereto), contains the scheme
reference number and jurisdiction of tax residence stated on its signature page to this Agreement (or any amendment hereto) or as
otherwise notified to the Company by that UK Treaty Lender in writing, and:
46
where the UK Borrower
is an Affiliate Borrower on the day this Agreement (or any amendment hereto) is entered into, is filed with HM Revenue & Customs within
30 days of the date of this Agreement (or any amendment hereto); or
where the UK Borrower
is not an Affiliate Borrower on the day this Agreement is entered into, is filed with HM Revenue & Customs within 30 days of the date
on which that UK Borrower becomes an Affiliate Borrower; or
where it relates to
a UK Treaty Lender that is not a party to this Agreement on the date on which this Agreement (or any amendment hereto) is entered into,
contains the scheme reference number and jurisdiction of tax residence stated in respect of that Lender in the relevant Assignment and
Assumption, Increasing Lender Supplement or Augmenting Lender Supplement, as the case may be, or as otherwise notified to the Company
in writing, and:
where the UK Borrower
is an Affiliate Borrower as at the relevant assignment date or the date on which the increase to the Commitments and/or the Incremental
Term Loans described in the relevant Increasing Lender Supplement or Augmenting Lender Supplement take effect (as applicable) is filed
with HM Revenue & Customs within 30 days of that date; or
where the UK Borrower
is not an Affiliate Borrower as at the relevant assignment date or the date on which the increase to the Commitments and/or the Incremental
Term Loans described in the relevant Increasing Lender Supplement or Augmenting Lender Supplement take effect (as applicable) is filed
with HM Revenue & Customs within 30 days of the date on which that UK Borrower becomes a Borrower.
“UK Companies Act” means the Companies
Act 2006 of the United Kingdom.
“UK CTA 2009” means the United Kingdom
Corporation Tax Act 2009.
“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated
by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time
to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms,
and certain affiliates of such credit institutions or investment firms.
“UK Insolvency Act” means the Insolvency
Act 1986 of the United Kingdom.
“UK ITA 2007” means the United Kingdom
Income Tax Act 2007.
“UK Loan Party” means any UK Borrower.
“UK
Qualifying Lender” means (a) a Lender which is beneficially entitled to interest payable to that Lender in respect of an
advance under a Loan Document and is (i) a Lender (A) which is a bank (as defined for the purpose of section 879 of the UK ITA 2007)
making an advance under a Loan Document and is within the charge to United Kingdom corporation tax as respects any payments of
interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the UK
CTA 2009; or (B) in respect of an advance made under a Loan Document by a person that was a bank (as defined for the purpose of
section 879 of the UK ITA 2007) at the time that that advance was made and within the charge to United Kingdom corporation tax as
respects any payments of interest made in respect of that advance; or (ii) a Lender which is: (A) a company resident in the United
Kingdom for United Kingdom tax purposes or (B) a partnership each member of which is (x) a company so resident in the United Kingdom
or (y) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent
establishment and which brings into account in computing its chargeable profits (within the meaning of section 19 of the UK CTA
2009) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the UK CTA 2009
or (C) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent
establishment and which brings into account interest payable in respect of that advance in computing the chargeable profits (within
the meaning of section 19 of the UK CTA 2009) of that company; or (iii) a UK Treaty Lender, or (b) a Lender which is a building
society (as defined for the purposes of section 880 of the UK ITA 2007) making an advance under a Loan Document.
47
“UK Relevant Entity”
means any Borrower or Material Subsidiary that is incorporated in England and Wales, or any other Borrower or Material Subsidiary capable
of becoming subject of an order for winding-up or administration under the Insolvency Act 1986.
“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“UK
Tax Confirmation” means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender
in respect of an advance under a Loan Document is either (a) a company resident in the United Kingdom for United Kingdom tax purposes
or (b) a partnership each member of which is (i) a company so resident in the United Kingdom or (ii) a company not so resident in the
United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account in computing
its chargeable profits (within the meaning of section 19 of the UK CTA 2009) the whole of any share of interest payable in respect of
that advance that falls to it by reason of Part 17 of the UK CTA 2009 or (c) a company not so resident in the United Kingdom which carries
on a trade in the United Kingdom through a permanent establishment and which brings into account interest payable in respect of that
advance in computing the chargeable profits (within the meaning of section 19 of the UK CTA 2009) of that company.
“UK Tax Deduction” means
a deduction or withholding for, or on account of, Tax imposed by the United Kingdom from a payment under a Loan Document, other than a
FATCA Deduction.
“UK Treaty” has the meaning assigned to
such term in the definition of “UK Treaty State”.
“UK Treaty Lender”
means a Lender which is (i) treated as a resident of a UK Treaty State for the purposes of the relevant UK Treaty, (ii) does not carry
on a business in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loan is effectively
connected, and (iii) subject to the completion of procedural formalities, fulfills any other conditions which must be fulfilled under
the relevant UK Treaty to obtain exemption from Tax imposed by the United Kingdom on payments of interest.
“UK Treaty
State” means a jurisdiction having a double taxation agreement with the United Kingdom (a “UK Treaty”) which
makes provision for full exemption from Tax imposed by the United Kingdom on interest.
48
“VAT”
means (a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive
2006/112); (b) any value added tax imposed by the Value Added Tax Act 1994 and (c) any other tax of a similar nature, whether imposed
in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in clause (a) or (b) above,
or imposed elsewhere.
“Write- Down
and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable
Resolution Authority under the Bail- In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution
or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related
to or ancillary to any of those powers.
SECTION 1.02 Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving
Loan”) or by Type (e.g., a “Term Benchmark Loan” or an “RFR Loan”) or by Class and Type (e.g.,
a “Term Benchmark Revolving Loan” or an “RFR Revolving Loan”). Borrowings also may be classified and referred
to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Term Benchmark Borrowing” or an
“RFR Borrowing”) or by Class and Type (e.g., a “Term Benchmark Revolving Borrowing” or an “RFR Revolving
Borrowing”).
SECTION 1.03 Terms Generally.
The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will”
shall be construed to have the same meaning and effect as the word “shall”. The word “law” shall be construed
as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having
the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise
modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition
of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented
or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed
to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of
any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) 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, (e) 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 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.
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SECTION 1.04 Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in
accordance with GAAP, as in effect from time to time; provided that, if the Company notifies the Administrative Agent that
the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in
GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that the
Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given
before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as
in effect and applied without giving effect to such change until such notice shall have been withdrawn or such provision amended in
accordance herewith. Notwithstanding any other provision contained herein, (i) all terms of an accounting or financial nature used
herein shall be construed, and all computations of amounts and ratios referred to herein (including computations in respect of
compliance with Sections 6.01 and 6.02) shall be made (a) without giving effect to any election under Financial
Accounting Standards Board Accounting Standards Codification 825 (or any other Accounting Standards Codification or Financial
Accounting Standard having a similar result or effect) to value any Debt or other liabilities of the Parent, the Company or any
Subsidiary at “fair value”, as defined therein and (b) without giving effect to any treatment of Debt under Accounting
Standards Codification 470-20 or 2015-03 (or any other Accounting Standards Codification or Financial Accounting Standard having a
similar result or effect) to value any such Debt in a reduced or bifurcated manner as described therein, and such Debt shall at all
times be valued at the full stated principal amount thereof and (ii) except to the extent contemplated by clause (b) of the second
sentence of the definition of “Synthetic Lease Obligations”, without giving effect to any change to, or modification of,
GAAP (including any future phase-in of changes to GAAP that have been approved as of December 1, 2018) which would require the
capitalization of leases characterized as “operating leases” as of December 1, 2018 (it being understood and agreed, for
the avoidance of doubt, financial statements delivered pursuant to Section 5.01(a) and 5.01(b) shall be prepared
without giving effect to this sentence).
SECTION 1.05 Interest Rates;
Benchmark Notification. The interest rate on a Loan denominated in Dollars or a Foreign Currency may be derived from an interest rate
benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark
Transition Event, Section 2.14(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does
not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance
or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto,
or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor
or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being
replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative
Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used
in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments
thereto, in each case, in a manner adverse to the Borrowers. The Administrative Agent may select information sources or services in its
reasonable good faith discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in
the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrowers, any Lender
or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages,
costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any
such rate (or component thereof) provided by any such information source or service.
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SECTION 1.06 Luxembourg
Terms. Notwithstanding any other provision of this Agreement to the contrary, in this Agreement where it relates to any
Affiliate Borrower which is organized under the laws of Luxembourg, a reference to: (a) a receiver, conservator, trustee,
administrator, custodian, assignee for the benefit of creditors, compulsory manager or other similar officer includes a juge
délégué, juge-commissaire, mandataire de justice, administrateur provisoire, conciliateur d’entreprise,
liquidateur or curateur; (b) liquidation, bankruptcy, insolvency, reorganization, moratorium or any similar proceeding
shall include (i) insolvency/bankruptcy (faillite) within the meaning of Articles 437 ff. of the Luxembourg Commercial Code,,
(ii) suspension of payments (sursis de paiement) within the meaning of Articles 593 ff. of the Luxembourg Commercial Code ,
(iii) administrative dissolution without liquidation (dissolution administrative sans liquidation) within the meaning of the
Luxembourg law of October 28, 2022 creating the procedure for administrative dissolution without liquidation, (iv) voluntary or
compulsory winding-up pursuant to the law of 10 August 1915 on commercial companies, as amended or (v) judicial reorganisation
proceedings in the form of a mutual agreement (réorganisation judiciaire par accord amiable), a collective agreement
(réorganisation judiciaire par accord collectif) or a judicial reorganisation by transfer by court order
(réorganisation judiciaire par transfert par décision de justice) within the meaning of the law of 7 August
2023 on the preservation of companies and modernisation of the bankruptcy law, (c) a lien or security interest includes any hypothèque,
nantissement, gage, privilège, sûreté réelle, droit de rétention, and any type of security in
rem (sûreté réelle) or agreement or arrangement having a similar effect and any transfer of title by way
of security; (d) a person being unable to pay its debts includes that person being in a state of cessation of payments (cessation
de paiements) or having lost or meeting the criteria to lose its commercial creditworthiness (ébranlement de
crédit); (e) attachments or similar creditors process means an executory attachment (saisie
exécutoire) or conservatory attachment (saisie arrêt); and (f) a “set-off” includes, for
purposes of Luxembourg law, legal set-off.
SECTION 1.07 Certain Calculations.
No Default or Event of Default shall arise as a result of any limitation or threshold set forth in Dollars in Articles VI and VII
under this Agreement being exceeded solely as a result of changes in currency exchange rates from those rates applicable on the last day
of the fiscal quarter of the Parent immediately preceding the fiscal quarter of the Parent in which the applicable transaction or occurrence
requiring a determination occurs.
SECTION 1.08 Divisions.
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 and acquired on the first
date of its existence by the holders of its Equity Interests at such time.
SECTION 1.09 Leverage Ratios.
Notwithstanding anything to the contrary contained herein, for purposes of calculating any pro forma leverage ratio herein in
connection with the incurrence of any Debt, (a) there shall be no netting of the cash proceeds of such Debt proposed to be received
in respect of the incurrence thereof and (b) to the extent the Debt to be incurred is revolving Debt, such incurred revolving Debt
(or if applicable, the portion (and only such portion) of the increased commitments thereunder) shall be treated as fully drawn.
SECTION 1.10 Amendment
and Restatement of the Existing Credit Agreement. The parties to this Agreement agree that, upon (i) the execution and delivery
by each of the parties hereto of this Agreement and (ii) satisfaction of the conditions set forth in Section 4.01, the terms
and provisions of the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by the
terms and provisions of this Agreement. This Agreement is not intended to and shall not constitute a novation. All “Revolving
Loans” (the “Existing Loans”) made and “Obligations” incurred under the Existing Credit
Agreement which are outstanding on the Effective Date shall continue as Loans and Obligations under (and shall be governed by the
terms of) this Agreement and the other Loan Documents. Without limiting the foregoing, upon the effectiveness hereof: (a) all
references in the “Loan Documents” (as defined in the Existing Credit Agreement) to the “Administrative
Agent”, the “Credit Agreement” and the “Loan Documents” shall be deemed to refer to the Administrative
Agent, this Agreement and the Loan Documents, (b) the Administrative Agent shall make such reallocations, sales, assignments or
other relevant actions in respect of each Lender’s credit exposure under the Existing Credit Agreement as are necessary in
order that each such Lender’s Revolving Credit Exposure hereunder reflects such Lender’s Applicable Percentage of the
outstanding aggregate Revolving Credit Exposures on the Effective Date (without the necessity of executing and delivering any
Assignment and Assumption or the payment of any processing or recordation fee), (c) the Existing Loans of each Departing Lender
shall be repaid in full (accompanied by any accrued and unpaid interest and fees thereon), each Departing Lender’s
“Commitment” under the Existing Credit Agreement shall be terminated and the Departing Lenders shall not be a Lender
hereunder (provided, however, that the Departing Lenders shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03) and (d) the Company hereby agrees to compensate each Lender (and the Departing Lenders) for any and all
losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any Term Benchmark Loans and such
reallocation (and any repayment or prepayment of each Departing Lender’s Loan) described above, in each case on the terms and
in the manner set forth in Section 2.16 hereof.
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ARTICLE II.
THE CREDITS
SECTION 2.01 Commitments.
Subject to the terms and conditions set forth herein, (a) each Revolving Lender
(severally and not jointly) agrees to make Revolving Loans to the Borrowers in Agreed Loan Currencies from time to time during the
Availability Period in an aggregate principal amount that will not, subject to fluctuations in currency exchange rates and Section
2.11.2 and subject to any application of proceeds of such Borrowing to any Swingline Loans outstanding pursuant to Section
2.10(a)(i), result in (i) subject to Section 2.04, the Dollar Amount of such Lender’s Revolving Credit Exposure
exceeding such Lender’s Revolving Commitment, (ii) subject to Section
2.04, the Dollar Amount of the Total Revolving Credit Exposure exceeding the Aggregate
Commitmentaggregate Revolving Commitments, (iii) subject to Section
2.04, the sum of the aggregate principal Dollar Amount of all Loans outstanding to Affiliate Borrowers exceeding the Affiliate
Borrower Sublimit or (iv) subject to Section 2.04, the Dollar Amount of the total outstanding Revolving Loans and LC
Exposure, in each case denominated in Foreign Currencies, exceeding the Foreign Currency Sublimit,
and (b) each Term Lender with a Term Loan Commitment (severally and not jointly) agrees to make Term Loans to the Company in Dollars
on the Amendment No. 1 Effective Date by making immediately available funds available to the Administrative Agent’s designated
account, not later than the time specified by the Administrative Agent. Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans. Amounts
repaid or prepaid in respect of Term Loans may not be reborrowed.
SECTION 2.02 Loans
and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing
consisting of Revolving Loans of the same Class
and Type made by the applicable Lenders ratably in accordance with their
respective Commitments of the applicable Class. The failure of any Lender to make any
Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments
of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline
Loan shall be made in accordance with the procedures set forth in Section 2.05. The Term Loans
shall amortize as set forth in Section 2.10.
(b) Subject to Section
2.14, (i) each Revolving Borrowing and Term Loan Borrowing
shall be comprised (ix) in the
case of Borrowings in Dollars, entirely of ABR Loans or Term Benchmark Loans and (iiy)
in the case of Borrowings in any other Agreed Currency, entirely of Term Benchmark Loans or RFR Loans, as applicable, in each case of
the same Agreed Currency, as the relevant Borrower may request in accordance herewith; provided that each ABR Loan shall only
be made in Dollars and (ii) each Swingline Loan shall be (x) an ABR Loan in the case of a Swingline Loan denominated in Dollars or (y)
an RFR Loan in the case of a Swingline Loan denominated in euro. Each Lender at its option may make any Loan by causing any domestic
or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender); provided that
any exercise of such option shall not affect the obligation of any Borrower to repay such Loan in accordance with the terms of this Agreement.
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(c) At
the commencement of each Interest Period for any Term Benchmark Revolving
Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 (or, if such Borrowing is
denominated in a Foreign Currency, 1,000,000 units of such currency) and not less than $5,000,000 (or, if such Borrowing is
denominated in a Foreign Currency, 5,000,000 units of such currency). At the time that each ABR Borrowing and/or
RFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and
not less than $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire
unused balance of the Aggregate Commitmentaggregate
Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section
2.06(e). Each Swingline Loan shall be in an amount that is an integral multiple of $25,000 (or, if such Swingline Loan is
denominated in a Foreign Currency, 25,000 units of such currency) and not less than $100,000 (or, if such Swingline Loan is
denominated in a Foreign Currency, 100,000 units of such currency). Borrowings of more than one Type and Class may be outstanding at
the same time; provided that there shall not at any time be more than a total of fifteen (15) Term Benchmark Borrowings or RFR
Borrowings outstanding.
(d) Notwithstanding any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any
Borrowing if the Interest Period requested with respect thereto would end after the applicable Maturity Date.
SECTION
2.03 Requests for Borrowings. To request a Borrowing, the applicable Borrower, or the Company on behalf of the applicable
Borrower, shall notify the Administrative Agent of such request (a) by irrevocable written notice (via a written Borrowing Request
signed by the applicable Borrower, or the Company on behalf of the applicable Borrower) (i)(x) in the case of a Term Benchmark
Borrowing denominated in Dollars, not later than 3:00 p.m., Chicago time, three (3) U.S. Government Securities Business Days before
the date of the proposed Borrowing or (y) in the case of an RFR Borrowing denominated in Dollars, not later than 3:00 p.m., Chicago
time, five (5) U.S. Government Securities Business Days before the date of the proposed Borrowing, or (ii) in the case of a Term
Benchmark Borrowing denominated in euro, not later than 1:00 p.m., Chicago time, four (4) Business Days before the date of the
proposed Borrowing, or, in each case in respect of a Borrowing to occur on the Effective Date, such shorter period of time as the
Administrative Agent may reasonably accept or (b) by irrevocable written notice (via a written Borrowing Request signed by the
applicable Borrower, or the Company on behalf of the applicable Borrower; provided that, if such Borrowing Request is
submitted through an Approved Borrower Portal, the foregoing signature requirement may be waived at the sole discretion of the
Administrative Agent) in the case of an ABR Borrowing, not later than 12:00 noon, Chicago time, on the Business Day of the proposed
Borrowing. Each such Borrowing Request shall specify the following information in compliance with Section 2.02:
(i) the name of the applicable Borrower;
(ii) the Agreed Currency and aggregate principal amount of the requested Borrowing;
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(iii)
the date of such Borrowing, which shall be a Business Day;
(iv)
whether such Borrowing is to be an ABR Borrowing (in the case of Borrowings denominated in Dollars), a Term Benchmark Borrowing or
an RFR Borrowing and whether such Borrowing is a Revolving Borrowing or a Term Loan
Borrowing;
(v)
in the case of a Term Benchmark Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”; and
(vi)
the location and number of the applicable Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.07.
If no election as to the currency of a
Borrowing is specified, then the requested Borrowing shall be made in Dollars. If no election as to the Type of Borrowing is specified,
then, in the case of a Borrowing denominated in Dollars, the requested Borrowing shall be a Term Benchmark Borrowing with an Interest
Period of one month’s duration. If no Interest Period is specified with respect to any requested Term Benchmark Borrowing, then
the relevant Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of
a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the applicable Class of the
details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.
Notwithstanding the foregoing, in no event
shall any Borrower be permitted to request pursuant to this Section 2.03, a CBR Loan or, prior to a Benchmark Transition Event and Benchmark
Replacement Date with respect to the Term SOFR Rate, an RFR Loan bearing interest based on Daily Simple SOFR (it being understood and
agreed that a Central Bank Rate and Daily Simple SOFR shall only apply to the extent provided in Sections 2.08(e) (solely with respect
to the Central Bank Rate), 2.14(a) and 2.14(f), as applicable).
SECTION 2.04 Determination
of Dollar Amounts. The Administrative Agent will determine the Dollar Amount of:
(a)
any Loan denominated in a Foreign Currency, on each of the following: (i) the date of the Borrowing of such Loan and (ii)(A) with respect
to any Term Benchmark Loan, each date of a conversion or continuation of such Loan pursuant to the terms of this Agreement and (B) with
respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing
of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month),
(b)
any Letter of Credit denominated in a Foreign Currency, on each of the following: (i) the date on which such Letter of Credit is issued,
(ii) the first Business Day of each calendar month and (iii) the date of any amendment of such Letter of Credit that has the effect of
increasing the face amount thereof, and
(c)
any Credit Event, on any additional date as the Administrative Agent may determine at any time when an Event of Default exists.
Each day upon or as of which the Administrative Agent
determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described as a “Computation
Date” with respect to each Credit Event for which a Dollar Amount is determined on or as of such day, and the Administrative
Agent shall notify the Company of all such determinations and related computations on such Computation Date.
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SECTION
2.05 Swingline Loans. (a) Subject to the terms and conditions set forth herein, each Swingline Lender may in its sole discretion
make Swingline Loans in Agreed Loan Currencies to any Borrower from time to time during the Availability Period, in an aggregate principal
Dollar Amount at any time outstanding that will not, subject to fluctuations in currency exchange rates and Section 2.11.2, result
in (i) subject to Section 2.04, the Dollar Amount of the aggregate principal amount of outstanding Swingline Loans made by such
Swingline Lender exceeding such Swingline Lender’s Swingline Sublimit, except to the extent otherwise agreed by such Swingline
Lender and the Company with notice to be concurrently given to the Administrative Agent, (ii) subject to Section 2.04, any Swingline
Lender’s Revolving Credit Exposure exceeding its Revolving
Commitment, (iii) subject to Section 2. 04, the aggregate principal Dollar Amount of outstanding Swingline Loans
exceeding $100,000,000, (iv) subject to Section 2.04, the Dollar Amount of the Total Revolving Credit Exposure exceeding the Aggregate
Commitmentaggregate
Revolving Commitments or (v) subject to Section 2.04, the Dollar Amount of the aggregate principal amount of outstanding
Swingline Loans denominated in a Foreign Currency exceeding the Swingline Foreign Currency Sublimit; provided that a Swingline
Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject
to the terms and conditions set forth herein, any Borrower may borrow, prepay and reborrow Swingline Loans.
(b)
To request a Swingline Loan, the applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative
Agent of such request by (i) irrevocable written notice (via a written Borrowing Request signed by the applicable Borrower, or the Company
on behalf of the applicable Borrower or, if arrangements for such transmission have been approved by the Administrative Agent, transmitted
by electronic communication including an Approved Borrower Portal), not later than 1:00 p.m., Chicago time, on the day of a proposed Swingline
Loan in Dollars and (ii) irrevocable written notice (via a written Borrowing Request signed by the applicable Borrower, or the Company
on behalf of the applicable Borrower), not later than 9:00 a.m., Local Time, on the day of a proposed Swingline Loan in euro. Each such
notice shall be irrevocable and shall specify the requested date (which shall be a Business Day), applicable Borrower requesting such
Swingline Loan, applicable currency, Type and amount of the requested Swingline Loan and the Swingline Lender to make such Swingline Loan.
The Administrative Agent will promptly advise such Swingline Lender of any such notice received from the Company or any other applicable
Borrower. Unless otherwise directed by the Company or the applicable Borrower, each Swingline Lender shall (subject to such Swingline
Lender’s discretion to make Swingline Loans as set forth in Section 2.05(a)) make each Swingline Loan to be made by it available
to the applicable Borrower by means of a credit to an account of the Company or such other applicable Borrower with the Administrative
Agent designated for such purpose (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided
in Section 2.06(e), by remittance to the relevant Issuing Bank) by 3:00 p.m., Local Time, on the requested date of such Swingline Loan.
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(c)
Any Swingline Lender may by written notice given to the Administrative Agent (not later than 10:00 a.m., Local Time, (i) in respect
of Swingline Loans denominated in Dollars, on any Business Day of the proposed acquisition of participations and (ii) in respect of
Swingline Loans denominated in euro, three (3) Business Days before the date of the proposed acquisition of participations) require
the Revolving Lenders to acquire participations in all or a portion of its Swingline
Loans outstanding in the applicable Agreed Currency of such Swingline Loan or Loans. Such notice shall specify the aggregate amount
and Agreed Currency of Swingline Loans in which Revolving Lenders will participate.
Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving
Lender, specifying in such notice such Revolving Lender’s Applicable
Percentage of such Swingline Loan or Loans and the applicable Agreed Currency of such Swingline Loan or Loans. Each Revolving
Lender hereby absolutely and unconditionally agrees, on the date specified for the acquisition of participations in the notice
submitted by the time set forth in the first sentence of this clause (c), to pay in the applicable Agreed Currency to the
Administrative Agent, for the account of such Swingline Lender, such Revolving
Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Revolving
Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is
absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a
Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement,
withholding or reduction whatsoever. Each Revolving Lender shall comply with its
obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with
respect to Loans made by such Revolving Lender (and Section 2.07 shall apply, mutatis
mutandis, to the payment obligations of the Revolving Lenders), and the
Administrative Agent shall promptly pay to such Swingline Lender the amounts so received by it from the Revolving
Lenders. The Administrative Agent shall notify the Company promptly of any participations in any Swingline Loan acquired pursuant to
this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to such
Swingline Lender. Any amounts received by a Swingline Lender from the applicable Borrower (or other party on behalf of such
Borrower) in respect of a Swingline Loan after receipt by such Swingline Lender of the proceeds of a sale of participations therein
shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly
remitted by the Administrative Agent to the Revolving Lenders that shall have made
their payments pursuant to this paragraph and to such Swingline Lender, as their interests may appear; provided that any such
payment so remitted shall be repaid to such Swingline Lender or to the Administrative Agent, as applicable, if and to the extent
such payment is required to be refunded to the applicable Borrower for any reason. The purchase of participations in a Swingline
Loan pursuant to this paragraph shall not relieve any Borrower of any default in the payment of any Swingline Loan made to such
Borrower.
(d)
Any Swingline Lender may be replaced at any time by written agreement among the Company, the Administrative Agent, the replaced
Swingline Lender and the successor Swingline Lender. The Administrative Agent shall notify the Revolving
Lenders of any such replacement of the relevant Swingline Lender. At the time any such replacement shall become effective, the
Company shall pay all unpaid interest accrued for the account of the replaced Swingline Lender pursuant to Section 2.13(a).
From and after the effective date of any such replacement, (i) the successor Swingline Lender shall have all the rights and
obligations of the replaced Swingline Lender under this Agreement with respect to Swingline Loans made thereafter and (ii)
references herein to the term “Swingline Lender” shall be deemed to refer to such successor or to any previous Swingline
Lender, or to such successor and all previous Swingline Lenders, as the context shall require. After the replacement of a Swingline
Lender hereunder, the replaced Swingline Lender shall remain a party hereto and shall continue to have all the rights and
obligations of a Swingline Lender under this Agreement with respect to Swingline Loans made by it prior to its replacement, but
shall not be required to make additional Swingline Loans.
(e)
Subject to the appointment and acceptance of a successor Swingline Lender, any Swingline Lender may resign as a Swingline Lender at
any time upon thirty (30) days’ prior written notice to the Administrative Agent, the Company and the Revolving
Lenders, in which case, such Swingline Lender shall be replaced in accordance with Section 2.05(d) above.
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SECTION 2.06 Letters
of Credit. (a) General. Subject to the terms and conditions set forth herein, the Company may request the issuance of
Letters of Credit (or the amendment or extension of any outstanding Letter of Credit) denominated in Agreed LC Currencies for its
own account, as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable
to the Administrative Agent, the Company and the Issuing Bank issuing such Letter of Credit, at any time and from time to time
during the Availability Period. In the event of any conflict between the terms and conditions of this Agreement and the terms and
conditions of any Letter of Credit Agreement, the terms and conditions of this Agreement shall control; provided, however, if any
Issuing Bank is requested to issue Letters of Credit with respect to a jurisdiction such Issuing Bank deems, in its reasonable
judgment applied generally to substantially similar credit facilities for which it acts as an issuing bank, may at any time subject
it to a New Money Credit Event or a Country Risk Event, the Issuing Bank shall promptly notify the Company of such determination
prior to the issuance of any Letter of Credit, and the Company shall either withdraw its request to issue such Letter of Credit or,
at the request of such Issuing Bank, guaranty and indemnify such Issuing Bank against any and all costs, liabilities and losses
resulting from such New Money Credit Event or Country Risk Event, in each case in a form and substance reasonably satisfactory to
such Issuing Bank. Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue,
amend or extend, and shall not issue, amend or extend any Letter of Credit the proceeds of which would be made available to any
Person (i) to fund any activity or business of or with any Designated Person, or in any country or territory that, at the time of
such funding, is the subject of any Sanctions, (ii) in any manner that would result in a violation of any Sanctions by any party to
this Agreement or (iii) in any manner that would result in a violation of one or more policies of such Issuing Bank applicable to
letters of credit generally. The Parent unconditionally and irrevocably agrees that, in connection with any Letter of Credit issued
for the support of any Subsidiary’s obligations as provided in the first sentence of this paragraph, the Parent will be fully
responsible for the reimbursement of LC Disbursements in accordance with the terms hereof, the payment of interest thereon and the
payment of fees due under Section 2.12(b) to the same extent as if it were the sole account party in respect of such Letter
of Credit (the Parent hereby irrevocably waiving any defenses that might otherwise be available to it as a guarantor or surety of
the obligations of such a Subsidiary that is an account party in respect of any such Letter of Credit).
(b) Notice of
Issuance, Amendment, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment or extension
of an outstanding Letter of Credit), the Company shall hand deliver, email or telecopy (or transmit by electronic communication,
including an Approved Borrower Portal, if arrangements for doing so have been approved by such Issuing Bank) to the applicable
Issuing Bank (selected by the Company in its sole discretion) and the Administrative Agent (reasonably in advance of the requested
date of issuance, amendment or extension, but in any event no less than three (3) Business Days in advance thereof unless a shorter
period is acceptable to the applicable Issuing Bank in its sole discretion) a written notice requesting the issuance of a Letter of
Credit, or identifying the Letter of Credit to be amended or extended, and specifying the date of issuance, amendment or extension
(which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this
Section), the amount of such Letter of Credit, the Agreed LC Currency applicable thereto, the name and address of the beneficiary
thereof and such other information as shall be necessary to prepare, amend or extend such Letter of Credit. In addition, if required
by such Issuing Bank, as a condition to any such Letter of Credit issuance, the Company shall have entered into a continuing
agreement (or other letter of credit agreement) for the issuance of letters of credit and/or shall submit a letter of credit
application, in a form agreed to by the Company and the applicable Issuing Bank in connection with any request for a Letter of
Credit (each, a “Letter of Credit Agreement”). A Letter of Credit shall be issued, amended to increase the amount
or extended only if (and upon issuance, amendment to increase the amount or extension of each Letter of Credit the Company shall be
deemed to represent and warrant that), after giving effect to such issuance, amendment or extension, but allowing for fluctuations
in currency exchange rates and subject to Section 2.11.2, (i) subject to Section 2.04, the Dollar Amount of the LC
Exposure shall not exceed $200,000,000, (ii) subject to Section 2.04, the Dollar Amount of the aggregate face amount of all
Letters of Credit issued and then outstanding by any Issuing Bank shall not exceed such Issuing Bank’s Applicable LC Sublimit,
(iii) subject to Section 2.04, the sum of the Dollar Amount of the Total Revolving Credit Exposure shall not exceed the Aggregate
Commitmentaggregate Revolving Commitments, (iv) subject to Section
2.04, the Dollar Amount of each Lender’s Revolving Credit Exposure shall not exceed such Lender’s Revolving Commitment
and (v) subject to Section 2.04, the Dollar Amount of the total outstanding Revolving Loans and LC Exposure, in each case
denominated in Foreign Currencies, shall not exceed the Foreign Currency Sublimit.
