false
0001091667
0001271833
false
8-K
2024-12-03
Delaware
false
false
false
false
400 Washington Blvd.
Stamford
Connecticut
06902
203
905-7801
false
0001091667
2024-12-03
2024-12-03
0001091667
chtr:CCOHoldingsLLCMember
2024-12-03
2024-12-03
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
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):
December 3, 2024
Charter Communications, Inc.
CCO
Holdings, LLC
(Exact
name of registrant as specified in its charter)
|
|
001-33664 |
|
84-1496755 |
Delaware |
|
001-37789 |
|
86-1067239 |
(State
or other jurisdiction of incorporation
or organization) |
|
(Commission
File Number) |
|
(I.R.S.
Employer Identification No.) |
|
|
|
|
|
400 Washington Blvd.
Stamford, Connecticut 06902
(Address
of Principal Executive Offices) (Zip Code)
(203) 905-7801
(Registrant's telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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 |
Class
A Common Stock, $.001 Par Value |
|
“CHTR” |
|
Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
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 1.01. | ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. |
Amendment No. 6 to the Amended and Restated Credit Agreement
On December 3, 2024 (the “Closing Date”),
Charter Communications Operating, LLC (“CCO”) and CCO Holdings, LLC (“CCO Holdings”) entered into that certain
Amendment No. 6 (“Amendment No. 6”) with the Lenders (as defined therein) and Bank of America, N.A., as administrative agent
(the “Administrative Agent”) to the Amended and Restated Credit Agreement, dated as of March 18, 1999, as amended and restated
on April 26, 2019, as amended by Amendment No. 1 on October 24, 2019, as amended by Amendment No. 2 on May 26, 2022, as amended by Amendment
No. 3 on February 10, 2023, as amended by Amendment No. 4 on March 23, 2023, and as amended by Amendment No. 5 on December 7, 2023, by
and among CCO, CCO Holdings, the Lenders party thereto and the Administrative Agent (such credit agreement as in effect immediately prior
to Amendment No. 6, the “Existing Credit Agreement” and as amended by Amendment No. 6, the “Amended Credit Agreement”).
The changes to the Existing Credit Agreement include,
among other things: (i) establishment of a new class of Revolving C Commitments (as defined in the Amended Credit Agreement) (including
by converting a portion of the Revolving B Commitments (as defined in the Amended Credit Agreement) to Revolving C Commitments), (ii)
the conversion of a portion of the Term A-5 Loans (as defined in the Amended Credit Agreement) outstanding immediately prior to the Closing
Date to Term A-7 Loans (as defined in the Amended Credit Agreement), (iii) the conversion or replacement of a portion of the Term B-2
Loans (as defined in the Amended Credit Agreement) outstanding immediately prior to the Closing Date with a new tranche of Term B-5 Loans
(as defined in the Amended Credit Agreement) and repayment of any remaining Term B-2 Loans that are not converted to Term B-5 Loans and
(iv) certain other amendments to the Existing Credit Agreement.
Substantially concurrently with the
effective date of Amendment No. 6, CCO repaid (i) any remaining Term B-2 Loans that were not converted to Term B-5 Loans and (ii)
any remaining Term A-5 Loans that were not converted to Term A-7 Loans. After giving effect to Amendment No. 6: (a) the aggregate
principal amount of Revolving B Commitments (maturing on August 31, 2027) is approximately $960 million with SOFR (as defined in the
Existing Credit Agreement) based pricing unchanged, (b) the aggregate principal amount of Revolving C Commitments (maturing on March
15, 2030) is $5.5 billion with a pricing of SOFR plus 1.25%, (c) the aggregate principal amount of Term A-7 Loans (maturing on March
15, 2030) outstanding is approximately $4.5 billion with a pricing of SOFR plus 1.25% and (d) the aggregate principal amount of Term
B-5 Loans (maturing on December 15, 2031) outstanding is $2.5 billion with a pricing of SOFR plus 2.25%.
Amendment No. 6 also, amongst other changes: (i)
makes certain changes to defined terms including the definition of “Consolidated Operating Cash Flow” and (ii) makes certain
changes to the negative covenants.
A copy of Amendment No. 6 is filed herewith as
Exhibit 10.1 and is incorporated herein by reference. The foregoing description of Amendment No. 6 does not purport to be complete and
is qualified in its entirety by reference to the full text of this document.
| Item 2.03. | CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A
REGISTRANT. |
The information under the heading “Amendment
No. 6 to the Amended and Restated Credit Agreement” in Item 1.01 above is incorporated herein by reference.
| ITEM 7.01 | REGULATION FD DISCLOSURE. |
On the Closing Date,
Charter Communications, Inc. (the “Company”) issued a press release announcing that its subsidiaries, CCO and CCO Holdings,
entered into Amendment No. 6 to the Amended Credit Agreement. A copy of that press release is furnished as Exhibit 99.1 to this Current
Report on Form 8-K.
The furnishing
of the attached press release is not an admission as to the materiality of any information therein. The information contained in the press
release is summary information that is intended to be considered in the context of more complete information included in the Company’s
filings with the U.S. Securities and Exchange Commission (the “SEC”) and other public announcements that the Company has made
and may make from time to time by press release or otherwise.
The information
in this Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections
11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 7.01 and in the press release attached
as Exhibit 99.1 to this Current Report shall not be incorporated by reference into any filing with the SEC made by the Company, whether
made before or after the date hereof, regardless of any general incorporation language in such filing.
| Item 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, each of Charter Communications, Inc. and CCO Holdings, LLC has duly caused this Current Report
to be signed on its behalf by the undersigned hereunto duly authorized.
|
CHARTER COMMUNICATIONS, INC., |
|
Registrant |
|
|
|
Date: December 9, 2024 |
By: |
/s/ Kevin D. Howard |
|
Name: |
Kevin D. Howard |
|
Title: |
Executive Vice President, Chief Accounting Officer and Controller |
|
CCO HOLDINGS, LLC, |
|
Registrant |
|
|
|
Date: December 9, 2024 |
By: |
/s/ Kevin D. Howard |
|
Name: |
Kevin D. Howard |
|
Title: |
Executive Vice President, Chief Accounting Officer and Controller |
Co-Registrant CIK |
0001271833 |
Co-Registrant Amendment Flag |
false |
Co-Registrant Form Type |
8-K |
Co-Registrant DocumentPeriodEndDate |
2024-12-03 |
Incorporate State Country Code |
Delaware |
Co-Registrant Written Communications |
false |
Co-Registrant Solicitating Materials |
false |
Co-Registrant PreCommencement Tender Offer |
false |
Co-Registrant PreCommencement Issuer Tender Offer |
false |
Co-Registrant AddressLine1 |
400 Washington Blvd. |
Co-Registrant City or Town |
Stamford |
Co-Registrant State |
Connecticut |
Co-Registrant Postal Zip code |
06902 |
Co-Registrant City area code |
203 |
Co-Registrant Local Phone number |
905-7801 |
Co-Registrant Emerging Growth Company |
false |
Exhibit
10.1
Execution
Version
AMENDMENT
NO. 6, dated as of December 3, 2024 (this “Amendment”), to the Amended and Restated Credit Agreement, dated as
of March 18, 1999, as amended and restated on April 26, 2019, as amended by Amendment No. 1 on October 24, 2019,
as amended by Amendment No. 2 on May 26, 2022, as amended by Amendment No. 3 on February 10, 2023, as amended by
Amendment No. 4 on March 23, 2023 and as further amended by Amendment No. 5 on December 7, 2023 (the “Existing
Credit Agreement”, the Existing Credit Agreement, as amended by this Amendment, the “Credit Agreement”),
by and among CHARTER COMMUNICATIONS OPERATING, LLC, a Delaware limited liability company (“Borrower”), CCO HOLDINGS,
LLC, a Delaware limited liability company (“Holdings”), the LENDERS and ISSUING LENDERS from time to time party thereto
and BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”). Capitalized terms used but not defined herein
shall have the meanings assigned to such terms in the Existing Credit Agreement or the Credit Agreement, as the context requires.
WHEREAS,
the Borrower wishes to (a) establish a new class of Revolving C Commitments (including by converting a portion of the Revolving
B Commitments to Revolving C Commitments (as defined in the Credit Agreement)), (b) convert a portion of the Term A-5 Loans outstanding
immediately prior to the Amendment No. 6 Effective Date to Term A-7 Loans (as defined in the Credit Agreement) and repay any remaining
Term A-5 Loans that are not converted to Term A-7 Loans, (c) convert or replace a portion of its Term B-2 Loans outstanding immediately
prior to the Amendment No. 6 Effective Date with a new tranche of Term B-5 Loans (as defined in the Credit Agreement) and repay
any remaining Term B-2 Loans that are not converted to Term B-5 Loans and (d) make certain other amendments to the Credit Agreement;
WHEREAS,
the Lenders party hereto (which constitute the Required Lenders), the Issuing Lenders party hereto, the Swingline Lender and the Administrative
Agent have agreed to the amendments contemplated above;
WHEREAS,
each Lender listed as having a Revolving C Commitment on Schedule I hereto has agreed to provide a Revolving C Commitment (including
through the conversion of up to 100% of such Revolving B Commitment (or such lesser amount as may be notified to such Lender by the Administrative
Agent prior to the Amendment No. 6 Effective Date) to a Revolving C Commitment on the Amendment No. 6 Effective Date) in the
amount set forth opposite such Lender’s name on Schedule I;
WHEREAS,
each Lender with an outstanding Term A-5 Loan that has so indicated on its counterpart signature page to this Amendment has agreed
to convert up to 100% of such Term A-5 Loan (or such lesser amount as may be notified to such Lender by the Administrative Agent prior
to the Amendment No. 6 Effective Date) to a Term A-7 Loan on the Amendment No. 6 Effective Date;
WHEREAS,
each Lender listed as a “Term A-7 Additional Lender” on Schedule I hereto (in such capacities, the “Term A-7 Additional
Lender”) has agreed to provide the Term A-7 Additional Commitments in the respective amounts set forth opposite such Lender’s
name on Schedule I;
WHEREAS,
each Lender listed on Schedule I hereto (in such capacity, the “Term B-5 Additional Lender”) has agreed to provide
the Term B-5 Additional Commitment in the respective amounts set forth opposite such Lender’s name on Schedule I;
WHEREAS,
each Lender with a Term B-2 Loan that has so indicated on its counterpart signature page to this Amendment has agreed to convert
up to 100% of such Term B-2 Loans (or such lesser amount as may be notified to such Lender by the Administrative Agent prior to the Amendment
No. 6 Effective Date) to Term B-5 Loans on the Amendment No. 6 Effective Date;
WHEREAS,
after giving effect to (a) the Revolving C Commitments on the Amendment No. 6 Effective Date, the aggregate amount of Revolving
C Commitments shall be $5,500,000,000.00 and the aggregate amount of Revolving B Commitments shall be $960,325,000.00, (b) the making
of the new Term A-7 Loans (including the conversion of any Converted Term A-5 Loans) on the Amendment No. 6 Effective Date, the
aggregate principal amount of Term A-7 Loans outstanding shall be $4,539,675,000.00, and (c) the making of the new Term B-5 Loans
(including the conversion of any Converted Term B-2 Loans) on the Amendment No. 6 Effective Date, the aggregate principal amount
of Term B-5 Loans outstanding shall be $2,500,000,000.00.
WHEREAS,
substantially concurrently with the funding of the Term A-7 Loans (including the conversion of any Converted Term A-5 Loans to Term A-7
Loans) on the Amendment No. 6 Effective Date, the Borrower shall prepay the entire principal amount of Term A-5 Loans (the “Amendment
No. 6 Term A-5 Loan Prepayment”), together with accrued and unpaid interest on such Term A-5 Loans up to but excluding
the Amendment No. 6 Effective Date.
WHEREAS,
substantially concurrently with the funding of the Term B-5 Loans (including the conversion of any Converted Term B-2 Loans to Term B-5
Loans) on the Amendment No. 6 Effective Date, the Borrower shall prepay the entire principal amount of Term B-2 Loans (the “Amendment
No. 6 Term B-2 Loan Prepayment”), together with accrued and unpaid interest on such Term B-2 Loans up to but excluding
the Amendment No. 6 Effective Date.
NOW,
THEREFORE, in consideration of the promises and mutual agreements herein contained, the Borrower, Holdings, the Issuing Lenders party
hereto, the Swingline Lender, the Lenders party hereto and the Administrative Agent hereby agree as follows:
SECTION 1.
Amendment of the Credit Agreement.
(a) The
Existing Credit Agreement is, effective as of the Amendment No. 6 Effective Date, hereby 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 attached as Exhibit A hereto. Additionally, on the Amendment
No. 6 Effective Date, (i) the Revolving C Commitment of each Revolving Lender and the Revolving B Commitments of each Revolving
Lender, (ii) the Term A-7 Additional Commitments of each Term A-7 Additional Lender and (iii) the Term B-5 Additional Commitments
of each Term B-5 Additional lender, in each case, shall be as set forth on Schedule I hereto. For the avoidance of doubt, the
aggregate principal amount of Term A-7 Loans of each Term A-7 Lender on the Amendment No. 6 Effective Date, immediately after giving
effect to this Amendment, shall be as set forth on Schedule II hereto.
(b) Schedule
10.2 to the Credit Agreement is, effective as of the Amendment No. 6 Effective Date, hereby amended and restated in its entirety
as set forth on Exhibit B attached hereto.
SECTION 2.