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(c) Expiration
Date. Each Letter of Credit shall expire (or, if set forth in such Letter of Credit, be subject to termination by notice from
the Issuing Bank to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date two years after the
date of the issuance of such Letter of Credit (or, in the case of any extension thereof, two years after such extension), unless the
Required Lenders and the applicable Issuing Bank, in their discretion, have approved a later expiry date in writing and (ii) the
date that is five (5) Business Days prior to the Revolving Credit Maturity Date; provided
that, notwithstanding clauses (i) and (ii) above, upon the Company’s request and subject to the approval, in its discretion,
by the Administrative Agent and the applicable Issuing Bank that has issued such Letter of Credit, any such Letter of Credit may
have a later expiry date (but in any event not later than one (1) year after the Revolving
Credit Maturity Date) if Cash Collateralized in compliance with Section 2.06(j) below.
(d) Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount or extending the term thereof)
and without any further action on the part of any Issuing Bank or the Revolving
Lenders, each Issuing Bank hereby grants to each Revolving
Lender, and each Revolving
Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Revolving
Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and
in furtherance of the foregoing, each Revolving
Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the relevant Issuing
Bank, such Revolving
Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Company on the date
due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Company for any
reason, including after the Revolving
Credit Maturity Date. Each Revolving
Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of
Credit and to make payments in respect of such acquired participations are absolute and unconditional and shall not be affected by
any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance of a
Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement,
withholding or reduction whatsoever.
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(e) Reimbursement.
If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Company shall reimburse such LC
Disbursement by paying to the Administrative Agent in Dollars the Dollar Amount equal to such LC Disbursement, calculated as of the
date such Issuing Bank made such LC Disbursement (or if such Issuing Bank shall so elect in its sole discretion by notice to the
Company, in such other Agreed LC Currency which was paid by such Issuing Bank pursuant to such LC Disbursement in an amount equal to
such LC Disbursement) not later than 12:00 noon, Local Time, on the date that such LC Disbursement is made, if the Company shall
have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received
by the Company prior to such time on such date, then not later than 12:00 noon, Local Time, on (i) the Business Day that the Company
receives such notice, if such notice is received prior to 10:00 a.m., Local Time, on the day of receipt, or (ii) the Business Day
immediately following the day that the Company receives such notice, if such notice is not received prior to such time on the day of
receipt; provided that, subject to the conditions to borrowing set forth herein, (i) to the extent such LC Disbursement was
made in Dollars, such payment shall, automatically and without notice, be financed with (x) if the LC Disbursement is equal to or
greater than $1,000,000, an ABR Revolving Borrowing in Dollars or, at the Company’s election, a Swingline Loan, or (y) if the
LC Disbursement is equal to or greater than $100,000 but less than $1,000,000, a Swingline Loan, in each case in an amount equal to
such LC Disbursement or (ii) to the extent such LC Disbursement was made in a Foreign Currency, the Company may request in
accordance with Section 2.03 that such payment be financed with (i) an ABR Revolving Borrowing or Term Benchmark Revolving Borrowing
in Dollars in the Dollar Amount of such LC Disbursement or (ii) to the extent that such LC Disbursement was made in a Foreign
Currency, a Term Benchmark Revolving Borrowing in such Foreign Currency (in the event such Foreign Currency is an Agreed Loan
Currency) in an amount equal to such LC Disbursement, and, in each case, to the extent so financed, the Company’s obligation
to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing, Swingline Loan or Term Benchmark
Revolving Borrowing, as applicable. If the Company fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender
of the applicable LC Disbursement, the payment then due from the Company in respect thereof and such Revolving Lender’s
Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Lender
shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Company, in the same manner as
provided in Section 2.07 with respect to Loans made by such Revolving Lender
(and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders,
provided that, with respect to any such payment in respect of a Letter of Credit denominated in an Agreed LC Currency that is not an
Agreed Loan Currency, any Revolving Lender may make such payment in Dollars in the
Dollar Amount of such LC Disbursement), and the Administrative Agent shall promptly pay to such Issuing Bank the amounts so received
by it from the Revolving Lenders. Promptly following receipt by the Administrative
Agent of any payment from the Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to such
Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to
this paragraph to reimburse such Issuing Bank, then to such Revolving Lenders and
such Issuing Bank as their interests may appear. Any payment made by a Revolving
Lender pursuant to this paragraph to reimburse any Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving
Loans, Term Benchmark Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve
the Company of its obligation to reimburse such LC Disbursement. If the Company’s reimbursement of, or obligation to
reimburse, any amounts in any Foreign Currency would subject the Administrative Agent, any Issuing Bank or any Revolving
Lender to any stamp duty, ad valorem charge or similar tax that would not be payable if such reimbursement were made or required to
be made in Dollars, the Administrative Agent shall promptly notify the Company prior to payment by the Company, and the Company
shall, at its option, either (x) pay the amount of any such tax requested by the Administrative Agent, the relevant Issuing Bank or
the relevant Revolving Lender or (y) reimburse each LC Disbursement made in such
Foreign Currency in Dollars, in an amount equal to the Dollar Amount thereof calculated on the date such LC Disbursement is
made.
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(f) Obligations
Absolute. The Company’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be
absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any
and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any Letter
of Credit Agreement or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter
of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any
respect, (iii) any payment by any Issuing Bank under a Letter of Credit against presentation of a draft or other document that does
not comply with the terms of such Letter of Credit, (iv) any other event or circumstance whatsoever, whether or not similar to any
of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a
right of setoff against, the Company’s obligations hereunder, or (v) any adverse change in the relevant exchange rates or in
the availability of the relevant Foreign Currency to the Company or any Subsidiary or in the relevant currency markets generally.
Neither the Administrative Agent, the Revolving Lenders nor the Issuing Banks, nor
any of their respective Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance
or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the
circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or
delivery of any draft, document, notice or other communication under or relating to any Letter of Credit (including any document
required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond
the control of an Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability
to the Company to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in
respect of which are hereby waived by the Company to the extent permitted by applicable law) suffered by the Company that are caused
by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter
of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful
misconduct on the part of an Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be
deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality
thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with
the terms of a Letter of Credit, the relevant Issuing Bank may, in its sole discretion, either accept and make payment upon such
documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to
accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of
Credit.
(g) Disbursement
Procedures. Each Issuing Bank shall, within the time period stipulated by the terms and conditions of the applicable Letter of
Credit following its receipt thereof (and, if no time period is so stipulated, promptly), examine all documents purporting to
represent a demand for payment under a Letter of Credit. After such examination, such Issuing Bank shall promptly notify the
Administrative Agent and the Company by telephone (confirmed by telecopy or email in accordance with Section 9.01) of such
demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that such
notice need not be given prior to payment by the Issuing Bank and any failure to give or delay in giving such notice shall not
relieve the Company of its obligation to reimburse such Issuing Bank and the Revolving
Lenders with respect to any such LC Disbursement in accordance with Section 2.06(e).
(h)
Interim Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the Company shall reimburse such LC Disbursement
in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date
such LC Disbursement is made to but excluding the date that the Company reimburses such LC Disbursement, at the rate per annum then applicable
to ABR Revolving Loans (or in the case such LC Disbursement is denominated in a Foreign Currency, at the Overnight Rate for such Agreed
LC Currency plus the then effective Applicable Rate with respect to Term Benchmark Revolving Loans); provided that, if the
Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(b) shall
apply. Interest accrued pursuant to this paragraph shall be for the account of the relevant Issuing Bank, except that interest accrued
on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this
Section to reimburse any Issuing Bank shall be for the account of such Revolving Lender
to the extent of such payment.
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(i) Replacement
and Resignation of Issuing Bank. (A) Each Issuing Bank may be replaced at any time by written agreement among the Company, the
Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving
Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Company shall pay
all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the
effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank
under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing
Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous
Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall
remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect
to Letters of Credit then outstanding and issued by it prior to such replacement, but shall not be required to issue additional
Letters of Credit.
(B) Subject to
the appointment and acceptance of a successor Issuing Bank, any Issuing Bank may resign as an Issuing Bank at any time upon thirty days’
prior written notice to the Administrative Agent, the Company and the Revolving Lenders,
in which case, such resigning Issuing Bank shall be replaced in accordance with Section 2.06(i)(A) above.
(j) Cover.
If (x) any Event of Default shall occur and be continuing, on the Business Day that the Company receives notice from the
Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving
Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant
to this paragraph or (y) the Company requests the issuance of a Letter of Credit with an expiry date that is later than the expiry
date prescribed in clause (c) of this Section 2.06 (an “Extended Letter of Credit”), the Company shall on either
such Business Day of receipt of notice (in the case of the foregoing clause (x)) or on such date of issuance (in the case of the
foregoing clause (y)) either (A) cover by arranging for the issuance of one or more standby letters of credit issued by an issuer,
and otherwise on terms and conditions, satisfactory to the Administrative Agent and the relevant Issuing Bank or (B) deposit cash in
an account with the Administrative Agent, in each case in the name of the Administrative Agent and for the benefit of the
Administrative Agent, the Issuing Banks and the Revolving Lenders, and in an amount
equal to (1) with respect to a Letter of Credit denominated in Dollars, 100% and (2) with respect to a Foreign Currency Letter of
Credit, 105%, in each case of the Dollar Amount of the LC Exposure in respect of such Extended Letter of Credit (in the case of the
foregoing clause (y)) or in the aggregate (in the case of the foregoing clause (x)) as of such date plus any accrued and unpaid
interest thereon; provided that (i) the portions of such amount attributable to undrawn Foreign Currency Letters of Credit or
LC Disbursements in a Foreign Currency that the Company is not late in reimbursing shall be covered or deposited in the applicable
Foreign Currencies in an amount equal to 105% of the actual amounts of such undrawn Letters of Credit and LC Disbursements and (ii)
the obligation to provide such letter(s) of credit cover or deposit such cash collateral shall become effective immediately, and
such cover or deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of
any Event of Default with respect to the Company described in clause (f), (g) or (h) of Article VII. For the purposes of this
paragraph, the Foreign Currency LC Exposure shall be calculated using the Dollar Amount thereof on the date notice demanding letter
of credit cover or cash collateralization is delivered to the Company. The Company also shall deposit cash collateral pursuant to
this paragraph as and to the extent required by Section 2.11.2. Any such deposits shall be held by the Administrative Agent
as collateral for the payment and performance of the Obligations. The Administrative Agent shall have exclusive dominion and
control, including the exclusive right of withdrawal, over such account. Such deposits shall bear interest, and such deposits shall
be invested by the Administrative Agent in direct short term obligations of, or in other short term obligations which are
unconditionally guaranteed with respect to all principal thereof and interest thereon by, the United States of America, in each case
maturing no later than the expiry date of the Letter of Credit giving rise to LC Exposure. Interest or profits, if any, on such
investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse each
Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the
satisfaction of the reimbursement obligations of the Company for the LC Exposure at such time or, if the maturity of the Loans has
been accelerated (but subject to the consent of Revolving Lenders with LC Exposure
representing greater than 50% of the total LC Exposure), be applied to satisfy other Obligations; provided that at any time
that the money remaining in such account exceeds the LC Exposure by $100,000 or more, the Administrative Agent will, promptly after
request therefor by the Company at any time that no Default shall exist, deliver such excess to the Company. If the Company is
required to provide an amount of cash collateral or letter of credit cover hereunder as a result of the occurrence of an Event of
Default, such amount or letter of credit (to the extent not applied as aforesaid) shall be returned to the Company or the issuer of
such letter of credit (as applicable) within three (3) Business Days after all Events of Default have been cured or waived.
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(k)
Conversion. In the event that the Loans become immediately due and payable on any date pursuant to Article VII, all amounts (i)
that the Company is at the time or thereafter becomes required to reimburse or otherwise pay to the Administrative Agent in respect of
LC Disbursements made under any Foreign Currency Letter of Credit (other than amounts in respect of which the Company has provided letter
of credit cover, or deposited cash collateral, pursuant to paragraph (j) above, if such letter of credit was issued, or cash collateral
was deposited, in the applicable Foreign Currency to the extent so deposited or applied), (ii) that the Revolving
Lenders are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at the time or
thereafter becomes required to distribute to any Issuing Bank pursuant to paragraph (e) of this Section in respect of unreimbursed LC
Disbursements made under any Foreign Currency Letter of Credit and (iii) of each Revolving
Lender’s participation in any Foreign Currency Letter of Credit under which an LC Disbursement has been made shall, automatically
and with no further action required, be converted into the Dollar Amount thereof, calculated on such date (or in the case of any LC Disbursement
made after such date, on the date such LC Disbursement is made), of such amounts. On and after such conversion, all amounts accruing and
owed to the Administrative Agent, any Issuing Bank or any Revolving Lender in respect of
the obligations described in this paragraph shall accrue and be payable in Dollars at the rates otherwise applicable hereunder.
(l)
Issuing Bank Agreements. Each Issuing Bank agrees that, unless otherwise requested by the Administrative Agent, such Issuing Bank
shall report in writing to the Administrative Agent (i) on the first Business Day of each week, the daily activity (set forth by day)
in respect of Letters of Credit during the immediately preceding week, including all issuances, extensions and amendments, all expirations
and cancellations and all disbursements and reimbursements, (ii) on or prior to each Business Day on which such Issuing Bank expects to
issue, amend or extend any Letter of Credit, the date of such issuance, amendment or extension, and the aggregate face amount of the Letters
of Credit to be issued, amended or extended by it and outstanding after giving effect to such issuance, amendment or extension occurred
(and whether the amount thereof changed), (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the date of
such LC Disbursement and the amount of such LC Disbursement, (iv) on any Business Day on which any Borrower fails to reimburse an LC Disbursement
required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount and currency of such LC Disbursement
and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request.
(m)
LC Exposure Determination. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be
the amount of such Letter of Credit available to be drawn at such time; provided that with respect to any Letter of Credit that,
by its terms or the terms of any Letter of Credit Agreement related thereto, provides for one or more automatic increases in the available
amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum amount of such Letter of Credit after giving effect
to all such increases, whether or not such maximum amount is available to be drawn at such time.
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SECTION 2.07 Funding of
Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date specified in accordance with
the terms hereof in the Borrowing Request (which, in the case of the Term Loans, shall be the
Amendment No. 1 Effective Date) solely by wire transfer of immediately available funds (i) in the case of Loans
denominated in Dollars, by 1:00 p.m., Chicago time, to the account of the Administrative Agent most recently designated by it for
such purpose by notice to the Lenders and (ii) in the case of each Loan denominated in a Foreign Currency, by 1:00 p.m., Local Time,
in the city of the Administrative Agent’s Foreign Currency Payment Office for such currency and at such Foreign Currency
Payment Office for such currency; provided that Swingline Loans shall be made as provided in Section 2.05. Except in respect
of the provisions of this Agreement covering the reimbursement of Letters of Credit, the Administrative Agent will make such Loans
available to the relevant Borrower by promptly crediting funds so received in the aforesaid account of the Administrative Agent to
(x) an account of the Company maintained with the Administrative Agent in New York City or Chicago and designated by the relevant
Borrower in the applicable Borrowing Request, in the case of Loans denominated in Dollars and (y) an account of such Borrower
maintained in the relevant jurisdiction and designated by such Borrower in the applicable Borrowing Request, in the case of Loans
denominated in a Foreign Currency; provided that Revolving Loans made to finance the reimbursement of an LC Disbursement as
provided in Section 2.06(e) shall be remitted by the Administrative Agent to the relevant Issuing Bank.
(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case
of an ABR Borrowing, prior to 1:00 p.m., Chicago time, on the date of such Borrowing) that such Lender will not make available to
the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made
such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make
available to the relevant Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the
applicable Borrowing available to the Administrative Agent, then the applicable Lender and such Borrower severally agree to pay to
the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the
date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the
case of such Lender, the greater of the applicable Overnight Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation or (ii) in the case of such Borrower, the interest rate applicable under this
Agreement to such Loans, or in the case of Foreign Currencies, in accordance with such market practice, in each case, as applicable.
If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in
such Borrowing.
SECTION 2.08 Interest Elections.
(a) Each Borrowing initially shall be of the Type and Agreed Loan Currency specified in the applicable Borrowing Request (or, if not so
specified, as provided in Section 2.03) and, in the case of a Term Benchmark Borrowing, shall have an initial Interest Period as specified
in such Borrowing Request (or, if not so specified, as provided in Section 2.03). Thereafter, the relevant Borrower may elect to convert
such Borrowing to a different Type or to continue such Borrowing and, in the case of a Term Benchmark Borrowing, may elect Interest Periods
therefor, all as provided in this Section. A Borrower may elect different options with respect to different portions of the affected Borrowing,
in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans
comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may
not be converted or continued.
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(b) To make an
election pursuant to this Section, a Borrower, or the Company on its behalf, shall notify the Administrative Agent of such election
(by irrevocable written notice (via an Interest Election Request signed by such Borrower, or the Company on its behalf; provided
that, if such Interest Election Request is submitted through an Approved Borrower Portal, the foregoing signature requirement may be
waived at the sole discretion of the Administrative Agent)) by the time that a Borrowing Request would be required under Section
2.03 if such Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such
election. Notwithstanding any contrary provision herein, this Section shall not be construed to permit any Borrower to (i) change
the currency of any Borrowing, (ii) elect an Interest Period for Term Benchmark Loans that does not comply with Section 2.02(d) or
(iii) convert any Borrowing to a Borrowing of a Type not available under the Class of Commitments pursuant to which such Borrowing
was made.
(c) Each Interest
Election Request shall specify the following information in compliance with Section 2.02:
(i) the name of
the applicable Borrower and the Agreed Loan Currency and principal amount of the Borrowing to which such Interest Election Request applies
and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting
Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting
Borrowing);
(ii)
the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;
(iii)
whether the resulting Borrowing is to be an ABR Borrowing (in the case of Borrowings denominated in Dollars), a Term Benchmark Borrowing
or an RFR Borrowing; and
(iv)
if the resulting Borrowing is a Term Benchmark Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which Interest Period shall be a period contemplated by the definition of the term “Interest Period”.
If any such Interest
Election Request requests a Term Benchmark Borrowing but does not specify an Interest Period, then the applicable Borrower shall be deemed
to have selected an Interest Period of one month’s duration.
Notwithstanding the
foregoing, in no event shall any Borrower be permitted to request pursuant to this Section 2.08(c) a CBR Loan or, prior to a Benchmark
Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, an RFR Loan bearing interest based on Daily Simple
SOFR (it being understood and agreed that a Central Bank Rate and Daily Simple SOFR shall only apply to the extent provided in Sections
2.08(e) (solely with respect to the Central Bank Rate), 2.14(a) and 2.14(f), as applicable).
(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the applicable Class
of the details thereof and of such Lender’s portion of each resulting Borrowing.
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(e) If the relevant Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Borrowing prior to the
end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period (i) in the case of a Borrowing denominated in Dollars, such Borrowing shall be converted to an ABR Borrowing; provided
that if the Company shall have delivered to the Administrative Agent its customary standard documentation pre-authorizing automatic
continuations, such Borrowing shall automatically be continued as a Term Benchmark Borrowing in its original Agreed Loan Currency
with an Interest Period of one month at the end of such Interest Period. If the relevant Borrower fails to deliver a timely and
complete Interest Election Request with respect to an RFR Borrowing in a Foreign Currency prior to the Interest Payment Date
therefor, then, unless such RFR Borrowing is repaid as provided herein, such Borrower shall be deemed to have selected that such RFR
Borrowing shall automatically be continued as an RFR Borrowing in its original Agreed Loan Currency bearing interest at a rate based
upon the applicable Daily Simple RFR as of such Interest Payment Date. Notwithstanding any contrary provision hereof, if an Event of
Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the
Company, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Term
Benchmark Borrowing or an RFR Borrowing and (ii) unless repaid, (x)(A) each Term Benchmark Borrowing denominated in Dollars shall be
converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (B) each RFR Borrowing denominated in Dollars
shall be converted to an ABR Borrowing on the last day of the calendar month and (y) each Term Benchmark Borrowing and each RFR
Borrowing, in each case denominated in a Foreign Currency shall bear interest at the Central Bank Rate for the applicable Agreed
Currency plus the CBR Spread; provided that, if the Administrative Agent determines reasonably and in good faith (which
determination shall be conclusive and binding absent demonstrable error) that the Central Bank Rate for the applicable Agreed
Currency cannot be determined, any outstanding affected Term Benchmark Loans or RFR Loans denominated in any Foreign Currency shall
either be (A) converted to an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Amount of such Foreign
Currency) at the end of the Interest Period or on the Interest Payment Date, as applicable, therefor or (B) prepaid at the end of
the applicable Interest Period or on the Interest Payment Date, as applicable, in full; provided that if no election is made
by the relevant Borrower by the earlier of (x) the date that is three (3) Business Days after receipt by the Company of such notice
and (y) the last day of the current Interest Period for the applicable Term Benchmark Loan, such Borrower shall be deemed to have
elected clause (A) above.
SECTION 2.09 Termination and Reduction of Commitments.
(a) Unless previously terminated, the Term Loan Commitments shall terminate at 3:00 p.m., Chicago time, on
the Amendment No. 1 Effective Date. Unless previously terminated, the Revolving Commitments shall terminate on the Revolving
Credit Maturity Date (subject to Section 2.25).
(b) The Company may at any time terminate, or from time to time reduce, the Revolving Commitments;
provided that (i) each reduction of the Revolving Commitments shall be in an amount
that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Company shall not terminate or reduce the Revolving
Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, (A) the
Dollar Amount of any Revolving Lender’s Revolving Credit Exposure would exceed its
Revolving Commitment or (B) the Dollar Amount of the Total Revolving Credit Exposure would
exceed the Aggregate Commitmentaggregate Revolving
Commitments.
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(c) Notwithstanding the foregoing, upon the acquisition of one Lender by another Lender, or the merger, consolidation or other
combination of any two or more Lenders (any such acquisition, merger, consolidation or other combination being referred to
hereinafter as a “Combination” and each Lender which is a party to such Combination being hereinafter referred to
as a “Combined Lender”), the Company may notify the Administrative Agent that it desires to reduce the Commitment
of the Lender surviving such Combination (the “Surviving Lender”) to an amount equal to the Commitment of that
Combined Lender which had the largest Commitment of each of the Combined Lenders party to such Combination (such largest Commitment
being the “Surviving Commitment” and the Commitments of the other Combined Lenders being hereinafter referred to,
collectively, as the “Retired Commitments”). If the Required Lenders (determined as set forth below) and the
Administrative Agent agree to such reduction in the Surviving Lender’s Commitment, then (i) the aggregate amount of the
Commitments shall be reduced by the Retired Commitments effective upon the effective date of the Combination (or such later date as
the Company may specify in its request), provided, that, on or before such date the Borrowers have paid in full the outstanding
principal amount of the Loans of each of the Combined Lenders other than the Combined Lender whose Commitment is the Surviving
Commitment, (ii) from and after the effective date of such reduction, the Surviving Lender shall have no obligation with respect to
the Retired Commitments, and (iii) the Company shall notify the Administrative Agent whether it wants such reduction to be a
permanent reduction or a temporary reduction. If such reduction is to be a temporary reduction, then the Company shall be
responsible for finding one or more financial institutions (which for the avoidance of doubt may be an existing Lender) (each, a
“Replacement Lender”), acceptable to the Administrative Agent (such acceptance not to be unreasonably withheld,
conditioned or delayed), willing to assume the obligations of a Lender hereunder with aggregate Commitments up to the amount of the
Retired Commitments. The Administrative Agent may require the Replacement Lenders to execute such documents, instruments or
agreements as the Administrative Agent reasonably deems necessary or desirable to evidence such Replacement Lenders’ agreement
to become parties hereunder. For purposes of this Section 2.09(c), Required Lenders shall be determined as if the reduction
in the aggregate amount of the Commitments requested by the Company had occurred (i.e., the Combined Lenders shall be deemed to have
a single Commitment equal to the Surviving Commitment and the aggregate amount of the Commitments shall be deemed to have been
reduced by the Retired Commitments).
(d) The Company shall
notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments
under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying
such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Revolving
Lenders of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided that
a notice of termination or reduction of the Revolving Commitments delivered by the Company
may state that such notice is conditioned upon the effectiveness of other credit facilities or other matters specified therein, in which
case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if
such condition is not satisfied. Any termination or reduction of the Revolving Commitments
shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among
the Revolving Lenders in accordance with their respective Revolving
Commitments.
SECTION 2.10 Repayment
and
Amortization of Loans; Evidence of Indebtedness.
(a) (i)
Each Borrower hereby unconditionally promises to pay (A) to the Administrative Agent for the account of each Revolving
Lender the then unpaid principal amount of each Revolving Loan made to such Borrower on the Revolving
Credit Maturity Date in the currency of such Loan and (B) to the relevant Swingline Lender
the then unpaid principal amount of each Swingline Loan made to such Borrower by such Swingline Lender on the earlier of the Revolving
Credit Maturity Date and the 14th Business Day after the date such Swingline
Loan is made; provided that on each date that a Revolving Borrowing is made, the Company shall repay all Swingline Loans then
outstanding and the proceeds of any such Borrowing shall be applied by the Administrative Agent to repay any Swingline Loans outstanding.
(ii)
The Company shall repay Term Loans on each date set forth below in the aggregate principal amount set forth opposite such date (as adjusted
from time to time pursuant to Section 2.11.1(b)):
Date
Amount
June 30, 2027
$3,125,000
September 30, 2027
$3,125,000
December 31, 2027
$3,125,000
March 31, 2028
$3,125,000
June
30, 2028 and the last Business Day of
each calendar quarter ending thereafter
$6,250,000
To the extent not previously
repaid, all unpaid Term Loans shall be paid in full in Dollars by the Company on the Term Loan Maturity Date.
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(b)
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to
such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender
from time to time hereunder.
(c)
The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Agreed
Currency and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or
to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lender’s share thereof.
(d)
The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the
existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent
to maintain such accounts or any error therein shall not in any manner affect the obligation of any Borrower to repay the Loans in accordance
with the terms of this Agreement.
(e)
Any Lender may request that Loans made by it to any Borrower be evidenced by a promissory note. In such event, the relevant Borrower shall
prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender
and its registered assigns) and in a form attached hereto as Exhibit D-1 or D-2, as applicable. Thereafter, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented
by one or more promissory notes in such form.
SECTION 2.11 Prepayment of Loans.
SECTION 2.11.1. Voluntary Prepayments.
(a) Any Borrower
shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in
accordance with paragraph (b) of this Section; provided that (i) each prepayment of a Term Benchmark Borrowing (other than in
connection with a prepayment of all outstanding Term Benchmark Borrowings and/or a prepayment of a Term Benchmark Borrowing made to
refinance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e)) shall be in an amount that is an
integral multiple of $1,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 1,000,000 units of such currency) and
not less than $5,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 5,000,000 units of such currency) and (ii)
each prepayment of an ABR Borrowing (other than in connection with a prepayment of all outstanding ABR Borrowings and/or a
prepayment of an ABR Borrowing made to refinance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e))
shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000.
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(b) The applicable Borrower,
or the Company on behalf of the applicable Borrower, shall notify the Administrative Agent by written notice (submitted by telecopy or
electronic communication, including an Approved Borrower Portal, if arrangements for doing so have been approved by the Administrative
Agent and, if relevant, the applicable Swingline Lender) of any prepayment hereunder (i) in the case of prepayment of a Term Benchmark
Borrowing denominated in Dollars, not later than 3:00 p.m., Chicago time, three (3) Business Days before the date of prepayment, (ii)
in the case of prepayment of a Term Benchmark Borrowing denominated euro, not later than 1:00 p.m., Chicago time, four (4) Business Days
before the date of prepayment, (iii) in the case of prepayment of an RFR Borrowing, not later than 11:00 a.m., New York City time, five
(5) RFR Business Days before the date of prepayment, (iv) in the case of prepayment of an ABR Borrowing, not later than 1:00 p.m., Chicago
time, on the date of prepayment or (v) in the case of prepayment of a Swingline Loan, not later than 1:00 p.m., Local Time, on the date
of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing
or portion thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of
termination or reduction of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such
notice of termination or reduction is revoked in accordance with Section 2.09 and (B) a notice of prepayment by any Borrower, or
the Company on behalf of any Borrower, may state that such notice is conditioned upon the effectiveness of other credit facilities or
other matters specified therein, in which case such notice may be revoked by the applicable Borrower, or the Company on behalf of the
applicable Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.
Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the applicable
Class of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an
advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied
ratably to the Revolving Loans included in the prepaid Revolving Borrowing, and each voluntary prepayment
of a Term Loan Borrowing shall be applied ratably to the Term Loans included in the prepaid Term Loan Borrowing in such order of application
as directed by the Company. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section
2.13 and (ii) break funding payments required by Section 2.16.
SECTION
2.11.2. Mandatory Prepayments. If at any time, (i) other than as a result of fluctuations in currency exchange rates, (w) the
aggregate principal Dollar Amount of the Total Revolving Credit Exposure (calculated, with respect to those Credit Events
denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such Credit Event) exceeds the
aggregate Revolving Commitments, (x) the aggregate principal Dollar Amount of all
Loans (calculated, with respect to those Credit Events denominated in Foreign Currencies, as of the most recent Computation Date
with respect to each such Credit Event) outstanding denominated in Foreign Currencies exceeds the Foreign Currency Sublimit, (y) the
aggregate principal Dollar Amount of all Loans (calculated, with respect to those Credit Events denominated in Foreign Currencies,
as of the most recent Computation Date with respect to each such Credit Event) outstanding to the Affiliate Borrowers exceeds the
Affiliate Borrower Sublimit or (z) the aggregate principal Dollar Amount of all Swingline Loans (calculated, with respect to those
Swingline Loans denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such Swingline Loan)
outstanding denominated in Foreign Currencies exceeds the Swingline Foreign Currency Sublimit or (ii) solely as a result of
fluctuations in currency exchange rates, (w) the aggregate principal Dollar Amount of the Total Revolving Credit Exposure (as so
calculated) exceeds 105% of the aggregate Revolving Commitments, (x) the aggregate
principal Dollar Amount of all of the Revolving Credit Exposures (as so calculated) denominated in Foreign Currencies exceeds 105%
of the Foreign Currency Sublimit, (y) the aggregate principal Dollar Amount of all of the Revolving Credit Exposures (as so
calculated) to the Affiliate Borrowers exceeds 105% of the Affiliate Borrower Sublimit or (z) the aggregate principal Dollar Amount
of all Swingline Loans (as so calculated) denominated in Foreign Currencies exceeds 105% of the Swingline Foreign Currency Sublimit,
the Borrowers shall, promptly after receipt of written notice from the Administrative Agent, repay Borrowings and, if no Borrowings
are then outstanding, Cash Collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j),
in an aggregate principal amount sufficient to eliminate any such excess.