Effectiveness. This Amendment shall become effective on the date (such date and time of effectiveness, the “Amendment
No. 6 Effective Date”) that each of the conditions precedent set forth below shall have been satisfied:
(a) The
Administrative Agent shall have received executed counterparts hereof from the Borrower, Holdings, the Issuing Lenders, the Swingline
Lender, Lenders constituting the Required Lenders, each Lender listed on Schedule I hereto as having a Revolving C Commitment, a Term
A-7 Additional Commitment and/or Term B-5 Additional Commitment, each Converting Consenting Term B-2 Lender and each Converting Consenting
Term A-5 Lender ;
(b) On
the Amendment No. 6 Effective Date, the Administrative Agent shall have received the legal opinion of Kirkland & Ellis
LLP, counsel to the Loan Parties, which opinion shall be in form and substance reasonably satisfactory to the Administrative Agent;
(c) The
Administrative Agent shall have received completed Notices of Borrowing for the Term A-7 Loans and the Term B-5 Loans;
(d) The
Administrative Agent shall have received from a Responsible Officer of the Borrower a certificate in form and substance reasonably satisfactory
to the Administrative Agent certifying that the Borrower and its Subsidiaries, on a consolidated basis after giving effect to this Amendment
and the payment of all fees and expenses in connection therewith, are Solvent;
(e) The
Administrative Agent shall have received from the Borrower upfront fees for the account of each Lender equal to: (i) in the case
of each Lender that is not a Revolving Lender or a Term A-5 Lender immediately prior to the Amendment No. 6 Effective Date, 0.20%
of the sum of (A) the aggregate principal amount of the Revolving C Commitment of such Revolving Lender actually made available
to the Borrower and (B) the aggregate principal amount of Term A-7 Loans funded by such Lender, in each case, on the Amendment No. 6
Effective Date, (ii) in the case of each Lender that is a Revolving Lender and/or a Term A-5 Lender immediately prior to the Amendment
No. 6 Effective Date, the sum of (A) 0.08% of the sum of (x) the aggregate principal amount of the Revolving C Commitment
of such Lender actually made available to the Borrower and (y) the aggregate principal amount of Term A-7 Loans funded (including
through the conversion of any Converted Term A-5 Loans) by such Lender, in each case, on the Amendment No. 6 Effective Date, in
an aggregate principal amount up to the sum of (1) such Lender’s Revolving B Commitment and (2) such Lender’s Term
A-5 Loans, in each case, in effect immediately prior to the Amendment No. 6 Effective Date, and (B) 0.20% of the amount, if
any, by which the sum of (x) the aggregate principal amount of the Revolving C Commitment of such Lender actually made available
to the Borrower and (y) the aggregate principal amount of Term A-7 Loans funded (including through the conversion of any Converted
Term A-5 Loans) by such Lender, in each case, on the Amendment No. 6 Effective Date, exceeds the sum of (1) such Lender’s
Revolving B Commitment and (2) such Lender’s Term A-5 Loans, in each case, in effect immediately prior to the Amendment No. 6
Effective Date, and (iii) 0.25% of the aggregate principal amount of Term B-5 Loans funded (including through the conversion of
any Converted Term B-2 Loans) by such Lender on the Amendment No. 6 Effective Date;
(f) Prior
to, or substantially concurrently with, the Amendment No. 6 Effective Date, the Amendment No. 6 Term A-5 Loan Prepayment and
the Amendment No. 6 Term B-2 Loan Prepayment shall have occurred;
(g) Substantially
concurrently with the Amendment No. 6 Effective Date, the Borrower shall have (x) paid, or concurrently herewith shall pay,
to the Administrative Agent for the benefit of the applicable Lenders all accrued (i) commitment fees pursuant to Section 2.6(a) of
the Existing Credit Agreement and (ii) Letter of Credit fees pursuant to the first sentence of Section 3.3(a) of the Existing
Credit Agreement, in each case, to but excluding the Amendment No. 6 Effective Date, and (y) repaid all Revolving B Loans (if
any) that are outstanding immediately prior to the Amendment No. 6 Effective Date, together with all accrued and unpaid interest
thereon up to but excluding the Amendment No. 6 Effective Date; and
(h) The
Borrower shall have paid, or concurrently herewith shall pay to the Administrative Agent for the benefit of the applicable Agents, to
the extent invoiced, the reasonable documented out-of-pocket expenses of such Agents in connection with this Amendment.
SECTION 3.
Representations and Warranties. In order to induce the Lenders and the Administrative Agent to enter into this Amendment, each
of the Borrower and Holdings represents and warrants, on behalf of itself and each Loan Party, to each of the Lenders, the Issuing Lenders
and the Administrative Agent that, after giving effect to this Amendment, and both before and after giving effect to the transactions
contemplated by this Amendment:
(a) no
Default or Event of Default has occurred and is continuing; and
(b) each
of the representations and warranties made by each of the Loan Parties in or pursuant to the Loan Documents is true and correct in all
material respects on and as of the date hereof as if made on the date hereof (or, if any such representation or warranty is expressly
stated to have been made as of a specific date, in all material respects as of such specific date) and in each case without duplication
of any materiality qualifier therein.
SECTION 4.
Reference to and Effect on the Loan Documents. On and after the Amendment No. 6 Effective Date, each reference in the Credit
Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Existing
Credit Agreement and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement,” “thereunder,”
“thereof” or words of like import referring to the Existing Credit Agreement shall mean and be a reference to the Existing
Credit Agreement, as amended by this Amendment. The Existing Credit Agreement and each of the other Loan Documents, as specifically amended
by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. On and
after the effectiveness of this Amendment, this Amendment shall for all purposes constitute a Loan Document. The execution, delivery
and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy
of any Lender or any Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. Each
of the Borrower and Holdings consents to the Amendment and, on behalf of itself and each Loan Party, reaffirms each Loan Party’s
obligations under the Loan Documents to which it is party and each Loan Party’s prior grant and the validity, enforceability and
perfection of the Liens granted by each Loan Party pursuant to the Loan Documents with all such Liens continuing in full force and effect
after giving effect to the Amendment. This Amendment shall not constitute a novation of the Existing Credit Agreement or any other Loan
Document. This Amendment shall constitute an Incremental Activation Notice in accordance with Section 2.1 of the Existing Credit
Agreement.
SECTION 5.
Applicable Law; Waiver of Jury Trial.
(A) THIS
AMENDMENT SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
(B) EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT
AND FOR ANY COUNTERCLAIM HEREIN.
(C) The
provisions of Section 10.12 of the Credit Agreement are incorporated herein, mutatis mutandis.
SECTION 6.
Headings. The Section headings used herein are for convenience of reference only, are not part of this Amendment and are
not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.
SECTION 7.
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts,
each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute
a single instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or any other electronic
transmission shall be effective as delivery of an original executed counterpart hereof. The provisions of Section 10.17 of the Credit
Agreement are incorporated herein, mutatis mutandis.
SECTION 8.
Tax Matters. The parties agree that (i) all of the Term A-7 Loans (whether issued for cash or upon conversion of Term A-5
Loans) will be treated as one fungible tranche for U.S. federal income tax purposes and (ii) all of the Term B-5 Loans (whether
issued for cash or upon conversion of Term B-2 Loans) will be treated as one fungible tranche for U.S. federal income tax purposes.
SECTION 9.
Waiver. Subject to the occurrence of the Amendment No. 6 Effective Date, each Lender party to this Amendment agrees (x) to
waive (i) the payment to such Lender of any breakage costs pursuant to Section 2.18 of the Credit Agreement in connection with
the prepayment of any Loans on the Amendment No. 6 Effective Date and (ii) solely in connection with the transactions contemplated
by this Amendment, the delivery by the Borrower of a notice pursuant to Sections 2.7(a) and/or 2.8(a) of the Credit Agreement
relating to the prepayment of any Loans or the cancellation of any Commitments on the Amendment No. 6 Effective Date, and (y) that
Sections 2.7, 2.8 and 2.15 do not apply to the prepayment of any Loans or the cancellation of any Commitments on the Amendment No. 6
Effective Date.
SECTION 10.
Joint Lead Arrangers, Joint Bookrunners and Co-Managers. Bank of America, N.A., Citibank, N.A., Deutsche Bank Securities Inc.,
JPMorgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., Wells Fargo Securities, LLC, Barclays Bank PLC, BNP Paribas Securities
Corp., Credit Agricole Corporate and Investment Bank, Goldman Sachs Bank USA, Mizuho Bank, Ltd., RBC Capital Markets, Sumitomo Mitsui
Banking Corporation and TD Securities (USA) LLC acted as joint lead arrangers and joint bookrunners for this Amendment and shall be entitled
to all rights, privileges and immunities applicable to the “Joint Lead Arrangers” under the Loan Documents in connection
herewith. Canadian Imperial Bank of Commerce, New York Branch, Truist Securities, Inc. and U.S. Bank National Association, acted
as co-managers for this Amendment and shall be entitled to all rights, privileges and immunities applicable to the “Co-Managers”
under the Loan Documents in connection herewith.
[Signature
pages to follow]
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the
day and year first written above.
| CHARTER
COMMUNICATIONS OPERATING, LLC, as Borrower |
| |
|
| By: |
Scott
A. Schwartz |
| |
Name:
Scott A. Schwartz |
| |
Title:
Group Vice President, Corporate Finance and Treasurer |
| |
|
| CCO
HOLDINGS, LLC, as Holdings |
| |
|
| By: |
/s/
Scott A. Schwartz |
| |
Name:
Scott A. Schwartz |
| |
Title:
Group Vice President, Corporate Finance and Treasurer |
[Amendment
No. 6 to Charter Communications Credit Agreement]
| BANK
OF AMERICA, N.A, as Administrative Agent, Term B-5 Additional Lender, Term A-7 Lender, Swingline
Lender and Issuing Lender |
| |
|
| By: |
/s/
Don. B. Pinzon |
| |
Name:
Don. B. Pinzon |
| |
Title:
Vice President |
[Amendment
No. 6 to Charter Communications Credit Agreement]
| [NAME
OF ISSUING LENDER], as Issuing Lender |
| |
|
| By: |
|
| |
Name: |
| |
Title: |
[Amendment
No. 6 to Charter Communications Credit Agreement]
| Lender
Signature Page to Amendment No. 6 |
| |
| [NAME
OF INSTITUTION], as a Revolving Lender |
| |
|
| By: |
|
| Name: |
|
| Title: |
|
| |
|
| If
a second signature is necessary: |
| |
|
| By: |
|
| Name: |
|
| Title: |
|
Conversion
to Revolving C Commitments
¨ |
Check
this box if the above-named Lender holds a Revolving B Commitment and it is requesting to convert 100% of such Revolving B Commitment
(or such lesser amount as may be notified to such Lender by the Administrative Agent prior to the Amendment No. 6 Effective
Date) to a Revolving C Commitment on the Amendment No. 6 Effective Date. |
[Amendment
No. 6 to Charter Communications Credit Agreement]
Lender
Signature Page to Amendment No. 6
| [NAME
OF INSTITUTION], as a Term A-7 Lender |
| |
|
| By: |
|
| Name: |
|
| Title: |
|
| |
|
| If
a second signature is necessary: |
| |
|
| By: |
|
| Name: |
|
| Title: |
|
Conversion
to Term A-7 Loans
¨ |
Check this box if the above-named
Lender holds a Term A-5 Loan and it is requesting to have converted 100% of such Term A-5 Loan (or such lesser amount as may be notified
to such Lender by the Administrative Agent prior to the Amendment No. 6 Effective Date) to a Term A-7 Loan on the Amendment
No. 6 Effective Date. |
[Amendment
No. 6 to Charter Communications Credit Agreement]
Lender
Signature Page to Amendment No. 6
The
undersigned hereby consents to Amendment No. 6 and, to the extent set forth below, hereby agrees to either (x) have up to 100%
of the undersigned Lender’s outstanding principal amount (or such lesser amount as may be notified to such Lender by the Administrative
Agent prior to the Amendment No. 6 Effective Date) of Term B-2 Loans converted to Term B-5 Loans or (y) have up to 100% of
the undersigned Lender’s outstanding principal amount of Term B-2 Loans on the Amendment No. 6 Effective Date (or such lesser
amount as may be notified to such Lender by the Administrative Agent prior to the Amendment No. 6 Effective Date) repaid on the
Amendment No. 6 Effective Date and to purchase by assignment from the Term B-5 Additional Lender (or its designated affiliate) Term
B-5 Loans under the Credit Agreement in an equal principal amount post-closing.
| ¨ | CASHLESS
SETTLEMENT OPTION: |
| | Check
box to the left to request conversion of up to 100% of the undersigned Lender’s outstanding
principal amount (or such lesser amount as may be notified to such Lender by the Administrative
Agent prior to the Amendment No. 6 Effective Date) of Term B-2 Loans to Term B-5 Loans |
| ¨ | ASSIGNMENT
SETTLEMENT OPTION: |
| | Check
box to the left to request that up to 100% of the undersigned Lender’s outstanding
principal amount of Term B-2 Loans on the Amendment No. 6 Effective Date (or such lesser
amount as may be notified to such Lender by the Administrative Agent prior to the Amendment
No. 6 Effective Date) be repaid on the Amendment No. 6 Effective Date and to purchase
by assignment from the Term B-5 Additional Lender (or its designated Affiliate) Term B-5
Loans under the Credit Agreement in an equal principal amount post-closing. |
| [NAME
OF INSTITUTION], as a Lender |
| |
|
| By: |
|
| Name: |
|
| Title: |
|
| |
|
| If
a second signature is necessary: |
| |
|
| By: |
|
| Name: |
|
| Title: |
|
[Amendment
No. 6 to Charter Communications Credit Agreement]
Lender
Signature Page to Amendment No. 6
The
undersigned hereby consents to Amendment No. 6.
| [NAME
OF INSTITUTION] |
| |
|
| By: |
|
| Name: |
|
| Title: |
|
| |
|
| If
a second signature is necessary: |
| |
|
| By: |
|
| Name: |
|
| Title: |
|
[Amendment
No. 6 to Charter Communications Credit Agreement]
| Schedule I
Commitments
Revolving Lender Revolving B Commitment Revolving C Commitment
Bank of America, N.A. $0 $257,500,000
Citibank, N.A. $0 $328,750,000
Deutsche Bank AG New York
Branch
$0 $657,500,000
JPMorgan Chase Bank, N.A. $0 $328,750,000
Morgan Stanley Senior
Funding, Inc.