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SECTION
2.12 Fees. (a) The Company agrees to pay to the Administrative Agent for the account of each Revolving
Lender a facility fee, which shall accrue at the Applicable Rate on the average daily amount of the Revolving
Commitment of such Revolving
Lender (whether used or unused) during the period from and including the Effective Date to but excluding
the date on which such Revolving
Commitment terminates; provided that, if such Revolving
Lender continues to have any Revolving Credit Exposure after its Revolving
Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such Revolving
Lender’s Revolving Credit Exposure from and including the date on which its Revolving
Commitment terminates to but excluding the date on which such Revolving
Lender ceases to have any Revolving Credit Exposure. Accrued facility fees shall be payable in arrears
on the fifteenth (15th) Business Dayday
following the last day of March, June, September and December of each year and on the date on which the
Revolving
Commitments terminate, commencing on the first such date to occur after the date hereof; provided
that any facility fees accruing after the date on which the Revolving
Commitments terminate shall be payable on demand accompanied by an invoice in reasonable
detail. All facility fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).
(b)
The Company agrees to pay (i) to the Administrative Agent for the account of each Revolving
Lender a participation fee with respect to its participations in Letters of Credit,
which shall accrue at the Applicable LC Fee Rate (as defined below) on the average daily Dollar Amount of such Revolving
Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed
LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Revolving
Lender’s Revolving
Commitment terminates and the date on which such Revolving
Lender ceases to have any LC Exposure, and (ii) to each Issuing Bank for its own
account a fronting fee, which shall accrue at a rate per annum separately agreed upon between the Company and such Issuing Bank on the
average daily Dollar Amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable
to Letters of Credit issued by the relevant Issuing Bank during the period from and including the Effective Date to but excluding the
date on which there ceases to be any LC Exposure, as well as such Issuing Bank’s standard fees and commissions with respect to
the issuance, amendment, cancellation, negotiation, transfer, presentment or extension of any Letter of Credit or processing of drawings
thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of
each year shall be payable on the fifteenth (15th)
Business Dayday
following such last day, commencing on the first such date to occur after the Effective Date; provided
that all such fees shall be payable on the date on which the Revolving
Commitments terminate and any such fees accruing after the date on which the Revolving
Commitments terminate shall be payable promptly after demand. Any other fees payable
to any Issuing Bank pursuant to this paragraph shall be payable within thirty (30) days after demand accompanied by an invoice in reasonable
detail. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day). Participation fees and fronting fees in respect of Letters
of Credit denominated in Dollars shall be paid in Dollars, and participation fees and fronting fees in respect of Letters of Credit denominated
in a Foreign Currency shall be paid in Dollars in the Dollar Amount thereof. As used above, “ Applicable LC Fee Rate”
means at any time (x) in the case of standby Letters of Credit (other than those described in the following clause (y)), the same Applicable
Rate used to determine the interest rate applicable to Term Benchmark Revolving Loans at such time and (y) in the case of commercial
Letters of Credit and standby Letters of Credit issued to ensure the performance of services and/or delivery of goods, in each case at
a per annum rate equal to 50% of the Applicable Rate used to determine the interest rate applicable to Term Benchmark Revolving Loans
at such time.
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(c)
The Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed
upon between the Company and the Administrative Agent.
(d)
All fees payable hereunder shall be paid on the dates due, in immediately available funds in Dollars (except as expressly provided in
this Section), to the Administrative Agent (or to the relevant Issuing Bank, in the case of fees payable to it) for distribution, in the
case of facility fees and participation fees, to the applicable Lenders. Fees paid shall
not be refundable under any circumstances.
SECTION 2.13 Interest.
(a)
The Loans comprising each ABR Borrowing (other than any Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable
Rate. Each Swingline Loan shall bear interest at a rate per annum agreed upon between the Company and the relevant Swingline Lender (or,
if such a rate per annum is not agreed upon between the Company and the relevant Swingline Lender in respect of a Swingline Loan, such
Swingline Loan shall bear interest at (i) in the case of a Swingline Loan denominated in Dollars, the Alternate Base Rate plus
the Applicable Rate for ABR Revolving Borrowings or (ii) in the case of a Swingline Loan denominated in euro, the applicable Adjusted
Daily Simple RFR plus the Applicable Rate). The Loans comprising each Term Benchmark Borrowing shall bear interest at (i) in the case
of a Term Benchmark Borrowing denominated in Dollars, the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing
plus the Applicable Rate and (ii) in the case of a Term Benchmark Borrowing denominated in euro, the Adjusted EURIBO Rate for the Interest
Period in effect for such Borrowing plus the Applicable Rate. Each RFR Loan shall bear interest at a rate per annum equal to the applicable
Adjusted Daily Simple RFR plus the Applicable Rate.
(b)
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee payable by any Borrower hereunder is not paid when
due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment,
at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided
in the preceding paragraphs of this Section or (ii) in the case of any interest or fee, 2% plus the rate applicable to ABR Loans as provided
in paragraph (a) of this Section.
(c)
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in
the case of Revolving Loans, upon termination of the Revolving
Commitments; provided that (i) interest accrued pursuant to paragraph (b) of this Section shall be payable on demand, (ii) in
the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the
Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or
prepayment and (iii) in the event of any conversion of any Term Benchmark Loan prior to the end of the current Interest Period
therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
(d)
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate only at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year
of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the
outstanding principal amount of such Loan as of the applicable date of determination. A determination of the applicable Alternate
Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Adjusted EURIBO Rate, EURIBO Rate, Adjusted Daily Simple RFR, Daily Simple RFR
shall be determined by the Administrative Agent, and such determination shall be conclusive absent demonstrable error.
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(e) By entering into
this Agreement, the parties have assumed in bona fide that the interest payable hereunder is not and will not become subject to any deduction
or withholding of Taxes for Swiss Withholding Tax. Nevertheless, if a deduction or withholding of Taxes for Swiss Withholding Tax is required
by Swiss law to be made by the Swiss Borrower in respect of any interest payable by it under a Loan Document then:
(i) the
applicable interest rate in relation to that interest payment shall be
(A)
the interest rate which would have applied to that interest payment (as provided for in this Section 2.13) in the absence of this
paragraph (e), divided by
(B)
one (1) minus the rate at which the relevant deduction or withholding of Taxes for Swiss Withholding Tax is required to be made (where
the rate at which the relevant deduction or withholding of Taxes for Swiss Withholding Tax is required to be made is for this purpose
expressed as a fraction of (1) rather than as percentage);
(ii) the Swiss
Borrower shall: (i) pay the relevant interest at the adjusted rate in accordance with paragraph (a) above and (ii) make the deduction
or withholding of Taxes for Swiss Withholding Tax on the interest so recalculated; and
(iii) all references
to a rate of interest with respect to any Loan shall be construed accordingly.
To the extent that
interest payable by a Swiss Borrower under this Agreement becomes subject to Swiss Withholding Tax, each relevant Lender and each Swiss
Borrower shall promptly cooperate by completing any procedural formalities (including submitting forms and documents required by the appropriate
Tax authority) to the extent possible and necessary for that Swiss Borrower to obtain authorization to make interest payments without
them being subject to Swiss Withholding Tax or to being subject to Swiss Withholding Tax at a rate reduced under applicable double taxation
treaties.
In the event Swiss
Withholding Tax is refunded to a Lender by the Swiss Federal Tax Administration, the relevant Lender shall forward, after deduction of
any due payment to be made at the time of such refund by the relevant Swiss Borrower under this Agreement and costs, such amount to the
relevant Swiss Borrower.
(f)
The Swiss Borrower is not required to make an
increased payment to a Lender under paragraph (e) above by reason of a deduction or withholding of Taxes for Swiss
Withholding Tax due to a breach of the Swiss Non-Bank Rules (i) if such lender has made an incorrect declaration of its status as to
whether or not it is a Swiss Qualifying Lender, (ii) has breached the assignment, transfer or exposure transfer restrictions
pursuant to Section 9.04(b)(ii)(G) (Successors and Assigns), or (iii) has ceased to be a Swiss Qualifying Lender other than
as a result of any change after the date it became a Lender under this agreement in (or in the interpretation, administration or
application of) any law or double taxation treaty, or any published practice or published concession of any relevant taxing
authority.
(g) Interest in respect of Loans denominated
in Dollars shall be paid in Dollars, and interest in respect of Loans denominated in a Foreign Currency shall be paid in such Foreign
Currency.
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SECTION 2.14 Alternate Rate of Interest.
(a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.14, if:
(i)
the Administrative Agent determines (which determination shall be conclusive absent demonstrable error) (A) prior to the commencement
of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term
SOFR Rate or the Adjusted EURIBO Rate (including because the Relevant Screen Rate is not available or published on a current basis) for
the applicable Agreed Loan Currency and such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining
the applicable Adjusted Daily Simple RFR for the applicable Agreed Loan Currency; or
(ii)
the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark
Borrowing, the Adjusted Term SOFR Rate or the Adjusted EURIBO Rate for the applicable Agreed Loan Currency and such Interest Period will
not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for the applicable
Agreed Loan Currency and for such Interest Period or (B) at any time, the applicable Adjusted Daily Simple RFR for the applicable Agreed
Loan Currency will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing
for the applicable Agreed Loan Currency;
then the Administrative Agent shall give
notice (in reasonable detail) thereof to the applicable Borrower and the Lenders of the applicable Class prior to the commencement
of such Interest Period, by telephone, facsimile or email in accordance with Section 9.01 as promptly as practicable thereafter and,
until (x) the Administrative Agent notifies the applicable Borrower and the Lenders of the applicable Class that the circumstances
giving rise to such notice no longer exist (which notice shall be given by the Administrative Agent promptly after such
circumstances cease to exist) with respect to the relevant Benchmark and (y) the applicable Borrower delivers a new Interest
Election Request in accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section
2.03, (A) for Loans denominated in Dollars, any Interest Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing
shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for (x) an RFR Borrowing
denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not also the subject of Section 2.14(a)(i)
or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings also is the subject of Section
2.14(a)(i) or (ii) above and (B) for Loans denominated in a Foreign Currency, any Interest Election Request that requests the
conversion of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that
requests a Term Benchmark Borrowing or an RFR Borrowing, in each case, for the relevant Benchmark, shall be ineffective; provided
that if the circumstances giving rise to such notice affect only one Type of Borrowing, then all other Types of Borrowings shall be
permitted. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Loan Currency is outstanding on the date of the
applicable Borrower’s receipt of the notice from the Administrative Agent referred to in this Section 2.14(a) with respect to
a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Company and
the Lenders of the applicable Class that the circumstances giving rise to such notice
no longer exist (which notice shall be given by the Administrative Agent promptly after such circumstances cease to exist) with
respect to the relevant Benchmark and (y) the applicable Borrower delivers a new Interest Election Request in accordance with the
terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans denominated in Dollars,
any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative
Agent to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar
Borrowings is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple RFR for
Dollar Borrowings also is the subject of Section 2.14(a)(i) or (ii) above, on such day and (B) for Loans denominated in a Foreign
Currency, (1) any Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan bear interest at the
Central Bank Rate for the applicable Foreign Currency plus the CBR Spread; provided that, if the Administrative Agent
determines reasonably and in good faith (which determination shall be conclusive and binding absent manifest error) that the Central
Bank Rate for the applicable Foreign Currency cannot be determined, any outstanding affected Term Benchmark Loans denominated in
such Foreign Currency shall, at the Company’s election prior to such day: (A) be prepaid by the applicable Borrower on such
day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan
denominated in such Foreign Currency shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at
the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan shall bear
interest at the Central Bank Rate for the applicable Foreign Currency plus the CBR Spread; provided that, if the
Administrative Agent determines reasonably and in good faith (which determination shall be conclusive and binding absent manifest
error) that the Central Bank Rate for the applicable Foreign Currency cannot be determined, any outstanding affected RFR Loans
denominated in any Foreign Currency, at the Company’s election, shall either (A) be converted into ABR Loans denominated in
Dollars (in an amount equal to the Dollar Amount of such Foreign Currency) immediately or (B) be prepaid in full immediately.
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(b)
Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark
Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement” with respect to Dollars
for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark (including any related adjustments) for all
purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment
to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is
determined in accordance with clause (2) of the definition of “Benchmark Replacement” with respect to any Agreed Loan Currency
for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark (including any related adjustments) for all
purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m., New York City time, on the fifth
(5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders and the Company without any amendment
to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent
has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.
(c)
In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or
consent of any other party to this Agreement or any other Loan Document.
(d)
The Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition Event,
(ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement
Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the
commencement or conclusion of any Benchmark Unavailability Period. Except as expressly provided in this Agreement, any
determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders)
pursuant to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will
be conclusive and binding absent manifest error and may be made in its or their sole reasonable good faith discretion and without
consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to
this Section 2.14.
(e)
Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the
implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate or the
EURIBO Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service commonly used in
the banking industry for such purpose that publishes such rate from time to time as selected by the Administrative Agent in its
reasonable discretion and consistent with such selection generally under other substantially similar syndicated credit facilities
for which it acts as the administrative agent or (B) the regulatory supervisor for the administrator of such Benchmark has provided
a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer
representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings
at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause
(i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark
Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a
Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest
Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
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(f)
Upon the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period and until a Benchmark
Replacement is determined in accordance with this Section 2.14, the applicable Borrower may revoke any request for a (i) Term
Benchmark Borrowing, conversion to or continuation of Term Benchmark Loans to be made, converted or continued or (ii) a RFR
Borrowing or conversion to RFR Loans, during any Benchmark Unavailability Period and, failing that, either (x) such Borrower will be
deemed to have converted any request for a Term Benchmark Borrowing or RFR Borrowing, as applicable, denominated in Dollars into a
request for a Borrowing of or conversion to (A) solely with respect to any such request for a Term Benchmark Borrowing, an RFR
Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark
Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark
Transition Event or (y) any request relating to a Term Benchmark Borrowing or RFR Borrowing denominated in a Foreign Currency shall
be ineffective. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an
Available Tenor, the component of ABRthe
Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not
be used in any determination of ABRthe
Alternate Base Rate. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Loan Currency is outstanding
on the date of the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a
Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement for such Agreed
Loan Currency is implemented pursuant to this Section 2.14, (A) for Loans denominated in Dollars any Term Benchmark Loan shall on
the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, (x)
an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a
Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark
Transition Event, on such day and (B) for Loans denominated in a Foreign Currency, (1) any Term Benchmark Loan shall, on the last
day of the Interest Period applicable to such Loan bear interest at the Central Bank Rate for the applicable Foreign Currency plus
the CBR Spread; provided that, if the Administrative Agent determines reasonably and in good faith (which determination shall
be conclusive and binding absent demonstrable error) that the Central Bank Rate for the applicable Foreign Currency cannot be
determined, any outstanding affected Term Benchmark Loans denominated in any Foreign Currency shall, at the applicable
Borrower’s election prior to such day: (A) be prepaid by such Borrower on such day or (B) solely for the purpose of
calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Foreign Currency
shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to
Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan shall bear interest at the Central Bank Rate for the
applicable Foreign Currency plus the CBR Spread; provided that, if the Administrative Agent determines reasonably and in good
faith (which determination shall be conclusive and binding absent demonstrable error) that the Central Bank Rate for the applicable
Foreign Currency cannot be determined, any outstanding affected RFR Loans denominated in any Foreign Currency, at the applicable
Borrower’s election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar
Amount of such Foreign Currency) immediately or (B) be prepaid in full immediately.
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SECTION 2.15 Increased Costs. (a) If any Change in
Law shall:
(i)
impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement,
insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except
any such reserve requirement reflected in the Adjusted EURIBO Rate) or any Issuing Bank;
(ii)
impose on any Lender or any Issuing Bank or the London or other applicable offshore interbank market for the applicable Agreed Currency
any other condition affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or
(iii)
subject the Administrative Agent, any Lender or any Issuing Bank to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in
clauses (b) through (d) of the definition of “Excluded Taxes” and (C) Connection Income Taxes) on its loans, loan principal,
letters of credit, commitments, or other obligations of the type that such Lender has hereunder, or its deposits, reserves, other liabilities
or capital attributable thereto
and the result of any of the foregoing
shall be to increase the cost to the Administrative Agent, such Lender or such Issuing Bank of making, continuing, converting or maintaining
any Loan or of maintaining its obligation to make any such Loan or to increase the cost to the Administrative Agent, such Lender or Issuing
Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by the
Administrative Agent, such Lender or Issuing Bank hereunder, whether of principal, interest or otherwise, then the applicable Borrower
will pay to the Administrative Agent, such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will compensate
the Administrative Agent, such Lender or Issuing Bank, as the case may be, for such additional costs incurred or
reduction suffered as reasonably determined by such Lender or such Issuing Bank (which determination shall be made in good faith (and
not on an arbitrary or capricious basis) and consistent with similarly situated customers of the applicable Lender or the applicable Issuing
Bank under agreements having provisions similar to this Section 2.15 after consideration of such factors as such Lender or such Issuing
Bank then reasonably determines to be relevant).
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(b)
If any Lender or Issuing Bank reasonably determines that any Change in Law regarding capital or liquidity requirements has or would have
the effect of reducing the rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s
or Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters
of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or Issuing
Bank or such Lender’s or Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s or Issuing Bank’s policies and the policies of such Lender’s or Issuing Bank’s holding company with
respect to capital adequacy and liquidity), then from time to time the applicable Borrower will pay to such Lender or Issuing Bank, as
the case may be, such additional amount or amounts as will compensate such Lender or Issuing Bank or such Lender’s or Issuing Bank’s
holding company for any such reduction suffered as reasonably determined by such Lender or such Issuing Bank (which determination shall
be made in good faith (and not on an arbitrary or capricious basis) and consistent with similarly situated customers of the applicable
Lender or the applicable Issuing Bank under agreements having provisions similar to this Section 2.15 after consideration of such factors
as such Lender or such Issuing Bank then reasonably determines to be relevant).
(c)
A certificate of a Lender or an Issuing Bank setting forth in reasonable detail the computation of the amount or amounts necessary to
compensate such Lender or Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section
shall be delivered to the Company contemporaneously with any demand for payment hereunder and shall be conclusive absent clearly demonstrable
error. The Company shall pay, or cause the other Borrowers to pay, such Lender or Issuing Bank, as the case may be, the amount shown as
due on any such certificate within 30 days after receipt thereof.
(d)
Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver
of such Lender’s or Issuing Bank’s right to demand such compensation; provided that the Company shall not be required
to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions if such Lender or such Issuing
Bank fails to notify the Company within 90 days after it obtains actual knowledge (or, in the exercise of ordinary due diligence, should
have obtained actual knowledge) and such Lender and such Issuing Bank shall only be entitled to receive such compensation for any losses
incurred by it or amounts to which it would otherwise be entitled from and after the date 90 days prior to the date such Lender or such
Issuing Bank provided notice thereof to the Company of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or Issuing Bank’s claim for compensation therefor; provided further that, if the Change in Law giving rise
to such increased costs or reductions is retroactive, then the 90-day period referred to above shall be extended to include the period
of retroactive effect thereof.
SECTION 2.16 Break Funding Payments.
(a)
With respect to Term Benchmark Loans, in the event of (a) the payment of any
principal of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto (including as a result of
an Event of Default or as a result of any prepayment pursuant to Section 2.11),
(b) the conversion of any Term Benchmark Loan other than on the last day of the
Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Term Benchmark Loan on the date
specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(b) and
is revoked in accordance therewith), (d) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period
applicable thereto as a result of a request by the Company pursuant to Section 2.19 or 9.02(e) or (e) the failure by
any Borrower to make any payment of any Loan (or interest due thereof) denominated in a Foreign Currency on its scheduled due date
or any payment thereof in a different currency, then, in any such event, the relevant Borrower shall compensate each Lender for the
loss (excluding loss of margin), cost and expense attributable to such event. A certificate of any Lender setting forth the
computation in reasonable detail of any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be
delivered to the applicable Borrower contemporaneously with the demand for payment and shall be conclusive absent clearly
demonstrable error. The applicable Borrower shall pay such Lender the amount shown as due on any such certificate free of clearly
demonstrable error within 30 days after receipt thereof.
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(b) With respect to RFR Loans,
in the event of (i) the payment of any principal of any RFR Loan other than on the Interest Payment Date applicable thereto (including
as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (ii) the failure to borrow or prepay
any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section
2.11(b) and is revoked in accordance therewith), (iii) the assignment of any RFR Loan other than on the Interest Payment Date applicable
thereto as a result of a request by the Company pursuant to Section 2.19 or 9.02(e) or (iv) the failure by the applicable
Borrower to make any payment of any Loan or drawing under any Letter of Credit (or interest due thereof) denominated in a Foreign Currency
on its scheduled due date or any payment thereof in a different currency, then, in any such event, the Borrowers shall compensate each
Lender for the loss, cost and expense attributable to such event. A certificate of any Lender setting forth the computation in reasonable
detail of any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the applicable
Borrower contemporaneously with the demand for payment and shall be conclusive absent clearly demonstrable error. The applicable Borrower
shall pay such Lender the amount shown as due on any such certificate free of clearly demonstrable error within 30 days after receipt
thereof.
Notwithstanding anything
to the contrary set forth in this Section 2.16, each of the Lenders waives any claim to payment of any “break funding” amounts
owing under this Section 2.16 in respect of any Loans repaid by any Borrower on the Effective Date.
SECTION 2.17 Taxes.
(a) Any and all payments by
or on account of any obligation of any Loan Party under any Loan Document shall be made free and clear of and without deduction for any
Taxes, except as required by applicable law. If any applicable law (as determined in the reasonable 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, subject to Section
2.17(m) and without duplication, (i) the sum payable by the relevant Loan Party shall be increased as necessary so that after making
all required deductions or withholdings for Indemnified Taxes (including deductions or withholdings applicable to additional sums payable
under this Section) the Administrative Agent, Lender, or any other recipient of such payments (as the case may be) receives an amount
equal to the sum it would have received had no such deductions or withholdings in respect of Indemnified Taxes been made, (ii) such Loan
Party shall make such deductions or withholdings and (iii) such Loan Party shall pay the full amount deducted or withheld to the relevant
Governmental Authority in accordance with applicable law.
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(b) In addition, each Borrower
shall pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely
reimburse it for the payment of, any Other Taxes related to such Borrower.
(c)
The Loan Parties shall indemnify the Administrative Agent and each Lender, within 30 days after written demand therefor, for the full
amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect
to any payment by or on account of any obligation of such Borrower under any Loan Document (including Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to amounts payable under this Section) and any interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability together with a supporting document shall be delivered
to the Company by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender contemporaneously with any demand
for payment, and shall be conclusive absent clearly demonstrable error. This paragraph (c) shall not apply to the extent such Taxes would
have been compensated for by an increased payment under Section 2.17(m)(i) but were not so compensated solely because one of the
exclusions set forth in Section 2.17(m)(iii) applied.
(d)
As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority, such Loan Party shall deliver to the
Administrative Agent the original or a copy of a receipt issued, if available, by such Governmental Authority evidencing such payment,
a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(e)
(i) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in
which a Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement
shall deliver to such Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such
properly completed and executed documentation reasonably requested by such Borrower as will permit such payments to be made without
withholding or at a reduced rate. In addition, any Lender, if reasonably requested by any Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or reasonably requested by such Borrower or the Administrative
Agent as will enable such Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the
completion, execution and submission of such documentation (other than such documentation set forth in Section 2.17(e)(ii)(A) and
(ii)(B) 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. For the avoidance of doubt, this Section 2.17(e)(i) shall not apply to UK Treaty Lenders (to which the provisions of
Section 2.17(m)(vi) shall apply).
(ii) Without limiting the generality of the foregoing,
in the event that any Borrower is a U.S. Person:
(A) any U.S. Lender
shall deliver to such Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), executed copies of IRS Form
W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;
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(B) any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and
from time to time thereafter upon the reasonable request of such Borrower or the Administrative Agent), whichever of the following is
applicable:
(1)
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to
payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from,
or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to
any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E 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;
(2)
in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an executed copy
of IRS Form W-8ECI;
(3)
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate substantially in the form of Exhibit H-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 such 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; or
(4)
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, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-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 H-4 on behalf of each such direct
and indirect partner;
(5)
for purposes of furnishing the U.S. Tax Compliance Certificate as described in the foregoing clauses (3) and (4), if a Foreign Lender
(or a foreign Participant) is a Disregarded Entity, the Foreign Lender will submit such certificate based on the status of the Person
that is treated for U.S. federal income tax purposes as being the sole owner of such Lender or Participant; and
(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of such Borrower or the Administrative 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 such Borrower or the Administrative Agent to determine the withholding or deduction required to be made.
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(f)
If the Administrative Agent or a Lender determines that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified
by the Borrowers or with respect to which a Borrower has paid additional amounts pursuant to this Section 2.17, it shall pay over
such refund to such Borrower (but only to the extent of the indemnity payments made under this Section 2.17 with respect to the
Taxes giving rise to such refund), net of all reasonable and documented out-of-pocket expenses (including Taxes) of such Lender or the
Administrative Agent and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).
Such Borrower, upon the request of such Lender or the Administrative Agent, shall repay to such Lender or the Administrative Agent, as
applicable, the amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such Lender or the Administrative Agent is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will a Lender or the Administrative Agent be required
to pay any amount to a Borrower pursuant to this paragraph (f) the payment of which would place such Lender or the Administrative Agent,
as applicable, in a less favorable net after-Tax position than it would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect
to such Tax had never been paid. This Section shall not be construed to require the Administrative Agent or any Lender to make available
its tax returns (or any other information relating to its taxes which it deems confidential) to any Borrower or any other Person.
(g)
Each Lender shall severally indemnify (i) the Administrative Agent, within 30 days after demand therefor, for (A) any Indemnified Taxes
or Other Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative
Agent for such Indemnified Taxes or Other Taxes and without limiting the obligation of the Loan Parties to do so) and (B) any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register
and (ii) the Administrative Agent, within 30 days after demand therefor, for any Excluded Taxes attributable to such Lender, in each case,
that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent
manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount
due to the Administrative Agent under this Section 2.17(g).
(h)
If a payment made to a Lender under any Loan Document would be subject to 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 Company and the Administrative Agent at the time or times prescribed by law and at such
time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative
Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations under FATCA and to determine
that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from
such payment. Solely for purposes of this Section 2.17(h), “FATCA” shall include any amendments made to FATCA after the date
of this Agreement.
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(i)
For purposes of determining withholding Taxes imposed under FATCA, from and after the Effective Date, the Loan Parties and the Administrative
Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement and the Loans as not qualifying
as “grandfathered obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i) or 1.1471-2T(b)(2)(i).
(j)
Each Lender, on or prior to the date it becomes a party hereto, shall inform the Parent whether it is an Irish Qualifying Lender by completing
and providing to the Parent a certificate substantially in the form of Exhibit I hereto (such certificate, an “Irish Qualifying
Lender Confirmation”). Each Lender shall, upon reasonable written request from the Company or the Administrative Agent provide
an updated Irish Qualifying Lender Confirmation. No Irish Borrower is required to make an increased payment in respect of any withholding
tax for or on account of Irish Taxes pursuant to Section 2.17(a), if on the date on which the payment falls due: (i) the payment
could have been made to the relevant Lender without a deduction for Irish Taxes if that Lender was an Irish Qualifying Lender, but on
that date the Lender is not or has ceased to be an Irish Qualifying Lender other than as a result of any Change in Law after the date
it became a Lender under this Agreement; or (ii) the relevant Lender is an Irish Treaty Lender and the Irish Borrower is able to demonstrate
that the payment could have been made to the Lender without withholding had that Lender co-operated in completing any procedural formalities
necessary for the Irish Borrower to make the payment without withholding.
(k)
The indemnity contained in Section 2.17(c) shall not apply to any loss, liability or cost in respect of Irish Taxes to the extent
that it:
(i) is compensated for by an increased payment under Section 2.17(a); or
(ii) would have been compensated for by an increased payment under Section 2.17(a) but was not so compensated solely because the exclusion in Section
2.17(j) applied.
(l)
Any Lender to which interest may be paid by the Irish Borrower free of withholding tax because such Lender falls within section 246(3)(h)
of the Irish TCA shall, following a reasonable request in writing from the Irish Borrower (a) confirm its name, address and country of
tax residence to the Irish Borrower for the purposes of complying with a reporting obligation under section 891A of the Irish TCA, and
(b) provide the Irish Borrower with any information that is required for the Irish Borrower to comply with its obligations under Section
891E, 891F and 891G of the Irish TCA and any regulations made pursuant to those sections. Nothing in this Section 2.17(l) shall
oblige a Lender to disclose any confidential information or computations in respect of Taxes or do anything, which would or might in its
reasonable opinion constitute a breach of any law or regulation, any fiduciary duty or any duty of confidentiality.
(m) United Kingdom Withholding Matters.
(i) If a UK Tax Deduction
is required by law to be made by any Loan Party, the amount of the payment due from that Loan Party shall be increased to an amount which
(after making any UK Tax Deduction) leaves an amount equal to the payment which would have been due if no UK Tax Deduction had been required.
(ii) The Company shall
promptly upon becoming aware that a Loan Party must make a UK Tax Deduction (or that there is any change in the rate or the basis of a
UK Tax Deduction) notify the Administrative Agent accordingly.
Similarly, a Lender or Issuing Bank shall promptly notify the Administrative Agent on becoming so aware in respect of a payment payable
to that Lender or Issuing Bank. If the Administrative Agent receives such notification from a Lender or Issuing Bank it shall promptly
notify the Company. For the avoidance of doubt, any failure by a Lender or Issuing Bank to comply with this Section 2.17(m)(ii)
shall not limit or otherwise affect any of such Lender’s or Issuing Bank’s rights under any Loan Document or any obligation
of a Loan Party under any Loan Document.
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(iii)
In the case of a Lender advancing a Loan to a UK Borrower, a payment by a UK Borrower shall not be increased pursuant to Section
2.17(a) or Section 2.17(m)(i) by reason of a UK Tax Deduction on interest if on the date on which the payment falls due
(A) the payment could have been made to the relevant Lender without a UK Tax Deduction if the Lender had been a UK Qualifying
Lender, but on that date that Lender is not or has ceased to be a UK Qualifying Lender other than as a result of any change after
the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or UK
Treaty, or any published practice or published concession of any relevant taxing authority or (B) the relevant Lender is a UK Treaty
Lender and the UK Borrower making the payment is able to demonstrate that the payment could have been made to the Lender without the
UK Tax Deduction had that Lender complied with its obligations under Section 2.17(m)(vi) or Section 2.17(m)(vii), as
applicable, or (C) the relevant Lender is a UK Qualifying Lender solely by virtue of clause (a)(ii) of the definition of “UK
Qualifying Lender” and (x) an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a
“Direction”) under section 931 of the UK ITA 2007 which relates to the payment and that Lender has received from
the Borrower making the payment a certified copy of that Direction and (y) the payment could have been made to the Lender without
any UK Tax Deduction if that Direction had not been made, or (D) the relevant Lender is a UK Qualifying Lender solely by virtue of
clause (a)(ii) of the definition of “UK Qualifying Lender” and (x) the relevant Lender has not given a UK Tax
Confirmation to the relevant UK Borrower or the Company and (y) the payment could have been made to the relevant Lender without any
UK Tax Deduction if the Lender had given a UK Tax Confirmation to the relevant UK Borrower or the Company, on the basis that the UK
Tax Confirmation would have enabled the UK Borrower to have formed a reasonable belief that the payment was an “excepted
payment” for the purpose of section 930 of the UK ITA 2007.