$0 $160,941,667
Morgan Stanley Bank, N.A. $0 $167,808,333
Wells Fargo Bank, National
Association
$0 $328,750,000
Barclays Bank PLC $0 $570,000,000
BNP Paribas $0 $285,000,000
Credit Agricole Corporate and
Investment Bank
$0 $285,000,000
Goldman Sachs Bank USA $0 $285,000,000
Mizuho Bank, Ltd. $0 $285,000,000
Royal Bank of Canada $0 $285,000,000
Sumitomo Mitsui Banking
Corporation
$0 $285,000,000
The Toronto-Dominion Bank,
New York Branch
$0 $285,000,000
Canadian Imperial Bank Of
Commerce, New York Branch
$0 $235,000,000
Truist Bank $0 $235,000,000
U.S. Bank National $0 $235,000,000 |
| Association
UBS AG, Stamford Branch $580,000,000 $0
MUFG Bank, Ltd. $206,650,000 $0
The Bank of Nova Scotia $173,675,000 $0
Total $960,325,000.00 $5,500,000,000.00
Term A-7 Additional Lender Term A-7 Additional Commitment
Bank of America, N.A. $13,186,562.50
Citibank, N.A. $17,925,312.50
JPMorgan Chase Bank, N.A. $59,682,187.50
Morgan Stanley Bank, N.A. $17,925,312.50
Credit Agricole Corporate and Investment Bank $58,842,812.50
Goldman Sachs Bank USA $15,932,187.50
Royal Bank of Canada $15,932,187.50
Canadian Imperial Bank Of Commerce, New
York Branch
$8,842,812.50
Total $208,269,375.00
Term B-5 Additional Lender Term B-5 Additional Commitment
Bank of America, N.A. $1,587,630,898.77
Total $1,587,630,898.77 |
| Schedule II
Term A-7 Loans
Term A-7 Lender Term A-7 Loans
Bank of America, N.A. $524,675,000
Citibank, N.A. $328,750,000
JPMorgan Chase Bank, N.A. $328,750,000
Morgan Stanley Senior Funding, Inc. $258,750,000
Morgan Stanley Bank, N.A. $70,000,000
Wells Fargo Bank, National Association $328,750,000
BNP Paribas $285,000,000
Credit Agricole Corporate and Investment
Bank
$285,000,000
Goldman Sachs Bank USA $285,000,000
Mizuho Bank, Ltd. $285,000,000
Royal Bank of Canada $285,000,000
Sumitomo Mitsui Banking Corporation $285,000,000
The Toronto-Dominion Bank, New York
Branch
$285,000,000
Canadian Imperial Bank Of Commerce, New
York Branch
$235,000,000
Truist Bank $235,000,000
U.S. Bank National Association $235,000,000
Total $4,539,675,000.00 |
| Exhibit A
Credit Agreement
[See attached.] |
| EXHIBIT A
Deal CUSIP: 16117LBP3
Revolving B Commitments CUSIP: 16117LBT5
Term A-5 LoanRevolving C Commitments CUSIP: 16117LBY4LCC1
Term A-6 Loan CUSIP: 16117LBZ1
Term BA-17 Loan CUSIP: 16117LBW8LCD9
Term B-2 Loan CUSIP: 16117LBX6
Term B-3 Loan CUSIP: 16117LCA5
Term B-4 Loan CUSIP: 16117LCB3
Term B-5 Loan CUSIP: 16117LCE7
AMENDED AND RESTATED CREDIT AGREEMENT
CHARTER COMMUNICATIONS OPERATING, LLC,
as Borrower,
CCO HOLDINGS, LLC,
BANK OF AMERICA, N.A.,
as Administrative Agent,
BANK OF AMERICA, N.A., CITIBANK, N.A., DEUTSCHE BANK SECURITIES INC. and
MORGAN STANLEY SENIOR FUNDING, INC.,
as Joint Lead Arrangers and Joint Bookrunners for Amendment No. 2 and Amendment No. 5,
BARCLAYS BANK PLC, BNP PARIBAS SECURITIES CORP., CREDIT SUISSE SECURITIES (USA) LLC,
GOLDMAN SACHS BANK USA, JPMORGAN CHASE BANK, N.A., MIZUHO BANK, LTD., MUFG BANK,
LTD., RBC CAPITAL MARKETS, TD SECURITIES (USA) LLC and WELLS FARGO SECURITIES, LLC,
as Joint Bookrunners for Amendment No. 2 and Amendment No. 5,
and
COBANK, ACB,
as Lead Arranger and Bookrunner with respect to the Term A-6 Loans and Term B-3 Loans,
BANK OF AMERICA, N.A., CITIBANK, N.A., DEUTSCHE BANK SECURITIES INC., JPMORGAN
CHASE BANK, N.A., MORGAN STANLEY SENIOR FUNDING, INC., WELLS FARGO
SECURITIES, LLC, BARCLAYS BANK PLC, BNP PARIBAS SECURITIES CORP., CREDIT
AGRICOLE CORPORATE AND INVESTMENT BANK, GOLDMAN SACHS BANK USA, MIZUHO
BANK, LTD., RBC CAPITAL MARKETS, SUMITOMO MITSUI BANKING CORPORATION and
TD SECURITIES (USA) LLC,
as Joint Lead Arrangers and Joint Bookrunners for Amendment No. 6,
and
CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, TRUIST SECURITIES,
INC. and U.S. BANK NATIONAL ASSOCIATION,
as Co-Managers for Amendment No. 6,
Dated as of March 18, 1999,
as Amended and Restated as of April 26, 2019, |
| as amended by Amendment No. 1 on October 24, 2019,
as amended by Amendment No. 2 on May 26, 2022 and
as amended by Amendment No. 3 on February 10, 2023
as amended by Amendment No. 4 on March 23, 2023
as amended by Amendment No. 5 on December 7, 2023
as amended by Amendment No. 6 on December 3, 2024
- 2- |
| TABLE OF CONTENTS
Page
SECTION 1 DEFINITIONS 1
1.1. Defined Terms 1
1.2. Other Definitional Provisions; Pro Forma Calculations 34
1.3. Divisions 36
1.4. Interest Rates 36
SECTION 2 AMOUNT AND TERMS OF COMMITMENTS 36
2.1. Loans and Commitments 36
2.2. Procedure for Borrowing 41
2.3. Repayment of Loans 42
2.4. Swingline Commitment 44
2.5. Procedure for Swingline Borrowing; Refunding of Swingline Loans 45
2.6. Fees, Etc. 46
2.7. Termination or Reduction of Commitments 47
2.8. Optional Prepayments 47
2.9. [Reserved] 50
2.10. Conversion and Continuation Options 51
2.11. Limitations on Term SOFR Tranches 51
2.12. Interest Rates and Payment Dates 51
2.13. Computation of Interest and Fees 52
2.14. Inability to Determine Interest Rate 52
2.15. Pro Rata Treatment and Payments 54
2.16. Requirements of Law 56
2.17. Taxes 57
2.18. Indemnity 60
2.19. Change of Lending Office 60
2.20. Replacement of Lenders 60
2.21. Defaulting Lenders 61
2.22. Obligations of Lenders Several 63
2.23. Permitted Debt Exchanges 63
SECTION 3 LETTERS OF CREDIT 66
3.1. L/C Commitment 66
3.2. Procedure for Issuance of Letter of Credit 66
3.3. Fees and Other Charges 67
3.4. L/C Participations 67
3.5. Reimbursement Obligation of the Borrower 68
3.6. Obligations Absolute 68
3.7. Letter of Credit Payments 69
3.8. Cash Collateral 69
3.9. Applications 70
3.10. Applicability of ISP and UCP 70
SECTION 4 REPRESENTATIONS AND WARRANTIES 70
4.1. Financial Condition 70
- i- |
| 4.2. No Change 70
4.3. Existence; Compliance with Law 70
4.4. Power; Authorization; Enforceable Obligations 71
4.5. No Legal Bar 71
4.6. Litigation 71
4.7. [Reserved] 71
4.8. Ownership of Property; Liens 71
4.9. [Reserved] 71
4.10. Taxes 71
4.11. Federal Regulations 72
4.12. [Reserved] 72
4.13. [Reserved] 72
4.14. Investment Company Act 72
4.15. Subsidiaries 72
4.16. Use of Proceeds 72
4.17. [Reserved] 72
4.18. [Reserved] 72
4.19. Accuracy of Information, Etc. 72
4.20. Security Interests 72
4.21. Solvency 73
SECTION 5 CONDITIONS PRECEDENT 73
5.1. Conditions to Restatement Effective Date 73
5.2. Conditions to Each Extension of Credit 73
SECTION 6 AFFIRMATIVE COVENANTS 73
6.1. Financial Statements 73
6.2. Certificates; Other Information 75
6.3. Payment of Taxes 76
6.4. Maintenance of Existence; Compliance 76
6.5. Maintenance of Property; Insurance 76
6.6. Books and Records 76
6.7. Notices 76
6.8. [Reserved] 76
6.9. Additional Collateral; Additional Guarantors 77
6.10. [Reserved] 77
6.11. CoBank Equity and Security 77
SECTION 7 NEGATIVE COVENANTS 78
7.1. Financial Condition Covenants 78
7.2. [Reserved] 79
7.3. Liens 79
7.4. Fundamental Changes 81
SECTION 8 EVENTS OF DEFAULT 82
8.1. Events of Default 82
8.2. Application of Funds 85
8.3. Right to Cure Generally 85
8.4. Expired Defaults 86
SECTION 9 THE AGENTS 87 - ii- |
| 9.1. Appointment 87
9.2. Delegation of Duties 87
9.3. Exculpatory Provisions 87
9.4. Reliance by Administrative Agent 88
9.5. Notice of Default 88
9.6. Certain Representations and Agreements by Lenders 89
9.7. Indemnification 90
9.8. Agent in Its Individual Capacity 90
9.9. Successor Administrative Agent 90
9.10. Agents 91
9.11. Collateral and Guaranty Matters 91
9.12. Non-Facility Letters of Credit, Specified Cash Management Agreements and
Specified Hedge Agreements 91
9.13. Recovery of Erroneous Payments 92
SECTION 10 MISCELLANEOUS 92
10.1. Amendments and Waivers 92
10.2. Notices 93
10.3. No Waiver; Cumulative Remedies 95
10.4. Survival of Representations and Warranties 95
10.5. Payment of Expenses and Taxes; Indemnification 96
10.6. Successors and Assigns; Participations and Assignments 97
10.7. Adjustments; Setoff 101
10.8. Counterparts 102
10.9. Severability 102
10.10. Integration 102
10.11. GOVERNING LAW 102
10.12. Submission to Jurisdiction; Waivers 102
10.13. Acknowledgments 103
10.14. Release of Guarantees and Liens 103
10.15. Confidentiality 104
10.16. WAIVERS OF JURY TRIAL 104
10.17. Electronic Execution of Assignments and Certain Other Documents 104
10.18. USA Patriot Act; Beneficial Ownership Regulation 105
10.19. Affected Financial Institutions 105
10.20. Intercreditor Agreements 105
10.21. Acknowledgement Regarding Any Supported QFCs 106
10.22. Lender Action 107
10.23. Interest Rate Limitation 107
SCHEDULES:
4.15 Subsidiaries
4.20(a) UCC Filing Jurisdictions
10.2 Notices for Administrative Agent, Swingline Lender and Issuing Lenders
-iii- |
| EXHIBITS:
A Form of Assignment and Assumption
B Form of Compliance Certificate
C Form of United States Tax Compliance Certificate
D [Reserved]
E Form of Notice of Borrowing
F Form of Release
- iv- |
| AMENDED AND RESTATED CREDIT AGREEMENT, dated as of March 18, 1999, as
amended and restated as of April 26, 2019, as amended by Amendment No. 1 as of October 24, 2019, as
amended by Amendment No. 2 as of May 26, 2022, as amended by Amendment No. 3 as of February 10,
2023, as amended by Amendment No. 4 as of March 23, 2023, as amended by Amendment No. 5 as of
December 7, 2023, and as amended by Amendment No. 5 as of December 7, 2023, 6 as of December 3,
2024, among CHARTER COMMUNICATIONS OPERATING, LLC, a Delaware limited liability
company (the “Borrower”), CCO HOLDINGS, LLC, a Delaware limited liability company (“Holdings”),
the several banks and other financial institutions or entities from time to time parties to this Agreement
(the “Lenders”) and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, together
with any successor, the “Administrative Agent”).
W I T N E S S E T H :
WHEREAS, the Borrower and Holdings are parties to that certain Amended and Restated Credit
Agreement, dated as of March 18, 1999, as amended and restated as of April 26, 2019, as amended by
Amendment No. 1, dated as of October 24, 2019, as amended by Amendment No. 2, dated as of May 26,
2022, as amended by Amendment No. 3 as of February 10, 2023, and as amended by Amendment No. 4
as of March 23, 2023, and as amended by Amendment No. 5 as of December 7, 2023, with the
Administrative Agent, the issuing lenders party thereto and the lenders party thereto (the “Existing Credit
Agreement”), and
WHEREAS, the parties hereto have agreed to amend and restate the Existing Credit Agreement
as provided in this Agreement, which Agreement shall become effective upon the satisfaction of the
conditions precedent set forth in the Restatement Agreement; and
WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of
the obligations and liabilities existing under the Existing Credit Agreement or evidence repayment of any
of such obligations and liabilities and that this Agreement amend and restate in its entirety the Existing
Credit Agreement and re-evidence the obligations of the Borrower outstanding thereunder;
NOW, THEREFORE, in consideration of the above premises, the parties hereto hereby agree
that on the Restatement Effective Date (as defined below), the Existing Credit Agreement shall be
amended and restated in its entirety as follows:
SECTION 1 DEFINITIONS
1.1. Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have
the respective meanings set forth in this Section 1.1.
“ABR”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/100th of
1%) equal to the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective
Rate in effect on such day plus ½ of 1%. Any change in the ABR due to a change in the Prime Rate or
the Federal Funds Effective Rate shall be effective as of the opening of business on the effective day of
such change in the Prime Rate or the Federal Funds Effective Rate, respectively.
“ABR Loans”: Loans the rate of interest applicable to which is based upon the ABR.
“Acceptable Price”: as defined in Section 2.8(b)(iii).
“Acceptance Date”: as defined in Section 2.8(b)(iii). |
| “Administrative Agent”: as defined in the preamble hereto.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial
Institution.