(iv) Within thirty days
of making either a UK Tax Deduction or any payment required in connection with that UK Tax Deduction the Loan Party making that UK Tax
Deduction shall deliver to the Administrative Agent for the Recipient entitled to the payment a statement under section 975 of the UK
ITA 2007 or other evidence reasonably satisfactory to such Recipient that the UK Tax Deduction has been made or (as applicable) any appropriate
payment paid to HM Revenue & Customs.
(v) If a Loan Party
is required to make a UK Tax Deduction, that Loan Party shall make that UK Tax Deduction and any payment required in connection with that
UK Tax Deduction within the time allowed and the minimum amount required by law.
(vi) In the case of a Lender advancing a Loan to a UK Borrower:
(A)
Subject to (B) below, each UK Treaty Lender and each Loan Party which makes a payment to which that UK Treaty Lender is entitled shall
cooperate in completing any procedural formalities necessary for such Loan Party to obtain authorization to make such payment without
a UK Tax Deduction.
(B)
(1) A UK Treaty Lender which becomes a party to this Agreement (a “Party”) on the day on which this Agreement (or any
amendment hereto) is entered into that (x) holds a passport under the HM Revenue & Customs DT Treaty Passport scheme and (y) wishes such scheme to apply
to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence on its signature page to this Agreement
(or any amendment hereto) or otherwise in writing to the Company; and
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(2) a Lender which
becomes a Lender hereunder after the day on which this Agreement (or any amendment hereto) is entered into that (x) holds a passport under
the HM Revenue & Customs DT Treaty Passport scheme and (y) wishes such scheme to apply to this Agreement, shall provide its scheme
reference number and its jurisdiction of tax residence in the Assignment and Assumption, Increasing Lender Supplement or Augmenting Lender
Supplement, as the case may be, or otherwise in writing to the Company;
and having done so, that Lender shall not be under any obligation
pursuant to paragraph (A) above.
(C)
Upon satisfying either paragraph (A), (B)(1) or (B)(2) above, such Lender shall have satisfied its obligations under Section 2.17(e)(i)
(in respect of a UK Tax Deduction).
(vii) If a UK Treaty Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with Section 2 .17(m)(vi)(B) above, the UK Borrower(s) making payments to that UK Treaty Lender shall make a UK Borrower DTTP filing with respect to such Lender, and shall promptly provide such Lender with a copy of such filing; provided that, if a UK Borrower making a payment to that UK Treaty Lender has made a UK Borrower DTTP Filing in respect of that UK Treaty Lender but:
(A) such
UK Borrower DTTP Filing has been rejected by HM Revenue & Customs; or
(B)
HM Revenue & Customs has not given such UK Borrower authority to make payments to such Lender without a UK Tax Deduction within 60
days of the date of such UK Borrower DTTP Filing;
and in each case, such UK Borrower has
notified that UK Treaty Lender in writing of either (A) or (B) above, then such UK Treaty Lender and such UK Borrower shall co-operate
in completing any additional procedural formalities necessary for such UK Borrower to obtain authorization to make that payment without
a UK Tax Deduction.
(viii) If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with Section 2.17(m)(vi)(B)
above, no Loan Party shall make a UK Borrower DTTP Filing or file any other form relating to the HM Revenue & Customs DT Treaty Passport
scheme in respect of that Lender’s Commitment(s) or its participation in any Loan unless the Lender otherwise agrees.
(ix)
Each Lender which becomes a Party after the date of this Agreement
(a “New Lender”) shall indicate in the relevant Assignment and Assumption, Increasing Lender Supplement or Augmenting
Lender Supplement (as applicable) which it executes on becoming a Party, and for the benefit of the Administrative Agent and without
liability to any Loan Party, which of the following categories it falls in: (i) not a UK Qualifying Lender; (ii) a UK Qualifying Lender
(other than a UK Treaty Lender); or (iii) a UK Treaty Lender, and if the New Lender fails to indicate its status in accordance with this
Section 2.17(m)(ix) then such New Lender shall be treated for the purposes of this Agreement (including by each Loan Party) as
if it is not a UK Qualifying Lender until such time as it notifies the Administrative Agent which category applies (and the Administrative
Agent, upon receipt of such notification, shall inform the relevant UK Borrower). For the avoidance of doubt, an Assignment and Assumption,
Increasing Lender Supplement or Augmenting Lender Supplement shall not be invalidated by any failure of a Lender to comply with this
Section 2.17(m)(ix).
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(x) Each UK Borrower
shall pay and, within three (3) Business Days of demand, indemnify each Recipient against any cost, loss or liability that Recipient incurs
in relation to all United Kingdom stamp duty, registration and other similar Taxes payable in respect of any Loan Document.
(n) VAT.
(i) All amounts set
out or expressed in a Loan Document to be payable by any Party to any Recipient which (in whole or in part) constitute the consideration
for any supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies,
and accordingly, subject to Section 2.17(n)(ii) below, if VAT is or becomes chargeable on any supply made by any Recipient to any
Party under a Loan Document and such Recipient is required to account to the relevant tax authority for the VAT, that Party shall pay
to such Recipient, as applicable, (in addition to and at the same time as paying any other consideration for such supply) an amount equal
to the amount of such VAT (and such Recipient, as applicable, shall promptly provide an appropriate VAT invoice to such Party).
(ii) If VAT is or becomes
chargeable on any supply made by any Recipient (the “Supplier”) to any other Recipient (the “VAT Recipient”)
under a Loan Document, and any Party other than the VAT Recipient (the “Subject Party”) is required by the terms of
any Loan Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse
the VAT Recipient in respect of that consideration):
(A)
where the Supplier is the person required to account to the relevant tax authority for the VAT, the Subject Party shall also pay to the
Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The VAT Recipient will,
where this Section 2.17(n)(ii)(A) applies, promptly pay to the Subject Party an amount equal to any credit or repayment obtained
by the VAT Recipient from the relevant tax authority which the VAT Recipient reasonably determines relates to the VAT chargeable on that
supply; and
(B)
where the VAT Recipient is the person required to account to the relevant tax authority for the VAT, the Subject Party shall promptly,
following demand from the VAT Recipient, pay to the VAT Recipient an amount equal to the VAT chargeable on that supply but only to the
extent that the VAT Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in
respect of that VAT.
(iii) Where a Loan Document
requires any Party to reimburse or indemnify a Recipient for any cost or expense, that Party shall reimburse or indemnify (as the case
may be) such Recipient for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent
that the Recipient reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.
(iv) Any reference in this Section 2.17(n)
to any Party shall, at any time when such Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include
(where appropriate and unless the context otherwise
requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under
the grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the
European Union) or any other similar provision in any jurisdiction which is not a member state of the European Union) so that a reference
to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member
for VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the
relevant time (as the case may be).
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(o)
In relation to any supply made by a Recipient to any Party under a Loan Document, if reasonably requested by
such Recipient, that Party must promptly provide details of its VAT registration and such other information as is reasonably
requested in connection with such Recipient’s VAT reporting requirements in relation to such supply.
(p)
Survival. Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.
(q)
Defined Terms. For purposes of this Section 2.17, the term “Lender” includes any Issuing Bank and the term “applicable
law” includes FATCA.
SECTION 2.18 Payments Generally; Pro Rata Treatment; Sharing
of Set-offs.
(a) Each Borrower shall make
each payment or prepayment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements,
or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to (i) in the case of payments denominated
in Dollars, 1:00 p.m., Chicago time and (ii) in the case of payments denominated in a Foreign Currency, 1:00 p.m., Local Time, in the
city of the Administrative Agent’s Foreign Currency Payment Office for such currency, in each case on the date when due or the date
fixed for any prepayment hereunder, in immediately available funds, without set-off, recoupment or counterclaim. Any amounts received
after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments shall be made (i) in the same currency in which the applicable
Credit Event was made (or where such currency has been converted to euro, in euro) and (ii) to the Administrative Agent at its applicable
office or offices as described in an Administrative Questionnaire provided by the Administrative Agent to the Company from time to time,
except payments to be made directly to an Issuing Bank or a Swingline Lender as expressly provided herein and except that payments pursuant
to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative
Agent shall distribute any such payments denominated in the same currency received by it for the account of any other Person to the appropriate
recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for
payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall
be payable for the period of such extension. Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit
Event in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with the
result that the type of currency in which the Credit Event was made (the “Original Currency”) no longer exists or any
Borrower is not able to make payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments
to be made by such Borrower hereunder in such currency shall instead be made when due in Dollars in an amount equal to the Dollar Amount
(as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrowers take all
risks of the imposition of any such currency control or exchange regulations.
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(b)
If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed
LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then
due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties,
and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.
(c)
If, except as expressly provided herein, any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment
in respect of any principal of or interest on any of its Revolving Loans or participations
in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its
Revolving Loans and participations in LC Disbursements and Swingline Loans and
accrued interest thereon than the proportion received by any other similarly situated Lender,
then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving
Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such
payments shall be shared by theall such
Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving
Loans and participations in LC Disbursements and Swingline Loans; 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 (ii) the provisions of this paragraph shall not be construed to apply to any payment
made by any Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements and Swingline Loans to any
assignee or participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph
shall apply). Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any
Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim
with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.
(d)
Unless the Administrative Agent shall have received notice from the relevant Borrower prior to the date on which any payment or prepayment
is due to the Administrative Agent for the account of the Lenders or an Issuing Bank hereunder that such Borrower will not make such payment,
the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to the applicable Lenders or such Issuing Bank, as the case may be, the amount due. In such event, if
such Borrower has not in fact made such payment, then each of the applicable Lenders or such Issuing Bank, as the case may be, severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the applicable Overnight Rate.
(e)
If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or
9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter
received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent, the Swingline Lenders
or the Issuing Banks to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid
and/or (ii) hold any such amounts in a segregated account over which the Administrative Agent shall
have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section;
in the case of each of clauses (i) and (ii) above, in any order as determined
by the Administrative Agent in its discretion; it being understood that the Administrative Agent shall, to the extent permitted by law,
apply any cash collateral to such obligations when due.
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SECTION 2.19 Mitigation
Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or if any Borrower is required
to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.13(e) or Section 2.17 (other than amounts in respect of Other Taxes or VAT), then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 2.13(e), 2.15 or 2.17, 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 materially disadvantageous to such Lender. The
Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.
(b)
If (i) any Lender (or any of its Participants) requests compensation
under Section 2.15, (ii) any Borrower is required to pay any Indemnified Taxes or additional amount to any Lender (or
any of its Participants) or any Governmental Authority for the account of any Lender (or any of its Participants) pursuant to Section
2.13(e) or Section 2.17, (iii) any Lender (A) or its Lender Parent has become the subject of a Bail-In Action (or any
case or other proceeding in which a Bail-In Action may occur), (B) or its Lender Parent (x) is rated lower than BBB- by S&P (or
an applicable Affiliate thereof) and lower than Baa3 by Moody’s (or an applicable Affiliate thereof) or (y) has no credit (or
similar) rating in effect by at least one such organization, (C) is or becomes a Defaulting Lender, a Disqualified Institution or a
Swiss Non-Qualifying Lender (but only if such cessation will otherwise cause a breach of the Swiss Ten Non-Bank Rule or the Swiss
Twenty Non-Bank Rule) or (D) rejects the designation of an Agreed Currency or of a Foreign Subsidiary as an Eligible Subsidiary if,
in each case, such Agreed Currency or designation of a Foreign Subsidiary as an Eligible Subsidiary has otherwise been approved by
the Required Lenders, (iv) any Lender shall determine that any law, regulation or treaty or directive, or any change therein or in
the interpretation or application thereof, shall make it unlawful for such Lender to make or maintain any Term Benchmark Loans as
contemplated by this Agreement, (v) any Lender shall enter into, or purport to enter into, any assignment or participation with a
Disqualified Institution in violation of this Agreement or (vi) any Lender that is a Swingline Lender or an Issuing Bank shall (A)
resign in its capacity as such, (B) fail to promptly approve the assignment of a Commitment that the Administrative Agent has
approved as contemplated by clause (i) of the proviso below or (C) fail to promptly approve a New Lender that the Administrative
Agent has approved in the case of an increase in the Commitments as contemplated by Section 2.20, then the Company may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other
than its existing rights to payments pursuant to Section 2.15 or 2.17) and obligations under the Loan Documents to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided
that (i) such Lender is reasonably acceptable to the Administrative Agent (and if a Revolving
Commitment is being assigned, the Issuing Banks and the Swingline Lenders) and (ii) such Lender shall have received payment of an
amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Company (in the case of all other amounts). Each party hereto agrees that (1) an assignment
required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Company, the
Administrative Agent and the assignee (or, to the extent applicable,
an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative
Agent and such parties are participants), and (2) the Lender required to make such assignment need not be a party thereto in order for
such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following
the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to
evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse
to or warranty by the parties thereto. Notwithstanding any other provision of this Agreement to the contrary, if a Lender has become the
subject of a Bail-In Action (or any case or other proceeding in which a Bail-In Action may occur) (each, a “Bail-In Lender”),
then the Company may terminate such Bail- In Lender’s Commitment hereunder, provided that (A) no Default or Event of Default
shall have occurred and be continuing at the time of such Commitment termination, (B) in the case of a Bail-In Lender, the Company shall
concurrently terminate the Commitment of each other Lender that is a Bail-In Lender at such time, (C) the Administrative Agent and the
Required Lenders shall have consented to each such Commitment termination (such consents not to be unreasonably withheld, conditioned
or delayed, but may include consideration of the adequacy of the liquidity of the Company and its Subsidiaries) and (D) such Bail-In
Lender shall have been paid all amounts then due to it under this Agreement and each other Loan Document (which, for the avoidance of
doubt, the respective Borrowers may pay in connection with any such termination without making ratable payments to any other Lender (other
than another Lender that has a Commitment that concurrently is being terminated under this Section 2.19(b))).
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SECTION 2.20 Expansion
Option. The Company may from time to time elect to increase the Revolving Commitments
or enter into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in a minimum
amount of $25,000,000 and minimum increments of $1,000,000 in excess thereof, so long as, after giving effect thereto, the aggregate
amount of such increases and all such Incremental Term Loans does not exceed $450,000,000. The Company may arrange for any such
increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Revolving Commitment,
or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial
institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting
Lender”; provided that no Ineligible Institution may be an Augmenting Lender), which agree to increase their
existing Revolving Commitments, or to participate in such
Incremental Term Loans, or provide new Revolving
Commitments, as the case may be; provided that (i) each Augmenting Lender shall be subject to the approval of the Company,
the Administrative Agent, and in the case of an increase in the Revolving
Commitments, each Issuing Bank and each Swingline Lender (each such consent, not to be unreasonably withheld, conditioned or
delayed) and (ii) (x) in the case of an Increasing Lender, the Company and such Increasing Lender execute an agreement substantially
in the form of Exhibit C- 1 hereto, and (y) in the case of an Augmenting Lender, the Company and such Augmenting Lender
execute an agreement substantially in the form of Exhibit C-2 hereto. No consent of any Lender (other than the Lenders
participating in the increase or any Incremental Term Loan) shall be required for any increase in Revolving
Commitments or Incremental Term Loan pursuant to this Section 2.20. Increases and new Revolving
Commitments and Incremental Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the
Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall
notify each Lender thereof. Notwithstanding the foregoing, no increase in the Revolving Commitments
(or in the Revolving Commitment of any Lender) or tranche
of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of such
increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied
or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and
executed by a Financial Officer of the Company and (B) the Company shall be in compliance (on a pro forma basis) with the covenants
contained in Sections 6.01 and 6.02 and (ii) the Administrative Agent shall have received (x) documents and opinions
consistent with those delivered on the Effective Date as to the organizational power and authority of the Borrowers to borrow
hereunder after giving effect to such increase or Incremental Term Loans, as the case may be and (y) a reaffirmation from the
Parent; provided that, with respect to any Incremental Term Loans incurred for the purpose of financing an acquisition for
which the Company has determined, in good faith, that limited conditionality is reasonably necessary (any such acquisition, a
“Limited Conditionality Acquisition” and such Incremental Term Loans, “Acquisition-Related Incremental
Term Loans”), (x) clause (i)(A) of this sentence shall be deemed to have been satisfied so long as (1) as of the date of
execution of the definitive acquisition documentation in respect of a Limited Conditionality Acquisition (a “Limited
Conditionality Acquisition Agreement”) by the parties thereto, no Default or Event of Default shall have occurred and be
continuing or would result from entry into such documentation, (2) as of the date of the borrowing of such Acquisition-Related
Incremental Term Loans, no Event of Default under clause (a), (f), (g) or (h) of Article VII is in existence immediately
before or immediately after giving effect (including on a pro forma basis) to such borrowing and to any concurrent transactions and
any substantially concurrent use of proceeds thereof, (3) the representations and warranties set forth in Article III shall
be true and correct in all material respects (except that any representation and warranty that is qualified by materiality or
Material Adverse Effect shall be true and correct in all respects) as of the date of execution of the applicable Limited
Conditionality Acquisition Agreement by the parties thereto, except to the extent any such representation and warranty specifically
refers to an earlier date, in which case such representation and warranty shall be true and correct in all material respects (except
that any representation and warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all
respects) as of such earlier date and (4) as of the date of the borrowing of such Acquisition-Related Incremental Term Loans,
customary “Sungard” representations and warranties (with such representations and warranties to be reasonably determined
by the Lenders providing such Acquisition-Related Incremental Term Loans) shall be true and correct in all material respects (except
that any representation and warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all
respects) immediately prior to, and immediately after giving effect to, the incurrence of such Acquisition-Related Incremental Term
Loans, except to the extent any such representation and warranty specifically refers to an earlier date, in which case such
representation and warranty shall be true and correct in all material respects (except that any representation and warranty that is
qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of such earlier date and (y)
clause (i)(B) of this sentence shall be deemed to have been satisfied so long as the Parent shall be in compliance (on a pro forma
basis) with the covenants contained in Sections 6.01 and 6.02 as of the date of execution of the related Limited
Conditionality Acquisition Agreement by the parties thereto. On the effective date of any increase in the Revolving
Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender and Augmenting Lender shall make available
to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit
of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts to make
payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its
Applicable Percentage of such outstanding Revolving Loans, and (ii) the Borrowers shall be deemed to have repaid and reborrowed all
outstanding Revolving Loans as of the date of any increase in the Revolving
Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable,
specified in a notice delivered by the applicable Borrower, or the Company on behalf of the applicable Borrower, in accordance with
the requirements of Section 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding sentence
shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Term Benchmark Loan, shall be
subject to indemnification by the Borrowers pursuant to the provisions of Section 2.16 if the deemed payment occurs other
than on the last day of the related Interest Periods. The Incremental Term Loans (a) shall rank pari passu in right of payment with
the Revolving Loans and the initial Term Loans, (b) shall
not mature earlier than the latest Maturity Date in effect on the date of incurrence of such Incremental Term Loans (but may have
amortization prior to such date) and (c) shall be treated substantially the same as (and in any event no more favorably than) the
Revolving Loans and the initial Term Loans; provided
that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the latest Maturity Date in
effect on the date of incurrence of such Incremental Term Loans may provide for material additional or different financial or other
covenants or prepayment requirements applicable only during periods after the latest Maturity Date in effect on the date of
incurrence of such Incremental Term Loans and (ii) the Incremental Term Loans may be priced differently than the Revolving Loans
and the initial Term Loans. Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an
“Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by
the Borrowers, each Increasing Lender participating in such tranche, each Augmenting Lender participating in such tranche, if any,
and the Administrative Agent. The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such
amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent, to effect the provisions of this Section 2.20. Nothing contained in this Section 2.20 shall
constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Revolving
Commitment hereunder, or provide Incremental Term Loans, at any time.
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SECTION 2.21 Market Disruption. Notwithstanding the satisfaction of all conditions referred to in Article II and Article IV with respect to any Credit
Event to be effected in any Foreign Currency, if (i) there shall occur on or prior to the date of such Credit Event any change in national
or international financial, political or economic conditions or currency exchange rates or exchange controls which would in the reasonable
opinion of the Administrative Agent, the relevant Issuing Bank (if such Credit Event is a Letter of Credit) or the Required Lenders make
it impracticable for the Term Benchmark Borrowings or Letters of Credit comprising such Credit Event to be denominated in the Agreed Currency
specified by the applicable Borrower or (ii) a Dollar Amount of such currency is not readily calculable, then the Administrative Agent
shall forthwith give notice thereof to such Borrower, the Lenders and, if such Credit Event is a Letter of Credit, the relevant Issuing
Bank, and such Credit Events shall not be denominated in such Agreed Currency but shall, except as otherwise set forth in Section 2.07,
be made on the date of such Credit Event in Dollars, (a) if such Credit Event is a Borrowing, in an aggregate principal amount equal to
the Dollar Amount of the aggregate principal amount specified in the related request for a Credit Event or Interest Election Request,
as the case may be, as ABR Loans, unless such Borrower notifies the Administrative Agent prior to the occurrence of such Credit Event
that (i) it elects not to borrow on such date or (ii) it elects to borrow on such date in a different Agreed Currency, as the case may
be, in which the denomination of such Loans would in the reasonable opinion of the Administrative Agent and the Required Lenders be practicable
and in an aggregate principal amount equal to the Dollar Amount of the aggregate principal amount specified in the related request for
a Credit Event or Interest Election Request, as the case may be or (b) if such Credit Event is a Letter of Credit, in a face amount equal
to the Dollar Amount of the face amount specified in the related request or application for such Letter of Credit, unless such Borrower
notifies the Administrative Agent prior to the occurrence of such Credit Event that (i) it elects not to request the issuance of such
Letter of Credit on such date or (ii) it elects to have such Letter of Credit issued on such date in a different Agreed Currency, as the
case may be, in which the denomination of such Letter of Credit would in the reasonable opinion of the Issuing Bank which has issued such
Letter of Credit, the Administrative Agent and the Required Lenders be practicable and in face amount equal to the Dollar Amount of the
face amount specified in the related request or application for such Letter of Credit, as the case may be.
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SECTION 2.22 Judgment
Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from any Borrower
hereunder in the currency expressed to be payable herein (the “specified currency”) 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 Administrative Agent could purchase the specified currency with such other currency
at the Administrative Agent’s main New York City office on the Business Day preceding that on which final, non-appealable
judgment is given. The obligations of each Borrower in respect of any sum due to any Lender or the Administrative Agent hereunder
shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the
Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so due in
such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking
procedures purchase the specified currency with such other currency. If the amount of the specified currency so purchased is less
than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the specified currency, each Borrower
agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to
indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount of the specified
currency so purchased exceeds (a) the sum originally due to any Lender or the Administrative Agent, as the case may be, in the
specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate
payment to such Lender under Section 2.18, such Lender or the Administrative Agent, as the case may be, agrees to remit such excess
to such Borrower.
SECTION 2.23 Designation
of Affiliate Borrowers. On the Effective Date, and subject to the satisfaction of the applicable conditions in Article IV hereto,
the Initial Affiliate Borrower shall be an Affiliate Borrower hereunder until the Company shall have executed and delivered to the Administrative
Agent an Affiliate Borrowing Termination with respect to the Initial Affiliate Borrower and complied with the terms and conditions of
Section 5.10, whereupon the Initial Affiliate Borrower shall cease to be an Affiliate Borrower hereunder. After the Effective Date,
the Company may at any time and from time to time designate any Eligible Subsidiary as an Affiliate Borrower by delivery to the Administrative
Agent of an Affiliate Borrowing Agreement executed by such Subsidiary and the Company and the satisfaction of the other conditions precedent
set forth in Section 4.03, and upon such delivery and satisfaction such Subsidiary shall for all purposes of this Agreement be
an Affiliate Borrower and a party to this Agreement until the Company shall have executed and delivered to the Administrative Agent an
Affiliate Borrowing Termination with respect to such Subsidiary, whereupon such Subsidiary shall cease to be an Affiliate Borrower and
a party to this Agreement. Notwithstanding the preceding sentence, no Affiliate Borrowing Termination will become effective as to any
Affiliate Borrower at a time when any principal of or interest on any Loan to such Borrower shall be outstanding hereunder, provided
that such Affiliate Borrowing Termination shall be effective to terminate the right of such Affiliate Borrower to make further Borrowings
under this Agreement. As soon as practicable upon receipt of an Affiliate Borrowing Agreement, the Administrative Agent shall furnish
a copy thereof to each Lender.
SECTION 2.24 Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following
provisions shall apply for so long as such Lender is a Defaulting Lender:
(a) fees shall cease to accrue on the Commitment
of such Defaulting Lender pursuant to Section 2.12(a);
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(b) any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender
(whether voluntary or mandatory, at maturity or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant
to Section 9.08 shall be applied at such time or times as may be reasonably determined by the Administrative Agent (but as promptly
as commercially practicable) as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative
Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank
or Swingline Lender hereunder; third, to Cash Collateralize the Issuing Banks’ LC Exposure with respect to such Defaulting
Lender in accordance with this Section; fourth, as the Company may request (so long as no Default or Event of Default exists),
to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement,
as reasonably determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Company, to
be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations
with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Banks’ future LC Exposure with respect to such
Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; sixth,
to the payment of any amounts owing to the Revolving Lenders,
the Issuing Banks or Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Revolving
Lender, the Issuing Banks or Swingline Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of
its obligations under this Agreement or under any other Loan Document; seventh, so long as no Default or Event of Default exists,
to the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent jurisdiction obtained by such
Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under
any other Loan Document; 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 Loans or LC Disbursements in respect of which such
Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued
at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay
the Loans of, and LC Disbursements owed to, all non-Defaulting Revolving
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender
until such time as all Loans and funded and unfunded participations in the Borrowers’ obligations corresponding to such Defaulting
Lender’s LC Exposure and Swingline Loans are held by the Revolving
Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below. 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 shall be deemed paid to and redirected by such Defaulting Lender, and each Revolving
Lender irrevocably consents hereto;
(c) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders
have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section
9.02); provided, that, except as otherwise provided in Section 9.02, this clause (c) shall not apply to the vote of
a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly
affected thereby;
(d) if any Swingline Exposure or LC Exposure exists at the time sucha
Revolving Lender becomes a Defaulting Lender then:
(i) all
or any part of the Swingline Exposure and LC Exposure of such Defaulting Revolving Lender
(other than the portion of such Swingline Exposure referred to in clause (b) of the definition of such term) shall be reallocated
among the non-Defaulting Revolving Lenders in accordance
with their respective Applicable Percentages but only to the extent the sum of all non-Defaulting Revolving
Lenders’ Revolving Credit Exposures plus such Defaulting Revolving
Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Revolving Lenders’ Revolving
Commitments;
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(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Company shall within one (1)
Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second,
Cash Collateralize for the benefit of the Issuing Banks only the Borrowers’ obligations corresponding to such Defaulting Revolving Lender’s
LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set
forth in Section 2.06(j) for so long as such LC Exposure is outstanding;
(iii) if the Company Cash Collateralizes any portion of such Defaulting Revolving Lender’s
LC Exposure pursuant to clause (ii) above, the Borrowers shall not be required to pay any fees to such Defaulting Revolving
Lender pursuant to Section 2.12(b) with respect to such Defaulting Revolving Lender’s
LC Exposure during the period such Defaulting Revolving Lender’s LC Exposure is Cash
Collateralized;
(iv) if the LC Exposure of the non-Defaulting Revolving Lenders is reallocated pursuant to clause
(i) above, then the fees payable to the Lenders pursuant to Section 2.12(b) shall be adjusted in accordance with such non-Defaulting
Revolving Lenders’ Applicable Percentages; and
(v) if all or any portion of such Defaulting Revolving Lender’s LC Exposure is neither
reallocated nor Cash Collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing
Bank or any other Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Revolving
Lender (solely with respect to the portion of such Defaulting Revolving Lender’s
Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.12(b) with respect to such Defaulting
Revolving Lender’s LC Exposure shall be payable to the Issuing Banks until and to
the extent that such LC Exposure is reallocated and/or Cash Collateralized; and
(e) so long as such Lender is a Defaulting Revolving Lender, the Swingline Lenders shall not
be required to fund any Swingline Loan and the Issuing Banks shall not be required to issue, amend or increase any Letter of Credit, unless
it is satisfied that the related exposure and the Defaulting Revolving Lender’s then
outstanding LC Exposure will be 100% covered by the Revolving Commitments of the non-Defaulting
Revolving Lenders and/or cash collateral will be provided by the Company in accordance
with Section 2.24(d), and participating interests in any such newly made Swingline Loan or any newly issued or increased Letter of Credit
shall be allocated among non-Defaulting Revolving Lenders in a manner consistent with Section
2.24(d)(i) (and such Defaulting Revolving Lender shall not participate therein).
If (i) a Bankruptcy
Event or a Bail-In Action with respect to a Lender Parent shall occur following the date hereof and for so long as such event shall continue
or (ii) any Swingline Lender or any Issuing Bank has a good faith belief that any Revolving
Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Revolving
Lender commits to extend credit, no Swingline Lender shall be required to fund any Swingline Loan and no Issuing Bank shall be required
to issue, amend or increase any Letter of Credit, unless the Swingline Lenders or the Issuing Banks, as the case may be, shall have entered
into arrangements with the Company or such Revolving Lender, satisfactory to each Swingline
Lender or the Issuing Banks, as the case may be, to defease any risk to it in respect of such Revolving
Lender hereunder.
In
the event that the Administrative Agent, the Company, each Swingline Lender and each Issuing Bank each agrees that a Defaulting Revolving
Lender has adequately remedied all matters that caused such Revolving
Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Revolving
Lenders shall be readjusted to reflect the inclusion of such Revolving
Lender’s Commitment and on such date such Revolving
Lender shall purchase at par such of the Loans of the other Revolving Lenders
(other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Revolving
Lender to hold such Loans in accordance with its Applicable Percentage.
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SECTION 2.25 Extension of Maturity Date.
(a) Requests for Extension. The Company may, by notice to the Administrative Agent (who shall promptly notify the applicable
Class of Lenders) during the Extension Availability Period, request that each applicable Lender extend such Lender’s
Revolving Credit Maturity Date or Term Loan Maturity Date,
as the case may be (the “Applicable Maturity Date”), to a date (the “Extended Maturity Date”)
that does not cause the tenor of any Lender’s Revolving Commitment or
any Lender’s outstanding Term Loans to exceed five (5) years from the date upon which the conditions precedent to
the effectiveness of such extension of the Applicable Maturity Date set forth in clause (f) below have been satisfied (an “Extension
Date”). For the avoidance of doubt, the Company may request extensions of any Class without
requesting an extension of the other Class.
(b) Lender Elections to Extend. Each Lender of the applicable Class, acting in its sole and
individual discretion, shall, by notice to the Administrative Agent (which shall be irrevocable unless the Company otherwise consents
in writing in its sole discretion) given not later than the date that is 15 days after the date on which the Administrative Agent received
the Company’s extension request (the “Lender Notice Date”), advise the Administrative Agent whether or not such
Lender agrees to such extension (each Lender of the applicable Class that determines to
so extend its Applicable Maturity Date, an “Extending Lender”). Each Lender of the
applicable Class that determines not to so extend its Applicable Maturity Date (a “Non-Extending Lender”)
shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Lender Notice
Date), and any Lender of the applicable Class that does not so advise the Administrative
Agent on or before the Lender Notice Date shall be deemed to be a Non-Extending Lender. The election of any Lender to agree to such extension
shall not obligate any other Lender to so agree, and it is understood and agreed that no Lender shall have any obligation whatsoever to
agree to any request made by the Company for extension of the Applicable Maturity Date.
(c) Notification by Administrative Agent. The Administrative Agent shall notify the Company of each applicable Lender’s determination
under this Section promptly after the Administrative Agent’s receipt thereof and, in any event, no later than the date that is 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 Company shall have the right, but shall not be obligated, on or before the Applicable Maturity Date for
any Non-Extending Lender to replace such Non-Extending Lender with, and add as a “Lender”Revolving
Lender” (in the case of any extension of the Revolving Credit Maturity Date) or as a “Term Lender” (in the case of
any extension of the Term Loan Maturity Date) under this Agreement in place thereof, one or more financial
institutions that are not Ineligible Institutions (each, an “Additional Commitment Lender”) approved by the
Administrative Agent and, in the case of an Additional Commitment Lender assuming a new or
additional Revolving Commitment, the Issuing Banks, the Swingline Lenders and Administrative Agent (in each case, such
approval not to be unreasonably withheld, conditioned or delayed) in accordance with the procedures provided in Section
2.19(b), each of which applicable Additional Commitment Lenders shall have entered into an Assignment and Assumption (in
accordance with and subject to the restrictions contained in Section 9.04, with the Company or replacement Lender obligated
to pay any applicable processing or recordation fee) with such Non-Extending Lender, pursuant to which such Additional Commitment
Lenders shall, effective on or before the Applicable Maturity Date for such Non-Extending Lender, assume a Revolving
Commitment and/or Term Loans, as the case may be (and, if
any such Additional Commitment Lender is already a Lender of the applicable Class, its Revolving
Commitment and/or its outstanding Term Loans, as applicable, so
assumed shall be in addition to such Lender’s Revolving Commitment and/or
its outstanding Term Loans, as applicable, hereunder on such date). Prior to any Non-Extending Lender being replaced by
one or more Additional Commitment Lenders pursuant hereto, such Non-Extending Lender may elect, in its sole discretion, by giving
irrevocable notice thereof to the Administrative Agent and the Company (which notice shall set forth such Lender’s new
Applicable Maturity Date), to become an Extending Lender, provided that the Company consents thereto in writing in its sole
discretion. The Administrative Agent may effect such amendments to this Agreement as are reasonably necessary to provide for any
such extensions with the consent of the Company but without the consent of any other Lenders.
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(e) Minimum
Extension Requirement. If (and only if) the total of the applicable
Revolving Commitments or the applicable outstanding Term
Loans of the Lenders of the applicable Class
that have agreed to extend their Applicable Maturity Date and the new or increased Revolving
Commitments or the applicable newly assumed outstanding Term Loans
of any Additional Commitment Lenders is more than 50% of the aggregate amount of the Revolving
Commitments or the applicable outstanding Term Loans, as applicable, in
effect immediately prior to the applicable Extension Date, then, effective as of the applicable Extension Date, the Applicable
Maturity Date of each Extending Lender and of each Additional Commitment Lender of
the applicable Class shall be extended to the Extended Maturity Date (except that, if such date is not a Business Day,
such Applicable Maturity Date as so extended shall be the next preceding Business Day) and each Additional Commitment Lender of
such Class shall thereupon become a “Revolving Lender”,
and/or a “Term Lender”, as the case may be, for all purposes of this Agreement and shall be bound by the
provisions of this Agreement as a LenderRevolving
Lender and/or Term Lender, as the case may be, hereunder and shall have the obligations of a LenderRevolving
Lender and/or a Term Lender, as the case may be, hereunder.
(f) Conditions to Effectiveness of Extension. Notwithstanding the foregoing, (x) no more than two (2) extensions of the Revolving
Credit Maturity Date and no more than two (2) extensions of the Term Loan Maturity Date shall be permitted hereunder and
(y) any extension of any Maturity Date pursuant to this Section 2.25 shall not be effective with respect to any Extending Lender
and each Additional Commitment Lender unless:
(i) no Default or Event of Default shall have occurred and be continuing on the applicable Extension Date and immediately after giving effect
thereto;
(ii) the representations and warranties of the Borrowers set forth in this Agreement (other than the representations contained in Sections
3.04(cb) and
3.05) shall be true and correct in all material respects (provided that any representation or warranty that is qualified by materiality
or Material Adverse Effect shall be true and correct in all respects) on and as of the applicable Extension Date (or, if any such representation
or warranty is expressly stated to have been made as of a specific date, as of such specific date); and
(iii) the
Administrative Agent shall have received a certificate from the Company signed by a Financial Officer of the Company (A) certifying
the accuracy of the foregoing clauses (i) and (ii) and (B) certifying and attaching the resolutions adopted by each Borrower
approving or consenting to such extension.
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(g) Maturity
Date for Non-Extending Lenders. On the Applicable Maturity Date of each Non-Extending Lender, (i) to the extent of the Revolving
Commitments and Term Loans of each Non-Extending Lender of
the relevant Class not assigned to the Additional Commitment Lenders of
such Class, the Revolving Commitment of each Non-Extending
Lender of such Class shall automatically terminate and (ii)
the Company shall repay such Non-Extending Lender of such Class
in accordance with Section 2.10 (and shall pay to such Non- Extending Lender all of the other Obligations due and owing to it
under this Agreement) and after giving effect thereto shall prepay any Loans of
the applicable Class outstanding on such date (and pay any additional amounts required pursuant to Section 2.16) to
the extent necessary to keep outstanding Loans of the applicable Class
ratable with any revised Applicable Percentages of the respective Lenders of
such Class effective as of such date, and the Administrative Agent shall administer any necessary reallocation of the Revolvingapplicable
Credit Exposures (without regard to any minimum borrowing, pro rata borrowing and/or pro rata payment requirements contained elsewhere
in this Agreement).
(h) Conflicting
Provisions. This Section shall supersede any provisions in Section 2.18 or Section 9.02 to the contrary.
ARTICLE III.
REPRESENTATIONS AND WARRANTIES
Each Loan Party, as
applicable, represents and warrants to the Lenders and the Administrative Agent, on the Effective Date and to the extent contemplated
by Section 4.02, that:
SECTION 3.01 Corporate
Existence and Power. Subject to transactions permitted under Section 6.04, such Loan Party is validly existing and, to the
extent such concept is relevant in the applicable jurisdiction, in good standing under the laws of its jurisdiction of organization and,
except to the extent that the failure to have the same could not reasonably be expected to have a Material Adverse Effect, such Loan Party
has all organizational powers and all material Governmental Authority licenses, authorizations, consents and approvals required to carry
on its business as now conducted.
SECTION 3.02 Corporate
and Governmental Authorization; Contravention. The execution, delivery and performance by the Loan Parties of this Agreement are within
their respective corporate or other powers, have been duly authorized by all necessary corporate or other organizational action, require
no action by or in respect of, or filing with, any Governmental Authority (other than informational filings with the SEC or any similar
Governmental Authority) and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the
Organizational Documents of any Loan Party or of any material agreement, judgment, injunction, order, decree or other material instrument
binding upon any Loan Party or result in the creation or imposition of any Lien (other than under the Loan Documents) on any asset of
the Parent or any of its Subsidiaries (including any Borrower).
SECTION 3.03 Binding
Effect. This Agreement constitutes a valid and binding agreement of each Loan Party enforceable against the applicable Loan Parties
in accordance with its terms, except to the extent that the enforceability thereof may be limited by the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws now or hereafter affecting creditors’ rights generally, any mandatory applicable
provisions of Luxembourg law of general application and general principles of equity.
SECTION 3.04 Financial Information.
(a) The audited combined balance sheet of the Parent and its Consolidated Subsidiaries at December 31, 2024 and the related consolidated
statements of income and cash flows for the fiscal year then ended, reported on by Deloitte & Touche LLP fairly present in all
material respects, in conformity with GAAP, the consolidated financial position of the Parent and its Consolidated Subsidiaries at
such date and their consolidated results of operations and cash flows for such fiscal year.
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(b) No change,
occurrence or development has occurred since December 31, 2024 in respect of the business, assets, operations or financial condition of
the Parent and its Subsidiaries, taken as a whole, that has had a Material Adverse Effect.
SECTION 3.05 Litigation,
etc. There is no action, suit or proceeding pending or, to the knowledge of any Loan Party, threatened in writing against the Parent
or any Subsidiary before any Governmental Authority or arbitrator (a) in which there is a reasonable possibility of an adverse decision
that could reasonably be expected to materially adversely affect the business, consolidated financial position or consolidated results
of operations of the Parent and its Subsidiaries, taken as a whole, except as disclosed in Public Filings; or (b) that in any manner questions
the validity of this Agreement or the financing contemplated hereby.
SECTION 3.06 ERISA Compliance.
Each of the Parent and each ERISA Affiliate has fulfilled its obligations under the minimum funding standards of ERISA and the Code with
respect to each applicable Plan and is in compliance with the presently applicable provisions of ERISA and the Code, and has not incurred
any liability to the PBGC or a Plan under Title IV of ERISA (other than premiums which have been timely paid or for which an extension
of the time for payment has been granted), other than failures to fund or comply or the incurrence of liabilities to the PBGC or any Plan
that would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.
SECTION 3.07 Taxes.
The Parent and each of its Subsidiaries have filed all United States federal income tax returns, and all other material federal, foreign,
state and local income, excise and other material tax returns, which are required to be filed by them and have paid or made provision
for the payment of all United States federal and material foreign, state and other taxes which have become due pursuant to such returns
or pursuant to any assessment in respect thereof received by the Parent or any of its Subsidiaries, except (a) for the payment of taxes
that are being contested in good faith and for which adequate reserves have been provided or (b) where the failure to so file or pay could
not reasonably be expected to have a Material Adverse Effect. Under the laws of Luxembourg it is not necessary that the Loan Documents
be filed, recorded or enrolled with any court or other authority or that any stamp, registration or similar Taxes be paid on or in relation
to the Loan Documents, except (i) where the Loan Documents are physically attached (annexé(s)) to a public deed or to any
other document subject to mandatory registration, in which case either a nominal registration duty or an ad valorem duty (of, for
instance, 0.24 per cent. of the amount of the payment obligation mentioned in the document so registered) will be payable depending on
the nature of the document to be registered, and (ii) in the case of voluntary registration of the Loan Documents.
SECTION 3.08 Not
an Investment Company. Neither the Parent nor any Subsidiary thereof is an “investment company” within the meaning of
the Investment Company Act of 1940.
SECTION 3.09 Environmental
Matters. There are no existing Environmental Laws and no existing or, to the knowledge of Parent and its Subsidiaries, threatened
Environmental Claims or Environmental Liabilities, individually or in the aggregate, that could reasonably be expected to have a material
adverse effect on the business, consolidated financial position or consolidated results of operations of the Parent and its Subsidiaries
taken as a whole.
SECTION 3.10 Use
of Proceeds. The Borrowers will use the proceeds of the Credit Events solely for the purposes described in Section 5.02.
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SECTION 3.11 Disclosure.
No written report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party to the Administrative
Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder
or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement
of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading when taken as a whole; provided that, with respect to projected financial information, such Loan Party represents
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood
and agreed that projected financial information is simply an estimate, and there is no guarantee that projected results will in fact be
achieved and it being further understood and agreed that any representation made pursuant to this Section 3.11 in respect of information
provided with respect to any entity or assets acquired or to be acquired by the Parent or any of its Subsidiaries, for all periods prior
to the date of the consummation of such acquisition is being made to the knowledge of the Parent). As of the Effective Date, to the best
knowledge of the Parent, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date
to any Lender in connection with this Agreement is true and correct in all material respects.
SECTION 3.12 Anti-Corruption Laws and Sanctions.
(a) Each of the Parent and its Subsidiaries and, to its Knowledge, its controlled affiliated companies and their respective directors, officers,
employees, and agents are conducting their business in compliance in all material respects with Anti-Corruption Laws and have instituted
and maintained policies and procedures reasonably designed to promote and achieve compliance with such laws in all material respects.
(b) None of the Parent or its Subsidiaries or, to its Knowledge, their respective directors, officers, employees or agents acting in any capacity
in connection with, or directly benefiting from, the Credit Events:
(i) is a Designated Person;
(ii) is a Person that is 50% or greater owned or controlled by a Designated Person or by a Sanctioned Country;
(iii) is incorporated, organized or resident in a Sanctioned Country, in violation of Sanctions; or
(iv) is (or, except as disclosed in writing to the Administrative Agent prior to the Effective Date, has, to the Parent’s Knowledge,
within the year preceding the Effective Date) directly or, to the Parent’s Knowledge, indirectly engaged in, any dealings or transactions,
in each case in violation of any Sanctions, (1) with any Designated Person or (2) in any Sanctioned Country to the extent that after giving
effect to such dealings or transactions the Parent and its Subsidiaries have more than 5% of their consolidated assets in Sanctioned Countries
or derive more than 5% of their consolidated revenues from investments in, or transactions with, Sanctioned Countries.
The foregoing representations in this Section 3.12 will not apply to any party hereto to which (i) Council Regulation (EC) 2271/96 (the
“Blocking Regulation”) applies (or any law or regulation implementing such Blocking Regulation in any member state of
the European Union, including Section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung)) (the
“Blocking Law”), or (ii) the UK Protection of Trading Interests Legislation (“UKPTIL”) applies, if and to
the extent that such representations are or would be unenforceable by or in respect of that party pursuant to, or would otherwise
result in a breach and/or violation of any provision of, the Blocking Law or the UKPTIL, as applicable.
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SECTION 3.13 Domiciliation;
Centre of Main Interests. In the case of a Loan Party organized under the laws of Luxembourg, the head office (administration centrale)
and the place of effective management (siège de direction effective) are located at the place of its registered office (siège
statutaire) in Luxembourg and, for the purposes of the Insolvency Regulation, the centre of main interests (centre des intérêts
principaux) is located at the place of its registered office (siège statutaire) in Luxembourg. Each UK Loan Party incorporated
or organized in an EU jurisdiction represents and warrants to the Lenders that its centre of main interest (as that term is used in Article
3(1) of the Insolvency Regulation) is in its jurisdiction of incorporation and it has no establishment (as that term is used in Article
2(10) of the Insolvency Regulation) in any other jurisdiction. Each UK Loan Party incorporated in England and Wales represents and warrants
to the Lenders that its centre of main interest (as that term is used in Article 3(1) of the Insolvency Regulation as it has effect in
the laws of the United Kingdom) is in England and Wales and it has no establishment (as that term is used in Article 2(10) of the of the
Insolvency Regulation as it has effect in the laws of the United Kingdom) in any other jurisdiction. The Irish Guarantor represents and
warrants to the Lenders that (i) as at the Effective Date its centre of main interest (as that term is used in Article 3(1) of the Insolvency
Regulation) is in England and Wales and it has no establishment (as that term is used in Article 2(10) of the Insolvency Regulation) in
any other jurisdiction, and (ii) for the purposes of Section 4.02 its centre of main interest (as that term is used in Article
3(1) of the Insolvency Regulation) will be in either England and Wales or Ireland and it will have no establishment (as that term is used
in Article 2(10) of the Insolvency Regulation) in any other jurisdiction. Each Irish Borrower represents and warrants to the Lenders that
its centre of main interest (as that term is used in Article 3(1) of the Insolvency Regulation) is in Ireland and it has no establishment
(as that term is used in Article 2(10) of the Insolvency Regulation) in any other jurisdiction.
SECTION 3.14 Swiss
Non- Bank Rules. Each Swiss Loan Party is in compliance with the Swiss Non-Bank Rules. For the purposes of this Section 3.14,
(a) each Swiss Loan Party shall assume that the aggregate number of Lenders under this Agreement which are Swiss Non-Qualifying Lenders
is five (5), and (b) no Default or Event of Default with respect to this Section 3.14 shall be deemed to exist due to any inaccuracy
of the representation and warranty contained herein that arises from (i) an inaccurate representation and warranty by a Lender pursuant
to Section 9.17, (ii) any assignment or participation by a Lender to a Person that is a Swiss Non-Qualifying Lender without the
consent of the Company or (iii) any Lender ceasing to be a Swiss Qualifying Lender so long as commencing promptly after the Company obtains
Knowledge of such event, the Company and each Swiss Loan Party take all reasonable steps to cause each Swiss Loan Party to be in compliance
with the Swiss Non-Bank Rules.
SECTION 3.15 Affected
Financial Institutions. No Loan Party is an Affected Financial Institution.
SECTION 3.16 Irish
Loan Party. The entry into by any Irish Loan Party of this Agreement and the performance by any Irish Loan Party of the transactions
contemplated hereby and the obligations incurred hereunder does not constitute the provision of financial assistance within the meaning
of Section 82 of the Irish Companies Act. The prohibition contained in Section 239 of the Irish Companies Act does not apply to this Agreement
or the transactions contemplated thereby by reason of the fact that each Irish Loan Party and each other company whose liabilities are
hereby guaranteed are members of a group of companies consisting of a holding company and its subsidiaries for the purposes of Section
243 of the Irish Companies Act.
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SECTION 3.17 Tax
Residence. Each Loan Party (other than the Parent) represents that it is resident for Tax purposes only in its jurisdiction of incorporation.
The Parent represents that it is resident for Tax purposes only in Ireland or the United Kingdom.
SECTION 3.18 Outbound
Investment Rules. Neither the Parent nor any of its Subsidiaries is a “covered foreign person” as that term is used in
the Outbound Investment Rules. Neither the Parent nor any of its Subsidiaries currently engages, or has any present intention to engage
in the future, directly or indirectly, in (i) a “covered activity” or a “covered transaction”, as each such term
is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a “covered activity” or
a “covered transaction”, as each such term is defined in the Outbound Investment Rules, if the Parent were a U.S. Person or
(iii) any other activity that would cause the Administrative Agent or any Lender to be in violation of the Outbound Investment Rules or
cause the Administrative Agent or any Lender to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.
ARTICLE IV.
CONDITIONS
SECTION 4.01 Effective
Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become
effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
(a) The Administrative Agent (or its counsel) shall have received from each party hereto a counterpart of this Agreement signed on behalf
of such party (which, subject to Section 9.06, may include any Electronic Signatures transmitted by telecopy, emailed pdf, or any
other electronic means that reproduces an image of an actual executed signature page).
(b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and
dated the Effective Date) of (i) Foley & Lardner LLP, special counsel for the Loan Parties, (ii) Arthur Cox, special Irish
counsel for the Loan Parties and (iii) Allen Overy Shearman Sterling, Société en Commandite Simple, inscrite au
barreau de Luxembourg, special Luxembourg counsel for the Loan Parties, substantially in the form of Exhibits B-1, B-2
and B-3, respectively, and covering such other matters relating to the Parent, the Company, the Initial Affiliate Borrower,
this Agreement or the Transactions as the Administrative Agent shall reasonably request. The Company hereby requests each such
counsels to deliver such opinions.
(c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization, existence and good standing of the Loan Parties (which shall include, in the case of the Irish Loan
Party, evidence that such Loan Party has complied with Section 82 of the Irish Companies Act), the authorization of the Transactions and
any other legal matters relating to the Parent, the Company, the Initial Affiliate Borrower, the Loan Documents or the Transactions, all
in form and substance satisfactory to the Administrative Agent and its counsel and as further described in Exhibit E.
(d) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by a Manager of the Company, certifying
(i) compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02 and (ii) that since December 31, 2024,
no change, occurrence or development has occurred in respect of the business, assets, operations or financial condition of the Parent
and its Subsidiaries, taken as a whole, that has had a Material Adverse Effect.
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(e) (i) The Lenders shall have received all documentation and other information reasonably requested by such Lender in writing at least five
(5) days prior to the Effective Date in order to allow it to comply with applicable “know your customer” and anti-money laundering
rules and regulations with respect to each Loan Party and (ii) to the extent a Borrower qualifies as a “legal entity customer”
under the Beneficial Ownership Regulation, at least five (5) days prior to the Effective Date, any Lender that has reasonably requested
a Beneficial Ownership Certification at least ten (10) days prior to the Effective Date in relation to such Borrower shall have received
such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement,
the conditions set forth in this clause (e) shall be deemed to be satisfied).
(f) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including,
to the extent invoiced (in reasonable detail) at least one (1) Business Day prior to the Effective Date, reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by the Company hereunder.
The Administrative Agent shall notify the
Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding.
SECTION
4.02 Each Credit Event. The obligation of each Lender to make a Loan, and of the Issuing Banks
to issue, increase or extend any Letter of Credit, is subject to the satisfaction of the following conditions:
(a) the representations and warranties of the Borrowers set forth in this Agreement (other than the representations contained in Sections
3.04(cb) and
3.05) shall be true and correct in all material respects (provided that any representation or warranty that is qualified
by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of the date of such Loan (or, if any such
representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) or the date of issuance,
amendment to increase or extension of such Letter of Credit, as applicable.
(b) At the time of and immediately after giving effect to such Loan or the issuance, amendment to increase or extension of such Letter of
Credit, as applicable, no Default shall have occurred and be continuing.
Each Loan and each issuance, amendment to increase
or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof as
to the matters specified in paragraphs (a) and (b) of this Section.
SECTION 4.03 Designation of an Affiliate
Borrower. The designation of an Affiliate Borrower pursuant to Section 2.23 is subject to the conditions precedent that:
(a) The Company or such proposed Affiliate
Borrower shall have furnished or caused to be furnished to the Administrative Agent:
(i) subject to clauses (d) and (e) below, copies, certified by the Secretary or Assistant Secretary (or other appropriate officer,
manager or director) of such Subsidiary, of its board of directors’ (or other applicable governing body’s) resolutions
(and resolutions of other bodies, if any are deemed necessary by counsel for the Administrative Agent) approving the Affiliate
Borrowing Agreement and any other Loan Documents to which such Subsidiary is becoming a party and such documents and certificates as
the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of such
Subsidiary;
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(ii) an incumbency
certificate, executed by the Secretary or Assistant Secretary (or other appropriate officer, manager or director) of such Subsidiary,
which shall identify by name and title and bear the signature of the officers or other representatives of such Subsidiary authorized to
request Borrowings hereunder and sign the Affiliate Borrowing Agreement and the other Loan Documents to which such Subsidiary is becoming
a party, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing
by the Company or such Subsidiary;
(iii) opinions of counsel to such Subsidiary (which may include inside counsel to such Subsidiary for certain matters), in form and substance
reasonably satisfactory to the Administrative Agent and its counsel, with respect to the laws of its jurisdiction of organization and
such other matters as are reasonably requested by counsel to the Administrative Agent and addressed to the Administrative Agent and the
Lenders;
(iv) any promissory notes requested by any Lender, and any other instruments and documents reasonably requested by the Administrative Agent
or any Lender; and
(v) any documentation and other information related to such Subsidiary reasonably requested by the Administrative Agent or any Lender under
applicable “know your customer” or similar rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation;
(b) The Administrative Agent shall have received evidence satisfactory to it that all of such Affiliate Borrower’s then existing credit
facilities shall have been cancelled and terminated and all indebtedness thereunder shall have been fully repaid (except to the extent
being so repaid with the initial Revolving Loans to such Borrower or otherwise permitted to be outstanding pursuant to this Agreement);
(c) In the event an Affiliate Borrower is organized under the laws of Luxembourg, (i) an excerpt (extrait) issued by the
Luxembourg Trade and Companies Register dated as of the date of its designation and (ii) a non-registration certificate (certificatecertificat
de non-inscription d’une décision judiciaire) issued by the Luxembourg Trade and Companies Register regarding the
absence of judicial proceedings dated as of the date of its designation;
(d) In the event an Affiliate Borrower is organized under the laws of Switzerland, (i) a copy of the constitutional documents of such
Affiliate Borrower, being a certified excerpt of the competent commercial register, a certified copy of the articles of association
(containing a financial assistance clause allowing for up- and cross-stream security) and (if applicable and relevant), a copy of
the duly signed and approved organizational regulations; (ii) a copy of a resolution of the board of directors of such Affiliate
Borrower authorizing the execution, delivery and performance of each Loan Document to which it is a party; (iii) a copy of a
resolution of its shareholders’ meeting, approving the terms of, and the transactions contemplated by, the Loan Documents to
which such Affiliate Borrower is a party and (iv) a certificate of the board of directors of such Affiliate Borrower certifying (a)
that there have been no changes in the constitutional documents of such Affiliate Borrower as set out in Section 4.03(a)(i)
above, as attached thereto and as certified as of a recent date by the commercial register, if applicable, since the date of the
certification thereof by such commercial register, (b) resolutions of the Board of Directors or other governing body of such
Affiliate Borrower authorizing the execution, delivery and performance of each Loan Document to which it is a party, and (c) the
names and true signatures of the authorized signatories of such Affiliate Borrower authorized to sign the Loan Documents to which it
is a party, and authorized to request Borrowings and/or LC Disbursements under this Agreement; and
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(e) In the event
an Affiliate Borrower is incorporated under the laws of Ireland, evidence that entry into and performance of the Loan Documents by such
Affiliate Borrower will not constitute a breach of Section 239 of the Irish Companies Act or a breach of Section 82 of the Irish Companies
Act.
ARTICLE V.
AFFIRMATIVE COVENANTS
The Loan Parties agree
that so long as any Lender has any Commitment hereunder or any amount payable by any Borrower hereunder remains unpaid (other than contingent
indemnification and similar obligations not yet due and obligations that are Cash Collateralized):
SECTION 5.01 Information.
The Parent will deliver to the Administrative Agent (and, upon receipt, the Administrative Agent will promptly deliver to each of the
Lenders):
(a) Annual Financial Statements. Within five Business Days after the date on which the Parent files such documents with the SEC, but
in no event later than 120 days after the end of each fiscal year, a consolidated balance sheet of the Parent and its Consolidated Subsidiaries
at the end of such fiscal year and the related consolidated statements of income and cash flows for such fiscal year, setting forth in
each case in comparative form the figures for the previous fiscal year, all reported on in accordance with the rules and regulations of
the SEC and audited by Deloitte & Touche LLP or other independent public accountants of nationally recognized standing.
(b) Quarterly Financial Statements. Within five Business Days after the date on which the Parent files such documents with the SEC,
but in no event later than 60 days after the end of each of the first three quarters of each fiscal year, a consolidated balance sheet
of the Parent and its Consolidated Subsidiaries at the end of such quarter and the related consolidated statements of income and cash
flows for such quarter and for the portion of the fiscal year ended at the end of such quarter, setting forth in each case in comparative
form the figures for the corresponding quarter and the corresponding portion of the previous fiscal year, all certified by a Senior Financial
Officer as fairly presenting in all material respects in accordance with GAAP (subject to normal year-end adjustments and the absence
of footnotes) the financial position and results of operations of the Parent and the Consolidated Subsidiaries.
(c) Compliance
Certificates. Simultaneously with the delivery of each set of financial statements referred to in clauses (a) and (b) above, a
certificate of a Senior Financial Officer (i) setting forth in reasonable detail the calculations required to establish whether the
Parent was in compliance with the requirements of Sections 6.01 and 6.02 on the date of such financial statements and
(ii) stating whether there exists on the date of such certificate any Event of Default or Default and, if any such event then
exists, setting forth the details thereof and the action which the Parent is taking or proposes to take with respect thereto.
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(d) Notice of Default. Forthwith upon the occurrence of any Responsible Officer obtaining knowledge of any Event of Default or Default,
a certificate of a Senior Financial Officer setting forth the details thereof and the action which the Parent is taking or proposes to
take with respect thereto.
(e) Shareholder Information. Promptly upon the mailing thereof to the shareholders of the Parent generally, copies of all financial
statements, reports and proxy statements so mailed.
(f) SEC Filings. Promptly upon the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration
statements on Form S-8 or its equivalent) and reports on Forms 10-K and 10-Q which the Parent shall have filed with the SEC.
(g) ERISA Notices. If and when the Parent or ERISA Affiliate or is required to give notice to the PBGC of any “reportable event”
(as defined in Section 4043 of ERISA) with respect to any Plan which could reasonably be expected to constitute grounds for a distress
or PBGC-initiated termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required
to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC.
(h) Notice of Other Material Events. Promptly upon obtaining knowledge thereof, notice of the commencement of any litigation or Governmental
Authority proceeding affecting the Parent or any Subsidiary (including pursuant to any applicable Environmental Law) in which there is
a reasonable possibility of an adverse decision which could reasonably be expected to have a Material Adverse Effect.
(i) Ratings. Promptly upon the public announcement thereof, notice of any downgrade in any credit rating (including the Public Debt
Rating) with respect to the Company or the Parent by Moody’s, S&P or Fitch.
(j) Beneficial Ownership Certification Changes. Promptly after the occurrence thereof, notice to the applicable Lender of any change
in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list
of beneficial owners identified in such certification.
(k) KYC Information. Promptly following any request therefor, information and documentation reasonably requested by the Administrative
Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations,
including the Patriot Act and the Beneficial Ownership Regulation.
(l) Other Information. Promptly following any request therefor, such additional information regarding the financial position or business
of the Loan Parties as the Administrative Agent, at the request of any Lender, may reasonably request (it being understood and agreed
that no Loan Party nor any of its Subsidiaries shall be required to disclose or discuss, or permit the inspection, examination or making
of extracts of, any records, books, information or account or other matter (i) in respect of which disclosure to the Administrative Agent,
any Lender or their representatives is then prohibited by applicable law or any agreement binding on any Loan Party or any of its Subsidiaries,
(ii) that is protected from disclosure by the attorney-client privilege or the attorney work product privilege or (iii) constitutes non-financial
trade secrets or non-financial proprietary information).
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Documents required
to be delivered pursuant to Sections 3.04 or 5.01 (to the extent any such documents are included in materials otherwise
filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date such documents
are posted on the Parent’s behalf on SyndTrak/IntraLinks/IntraAgency, on EDGAR (the Electronic Data Gathering, Analysis and Retrieval
system of the SEC) or any successor thereto, or another relevant website, if any, to which each Lender and the Administrative Agent have
access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that, except in the
case of any filing on EDGAR or any successor thereto, the Parent shall notify (which may be by facsimile or electronic mail) the Administrative
Agent and each Lender of the posting of any such documents. The Administrative Agent shall have no obligation to request the delivery
or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Parent
with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies
of such documents.
If any financial
materials and related certificates required to be delivered pursuant to Sections 5.01(a), (b) and/or (c) shall
be required to be delivered pursuant to the terms of such Section(s) on a day that is not a Business Day, the required date for such
delivery shall be extended to the next succeeding Business Day.
SECTION 5.02 Use
of Proceeds. The Parent shall, and shall cause each Subsidiary to, use the proceeds of the Revolving Loans solely for working capital needs and for general corporate purposes of the Parent, each Borrower
and the Subsidiaries. The Parent shall, and shall cause each Subsidiary to, use the proceeds of the Term Loans solely (i) to repay on
the Amendment No. 1 Effective Date all indebtedness outstanding under the Existing Loan Agreement and (ii) for working
capital needs and for general corporate purposes of the Parent, each Borrower and the Subsidiaries. Without limiting the foregoing, the
Parent shall not, and shall not permit any Subsidiary to, use the proceeds of any Credit Events, directly or indirectly, for the purpose,
whether immediate, incidental or ultimate, of purchasing or carrying any “margin stock” in violation of Regulation U of the
Board. In no event shall the proceeds of the Loans be utilized for any purpose that would constitute unlawful financial assistance within
the meaning of sections 678 or 679 of the UK Companies Act 2006 or section 82 of the Irish Companies Act.