“Affiliate”: as to any Person, any other Person that, directly or indirectly, is in control of, is
controlled by, or is under common control with, such Person. For purposes of this definition, “control”
of a Person means the power, directly or indirectly, to direct or cause the direction of the management
and policies of such Person, whether by contract or otherwise.
“Agent Parties”: as defined in Section 10.2(c).
“Agents”: the collective reference to the Syndication Agents, the Joint Bookrunners, the Joint
Lead Arrangers, the Co-Managers and the Administrative Agent.
“Aggregate Exposure”: with respect to any Lender at any time, an amount equal to the sum of
(a) the aggregate then unpaid principal amount of such Lender’s Term Loans and (b) the amount of such
Lender’s Revolving Commitment then in effect or, if the Revolving Commitments have been terminated,
the amount of such Lender’s Revolving Extensions of Credit then outstanding.
“Aggregate Exposure Percentage”: with respect to any Lender at any time, the ratio (expressed
as a percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all
Lenders at such time.
“Agreement”: this Amended and Restated Credit Agreement, as further amended, supplemented
or otherwise modified from time to time.
“Amendment No. 1”: Amendment No. 1 to this Agreement, dated as of October 24, 2019.
“Amendment No. 1 Effective Date”: as defined in Amendment No. 1.
“Amendment No. 2”: Amendment No. 2 to this Agreement, dated as of May 26, 2022.
“Amendment No. 2 Effective Date”: as defined in Amendment No. 2.
“Amendment No. 3”: Amendment No. 3 to this Agreement, dated as of February 10, 2023.
“Amendment No. 4”: Amendment No. 4 to this Agreement, dated as of March 23, 2023.
“Amendment No. 4 Effective Date”: as defined in Amendment No. 4.
“Amendment No. 4 Fee Letter”: as defined in Amendment No. 4.
“Amendment No. 5”: Amendment No. 5 to this Agreement, dated as of December 7, 2023.
“Amendment No. 5 Effective Date”: as defined in Amendment No. 5.
“Amendment No. 5 Term B-1 Loan Prepayment6”: Amendment No. 6 to this Agreement, dated
as of December 3, 2024.
“Amendment No. 6 Effective Date”: as defined in Amendment No. 5.6.
- 2- |
| “Annualized Operating Cash Flow”: for any fiscal quarter, an amount equal to Consolidated
Operating Cash Flow for such period multiplied by four.
“Applicable Margin”:
(a) with respect to the Revolving Loans and Swingline Loans pursuant to (i) the Revolving
B Commitments and (ii) Revolving C Commitments, the rate per annum set forth under the relevant
column heading below based on CCI’s corporate family rating being at least such level:
Ratings Level Status ABR Loans Term SOFR Loans
Level I Status 0.00% 0.75%
Level II Status 0.00% 1.00%
Investment Grade Rating 0.125% 1.125%
Below Investment Grade Rating 0.25% 1.25%
; provided that as used in this definition and the definition of Commitment Fee Rate:
(i) “Level I Status”: a rating equal to or higher than (w) in the case of Moody’s, A2
(or the equivalent), (x) in the case of S&P, A (or the equivalent), (y) in the case of Fitch, A (or
the equivalent) and (z) in the case of any other Rating Agency, the equivalent rating by such
Rating Agency to the ratings described in clauses (w), (x) and (y);
(ii) “Level II Status”: a rating equal to or higher than (w) in the case of Moody’s,
Baa1 (or the equivalent), (x) in the case of S&P, BBB+ (or the equivalent), (y) in the case of
Fitch, BBB+ (or the equivalent) and (z) in the case of any other Rating Agency, the equivalent
rating by such Rating Agency to the ratings described in clauses (w), (x) and (y);
(iii) “Investment Grade Rating”: a rating equal to or higher than (w) in the case of
Moody’s, Baa3 (or the equivalent), (x) in the case of S&P, BBB—(or the equivalent), (y) in the
case of Fitch, BBB—(or the equivalent) and (z) in the case of any other Rating Agency, the
equivalent rating by such Rating Agency to the ratings described in clauses (w), (x) and (y).
; provided, further, that for purposes of determining whether on any date Level I Status, Level II
Status, Investment Grade Rating or below an Investment Grade Rating applies, if (a) a rating is issued by
at least two of Moody’s, S&P and Fitch, and such ratings fall within different levels, then the highest of
such ratings shall be used to determine the applicable rating level status unless the lowest of such ratings
is more than one level below the highest of such ratings, in which case the level that is one level lower
than the highest rating shall be used to determine the applicable rating level status, (b) a rating is issued
by only one Rating Agency (x) as a result of two Rating Agencies ceasing to be in the business of rating
corporate debt obligations or despite Borrower’s commercially reasonable efforts to maintain a rating
from at least two of the Rating Agencies, then such rating shall be used to determine the applicable rating
level status and (y) otherwise, the level that is one level lower than such rating shall apply and (c) there is
no rating from any Rating Agency, below Investment Grade Rating status shall apply.
; provided, further, that the Applicable Margin with respect to Revolving Loans made pursuant to
any Extended Revolving Commitment following the Amendment No. 26 Effective Date shall be as set
forth in the applicable Incremental Activation Notice;
(b) with respect to Term A-5 Loans, (i) 0.25% in the case of ABR Loans and (ii) 1.25% in
the case of Term SOFR Loans;
- 3- |
| (c) with respect to Term A-6 Loans, (i) 0.50% in the case of ABR Loans and (ii) 1.50% in
the case of Term SOFR Loans;
(d) with respect to Term A-7 Loans, (i) 0.25% in the case of ABR Loans and (ii) 1.25% in
the case of Term SOFR Loans;
(c) with respect to Term A-6 Loans, (i) 0.50% in the case of ABR Loans and (ii) 1.50% in
the case of Term SOFR Loans;
(e) (d) with respect to Term B-12 Loans, (i) 0.75% in the case of ABR Loans and (ii) 1.75%
in the case of Term SOFR Loans;
(e) with respect to Term B-2 Loans, (i) 0.75% in the case of ABR Loans and (ii) 1.75% in
the case of Term SOFR Loans;
(f) with respect to Term B-3 Loans, (i) 1.25% in the case of ABR Loans and (ii) 2.25% in
the case of Term SOFR Loans;
(g) with respect to Term B-4 Loans, (i) 1.00% in the case of ABR Loans and (ii) 2.00% in
the case of Term SOFR Loans;
(h) with respect to Term B-5 Loans, (i) 1.25% in the case of ABR Loans and (ii) 2.25% in
the case of Term SOFR Loans;
(i) with respect to any Incremental Term Loans, such per annum rates as shall be agreed to
by the Borrower and the applicable Incremental Term Lenders as shown in the applicable Incremental
Activation Notice; and
(j) (i) with respect to Extended Term Loans, such per annum rates as shall be agreed to by
the Borrower and the applicable Extending Term Lenders as shown in the applicable Incremental
Activation Notice.
“Applicable Price”: as defined in Section 2.8(b).
“Application”: an application, in such form as the relevant Issuing Lender may specify from
time to time, requesting such Issuing Lender to open a Letter of Credit.