Each Loan Party shall (and
the Company shall ensure that each Subsidiary will) ensure that no proceeds of the Loans will be used in a manner which would constitute
a “use of proceeds in Switzerland” as interpreted by Swiss tax authorities for purposes of Swiss Withholding Tax, unless a
written confirmation or countersigned tax ruling application from the Swiss Federal Tax Administration has been obtained (in form and
substance satisfactory to the Administrative Agent) confirming that such use does not result in the Loan qualifying as a Swiss financing
for Swiss Withholding Tax purposes.
SECTION 5.03 Compliance
with Contractual Obligations and Laws. The Parent shall, and shall cause each Subsidiary to, comply with all applicable laws and regulations
of any Governmental Authority having jurisdiction over it or its business the non-compliance with which would reasonably be expected to
have a Material Adverse Effect. Without limiting the foregoing, each Borrower will maintain in effect and enforce policies and procedures
designed to promote and achieve compliance by such Borrower, its Subsidiaries and their respective directors, officers, employees and
agents with applicable Anti-Corruption Laws and applicable Sanctions in all material respects.
SECTION 5.04 Insurance.
The Parent shall, and shall cause each Subsidiary to, maintain, with financially sound and reputable insurers (as determined at the
time the relevant coverage is placed or renewed in the good faith judgment of the Parent or relevant Subsidiary) and/or pursuant to
a self-insurance program, insurance with respect to its properties and business against loss or damage of the kinds customarily
insured against by Persons engaged in the same or similar businesses and covering similar properties in the same or similar
localities, of such types, with such deductibles, covering such risks and in such amounts as are customarily carried under similar
circumstances by such other Persons, except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect.
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SECTION 5.05 Ownership
of Borrowers. The Parent shall at all times own and control, directly or indirectly, all of the equity interests (other than directors’
qualifying shares and other than as may be required by law) of each Borrower (unless, in the case of any Borrower other than the Company,
such Borrower and has ceased to be a party hereto pursuant to Section 2.23).
SECTION 5.06 Payment
of Taxes. The Parent shall, and shall cause each Subsidiary to, pay or make provision for the payment of all United States federal
and material foreign, state and other taxes which have become due pursuant to such returns or pursuant to any assessment in respect thereof
received by the Parent or any Subsidiary, except (a) taxes that are being contested in good faith and for which adequate reserves have
been provided and/or (b) where the failure to so pay could not reasonably be expected to have a Material Adverse Effect.
SECTION 5.07 Swiss
Non-Bank Rules. Each Swiss Loan Party shall at all times comply with the Swiss Twenty Non-Bank Rule, to the extent applicable; provided
that a Swiss Loan Party shall not be in breach of this Section 5.07 if non-compliance arises solely as a consequence of (a) an
inaccurate representation and warranty by a Lender pursuant to Section 9.17; (b) any assignment or participation by a Lender to
a Person that is not a Swiss Qualifying Lender without the consent of the Company; or (c) any Lender ceasing to be a Swiss Qualifying
Lender so long as commencing promptly after the Company obtains knowledge of such event, the Company and such Swiss Loan Party take all
reasonable steps to cause the number of creditors of such Swiss Loan Party relevant under the Swiss Twenty Non-Bank Rule to be not more
than 20.
SECTION 5.08 Loan
Party Location. The Parent will cause (i) each Borrower and each Material Subsidiary incorporated or organized in an EU jurisdiction
to cause its centre of main interest (as that term is used in Article 3(1) of the Insolvency Regulation) to be situated solely in its
jurisdiction of incorporation and not to have an establishment (as that term is used in Article 2(10) of the Insolvency Regulation) situated
outside its jurisdiction of incorporation or organization, as applicable and (ii) each Borrower and each Material Subsidiary incorporated
in England and Wales to cause its centre of main interest (as that term is used in Article 3(1) of the Insolvency Regulation) to be situated
solely in England and Wales and not to have an establishment (as that term is used in Article 2(10) of the Insolvency Regulation) situated
outside its jurisdiction of incorporation. The Parent will cause its centre of main interest (as that term is used in Article 3(1) of
the Insolvency Regulation) to be situated either in England and Wales or Ireland and not to have an establishment (as that term is used
in Article 2(10) of the Insolvency Regulation) situated in any other jurisdiction. The Parent shall promptly notify the Administrative
Agent by notice in writing upon it becoming aware that its centre of main interest (as that term is used in Article 3(1) of the Insolvency
Regulation) is situated in Ireland or it has an establishment (as that term is used in Article 2(10) of the Insolvency Regulation) in
Ireland.
SECTION 5.09 Tax Residence.
No Loan Party may change its residence for Tax purposes without the prior written consent of the Required Lenders, not to be unreasonably
withheld, conditioned, or delayed; provided that the Parent may change its residence from time to time for Tax purposes from the
United Kingdom to Ireland or from Ireland to the United Kingdom.
SECTION 5.10 Service
of Process Agent. To the extent that the Company wishes to terminate the Initial Affiliate Borrower as a Borrower hereunder, the
Company will provide to the Administrative Agent prior to, or substantially contemporaneously with, such termination a letter from
the Service of Process Agent described in clause (ii) of the definition of “Service of Process Agent” (or any other
Service of Process Agent acceptable to the Administrative Agent), and such letter will confirm such Service of Process Agent’s
consent to its appointment by the Parent, the Company and each Affiliate Borrower as their agent to receive service of process as
specified in this Agreement.
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ARTICLE VI.
NEGATIVE COVENANTS
The Loan Parties agree
that so long as any Lender has any Commitment hereunder or any amount payable by any Borrower hereunder remains unpaid (other than contingent
indemnification and similar obligations not yet due and obligations that are Cash Collateralized):
SECTION 6.01 Maximum
Net Leverage Ratio. The Parent shall not permit the Net Leverage Ratio on the last day of any period of four consecutive fiscal
quarters of the Parent to exceed 3.75 to 1.00; provided, that (i) the Company may, by written notice to the Administrative
Agent for distribution to the Lenders and not more than two times during any five consecutive year term of this Agreement, elect to
increase the maximum Net Leverage Ratio permitted under this Section 6.01 to 4.25 to 1.00 as of the end of each of the first
four (4) periods of four consecutive fiscal quarters ending on or after the date of a Permitted Acquisition, if the aggregate
consideration paid or to be paid in respect of such Permitted Acquisition is equal to or greater than $ 250,000,000 (any such four
consecutive periods of four consecutive fiscal quarters following such a Permitted Acquisition, an “Adjusted Covenant
Period”) and (ii) in connection with any such election, the Company shall have delivered to the Administrative Agent, at
least five business days prior to consummating such Acquisition, notice of such Acquisition and pro forma calculations (in form and
detail reasonably satisfactory to the Administrative Agent) demonstrating compliance with the maximum Net Leverage Ratio required by
the foregoing clause (i) (it being understood and agreed that (A) the Company may not elect an Adjusted Covenant Period for at least
two (2) fiscal quarters following the end of an Adjusted Covenant Period before a new Adjusted Covenant Period is available again
pursuant to the foregoing clause (i) and (B) at the end of an Adjusted Covenant Period, the maximum Net Leverage Ratio permitted
under this Section 6.01 shall revert to 3.75 to 1.00 as of the end of each subsequent fiscal quarter unless and until another
Adjusted Covenant Period is elected pursuant to the terms and conditions described above).
SECTION 6.02 Minimum
Interest Coverage Ratio. The Parent shall not permit the Interest Coverage Ratio for any period of four consecutive fiscal quarters
of the Parent ending on the last day of a fiscal quarter of the Parent to be less than 3.00 to 1.00.
SECTION 6.03 Negative
Pledge. Neither the Parent nor any Material Subsidiary will create, assume or suffer to exist any Lien on any asset now owned or
hereafter acquired by any of them, except:
(a) any Lien existing on the date of this Agreement and
set forth in Schedule 6.03;
(b)
Liens imposed by law for taxes, assessments or charges of any Governmental Authority for claims which are not overdue for a period of
more than 60 days, or to the extent that such Lien is being contested in good faith by appropriate actions and adequate reserves in accordance
with GAAP are being maintained therefor, provided that no notice of Lien has been filed or recorded under the Code;
(c) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law or created
in the ordinary course of business, provided that (i) the obligation secured by the applicable Lien has not been delinquent
for more than 90 days or remains payable without penalty and, in each case, the property subject to such Lien is not subject to
forfeiture as a result of such Lien or (ii) the applicable Lien is being contested in good faith by appropriate actions, which
proceedings have the effect of preventing the forfeiture or sale of the property subject thereto;
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(d)
Liens (other than any Lien imposed under ERISA) consisting of pledges or deposits in the ordinary course of business (i) required in connection
with workers’ compensation, unemployment insurance and other social security legislation and (ii) 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 to secure obligations with respect to casualty or liability insurance maintained by the Parent or any of its Subsidiaries;
(e)
Liens on property of the Parent or any Subsidiary securing (i) the non-delinquent performance of bids, trade contracts (other than for
borrowed money), leases or statutory obligations, (ii) surety bonds (excluding appeal bonds and other bonds posted in connection with
court proceedings or judgments) and (iii) other non-delinquent obligations of a like nature (including those to secure health, safety
and environmental obligations) in each case incurred in the ordinary course of business;
(f)
Liens consisting of judgment or judicial attachment liens and Liens securing contingent obligations on appeal bonds and other bonds posted
in connection with court proceedings or judgments, to the extent that such Liens do not constitute an Event of Default under clause
(j) of Article VII;
(g)
easements, rights-of-way, restrictions, encroachments, protrusions and other similar encumbrances on real property which in the aggregate
do not materially detract from the value of such property or materially interfere with the ordinary conduct of the businesses of the Parent
and its Subsidiaries;
(h)
Liens securing obligations in respect of capital leases on assets subject to such leases, provided that such leases are otherwise permitted
hereunder;
(i) Liens arising solely by virtue of any statutory or common law provision relating to bankers’ liens, rights of set-off or similar
rights and remedies (or, with respect to accounts located in Luxembourg, contractual provisions) as to deposit accounts or other funds
maintained with a creditor depository institution and/or Liens arising in the ordinary course of business with respect to deposit accounts
relating to intercompany cash pooling, interest set-off and/or sweeping arrangements; provided that (i) such deposit account is not a
dedicated cash collateral account and is not subject to restrictions against access by the Parent or the applicable Subsidiary in excess
of those set forth by regulations promulgated by the Board and (ii) such deposit account is not intended by the Parent or any Subsidiary
to provide collateral to the depository institution;
(j) Liens arising in connection with Securitization Transactions;
(k)
Liens on property of any Foreign Subsidiary securing Debt of such Foreign Subsidiary and/or any other Foreign Subsidiary that is permitted
under Section 6.05;
(l) any Lien existing on property (and the proceeds thereof) existing at the time of its acquisition (by merger or otherwise) or existing
on the property of any Person at the time such Person becomes a Subsidiary, in each case after the date hereof (other than any Lien on
the equity interests of any Person that becomes a Subsidiary); provided that (i) such Lien was not created in contemplation of such acquisition
or such Person becoming a Subsidiary; and (ii) the Debt or other obligation secured thereby is not prohibited by Section 6.05;
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(m)
Liens arising out of the conditional sale, title retention,
consignment or similar arrangements for the sale of goods entered into by the Parent or any of its Subsidiaries in the ordinary
course of business;
(n)
Liens solely on cash earnest money deposits made by the Parent or any Subsidiary in connection with any letter of intent or purchase agreement
permitted hereunder;
(o)
Liens securing reimbursement obligations incurred in the ordinary course of business for trade letters of credit or banker’s acceptances,
which Liens encumber only goods, or documents of title covering goods, that are purchased in transactions for which such letters of credit
or banker’s acceptances are issued;
(p)
Liens incurred in the ordinary course of business in favor of customs or revenue authorities arising as a matter of law to secure payment
of customs duties in connection with the importation of goods;
(q)
leases, subleases, licenses or sublicenses (including, in the case of licenses and sublicenses, of intellectual property) granted to others
in the ordinary course of business that do not materially interfere with the ordinary conduct of the business of the Parent or any Subsidiary
and do not secure any Debt;
(r)
Liens of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the ordinary course of collection;
(s)
options, put and call arrangements, rights of first refusal and similar rights relating to investments in joint ventures, partnerships
and other similar investments not prohibited by this Agreement;
(t) rights of first refusal, put, call and similar rights arising in connection with repurchase agreements that are not prohibited by this
Agreement;
(u) any Lien arising under any Loan Document;
(v) any Lien on an asset arising out of an agreement to dispose of such asset, to the extent such disposition is not prohibited by this Agreement
and such Lien does not secure any other obligation;
(w)
any extension, renewal or substitution of or for any Lien described in clause (a) or (l) above, in each case (A) to the extent that the
amount of the Debt or other obligation secured by the applicable Lien shall not exceed the amount of the Debt or other obligation existing
immediately prior to such extension, renewal or substitution and (B) so long as the scope of the property subject to such Lien is not
increased;
(x)
Liens relating to purchase orders and other agreements entered into with customers of the Parent or any Subsidiary in the ordinary course
of business;
(y)
receipt of progress payments and advances from customers in the ordinary course of business to the extent the same create Liens on the
related inventory and proceeds thereof;
(z) Liens on assets pledged in respect of defeased or discharged indebtedness;
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(aa) any Lien on any asset securing Debt incurred or assumed for the purpose of financing an amount not to exceed all or any part of the cost
of acquiring, constructing, repairing, replacing or improving such asset, provided that such Lien attaches to such asset concurrently
with or within 270 days after (A) the acquisition of such asset or (B) the later of (x) the completion of such construction, repair, replacement
or improvement of such asset and (y) the date of commencement of the commercial operation of the asset constructed, repaired, replaced
or improved, as applicable; and
(bb)
in addition to Liens permitted by clauses (a) through (aa) above, any other Lien, to the extent that the outstanding principal
amount of the obligations secured thereby, expressed as a Dollar Amount, at the time of creation thereof, in the aggregate with the
outstanding principal amount of all other Debt and other obligations then secured pursuant to this clause (bb), does not exceed the
greater of (i) $375,000,000 and (ii) 8.5% of the Parent’s Consolidated Total Assets as shown on the then most
recent consolidated financial statements of the Parent delivered to the Administrative Agent pursuant to Section 5.01 (or,
prior to such initial delivery pursuant to Section 5.01, Section 3.04).
Any lien permitted
above under this Section 6.03 on any property may extend to identifiable proceeds of such property.
SECTION 6.04 Consolidations,
Mergers and Sales of Assets; Acquisitions. No Loan Party will merge or consolidate with any other non-affiliated Person or sell,
lease, transfer or otherwise dispose (excluding, for the avoidance of doubt, the creation of any Lien permitted under Section 6.03)
of all or substantially all of its assets as an entirety to any other non-affiliated Person unless:
(i)
in the case of a merger or consolidation, the Person surviving such transaction is the applicable Loan Party; and
(ii)
immediately after giving effect to any such action, no Event of Default or Default shall have occurred and be continuing.
(b)
The Parent will not, and will not permit any Subsidiary to, make any Acquisition other than Permitted Acquisitions.
SECTION 6.05 Subsidiary Debt. The
Parent will not permit any Material Subsidiary (other than the Company) to create, incur, assume or suffer to exist any Debt except:
(a)
Debt arising under Securitization Transactions in an aggregate amount outstanding not exceeding $250,000,000 at any time;
(b)
Debt existing on the Effective Date and identified on Schedule 6.05 and any refinancing, extension or renewal thereof or of any
Debt under this clause (b), in each case, to the extent the principal amount thereof is not increased (including extensions, renewals
or replacements of guarantees in respect of such Debt as so refinanced, extended or renewed);
(c)
(i) Debt of a Subsidiary owed to the Parent or another Subsidiary; and (ii) Guarantees by a Subsidiary of Debt of the Parent or another
Subsidiary to the extent this Agreement does not prohibit the Parent’s or such other Subsidiary’s incurrence of such Debt;
(d) Debt incurred as an account party in respect of any trade letter of credit;
(e) deferred compensation owed to employees incurred in the ordinary course of business;
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(f) to the extent constituting Debt, obligations with respect to deferred compensation, retiree healthcare medical benefits or other similar
employment arrangements incurred in connection with acquisitions or dispositions permitted under this Agreement;
(g)
to the extent constituting Debt, obligations incurred in respect of cash management services, netting services, overdraft protection and
similar arrangements and hedging transactions with a term not exceeding two years, in each case in the ordinary course of business;
(h) Debt constituting reimbursement obligations with respect to letters of credit issued in respect of workers’ compensation claims,
health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other reimbursement-type
obligations relating to regarding workers’ compensation claims incurred in the ordinary course of business;
(i) obligations in respect of performance and surety, stay, customs, appeal and performance bonds, performance and completion guarantees and
similar instruments or obligations in respect of letters of credit in respect thereof, in each case in the ordinary course of business;
(j) Debt that has maturities and other terms, and is subordinated to the Obligations in a manner, satisfactory to the Required Lenders;
(k) Debt arising under capital leases in an aggregate principal amount not to exceed $50,000,000 outstanding at any time;
(l) Debt of Affiliate Borrowers arising under the Loan Documents;
(m) Debt of any Subsidiary incurred to finance the acquisition, construction, repair, replacement, lease or improvement of any fixed or capital
assets and any Debt assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets prior to the
acquisition thereof, and amendments, modifications, extensions, refinancings, renewals and replacements of any such Debt; provided
that (i) such Debt is initially incurred prior to or within 270 days after such acquisition or the completion of such construction, repair,
replacement, lease or improvement and (ii) the aggregate outstanding principal amount of Debt permitted by this clause (m) shall not exceed
$50,000,000 at any time outstanding; and
(n) other Debt in an aggregate principal amount not to exceed the greater of (i) $500,000,000 and (ii) 11.5% of the Parent’s Consolidated
Total Assets as shown on the then most recent consolidated financial statements of the Parent delivered to the Administrative Agent pursuant
to Section 5.01 (or, prior to such initial delivery pursuant to Section 5.01, Section 3.04), outstanding at any time.
SECTION 6.06 OFAC and Anti-Corruption Laws.
(a) The Parent shall
not, and shall ensure that none of the Borrowers or its other controlled affiliated companies will, directly or, to the Parent’s
Knowledge, indirectly use the proceeds of Credit Events hereunder:
(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) to fund or finance any activities, business or transaction of or with any Designated Person or in any Sanctioned Country, in either
case, to the extent such activities, business or transaction would violate Sanctions (assuming, for purposes of this covenant only,
that each Affiliate Borrower were a Domestic Subsidiary for purposes of determining its compliance with Sanctions); or
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(iii) in any other
manner that will result in liability to the Administrative Agent or any Lender under any applicable Sanctions or a breach by the Administrative
Agent or any Lenders of any applicable Sanctions.
The
foregoing clause (a) of this Section 6.06 will not apply to any party hereto to which (x) the Blocking Law applies, if and to the extent
that such representations are or would be unenforceable by or in respect of that party pursuant to, or would otherwise result in a breach
and/or violation of, any provision of the Blocking Law or (y) the UKPTIL applies, if and to the extent that such representations are
or would be unenforceable by or in respect of that party pursuant to, or would otherwise result in a breach and/or violation of any provision
of, the Blocking Law or the UKPTIL, as applicable.
(b) The Parent shall not, and shall ensure that none of the Borrowers or its other controlled affiliated companies will, use funds or assets
obtained directly or, to the Parent’s Knowledge, indirectly from transactions with or from (i) Designated Persons or (ii) any Sanctioned
Country, in either case, in violation of Sanctions (assuming, for purposes of this covenant only, that each Affiliate Borrower were a
Domestic Subsidiary for purposes of determining its compliance with Sanctions), to pay or repay any amount owing to the Administrative
Agent or any Lender under any Loan Document.
(c) The Parent shall, and shall ensure that each Borrower and each of its other controlled affiliated companies will:
(i) conduct its business in
compliance with Anti-Corruption Laws in all material respects;
(ii) maintain policies and procedures designed to promote and achieve compliance in all material respects with Anti-Corruption Laws; and
(iii) have reasonable controls and safeguards in place designed to prevent any proceeds of any Credit Event hereunder from being used contrary
to the representations and undertakings set forth herein.
SECTION 6.07 Outbound
Investment Rules. Parent will not, and will not permit any of its Subsidiaries to, (a) be or become a “covered foreign person”,
as that term is defined in the Outbound Investment Rules, or (b) engage, directly or indirectly, in (i) a “covered activity”
or a “covered transaction”, as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction
that would constitute a “covered activity” or a “covered transaction”, as each such term is defined in the Outbound
Investment Rules, if Parent were a U.S. Person or (iii) any other activity that would cause the Administrative Agent or any Lender to
be in violation of the Outbound Investment Rules or cause the Administrative Agent or any Lender to be legally prohibited by the Outbound
Investment Rules from performing under this Agreement.
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ARTICLE VII.
EVENTS OF DEFAULT
If one or more of the following events
(each, an “Event of Default”) shall have occurred and be continuing:
(a) any Borrower shall fail to pay within two (2) Business Days of the date due any principal of any Loan; or any Borrower shall fail to pay
within five days of the date due any interest on any Loan, any fee or any other amount payable hereunder;
(b) any Loan Party shall fail to observe or perform any applicable covenant contained in Section 5.02, Section 5.05 or any of Sections
6.01 to 6.07, inclusive;
(c)
any Loan Party shall fail to observe or perform any other covenant or agreement contained in this Agreement for 30 days after the earlier
of (i) the date on which written notice thereof has been given to the Parent by the Administrative Agent at the request of any Lender
or (ii) if the Parent fails to promptly notify the Administrative Agent and the Lenders of such failure as required by Section 5.01(d),
the date on which a Senior Financial Officer had actual knowledge of such failure;
(d)
any representation, warranty, certification or statement made by any of the Loan Parties in this Agreement or in any certificate, financial
statement or other document delivered pursuant to this Agreement shall prove to have been incorrect in any material respect when made;
(e)
the Parent or any Subsidiary (i) fails to make any payment of Material Financial Obligations when due (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise, but after giving effect to any applicable grace or cure period);
or (ii) fails to perform or observe any other condition or covenant, or any other event shall occur or condition exist, under one or
more agreements or instruments relating to Material Financial Obligations, if the effect of such failure, event or condition is to
cause (or require), or to permit the holder or holders of such Material Financial Obligations (or the beneficiary or beneficiaries
of such Material Financial Obligations (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries))
to cause (or require), such Material Financial Obligations to become due and payable (or to be purchased, repurchased, defeased or
Cash Collateralized) prior to the stated maturity thereof; provided that any such failure relating to a Material Financial
Obligation that was the Debt of a Person acquired by the Parent or any of its Subsidiaries and which was assumed by the Parent or
such Subsidiary as part of such acquisition shall not constitute an Event of Default or Default pursuant to this clause (e) so long
as such Material Financial Obligation is repaid in full or such failure is cured within 30 days of such acquisition. Notwithstanding
the foregoing, none of the following events shall constitute an Event of Default under this clause (e) of Article VII
unless such event results in the acceleration of Material Financial Obligations: (i) any secured Debt becoming due as a result of
the voluntary sale or transfer of the property or assets securing such Debt or a casualty, condemnation or similar event, (ii) any
change of control offer made within 60 days after an acquisition with respect to, and effectuated pursuant to, Debt of an acquired
business, (iii) any default under Debt of an acquired business if such default is cured, or such Debt is repaid, within 60 days
after the acquisition of such business so long as no other creditor accelerates or commences any kind of enforcement action in
respect of such Debt, (iv) mandatory prepayment requirements arising from the receipt of net cash proceeds from debt, dispositions
(including casualty losses, governmental takings and other involuntary dispositions), equity issues or excess cash flow, (v)
prepayments required by the terms of Debt as a result of customary provisions in respect of illegality, replacement of lenders and
gross-up provisions for Taxes, increased costs, capital adequacy and other similar customary requirements and (vi) any voluntary
prepayment, redemption or other satisfaction of Debt that becomes mandatory in accordance with the terms of such Debt solely as the
result of the Parent or any Subsidiary delivering a prepayment, redemption or similar notice with respect to such prepayment,
redemption or other satisfaction;
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(f) the Parent or
any Material Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, examinership, reorganization or other
relief (including, in the case of any Luxembourg Person, any Luxembourg Relief) with respect to itself, its assets or its debts under
any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
administrator, custodian, examiner or other similar official of it or any substantial part of its property or shall consent to any such
relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against
it or shall make a general assignment for the benefit of creditors or shall commence or consent to a proceeding for approval of a plan
of arrangement with respect to its debts or shall fail generally to pay its debts as they become due or shall take any corporate action
to authorize any of the foregoing; or any of the shareholders of a Material Subsidiary shall take any action to initiate any of the foregoing
with respect to such Material Subsidiary;
(g) an involuntary case or other proceeding shall be commenced against the Parent or any Material Subsidiary seeking liquidation, examinership,
reorganization or other relief (including, in the case of any Luxembourg Person, any Luxembourg Relief) with respect to it, its assets
or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, administrator, custodian, examiner or other similar official of it or any substantial part of its property, or any
of the Parent’s shareholders shall take any action to initiate a proceeding of the type described in clause (f) above with respect
to the Parent, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order
for relief shall be entered against the Parent or any Material Subsidiary under the federal bankruptcy laws or similar bankruptcy or insolvency
laws of any other applicable jurisdiction as now or hereafter in effect; or a UK Bankruptcy Event occurs with respect to any UK Relevant
Entity;
(h) without prejudice to any other provisions of this Article VII, (i) any of the following occurs in respect of a Swiss Loan Party:
the occurrence of any event or procedure in relation to a Swiss Borrower which is analogous to those listed in the clauses (a),
(f) and (g) of this Article VII above including, inter alia, “hälftiger Kapitalverlust”
or “Überschuldung” within the meaning of art. 725a and 725b and art. 820 of the Swiss Federal Code of Obligations
(CO) (half of the share capital and the legal reserves not covered; over-indebtedness, i.e. liabilities not covered by the assets), duty
of notifying the court due to over-indebtedness or insolvency pursuant to art. 725b and art. 820 CO, “Konkurseröffnung und
Konkurs” (declaration of bankruptcy and bankruptcy), “Nachlassverfahren” (composition with creditors) including
in particular “Nachlassstundung” (moratorium) and proceedings regarding “Nachlassvertrag” (composition
agreements) and “Notstundung” (emergency moratorium), proceedings regarding “Fälligkeitsaufschub”
(postponement of maturity), notification of the judge of a capital loss or over-indebtedness under these provisions and “Auflösung
/ Liquidation” (dissolution/liquidation);
(i) the Parent or any ERISA Affiliate shall fail to pay when due an amount which could reasonably be expected to have a Material Adverse
Effect, which it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or the Parent or an ERISA
Affiliate shall file a distress termination notice with the PBGC and the amount of the Unfunded Vested Liabilities under that filing
could reasonably be expected to have a Material Adverse Effect; or the PBGC shall institute judicial proceedings under Title IV of
ERISA to terminate or to cause a trustee to be appointed to administer any such Plan or Plans which have Unfunded Vested Liabilities
which could reasonably be expected to have a Material Adverse Effect; or a judicial proceeding shall be instituted by a fiduciary of
any such Plan or Plans to enforce Section 515 of ERISA, the aggregate amount of delinquent contributions claimed to be owed pursuant
to such Section 515 in such proceeding which could reasonably be expected to have a Material Adverse Effect, and such proceeding
shall not have been dismissed within 30 days;
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(j)
a judgment or order for the payment of money in
excess of a Dollar Amount of $100,000,000 shall be rendered against any Borrower or any of its Subsidiaries and such judgment or
order is not within 60 days of the entry thereof bonded, discharged or stayed; provided, that any such judgment shall not be
included in the calculation of the aggregate amount of judgments under this clause (j) if and for so long as (A) the amount of such
judgment is covered by a valid and binding policy of insurance between the defendant and the insurer covering payment thereof and
(B) 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;
(k) 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 Securities Exchange Act of 1934) of 30% or more of the outstanding shares of voting stock of the Parent;
(l) a majority of the members of the board of directors of the Parent ceases to be individuals who (i) were members of such board of directors
as of the Effective Date or (ii) were nominated or appointed to be members of such board by a majority of the members of such board who,
at the time of such nomination or appointment, were individuals described in the foregoing clause (i) or this clause (ii). Notwithstanding
the foregoing, if a majority of the members of the board of directors of the Parent cease to be individuals described in clauses (i) and
(ii) above, it shall not constitute an Event of Default under this clause (l) of Article VII if a majority of the Parent’s
board of directors (comprised of the individuals described in clauses (i) and (ii)) approves such changes; or
(m) except as otherwise expressly permitted under the Loan Documents (i) this Agreement, the Notes or any other document executed in connection
herewith, at any time after its execution and delivery, ceases to be in full force and effect against any applicable Loan Party; (ii)
any Loan Party or any other Person acting on behalf of any Loan Party contests in any manner the validity or enforceability of any such
document against any applicable Loan Party; or (iii) any Loan Party or any other Person acting on behalf of any Loan Party denies that
it has any or further liability or obligation under any such document, or purports to revoke, terminate or rescind any such document;
then, and in every such event (other
than an event with respect to the Parent or any Borrower described in clause (f), (g) or (h) of this Article
VII), and at any time thereafter during the continuance of such event, the Administrative Agent may with the consent of the
Required Lenders, and shall at the request of the Required Lenders, by notice to the Company, take any or all of the following
actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately,
(ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to
be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due
and payable, together with accrued interest thereon and all fees and other Obligations of the Borrowers accrued hereunder and under
the other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Loan Parties, and (iii) require cash collateral for the LC Exposure in accordance with Section
2.06(j); and in case of any event with respect to the Parent or any Borrower described in clause (f), (g) or (h)
of this Article VII , the Commitments shall automatically terminate and the principal of the Loans then outstanding and cash
collateral for the LC Exposure, together with accrued interest thereon and all fees and other Obligations accrued hereunder and
under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Loan Parties.
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ARTICLE VIII.
THE ADMINISTRATIVE AGENT
SECTION 8.01 Authorization and Action.
(a)
Each Lender and each Issuing Bank hereby irrevocably appoints the entity named as Administrative Agent in the heading of this Agreement
and its successors and assigns to serve as the administrative agent under the Loan Documents and each Lender and each Issuing Bank authorizes
the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan
Documents as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental
thereto. Without limiting the foregoing, each Lender and each Issuing Bank hereby authorizes the Administrative Agent to execute and deliver,
and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a party, and to exercise all rights,
powers and remedies that the Administrative Agent may have under such Loan Documents.
(b) As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection), the Administrative
Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and
shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents), and, unless and until revoked
in writing, such instructions shall be binding upon each Lender and each Issuing Bank; provided, however, that the Administrative
Agent shall not be required to take any action that (i) the Administrative Agent reasonably and in good faith believes exposes it to liability
unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the Lenders and the
Issuing Banks with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including
any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency, examinership
or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender
in violation of any requirement of law relating to bankruptcy, insolvency, examinership or reorganization or relief of debtors; provided,
further, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any
such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth
in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose,
any information relating to the Parent, any Subsidiary or any Affiliate of any of the foregoing that is communicated to or obtained by
the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing in this Agreement shall require the Administrative
Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or
in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.
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(c)
In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on
behalf of the Lenders and the Issuing Banks (except in limited circumstances expressly provided for herein relating to the
maintenance of the Register), and its duties are entirely mechanical and administrative in nature. The motivations of the
Administrative Agent are commercial in nature and not to invest in the general performance or operations of the Loan Parties.
Without limiting the generality of the foregoing:
(i) the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship as the
agent, fiduciary or trustee of or for any Lender, Issuing Bank or any other holder of Obligations other than as expressly set forth herein
and in the other Loan Documents, regardless of whether a Default or an Event of Default has occurred and is continuing (and it is understood
and agreed that the use of the term “agent” (or any similar term) herein or in any other Loan Document with reference to the
Administrative Agent is not intended to connote any fiduciary duty or other implied (or express) obligations arising under agency doctrine
of any applicable law, and that such term is used as a matter of market custom and is intended to create or reflect only an administrative
relationship between contracting parties); additionally, each Lender agrees that it will not assert any claim against the Administrative
Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection with this Agreement and the transactions
contemplated hereby;
(ii) to the extent that English law is applicable to the duties of the Administrative Agent under any of the Loan Documents, Section 1 of the
Trustee Act 2000 of the United Kingdom shall not apply to the duties of the Administrative Agent in relation to the trusts constituted
by that Loan Document; where there are inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 of the United Kingdom and
the provisions of this Agreement or such Loan Document, the provisions of this Agreement shall, to the extent permitted by applicable
law, prevail and, in the case of any inconsistency with the Trustee Act 2000 of the United Kingdom, the provisions of this Agreement shall
constitute a restriction or exclusion for the purposes of that Act; and
(iii)
nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any sum or the profit
element of any sum received by the Administrative Agent for its own account.
(d)
The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan Document by
or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform
any of their respective duties and exercise their respective rights and powers through their respective Related Parties. The exculpatory
provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent,
and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent shall not be responsible for the negligence
or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment
that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.
(e)
None of any Syndication Agent, any Documentation Agent or any Arranger shall have obligations or duties whatsoever in such capacity under
this Agreement or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons
shall have the benefit of the indemnities provided for hereunder.
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(f) In case of the pendency of any proceeding with respect to any Loan Party under any federal, state or foreign bankruptcy, insolvency,
examinership, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the
principal of any Loan or any Obligation shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on any Loan Party) shall be entitled and empowered (but
not obligated) by intervention in such proceeding or otherwise:
(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have
the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim under Sections 2.12, 2.13,
2.15, 2.17 and 9.03) allowed in such judicial proceeding; and
(ii) to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any
custodian, receiver, assignee, trustee, liquidator, examiner, sequestrator or other similar official in any such proceeding is
hereby authorized by each Lender, each Issuing Bank and each other holder of Obligations to make such payments to the Administrative
Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, the
Issuing Banks or the other holders of Obligations, to pay to the Administrative Agent any amount due to it, in its capacity as the
Administrative Agent, under the Loan Documents (including under Section 9.03). Nothing contained herein shall be deemed to
authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or Issuing Bank any plan of
reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or Issuing Bank or to
authorize the Administrative Agent to vote in respect of the claim of any Lender or Issuing Bank in any such proceeding.
(g) The provisions
of this Article VIII are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Banks, and, except solely
to the extent of the Company’s rights to consent pursuant to and subject to the conditions set forth in this Article VIII
and as otherwise provided in Section 8.01(d), none of the Company or any Subsidiary, or any of their respective Affiliates, shall
have any rights as a third party beneficiary under any such provisions. Each party that is a holder of Obligations, whether or not a party
hereto, will be deemed, by its acceptance of the benefits of the guarantees of the Obligations provided under the Loan Documents, to have
agreed to the provisions of this Article VIII.
SECTION 8.02 Administrative Agent’s Reliance, Indemnification,
Etc.
(a) Neither the Administrative
Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by it under or in connection with
this Agreement or the other Loan Documents (x) with the consent of or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary, or as the Administrative Agent shall reasonably believe in good faith to be necessary,
under the circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such
absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and nonappealable judgment) or (ii)
responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or
any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document
referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan
Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document
(including, for the avoidance of doubt, in connection with the Administrative Agent’s reliance on any Electronic Signature transmitted
by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page) or for any failure
of any Loan Party to perform its obligations hereunder or thereunder.
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(b) The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until written notice
thereof (stating that it is a “notice of Default” or a “notice of an Event of Default”) is given to the
Administrative Agent by the Company, a Lender or an Issuing Bank. Further, the Administrative Agent shall not be responsible for or
have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan
Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or the
occurrence of any Default or Event of Default, (iv) the sufficiency, validity, enforceability, effectiveness or
genuineness of any Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth
in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be
such items) expressly required to be delivered to the Administrative Agent or satisfaction of any condition that expressly refers to
the matters described therein being acceptable or satisfactory to the Administrative Agent.
(c) Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such promissory
note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b),
(iii) may consult with legal counsel (including counsel to the Company), independent public accountants and other experts selected by
it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel,
accountants or experts, (iv) makes no warranty or representation to any Lender or Issuing Bank and shall not be responsible to any Lender
or Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement
or any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter
of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Bank, may presume that such condition is
satisfactory to such Lender or such Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such
Lender or such Issuing Bank sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit and (vi) shall
be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon,
any notice, consent, certificate or other instrument or writing (which writing may be a fax, any electronic message, Internet or intranet
website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed
or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth
in the Loan Documents for being the maker thereof).
SECTION 8.03 Posting of Communications.
(a) The Company agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders
and the Issuing Banks by posting the Communications on IntraLinks™, DebtDomain, SyndTrak, ClearPar or any other similar electronic
platform chosen by the Administrative Agent reasonably and in good faith to be its electronic transmission system and used by it for such
purpose with respect to its credit facilities generally (the “Approved Electronic Platform”).
(b) Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies
implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization
system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved
Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Banks and the Company acknowledges and agrees
that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible
for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there
may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Banks and the Company
hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of
such distribution, other than risks arising from the gross negligence, bad faith or willful misconduct of any of the foregoing parties
(as determined by a court of competent jurisdiction by a final and nonappealable judgment).
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(c)
THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC
PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY
OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT
OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS
OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY DOCUMENTATION AGENT, ANY SYNDICATION
AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN
PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL
OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE
AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM, OTHER THAN DIRECT ACTUAL DAMAGES
ARISING FROM THE GROSS NEGLIGENCE, BAD FAITH OR WILLFUL MISCONDUCT OF ANY APPLICABLE PARTY (AS DETERMINED BY A COURT OF COMPETENT JURISDICTION
BY A FINAL AND NONAPPEALABLE JUDGMENT).
(d)
Each Lender and each Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications have been
posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the
Loan Documents. Each Lender and each Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in the form
of electronic communication) from time to time of such Lender’s or such Issuing Bank’s (as applicable) email address to which
the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.
(e)
Each of the Lenders, each of the Issuing Banks and the Company agrees that the Administrative Agent may, but (except as may be required
by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative
Agent’s generally applicable document retention procedures and policies.
(f)
Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Bank to give any notice or other communication
pursuant to any Loan Document in any other manner specified in such Loan Document.
SECTION 8.04 The
Administrative Agent Individually. With respect to its Commitment, Loans and Letters of Credit, the Person serving as the
Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and
liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be. The terms “Issuing
Banks”, “Lenders”, “Required Lenders” and any similar terms shall, unless the context clearly
otherwise indicates, include the Administrative Agent in its individual capacity as a Lender, an Issuing Bank or as one of the
Required Lenders, as applicable. The Person serving as the Administrative Agent 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
banking, trust or other business with, the Parent, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not
acting as the Administrative Agent and without any duty to account therefor to the Lenders or the Issuing Banks.
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SECTION 8.05 Successor Administrative Agent.
(a)
The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Issuing Banks
and the Company, whether or not a successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall
have the right, in consultation with (and, so long as no Default shall then exist, the consent of, such consent not to be unreasonably
withheld) the Company, to appoint a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed
by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving
of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor
Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In both cases, such
appointment shall be subject to the prior written approval of the Company (which approval may not be unreasonably withheld and shall not
be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent
by a successor Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers,
privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment as Administrative Agent by a successor
Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the
other Loan Documents. Prior to any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the retiring Administrative
Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative
Agent under the Loan Documents.
(b)
Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall have
accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative
Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Company, whereupon, on the date
of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties
and obligations hereunder and under the other Loan Documents and (ii) the Required Lenders shall succeed to and become vested with all
the rights, powers, privileges and duties of the retiring Administrative Agent; provided that (A) all payments required to be made
hereunder or under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent
shall be made directly to such Person and (B) all notices and other communications required or contemplated to be given or made to the
Administrative Agent shall directly be given or made to each Lender and each Issuing Bank. Following the effectiveness of the Administrative
Agent’s resignation from its capacity as such, the provisions of this Article VIII and Section 9.03, as well as any exculpatory,
reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring
Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any
of them while the retiring Administrative Agent was acting as Administrative Agent.
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SECTION 8.06 Acknowledgement of Lenders and Issuing Banks.
(a)
Each Lender and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility,
(ii) in participating as a Lender, it is engaged in making, acquiring or holding commercial loans and in providing other facilities set
forth herein as may be applicable to such Lender or such Issuing Bank, in each case in the ordinary course of business, and not for the
purpose of investing in the general performance or operations of the Loan Parties, or for the purpose of purchasing, acquiring or holding
any other type of financial instrument such as a security (and each Lender and each Issuing Bank agrees not to assert a claim in contravention
of the foregoing, such as a claim under the federal or state securities law), (iii) it has, independently and without reliance upon the
Administrative Agent, any Arranger, any Syndication Agent, any Documentation Agent or any other Lender or other Issuing Bank, or any of
the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated
with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable
to such Lender or such Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or
hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or
providing such other facilities. Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance
upon the Administrative Agent, any Arranger, any Syndication Agent, any Documentation Agent or any other Lender or other Issuing Bank,
or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public
information within the meaning of the United States securities laws concerning the Company and its Affiliates) as it shall from time to
time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other
Loan Document or any related agreement or any document furnished hereunder or thereunder.
(b)
Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an Assignment
and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt
of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or satisfactory
to, the Administrative Agent or the Lenders on the Effective Date.
(c)
(i) Each Lender hereby
agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion
that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or
repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously
transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof),
such Lender shall promptly, but in no event later than one (1) Business Day thereafter (or such later date as the Administrative
Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Payment (or
portion thereof) as to which such a demand was made in same day funds, together with interest thereon (except to the extent waived
in writing by the Administrative Agent) in respect of each day from and including the date such Payment (or portion thereof) was
received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in
effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative
Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the
Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge for
value” or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be
conclusive, absent manifest error.
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(ii) Each Lender hereby further
agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or
on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect
to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on
notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if
it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative
Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business
Day thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative
Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest
thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Payment
(or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to
time in effect.
(iii)
The Company and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered
from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all
the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise
satisfy any Obligations owed by the Company or any other Loan Party, except in each case, to the extent such erroneous Payment is, and
solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the
Company or any other Loan Party for the purpose of satisfying an Obligation.
(iv)
Each party’s obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent
or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations under any Loan Document.
(d)
The Lenders acknowledge that there may be a constant flow of information (including information which may be subject to
confidentiality obligations in favor of the Loan Parties) between the Loan Parties and their Affiliates, on the one hand, and
JPMorgan Chase Bank, N.A. and itsJ.P. Morgan
SE and their respective Affiliates, on the other hand. Without limiting the foregoing, the Loan Parties or their
Affiliates may provide information, including updates to previously provided information to JPMorgan Chase Bank, N.A. and/or
its J.P. Morgan SE and/or their respective Affiliates acting in
different capacities, including as Lender, lead bank, arranger or potential securities investor, independent of such entity’sentities’
role as administrative agent hereunder. The Lenders acknowledge that neither JPMorgan Chase Bank, N.A.,
J.P. Morgan SE, nor itstheir
respective Affiliates shall be under any obligation to provide any of the foregoing information to them.
Notwithstanding anything to the contrary set forth herein or in any other Loan Document, except for notices, reports and other
documents expressly required to be furnished to the Lenders by the Administrative Agent herein or in any other Loan Document, the
Administrative Agent shall not have any duty or responsibility to provide, and shall not be liable for the failure to provide, any
Lender with any credit or other information concerning the Loans, the Lenders, the business, prospects, operations, property,
financial and other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates that is
communicated to, obtained by, or in the possession of, the Administrative Agent or any of its Affiliates in any capacity, including
any information obtained by the Administrative Agent in the course of communications among the Administrative Agent and any Loan
Party, any Affiliate thereof or any other Person. Notwithstanding the foregoing, any such information may (but shall not be required
to) be shared by the Administrative Agent with one or more Lenders, or any formal or informal committee or ad hoc group of such
Lenders, including at the direction of a Loan Party.
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SECTION 8.07 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 each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Company 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 the Plan Asset Regulations) of one or more Benefit Plans in
connection with the Loans, the Letters of Credit or the Commitments;
(ii)
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement;
(iii)
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of
PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a)
of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments and this Agreement; or
(iv)
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.
(b)
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has
provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such
Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the
Administrative Agent, the Arrangers, the Syndication Agents, the Documentation Agents and their respective Affiliates, and not, for
the avoidance of doubt, to or for the benefit of the Company or any other Loan Party, that none of the Administrative Agent, the
Arrangers, the Syndication Agents, the Documentation Agents or any of their respective Affiliates is a fiduciary with respect to the
assets of such Lender (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).
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(c) The Administrative Agent
and each Arranger hereby informs the Lenders that each 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 has a financial interest
in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect
to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents, (ii) may recognize a gain if it extended
the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters
of Credit or the Commitments by such Lender or (iii) 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 fees or collateral agent fees, utilization fees, minimum usage fees, letter of credit
fees, fronting 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.
SECTION 8.08 Borrower Communications.
(a)
The Administrative Agent, the Lenders and the Issuing Banks agree that the Borrowers may, but shall not be obligated to, make any Borrower
Communications to the Administrative Agent through an electronic platform chosen by the Administrative Agent to be its electronic transmission
system (the “Approved Borrower Portal”).
(b)
Although the Approved Borrower Portal and its primary web portal are secured with generally-applicable security procedures and policies
implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization
system), each of the Lenders, each of the Issuing Banks and the Borrowers acknowledges and agrees that the distribution of material through
an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives
or contacts of the Borrowers that are added to the Approved Borrower Portal, and that there may be confidentiality and other risks associated
with such distribution. Each of the Lenders, each of the Issuing Banks and the Borrowers hereby approves distribution of Borrower Communications
through the Approved Borrower Portal and understands and assumes the risks of such distribution.
(c)
THE APPROVED BORROWER PORTAL IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE PARTIES DO NOT WARRANT
THE ACCURACY OR COMPLETENESS OF THE BORROWER COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED BORROWER PORTAL AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED BORROWER PORTAL AND THE BORROWER COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS,
IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY
RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE BORROWER
COMMUNICATIONS OR THE APPROVED BORROWER PORTAL. IN NO EVENT SHALL THE APPLICABLE PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY
LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR
CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWERS’ TRANSMISSION
OF BORROWER COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED BORROWER PORTAL.
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“Borrower
Communications” means, collectively, any Borrowing Request, Interest Election Request, notice of prepayment, notice requesting
the issuance, amendment or extension of a Letter of Credit or other notice, demand, communication, information, document or other material
provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed
by any Borrower to the Administrative Agent through an Approved Borrower Portal.
(a)
Each of the Lenders, each of the Issuing Banks and each of the Borrowers agrees that the Administrative Agent may, but (except as may
be required by applicable law) shall not be obligated to, store the Borrower Communications on the Approved Borrower Portal in accordance
with the Administrative Agent’s generally applicable document retention procedures and policies.
(b)
Nothing herein shall prejudice the right of the Borrowers to give any notice or other communication pursuant to any Loan Document in any
other manner specified in such Loan Document.
ARTICLE II.
MISCELLANEOUS
SECTION 2.01 Notices.
(a) Except in the
case of notices and other communications expressly permitted to be given by telephone or other means permitted hereunder (and subject
to paragraph (b) below), all notices and other communications 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 any Loan Party, to Pentair Finance S.à r.l. (in care of Pentair, Inc.), 5500 Wayzata Boulevard, Suite 900, Golden Valley,
MN 55416-1261, Attention: Bob FishmanNick Brazis,
Executive Vice President, and
Chief Financial Officer, and Chief Accounting Officer (Email) and Nick
Brazis,Gina Passage, Senior Director and Treasurer (Email), with a
copy to, in the case of any notice of Default or Event of Default, Pentair Finance S.à r.l. (in care of Pentair, Inc.), 5500 Wayzata
Boulevard, Suite 900, Golden Valley, MN 55416-1261, Attention: Karla RobertsonLance
Bonner, Executive Vice President, Chief Sustainability Officer, General
Counsel and Secretary (Email) and Mara Kaplan, Assistant General Counsel (Email);
(ii)
if to the Administrative Agent from any Borrower, to the address or addresses separately provided to the Company;
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(iii) if
to the Administrative Agent from the Lenders, to JPMorgan Chase Bank, N.A.
and J.P. Morgan SE, 8181 Communications Pkwy, Building B, Floor 6, Plano, Texas 75024, Attention of Nicholas Nussbaum
(Email);
(iv) in
the case of a notification of the DQ List, to;
(v) if
to an Issuing Bank, to it at the address separately provided to the Company; and
(vi) if to any of the Swingling Lenders, at
the address separately provided to the Company; and
(vii)
if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.
Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall
be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next business day for the recipient). Notices delivered through Approved Electronic Platforms
or Approved Borrower Portals, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).
(b) Notices and other
communications to the Lenders, the Administrative Agent and the Issuing Banks hereunder may be delivered or furnished by using Approved
Electronic Platforms or Approved Borrower Portals (as applicable), in each case, pursuant to procedures approved by the Administrative
Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent
and the applicable Lender. The Administrative Agent or the Company may, in its discretion, agree to accept notices and other communications
to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited
to particular notices or communications.
Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an email address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” 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 email address as described in the foregoing clause (i), of notification
that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii)
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.
(c) Any party hereto
may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.
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SECTION 9.02 Waivers; Amendments.
(a) No failure
or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other
Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders
hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Borrower therefrom shall in any
event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the
making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the
Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time.
(b)
Except as provided in Section
2.25 with respect to the extension of the Maturity Date, or as provided in Section 2.20 with respect to an Incremental
Term Loan Amendment or as provided in Section 2.14(b) and Section 2.14(c) or as provided in Section 9.02(e),
neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative Agent with the consent of
the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender without the written
consent of such Lender (provided that an amendment, modification, waiver or consent with respect to any condition precedent,
covenant, mandatory prepayment pursuant to Section 2.11.2, Event of Default or Default shall not constitute an increase in
the Commitment of any Lender), (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest
thereon (other than waivers or amendments with respect to the application of a default rate of interest pursuant to Section
2.13(b)), or reduce any fees payable hereunder, without the written consent of each Lender directly and adversely affected
thereby (except that any amendment or modification of the financial covenants or ratios in this Agreement (or defined terms used in
the financial covenants or ratios in this Agreement) shall not constitute a reduction in the rate of interest or fees for purposes
of this clause (ii)), (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any
interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the
scheduled date of expiration of any Commitment, without the written consent of each Lender directly and adversely affected thereby
(other than any reduction of the amount of, or any extension of the payment date for, the mandatory prepayments required under Section
2.11.2, in each case which shall only require the approval of the Required Lenders, and it being further understood that an
amendment, modification, waiver or consent with respect to any condition precedent, covenant, mandatory prepayment pursuant to Section
2.11.2, Event of Default or Default in each case shall not constitute such a postponement, reduction, waiver or excusal), (iv)
change Section 2.09(d) or Section 2.18(b) or (c) in a manner that would alter the ratable reduction of
Commitments or pro rata sharing of payments required thereby, without the written consent of each Lender directly and adversely
affected thereby, (v) change the payment waterfall provisions of Section 2.24(b) without the written consent of each Lender,
(vi) change any of the provisions of this Section or the definition of “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or
grant any consent hereunder, without the written consent of each Lender directly affected thereby (it being understood that, solely
with the consent of the parties prescribed by Section 2.20 to be parties to an Incremental Term Loan Amendment, Incremental Term
Loans may be included in the determination of Required Lenders on substantially the same basis as the Commitments and the Revolving
Loans are included on the Effective Date) or (vii) release the Parent from its obligations under Article X (other than with
respect to any Borrower ceasing to be a Borrower in accordance with this Agreement) without the written consent of each Lender; provided
further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any
Issuing Bank or any Swingline Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or
such Swingline Lender, as the case may be (it being understood that any change to Section 2.24 shall require the consent of the
Administrative Agent, the Issuing Banks and the Swingline Lenders). Notwithstanding the foregoing, (A) no consent with respect to
any amendment, waiver or other modification of this Agreement shall be required of any Defaulting Lender, except with respect to any
amendment, waiver or other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then
only in the event such Defaulting Lender shall be directly and adversely affected by such amendment, waiver or other modification,
and (B) as to any amendment, amendment and restatement or other modification otherwise approved in accordance with this Section, it
shall not be necessary to obtain the consent or approval of any Lender that, upon giving effect to such amendment, amendment and
restatement or other modification, would have no Commitment or outstanding Loans, so long as such Lender receives payment in full of
the principal of and interest on each Loan made by, and all other amounts owing to, such Lender or accrued for the account of such
Lender under this Agreement and the other Loan Documents at the time such amendment, amendment and restatement or other modification
becomes effective.
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(c)
If, in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each
Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders
is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting
Lender”), then the Company may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided
that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Company and the
Administrative Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting
Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all
obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of clause (b) of Section
9.04, (ii) each Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all
interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by such Borrower hereunder to and including
the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17,
and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section
2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender and (iii)
such Non-Consenting Lender shall have received the outstanding principal amount of its Loans and participations in LC Disbursements.
Each party hereto agrees that (1) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and
Assumption executed by the Company, the Administrative Agent and the assignee (or, to the extent applicable, an agreement
incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative
Agent and such parties are participants), and (2) the Lender required to make such assignment need not be a party thereto in order
for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided
that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such
documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that any such documents
shall be without recourse to or warranty by the parties thereto.
(d)
Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with the written
consent of the Required Lenders, the Administrative Agent and the Borrowers (x) to add one or more credit facilities (in addition to
the Incremental Term Loans pursuant to an Incremental Term Loan Amendment) to this Agreement and to permit extensions of credit from
time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this
Agreement and the other Loan Documents with the Revolving Loans, Incremental Term Loans and the accrued interest and fees in respect
thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and
the Lenders.
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(e) If the Administrative
Agent and the Company acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision
of this Agreement or any other Loan Document, then the Administrative Agent and the Company shall be permitted to amend, modify or supplement
such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective
without any further action or consent of any other party to this Agreement.
SECTION 9.03 Expenses;
Indemnity; Damage Waiver. (a) The Company shall pay (i) all reasonable, documented and invoiced out-of-pocket expenses incurred by
the Administrative Agent and JPMCB in its capacity as an Arranger, including the reasonable, documented and invoiced fees, disbursements
and other charges of one primary counsel (and one additional local counsel in each applicable jurisdiction) for the Administrative Agent,
in connection with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks)
of the credit facilities provided for herein, the preparation, 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); provided that, in advance of contacting outside counsel of the Administrative Agent regarding
matters concerning the administration of this Agreement in respect of which the Administrative Agent will expect to be reimbursed by the
Company, the Administrative Agent will notify the Company of its intent to contact such outside counsel, (ii) all reasonable, documented
and invoiced out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment or extension of any Letter
of Credit or any demand for payment thereunder and (iii) all reasonable, documented and invoiced out- of-pocket expenses incurred by the
Administrative Agent or any Lender, including the reasonable fees, disbursements and other charges of one primary counsel (and one local
counsel in each applicable jurisdiction) for the Administrative Agent, one additional counsel for all the Lenders other than the Administrative
Agent and additional counsel as any Lender reasonably determines are necessary to avoid actual or potential conflicts of interest or the
availability of different claims or defenses, in connection with the enforcement, collection or protection of its rights in connection
with this Agreement and any other Loan Document at any time during a Default, including its rights under this Section, or in connection
with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring
or negotiations during an Event of Default in respect of such Loans or Letters of Credit.
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(b)
The Company shall indemnify
the Administrative Agent, each Arranger, each Issuing Bank and each Lender, 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, penalties and related reasonable and documented costs and expenses, including the reasonable
fees, charges and disbursements of one primary counsel (and one local counsel in each applicable jurisdiction) for the Indemnitees
taken as a whole and additional counsel as any Indemnitee or group of Indemnitees reasonably determines are necessary to avoid
actual or potential conflicts of interest or the availability of different claims or defenses (solely to the extent the Company is
informed in writing of such conflict or different claim or defense in advance of hiring additional counsel), as and when incurred by
or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan
Document or any agreement or instrument contemplated thereby, or the performance by the parties hereto of their respective
obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or
Letter of Credit or the 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 the
Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or
(iv) any actual or prospective claim, litigation, investigation, arbitration or proceeding relating to any of the foregoing, whether
or not such claim, litigation, investigation, arbitration or proceeding is brought by the Company or any other Loan Party or its or
their respective equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other
theory 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 are determined by a court
of competent jurisdiction by final and non- appealable judgment to have resulted from (a) the gross negligence, bad faith or willful
misconduct of such Indemnitee or any of its Related Indemnified Persons, (b) a dispute among the Indemnitees not arising from an act
or omission of the Company or any of its Affiliates (other than a dispute involving a claim against an Indemnitee for its acts or
omissions in its capacity as an arranger, bookrunner, agent or similar role in respect of the credit facilities evidenced by this
Agreement, except, with respect to this clause (b), to the extent such acts or omissions are determined by a court of competent
jurisdiction by final and non-appealable judgment to have constituted the gross negligence, bad faith or willful misconduct of such
Indemnitee in such capacity) or (c) such Indemnitee’s or any of its Related Indemnified Persons’ material breach of the
Loan Documents (as determined pursuant to a claim asserted by the Company, whether as a claim, counterclaim or otherwise). This Section
9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any
non-Tax claim. For purposes of this Section 9.03(b), a “Related Indemnified Person” of an Indemnitee means
(1) any controlled Affiliate of such Indemnitee, (2) the respective directors, managers, officers and employees of such Indemnitee
and of its controlled Affiliates and (3) the respective agents of such Indemnitee and its controlled Affiliates, in the case of this
clause (3), acting at the express instructions of such Indemnitee or such controlled Affiliate; provided that each reference
to a controlled affiliate, director, manager, officer or employee in this sentence pertains to a controlled affiliate, director,
manager, officer or employee involved in the arrangement, negotiation or syndication of the credit facilities evidenced by this
Agreement and/or the consummation of the transactions contemplated by the Loan Documents.
(c)
To the extent that the Company fails to pay any amount required to be paid by it to the Administrative Agent, any Issuing Bank or any
Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, such Issuing
Bank or such Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount (it being understood that the Company’s failure to pay
any such amount shall not relieve the Company of any default in the payment thereof); provided that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative
Agent, such Issuing Bank or such Swingline Lender, each in their capacity as such.
(d)
To the extent permitted by applicable law, the Company shall not assert, and hereby waives, any claim against any of the
Administrative Agent, each Arranger, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each
such Person being called a “Lender-Related Person”) (i) for any damages arising from the use by others of
information or other materials obtained through telecommunications, electronic or other information transmission systems (including
the Internet, any Approved Electronic Platform and any Approved Borrower Portal), other than for direct or actual damages determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad faith or
willful misconduct of such Lender-Related Person or (ii) on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any
other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan, any Letter of Credit
or the use of the proceeds thereof.
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(e) All amounts due under this Section
shall be payable not later than 30 days after written demand therefor accompanied by a reasonably detailed calculation of the amount demanded.
SECTION 9.04 Successors
and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that (i)
no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender
(and any attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph
(c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing
Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b) (i) Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Institution)
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
Commitments, participations in Letters of Credit and the Loans at the
time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed, it being understood
that in the case of any assignment that requires the Company’s consent, without limiting any other factors that may be reasonable,
it shall be reasonable for the Company to consider a proposed assignee’s right to require reimbursement for increased costs when
determining whether to consent to such an assignment) of:
(A)
the Company (provided that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by written
notice to the Administrative Agent within ten (10) Business Days after having received notice thereof), provided that no consent
of the Company shall be required (but notice to the Company, either prior to or promptly after such assignment, shall be required) for
an assignment to (1) a Lender, an Affiliate of a Lender or an Approved Fund (provided further, notwithstanding the preceding clause (1),
the consent of the Company shall be required if, after giving effect to such assignment, the assignee, collectively with its affiliated
Lenders and affiliated Approved Funds, would, as a result of such assignment, hold more than fifteen percent (15%) of the aggregate amounts
of Loans and unused Commitments), or, (2) if an Event of Default under clause (a), (f), (g) or (h) of Article VII has occurred
and is continuing, any assignee; and
(B) the Administrative Agent;
(C)
the Issuing Banks; provided that no consent of the Issuing Banks shall be required for an assignment of
all or any portion of a Term Loan Commitment or a Term Loan; and
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(D)
the Swingline Lenders;
provided that no consent of the Swingline Lenders shall be required for an assignment of all or any portion of a Term Loan
Commitment or a Term Loan.
(ii) Assignments shall be subject to the following additional conditions:
(A)
except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire
remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the
assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 (in
the case of Revolving Commitments and Revolving Loans) or $1,000,000 (in the case of Term Loan Commitments and Term Loans) unless
each of the Company and the Administrative Agent otherwise consent, provided that no such consent of the Company shall be
required if an Event of Default under clause (a), (f), (g) or (h) of Article VII has occurred and is continuing;
(B)
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, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning
Lender’s rights and obligations in respect of one Class of Commitments or Loans;
(C)
the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the extent
applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which
the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation
fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders;
(D)
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee
designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about
the Company and its Affiliates and their Related Parties or their respective securities) will be made available and who may receive such
information in accordance with the assignee’s compliance procedures and applicable laws, including federal and state securities
laws;
(E)
without the prior written consent of the Administrative Agent, no assignment shall be made to a prospective assignee that bears a relationship
to the Company described in Section 108(e)(4) of the Code;
(F)
the assignee shall not be the Company or any Subsidiary or Affiliate of the Company; and
(G)
Notwithstanding anything to the contrary in this Section 9.04 or elsewhere in this Agreement, the consent of each Swiss
Borrower shall, so long as no Event of Default has occurred and is continuing, be required (such consent not to be unreasonably
withheld or delayed) for an assignment or participation to an assignee or Participant that is a Swiss Non-Qualifying Lender; provided, however,
that such a consent shall not be required by any Swiss Borrower, if, taking into consideration the contemplated assignment or
participation, the number of Lenders or Participants, as applicable, that are Swiss Non-Qualifying Lenders, does not exceed ten
(10).
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For the purposes of
this Section 9.04(b), the term “Approved Fund” and “Ineligible Institution” have the following
meanings:
“Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans
and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate
of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
“Ineligible
Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) the Parent, any of its Subsidiaries
or any of its Affiliates, (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural
person or relative(s) thereof or (e) a Disqualified Institution.
(iii) Subject to acceptance
and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and
Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party
hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 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
(c) of this Section.
(iv) The Administrative Agent,
acting for this purpose as a non-fiduciary agent of each Borrower, shall maintain at one of its offices 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 Commitment of, and principal
amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent, the Issuing
Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder
for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company,
any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(v)
Upon its receipt of (x) a duly completed Assignment and
Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment
and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the
Assignment and Assumption are participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall
already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written
consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and
Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the
assignee shall have failed to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d)
or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the
information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest
thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in
this paragraph.
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(c) (i) Any Lender may, without
the consent of, or notice to, the Company, the Administrative Agent, any Issuing Bank or any Swingline Lender, sell participations to
one or more banks or other entities (a “Participant”), other than an Ineligible Institution, 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 Loans owing
to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations, (C) the Borrowers, the Administrative Agent, the Issuing
Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights
and obligations under this Agreement (D) without the prior written consent of the Administrative Agent, no participation shall be sold
to a prospective participant that bears a relationship to the Company described in Section 108(e)(4) of the Code and (E) each Participant
shall be a Swiss Qualifying Lender or, if not, the prior written consent of each Swiss Borrower has been obtained (such consent not to
be unreasonably withheld or delayed; provided that no Swiss Borrower shall consent to a participation that would be in violation of the
Swiss Non-Bank Rules; provided, further, that no consent of any Swiss Borrower shall be required if an Event of Default has occurred
and is continuing). Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall
retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree
to any amendment, modification or waiver described in the first proviso to Section 9.02(b) or in clause (i) of Section 9.04(a)
that affects such Participant. Subject to paragraph (c)(ii) of this Section, each Borrower agrees that each Participant shall be entitled
to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the
requirements under Section 2.17(j)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section
9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(c) 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 Borrowers, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “ Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under
any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter
of Credit or other obligation is in registered form under Treasury Regulations Section 5f.103-1(c) and Proposed Treasury Regulations
Section 1.163-5(b) (or any amended or successor version). The entries in the Participant Register shall be conclusive absent manifest
error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for
all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its
capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(ii)
A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Company’s prior written consent. A Participant that would be a Foreign
Lender if it were a Lender shall not be entitled to the benefits of Section 2.17 unless the Company is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section
2.17(e) and (h) as though it were a Lender.
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(d)
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 without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank or any central bank
having jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment of a security interest; provided
that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any
such pledgee or assignee for such Lender as a party hereto.
(e) Disqualified Institutions.
(i)
No assignment or participation shall be made to any Person that was a Disqualified Institution as of the date (the “Trade Date”)
on which the assigning Lender entered into a binding agreement to sell and assign or grant a participation in all or a portion of its
rights and obligations under this Agreement to such Person (unless the Company has consented to such assignment or participation in writing
in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose of such
assignment or participation). For the avoidance of doubt, with respect to any assignee or Participant that becomes a Disqualified Institution
after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice period
referred to in, the definition of “Disqualified Institution”), (x) such assignee or Participant shall not retroactively be
disqualified from being a Lender or Participant and (y) the execution by the Company of an Assignment and Assumption with respect to such
assignee will not by itself result in such assignee no longer being considered a Disqualified Institution. Any assignment or participation
in violation of this clause (e)(i) shall not be void, but the other provisions of this clause (e) shall apply.
(ii)
If any assignment or participation is made to any Disqualified Institution without the Company’s prior written consent in violation
of clause (i) above, or if any Person becomes a Disqualified Institution after the applicable Trade Date, the Company may, at its
sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent, require such Disqualified
Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 9.04), all
of its interest, rights and obligations under this Agreement to one or more Persons (other than an Ineligible Institution) at the lesser
of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests, rights and obligations
in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder.
(iii)
Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions to whom an assignment or
participation is made in violation of clause (i) above (A) will not have the right to (x) receive information, reports or other
materials provided to Lenders by the Company, the Administrative Agent or any other Lender, (y) attend or participate in meetings
attended by the Lenders (or any of them) and the Administrative Agent, or (z) access any electronic site established for the Lenders
or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) (x) for
purposes of any consent to any amendment, waiver or modification of, or any action under, and for the purpose of any direction to
the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other
Loan Document, each Disqualified Institution will be deemed to have consented in the same proportion as the Lenders that are not
Disqualified Institutions consented to such matter, and (y) for purposes of voting on any plan of reorganization, each Disqualified
Institution party hereto hereby agrees (1) not to vote on such plan of reorganization, (2) if such Disqualified Institution does
vote on such plan of reorganization notwithstanding the restriction in the foregoing clause (1), such vote will be deemed not to be
in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in
any other applicable laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected
such plan of reorganization in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other
applicable laws) and (3) not to contest any request by any party for a determination by the Bankruptcy Court (or other applicable
court of competent jurisdiction) effectuating the foregoing clause (2).
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(iv) The Administrative
Agent shall have the right, and the Company hereby expressly authorizes the Administrative Agent, to (A) post the list of Disqualified
Institutions provided by the Company and any updates thereto from time to time (collectively, the “DQ List”) on an
Approved Electronic Platform, including that portion of such Approved Electronic Platform that is designated for “public side”
Lenders and/or (B) provide the DQ List to each Lender or potential Lender requesting the same.
(v) The Administrative
Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or enforce, compliance
with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, the Administrative
Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant
is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or
disclosure of confidential information, by any other Person to any Disqualified Institution.
SECTION 9.05 Survival.
All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or
other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have
been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of
any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and
notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or
incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect in
accordance with their terms as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the
Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17, 9.03 and Article
VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby,
the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this
Agreement or any other Loan Document or any provision hereof or thereof.
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SECTION 9.06 Counterparts;
Integration; Effectiveness; Electronic Execution. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the
Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any
other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of
doubt, any notice delivered pursuant to Section 9.01), certificate, request, statement, disclosure or authorization related
to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary
Document”) that is an Electronic Signature transmitted by telecopy, emailed .pdf or any other electronic means that
reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this
Agreement, such other Loan Document or such Ancillary Document, as applicable. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement,
any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of
records in any electronic form (including deliveries by telecopy, emailed pdf, or any other electronic means that reproduces an
image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or
format without its prior written consent and pursuant to procedures approved by it (it being understood and agreed that the
Administrative Agent accepts, consents to and approves of transmission through electronic means of any Electronic Signature that is
a reproduction of an image of an actual executed signature page); provided, further, without limiting the foregoing, (i) (a) to the
extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders
shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Company or any other Loan Party
without further verification thereof (other than any Electronic Signature actually known by the Administrative Agent or such Lender,
as applicable, to be unauthorized or otherwise invalid) and without any obligation to review the appearance or form of any such
Electronic Signature and (b) each Loan Party shall be entitled to rely on the Electronic Signatures of the Administrative Agent and
each Lender purportedly given by or on behalf of the Administrative Agent or such Lender, as applicable, without further
verification thereof (other than any Electronic Signature actually known by such Loan Party to be unauthorized or otherwise invalid)
and without any obligation to review the appearance or form of any such Electronic Signatures and (ii) upon the request of the
Administrative Agent or any Lender, any Electronic Signature shall be followed, as soon as reasonably practicable, by a manually
executed counterpart. Without limiting the generality of the foregoing, the Loan Parties hereby (i) agree that, for all purposes,
including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or
litigation among the Administrative Agent, the Lenders and the Loan Parties, Electronic Signatures transmitted by telecopy, emailed
pdf, or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of
this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability
as any paper original, (ii) agree that the Administrative Agent and each of the Lenders may, at its option, create one or more
copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any
format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper
document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect,
validity and enforceability as a paper record), (iii) waive any argument, defense or right to contest the legal effect, validity or
enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original
copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any
signature pages thereto and (iv) waive any claim against any Indemnitee for any Liabilities arising solely from the Administrative
Agent’s and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf,
or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a
result of the failure of the Company and/or any other Loan Party to use any available security measures in connection with the
execution, delivery or transmission of any Electronic Signature, other than any Liabilities (x) determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the bad faith, gross negligence or willful misconduct of any
Lender-Related Person or (y) that result from a claim brought by any Loan Party and/or any Subsidiary thereof against any
Lender-Related Person for material breach in bad faith of this Section 9.06 if such Loan Party or such Subsidiary has obtained a
final and nonappealable judgment by a court of competent jurisdiction in its favor on such claim.
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SECTION 9.07 Severability.
Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such
provision in any other jurisdiction.
SECTION 9.08 Right of Setoff.
If an Event of Default shall have 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 law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final, but excluding deposits held in a trustee, fiduciary, agency or similar capacity
or otherwise for the benefit of a third party) at any time held, and other obligations at any time owing, by such Lender, such Issuing
Bank or any such Affiliate, to or for the credit or the account of any Borrower against any and all of the Obligations of such 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 such 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 setoff, (x) all amounts so set off shall
be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.24
and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit
of the Administrative Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative
Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right
of setoff. The rights of each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other rights
and remedies (including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have. Each Lender
and Issuing Bank agrees to notify the Company and the Administrative Agent promptly after any such setoff and application; provided
that the failure to give such notice shall not affect the validity of such setoff and application.
SECTION 9.09 Governing
Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law
of the State of New York.
(b) Each of the
Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law
provisions of any applicable Loan Document, any claims brought against the Administrative Agent or any of its Related Parties
relating to this Agreement, any other Loan Document or the consummation or administration of the transactions contemplated hereby or
thereby shall be construed in accordance with and governed by the law of the State of New York.
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(c)
Each Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to only the jurisdiction of (i) the United
States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter
jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan) and (ii) any U.S. federal or Illinois state
court sitting in Chicago, Illinois, and in each case any appellate court from any thereof, in any action or proceeding arising out of
or relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may (and any such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related
Parties may only) be heard and determined in such Federal (to the extent permitted by law) or New York State court. Each of the parties
hereto agrees that a final judgment in any such action 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 any other Loan Document shall (i) affect any
right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this
Agreement or any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction, (ii) waive any statutory,
regulatory, common law, or other rule, doctrine, legal restriction, provision or the like providing for the treatment of bank branches,
bank agencies, or other bank offices as if they were separate juridical entities for certain purposes, including Uniform Commercial Code
Sections 4-106, 4-A-105(1)(b), and 5-116(b), UCP 600 Article 3 and ISP98 Rule 2.02, and URDG 758 Article 3(a), (iii) affect which courts
have or do not have personal jurisdiction over the issuing bank or beneficiary of any Letter of Credit or any advising bank, nominated
bank or assignee of proceeds thereunder or proper venue with respect to any litigation arising out of or relating to such Letter of Credit
with, or affecting the rights of, any Person not a party to this Agreement, whether or not such Letter of Credit contains its own jurisdiction
submission clause, or (iv) in respect of any Loan Party incorporated in Luxembourg only, any courts having jurisdiction where the head
office, central administration, centre of main interest, place of effective management, domicile and/or establishment of that Loan Party
is situated or where any asset of that Loan Party is situated.
(d)
Each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement
or any other Loan Document in any court referred to in paragraph (c) of this Section. Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court.
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(e)
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
The Parent, the Company and each Affiliate Borrower irrevocably designates and appoints the Service of Process Agent, as its
authorized agent, to accept and acknowledge on its behalf, service of any and all process which may be served in any suit, action or
proceeding of the nature referred to in Section 9.09(b) in any federal or New York State court sitting in New York City. The
Initial Affiliate Borrower hereby represents, warrants and confirms that the Initial Affiliate Borrower has agreed to accept such
appointment. Subject to the terms and conditions of Section 5.10, said designation and appointment shall be irrevocable by
the Parent, the Company, and such designation shall also be irrevocable by each such Affiliate Borrower until all Loans, all
reimbursement obligations, interest thereon and all other amounts payable by such Affiliate Borrower hereunder and under the other
Loan Documents shall have been paid in full in accordance with the provisions hereof and thereof and such Affiliate Borrower shall
have been terminated as a Borrower hereunder pursuant to Section 2.23. The Parent, the Company and each Affiliate Borrower
hereby consents to process being served in any suit, action or proceeding of the nature referred to in Section 9.09(b) in any
federal or New York State court sitting in New York City by service of process upon the Service of Process Agent as provided in this Section
9.09(d); provided that, to the extent lawful and possible, notice of said service upon such agent shall be mailed by
registered or certified air mail, postage prepaid, return receipt requested, to the Service of Process Agent, and to the Parent, the
Company and each such Affiliate Borrower at its address set forth in the Affiliate Borrowing Agreement to which it is a party or to
any other address of which the Company or such Affiliate Borrower, as applicable, shall have given written notice to the
Administrative Agent (with a copy thereof to the Service of Process Agent). The Parent, the Company and each Affiliate Borrower
irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service in such manner and
agrees that such service shall be deemed in every respect effective service of process upon the Parent, the Company or such
Affiliate Borrower, as applicable, in any such suit, action or proceeding and shall, to the fullest extent permitted by law, be
taken and held to be valid and personal service upon and personal delivery to the Parent, the Company or such Affiliate Borrower, as
applicable. To the extent the Parent, the Company or any Affiliate Borrower has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process (whether from service or notice, attachment prior to judgment, attachment in aid
of execution of a judgment, execution or otherwise), the Parent, the Company and each Affiliate Borrower hereby irrevocably waives
such immunity in respect of its obligations under the Loan Documents. Nothing in this Agreement or any other Loan Document will
affect the right of any party to this Agreement to serve process in any other manner permitted by law.
SECTION 9.10 WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY 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, 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 PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 9.11 Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement
and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
140
SECTION 9.12 Confidentiality.
Each of the Administrative Agent, the Swingline Lenders, the Issuing Banks and the Lenders agrees to maintain the confidentiality of
the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and its and their respective
directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential to the same extent as if they were parties hereto), (b) to the extent requested by any regulatory authority
(including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required
(i) by applicable laws or regulations or (ii) by any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies under this Agreement or any other Loan Document or any suit, 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 or obligations under this Agreement (it being understood that the
DQ List may be disclosed to any assignee or Participant, or prospective assignee or Participant, in reliance on and subject to the
terms of this clause (f)(i)) or (ii) any actual or prospective counterparty (or its advisors) to any swap, derivative or insurance
transaction relating to any Borrower and its obligations, (g) on a confidential basis to (A) any rating agency in connection with
rating the Company or its Subsidiaries or the credit facilities provided for herein or (B) the CUSIP Service Bureau or any similar
agency in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facilities provided for herein,
(h) with the written consent of the Company or (i) to the extent such Information (A) becomes publicly available other than as a
result of a breach of this Section or (B) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a
nonconfidential basis from a source other than the Company or any of its Subsidiaries that the Administrative Agent, such Issuing
Bank or such Lender, as applicable, reasonably believes is not prohibited from disclosing such information to such party in
violation of a duty of confidentiality to the Company or any of its Subsidiaries. In the event of disclosure pursuant to clause
(c)(ii) above, the applicable disclosing Person shall, (x) to the extent not prohibited by applicable law, rule or regulation,
as promptly as practicable notify the Company in writing of such required disclosure, (y) so furnish only that portion of the
Information which such disclosing Person reasonably determines (which may be in reliance on the advice of legal counsel) it is
legally required to disclose and (z) use commercially reasonable efforts to ensure that any such Information so disclosed is
accorded confidential treatment. For the purposes of this Section, “Information” means all information which is
received from or on behalf of the Company relating to the Company, its Subsidiaries or Affiliates or their respective business,
other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential
basis prior to disclosure by the Company and other than information pertaining to this Agreement routinely provided by arrangers to
data service providers, including league table providers, that serve the lending industry. 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 but in no event less than a reasonable degree of care.
For the avoidance
of doubt, nothing in this Section 9.12 shall prohibit any Person from voluntarily disclosing or providing any Information within
the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization (any such entity, a “Regulatory
Authority”) to the extent that any such prohibition on disclosure set forth in this Section 9.12 shall be prohibited
by the laws or regulations applicable to such Regulatory Authority.
EACH LENDER ACKNOWLEDGES
THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC
INFORMATION CONCERNING THE COMPANY AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE
PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE
WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.
ALL INFORMATION,
INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY OR ON BEHALF OF THE COMPANY OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR
IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC
INFORMATION ABOUT THE COMPANY, THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH
LENDER REPRESENTS TO THE COMPANY AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT
CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES
AND APPLICABLE LAW AND AGREES TO UPDATE SUCH CREDIT CONTACT BY NOTICE TO THE COMPANY AND THE ADMINISTRATIVE AGENT FROM TIME TO TIME
AS NECESSARY TO CAUSE THE FOREGOING REPRESENTATION TO BE TRUE AT ALL TIMES.
141
SECTION 9.13 USA PATRIOT
Act; Beneficial Ownership Regulation. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Patriot Act”) and the requirements of the Beneficial Ownership Regulation
hereby notifies each Loan Party that pursuant to the requirements of the Patriot Act and the Beneficial Ownership Regulation, it is required
to obtain, verify and record information that identifies such Loan Party, which information includes the name, address and tax identification
number of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Patriot
Act and the Beneficial Ownership Regulation.
SECTION 9.14 Interest Rate
Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with
all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “ Charges”),
shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or
reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and
Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be
cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount, together with interest thereon at the applicable Overnight Rate to the date of repayment,
shall have been received by such Lender.
SECTION 9.15 No Fiduciary Duty, etc.
(a) Each Loan Party acknowledges
and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except those obligations
expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length
contractual counterparty to such Loan Party with respect to the Loan Documents and the transactions contemplated herein and therein and
not as a financial advisor or a fiduciary to, or an agent of, such Loan Party or any other person. Each Loan Party agrees that it will
not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party in connection with this
Agreement and the transactions contemplated hereby. Additionally, each Loan Party acknowledges and agrees that no Credit Party is advising
such Loan Party as to any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction in connection with this
Agreement, the other Loan Documents and the credit facilities evidenced hereby. Each Loan Party shall consult with its own advisors concerning
such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein
or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to any Loan Party with respect thereto.
142
(b) Each Loan
Party further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with
its Affiliates, in addition to providing or participating in commercial lending facilities such as that provided hereunder, is a
full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment
banking and other financial services. In the ordinary course of business, any Credit Party may provide investment banking and other
financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other
securities and financial instruments (including bank loans and other obligations) of, such Loan Party, its Subsidiaries and other
companies with which such Loan Party or any of its Subsidiaries may have commercial or other relationships. With respect to any
securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such
securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole
discretion.
(c) In addition, each Loan
Party acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its Affiliates may be
providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which
such Loan Party or any of its Subsidiaries may have conflicting interests regarding the transactions described herein and otherwise. No
Credit Party will use Information obtained from the Loan Party by virtue of the transactions contemplated by the Loan Documents or its
other relationships with the Loan Party in connection with the performance by such Credit Party of services for other companies, and no
Credit Party will furnish any such Information to other companies. Each Loan Party also acknowledges that no Credit Party has any obligation
to use in connection with the transactions contemplated by the Loan Documents, or to furnish to such Loan Party or any of its Subsidiaries,
confidential information obtained from other companies.
SECTION 9.16 Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)
the effects of any Bail-In Action on any such liability, including, if applicable:
(i) a reduction in full or in part or cancellation of any such liability;
(ii)
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or
(iii)
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable
Resolution Authority.
To the extent not prohibited by applicable law,
rule or regulation, each Lender shall notify the Company and the Administrative Agent if it has become the subject of a Bail-In Action
(or any case or other proceeding in which a Bail-In Action may occur).
143
SECTION 9.17 Confirmation
of Lender’s Status as Swiss Qualifying Lender. Each Lender represents and warrants to the Loan Parties that, on the date of
this Agreement (or, if later, the date such Lender becomes a party hereto), unless notified in writing to the Company and the Administrative
Agent prior to the Effective Date (or such later date), it is a Swiss Qualifying Lender and has not entered into a participation arrangement
with respect to this Agreement with any Person that is a Swiss Non-Qualifying Lender. Any Person that shall become a successor, assign
or Participant with respect to any Lender pursuant to this Agreement shall be deemed to have represented and warranted that it is a Swiss
Qualifying Lender and has not entered into a participation arrangement with respect to this Agreement with any Person that is a Swiss
Non-Qualifying Lender or, if not, such Person accounts as one single creditor for purposes of the Swiss Non-Bank Rules. Each Lender shall
promptly notify the Company and the Administrative Agent if for any reason it ceases to be a Swiss Qualifying Lender and/or it enters
into a participation arrangement with respect to this Agreement with any Person that is a Swiss Non-Qualifying Lender.
SECTION 9.18 Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging
Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC
a “Supported QFC”), the parties acknowledge and agree 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 Dodd-Frank Wall Street Reform and Consumer Protection
Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such
Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC
may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United
States):
In the event a Covered
Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or
under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support)
from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws
of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject
to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported
QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than
such Default Rights could be exercised under 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.
144
ARTICLE X.
GUARANTEE
SECTION 10.01 Guaranty.
In order to
induce the Lenders to extend credit to the Borrowers hereunder or to any of the Parent’s Subsidiaries under Hedging Agreements
and Banking Services Agreements, and for other good and valuable consideration (the receipt and sufficiency of which are hereby
acknowledged) the Guarantor hereby irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, the
payment when and as due, subject to the notice provisions contained in this Article X, of the Obligations (other than the
Obligations of the Parent) and the Specified Ancillary Obligations (collectively, the “Guaranteed Obligations”).
The Guarantor further agrees that the due and punctual payment of such Guaranteed Obligations may be extended or renewed, in whole
or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding
any such extension or renewal of any such Guaranteed Obligation. For the avoidance of doubt and notwithstanding any provision hereof
to the contrary, (i) the Guaranteed Obligations shall in no event be broader than the performance of the related Obligations or
Specified Ancillary Obligations in accordance with their terms and (ii) nothing contained in this Article X shall affect or
otherwise impair any rights (including rights of setoff or counterclaim) that the applicable Borrower or Subsidiary may have against
any holder of Guaranteed Obligation under the applicable Hedging Agreement and/or Banking Services Agreement, as applicable, by
reason of any action or failure to act of such holder thereunder (including, without limitation, any breach or default of such
holder under the related Hedging Agreement or Banking Services Agreement).
The Guarantor waives presentment
to, demand of payment from and protest to any Subsidiary of any of the Guaranteed Obligations, and also waives, other than as set forth
in this Article X, notice of acceptance of its obligations and notice of protest for nonpayment. The obligations of the Guarantor
under this Article X shall not be affected by: (a) the failure of the Administrative Agent, any Issuing Bank or any Lender (or
any of its Affiliates) to assert any claim or demand or to enforce any right or remedy against any Subsidiary under the provisions of
this Agreement, any other Loan Document, any Hedging Agreement, any Banking Services Agreement or otherwise; (b) any extension or renewal
of any of the Guaranteed Obligations; (c) any rescission, waiver, amendment or modification of, or release from, any of the terms or provisions
of this Agreement, any other Loan Document, any Hedging Agreement, any Banking Services Agreement or any other agreement (other than to
the extent provided for in any express, written release, amendment, modification or waiver with respect to any of this Article X
made in accordance with Section 9.02); (d) any default, failure or delay, willful or otherwise, in the performance of any of the
Guaranteed Obligations; (e) the failure of the Administrative Agent (or any applicable Lender (or any of its Affiliates)) to take any
steps to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the Guaranteed Obligations,
if any; (f) any change in the corporate, partnership or other existence, structure or ownership of any Subsidiary or any other guarantor
of any of the Guaranteed Obligations; (g) the enforceability or validity of the Guaranteed Obligations or any part thereof or the genuineness,
enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Guaranteed Obligations or
any part thereof, or any other invalidity or unenforceability relating to or against any Subsidiary or any other guarantor of any of the
Guaranteed Obligations, for any reason related to this Agreement, any other Loan Document, any Hedging Agreement, any Banking Services
Agreement or any provision of applicable law, decree, order or regulation of any jurisdiction purporting to prohibit the payment by such
Subsidiary or any other guarantor of the Guaranteed Obligations, of any of the Guaranteed Obligations or otherwise affecting any term
of any of the Guaranteed Obligations; or (h) any other act, omission or delay to do any other act which may or might in any manner or
to any extent vary the risk of the Guarantor or otherwise operate as a discharge of a guarantor as a matter of law or equity or which
would impair or eliminate any right of the Guarantor to subrogation.
The Guarantor further
agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding
shall have stayed the accrual or collection of any of the Guaranteed Obligations or operated as a discharge thereof) and not merely
of collection, and waives any right to require that any resort be had by the Administrative Agent, any Issuing Bank or any Lender
(or any of its Affiliates) to any balance of any deposit account or credit on the books of the Administrative Agent, any Issuing
Bank or any Lender in favor of any Subsidiary or any other Person.
145
The obligations of the Guarantor
hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, and shall not be subject to any
defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of
any of the Guaranteed Obligations, any impossibility in the performance of any of the Guaranteed Obligations or otherwise.
The Guarantor further agrees
that its obligations hereunder shall constitute a continuing and irrevocable guarantee of all Guaranteed Obligations now or hereafter
existing and shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any
Guaranteed Obligation (including a payment effected through exercise of a right of setoff) is rescinded, or is or must otherwise be restored
or returned by the Administrative Agent, the Issuing Bank or any Lender (or any of its Affiliates) upon the insolvency, examinership,
bankruptcy or reorganization of any Subsidiary or otherwise (including pursuant to any settlement entered into by a holder of Guaranteed
Obligations in its discretion).
In furtherance of
the foregoing and not in limitation of any other right which the Administrative Agent, any Issuing Bank or any Lender (or any of its Affiliates)
may have at law or in equity against any Guarantor by virtue hereof, upon the failure of any Subsidiary to pay any Guaranteed Obligation
when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, the Guarantor hereby
promises to and will, promptly but in any event within two (2) Business Days following receipt of written demand by the Administrative
Agent, any Issuing Bank or any Lender (or any of its Affiliates), forthwith pay, or cause to be paid, to the Administrative Agent, any
Issuing Bank or any Lender (or any of its Affiliates) in cash an amount equal to the unpaid principal amount of the Guaranteed Obligations
then due, together with accrued and unpaid interest thereon. The Guarantor further agrees that if payment in respect of any Guaranteed
Obligation shall be due in a currency other than Dollars and/or at a place of payment other than New York, Chicago or any other Foreign
Currency Payment Office and if, by reason of any Change in Law, disruption of currency or foreign exchange markets, war or civil disturbance
or other similar event, payment of such Guaranteed Obligation in such currency or at such place of payment shall be impossible or, in
the reasonable judgment of the Administrative Agent, any Issuing Bank or any Lender (or any of its Affiliates), disadvantageous to the
Administrative Agent, any Issuing Bank or any Lender (or any of such Lender’s Affiliates) in any material respect, then, at the
election of the Administrative Agent, the Guarantor shall make payment of such Guaranteed Obligation in Dollars (based upon the Dollar
Amount of such Guaranteed Obligation on the date of payment) and/or in New York, Chicago or such other Foreign Currency Payment Office
as is designated by the Administrative Agent or such Lender and, as a separate and independent obligation, shall indemnify the Administrative
Agent, any Issuing Bank and any Lender (and such Lender’s Affiliates), as applicable, against any losses or reasonable out-of-pocket
expenses that it shall sustain as a result of such alternative payment.
Upon payment by any Guarantor
of any sums as provided above, all rights of the Guarantor against any Subsidiary arising as a result thereof by way of right of subrogation
or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full in cash of
all the Guaranteed Obligations owed by such Subsidiary.
Nothing shall discharge or satisfy the
liability of any Guarantor hereunder except the full performance and payment in cash of the Guaranteed Obligations.
146
SECTION 10.02 Swiss
Limitation Language for Swiss Loan Parties.
If and to the extent
that a payment in fulfilling the liabilities under Section X, under any joint and several liabilities or that the use of the proceeds
from the enforcement of a security interest of any Swiss Loan Party would, at the time payment is due or the security interest is enforced,
under Swiss law and practice (inter alia, prohibiting capital repayments or restricting profit distributions) not be permitted, in particular
if and to the extent that such Swiss Loan Party guarantees obligations other than obligations of one of its direct or indirect subsidiaries
(i.e. obligations of its direct or indirect parent companies (up-stream guarantee) or sister companies (cross-stream guarantee)) (“Restricted
Obligations”), then such obligations, payment amounts and the use of the proceeds from the enforcement of such security interest
shall from time to time be limited to the amount of the freely disposable equity in accordance with Swiss law; provided that such limited
amount shall at no time be less than such Swiss Loan Party’s profits and reserves available for the distribution as dividends (being
the balance sheet profits and any reserves available for this purpose, in each case in accordance with Swiss law and applicable Swiss
accounting principles) at the time or times payment under or pursuant to the Loan Documents is requested from such Swiss Loan Party, and
further provided that such limitation (as may apply from time to time or not) shall not (generally or definitively) free such Swiss Loan
Party from payment obligations hereunder in excess thereof, but merely postpone the payment date therefor until such times as payment
is again permitted notwithstanding such limitation. Any and all indemnities and guarantees contained in the Loan Documents shall be construed
in a manner consistent with the provisos herein contained.
(a) In respect of Restricted Obligations, each Swiss Loan Party shall:
(i) if and to the extent required by applicable law in force at the relevant time:
(A)
subject to any applicable double taxation treaty, deduct Swiss Withholding Tax at the rate of 35% (or such other rate as in force from
time to time) from any payment made by it in respect of Restricted Obligations;
(B)
pay any such deduction to the Swiss Federal Tax Administration; and
(C)
notify (or ensure that the Company notifies) the Administrative Agent that such a deduction has been made and provide the Administrative
Agent with evidence that such a deduction has been paid to the Swiss Federal Tax Administration, all in accordance with Section 2.13(e)
of this Agreement; and
(ii)
to the extent such a deduction is made, not be obliged to either gross-up or indemnify each recipient in relation to any such payment
made by it in respect of Restricted Obligations unless such gross-up or tax indemnity payment is permitted under the laws of Switzerland
then in force.
(b)
If and to the extent requested by the Administrative Agent and if and to the extent this is from time to time required under Swiss law
(restricting profit distributions), in order to allow the Administrative Agent to obtain a maximum benefit under the Loan Documents, each
Swiss Loan Party undertakes to promptly implement all such measures and/or to promptly obtain the fulfillment of all prerequisites allowing
it to promptly perform its obligations and make the requested payment(s) thereunder from time to time, including the following:
(i) preparation of an up-to-date audited balance sheet of such Swiss Loan Party;
147
(ii) confirmation of the auditors of such Swiss Loan Party that the relevant amount represents the maximum freely distributable profits;
(iii) approval by a shareholders’ or a quotaholders’ meeting (as applicable) of such Swiss Loan Party of the resulting profit distribution;
and
(iv) all such other measures necessary or useful to allow such Swiss Loan Party to make the payments and perform the obligations agreed under
the Loan Documents with a minimum of limitations.
[Signature Pages Follow]
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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
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No definition available.
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dei_DocumentType
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- Definition
Address Line 1 such as Attn, Building Name, Street Name
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No definition available.
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- Definition
Address Line 2 such as Street or Suite number
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No definition available.
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- Definition
Name of the City or Town
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No definition available.
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- Definition
ISO 3166-1 alpha-2 country code.
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No definition available.
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Name:
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Data Type:
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- Definition
Code for the postal or zip code
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No definition available.
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Name:
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
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No definition available.
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Period Type:
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- Definition
Two-character EDGAR code representing the state or country of incorporation.
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No definition available.
+ Details
Name:
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Namespace Prefix:
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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- Definition
Local phone number for entity.
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No definition available.
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Namespace Prefix:
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
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Namespace Prefix:
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Data Type:
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- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
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Namespace Prefix:
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Data Type:
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Period Type:
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- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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Name:
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Namespace Prefix:
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Data Type:
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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- Definition
Trading symbol of an instrument as listed on an exchange.
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No definition available.
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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