“Approved Fund”: as defined in Section 10.6.
“Assignee”: as defined in Section 10.6(b)(i).
“Assignment and Assumption”: an Assignment and Assumption, substantially in the form of
Exhibit A.
“Assumption Agreement”: an agreement in substantially the form of the applicable Exhibit to
the Guarantee and Collateral Agreement, pursuant to which a Subsidiary of the Borrower becomes a
party thereto.
“Available Revolving Commitment”: as to any Revolving Lender with any Class of Revolving
Commitments at any time, an amount equal to the excess, if any, of (a) such Lender’s Revolving
Commitment of such Class then in effect minus (b) such Lender’s Revolving Extensions of Credit then
outstanding under such Class of Revolving Commitments; provided, that in calculating any Lender’s
- 4- |
| Revolving Extensions of Credit for the purpose of determining such Lender’s Available Revolving
Commitment pursuant to Section 2.6(a), the aggregate principal amount of Swingline Loans then
outstanding shall be deemed to be zero.
“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, rule, regulation or requirement for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom,
Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law,
regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing
banks, investment firms or other financial institutions or their affiliates (other than through liquidation,
administration or other insolvency proceedings).
“Beneficial Ownership Certification” means a certification regarding beneficial ownership
required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Benefited Lender”: as defined in Section 10.7(a).
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject
to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person
whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA
or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“Board”: the Board of Governors of the Federal Reserve System of the United States (or any
successor).
“Borrower”: as defined in the preamble hereto.
“Borrower Materials”: as defined in Section 6.1.
“Borrowing Date”: any Business Day specified by the Borrower in a Notice of Borrowing as a
date on which the Borrower requests the relevant Lenders to make Loans hereunder.
“Bright House Acquisition Agreement”: means that certain Contribution Agreement, dated as of
March 31, 2015, as amended on May 23, 2015 and as the same may be further amended so long as such
amendments are not, taken as a whole, materially adverse to the Lenders, by and among CCI, certain of
its subsidiaries and the other parties thereto.
“Business”: as defined in Section 4.17(b).
“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks
are authorized or required by law to close, or are in fact closed, in the state where the Funding Office is
located.
“Cash Collateralize”: to pledge and deposit with or deliver to the Administrative Agent, for the
benefit of the Administrative Agent, Issuing Lenders and/or Swingline Lender (as applicable) and the
Revolving Lenders, as collateral for L/C Obligations, obligations in respect of Swingline Loans, or
- 5- |
| obligations of Revolving Lenders to fund participations in respect of either thereof (as the context may
require), cash or deposit account balances or, if an Issuing Lender or Swingline Lender benefiting from
such collateral shall agree in its sole discretion, other credit support, in each case pursuant to
documentation in form and substance reasonably satisfactory to (a) the Administrative Agent and (b) the
applicable Issuing Lender(s) and/or the Swingline Lender (as applicable).
“Cash Collateral” shall have a meaning correlative to the foregoing and shall include the
proceeds of such cash collateral and other credit support.
“Cash Equivalents”:
(a) marketable direct obligations issued by, or unconditionally guaranteed by, the United
States government or issued by any agency thereof and backed by the full faith and credit of the United
States, in each case maturing within one year from the date of acquisition;
(b) certificates of deposit, time deposits or overnight bank deposits having maturities of
twelve (12) months or less from the date of acquisition issued (i) by any commercial bank organized
under the laws of the United States or any state thereof or any domestic branch of a foreign commercial
bank, in each case having combined capital and surplus of not less than $500,000,000 or (ii) by any
Lender;
(c) commercial paper of an issuer rated at the time of acquisition at least A-1 by Standard &
Poor’s Ratings Services (“S&P”) or P-1 by Moody’s Investors Service, Inc. (“Moody’s”) or F-1 by Fitch,
Inc. (“Fitch”), or carrying an equivalent rating by a nationally recognized rating agency, if each of the
three named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing
within twelve (12) months from the date of acquisition;
(d) repurchase obligations of any Lender or of any commercial bank satisfying the
requirements of clause (b) of this definition, having a term of not more than 30 days, with respect to
securities issued or fully guaranteed or insured by the United States government;
(e) securities with maturities of one year or less from the date of acquisition issued or fully
guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or
taxing authority of any such state, commonwealth or territory or by any foreign government, the
securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign
government (as the case may be) are rated at the time of acquisition at least A by S&P or A by Moody’s
or A by Fitch;
(f) securities with maturities of twelve (12) months or less from the date of acquisition
backed by standby letters of credit issued by any Lender or any commercial bank satisfying the
requirements of clause (b) of this definition; or
(g) shares of money market mutual or similar funds which invest exclusively in assets
satisfying the requirements of clauses (a) through (f) of this definition; or
(h) other short-term investments customarily used by similarly situated borrowers in
accordance with their normal investment practices for cash management.
“CCH”: Charter Communications Holdings, LLC, a Delaware limited liability company,
together with its successors.
- 6- |
| “CCI”: Charter Communications, Inc., a Delaware corporation (f/k/a CCH I, Inc.), together with
its successors.
“Change in Law” means the occurrence, after the Restatement Effective Date, 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 or
directive (whether or not having the force of law) by any Governmental Authority; provided that
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be
a “Change in Law”, regardless of the date enacted, adopted or issued.
“Change of Control”: as defined in Section 8.1(k).
“Charge” means any charge, fee, expense, expenditure, cost, loss, accrual, reserve of any kind
and any other deduction included in the calculation of Consolidated Net Income.
“Class”: with respect to (i) any Revolving Commitment, refers to whether such Commitment is a
Revolving B Commitment, Revolving C Commitment or Extended Revolving Commitment and (ii) any
Loan, refers to whether such Loan is a Revolving Loan, a Term A-5 Loan, a Term A-6 Loan, a Term B
Loan, a Term B-1A-7, Loan, a Term B-2 Loan, a Term B-3 Loan, a Term B-4 Loan, a Term B-5 Loan, an
Incremental Term Loan of a particular Series, an Extended Term Loan of a particular Series or a
Replacement Term Loan of a particular Series.
“CME” means CME Group Benchmark Administration Limited.
“CoBank” means CoBank, ACB, a federally chartered instrumentality of the United States.
“CoBank Equities” means any of the Borrower’s stock, patronage refunds issued in the form of
stock or otherwise constituting allocated units, patronage surplus (including any such surplus accrued by
CoBank for the account of Borrower) and other equities in CoBank acquired in connection with, or
because of the existence of, the Borrower’s patronage loan from CoBank (or its affiliate), and the
proceeds of any of the foregoing.
“Code”: the Internal Revenue Code of 1986, as amended from time to time.
“Collateral”: all property of the Loan Parties, now owned or hereafter acquired, upon which a
Lien is purported to be created by the Guarantee and Collateral Agreement.
“Commitment Fee Rate”:
(a) with respect to (i) the Revolving B Commitments existing on the Amendment No. 26
Effective Date and (ii) the Revolving C Commitments existing on the Amendment No. 6 Effective Date,
the rate per annum set forth under the relevant column heading below based on CCI’s corporate family
rating being at least such level:
Ratings Level Status Commitment Fee Rate
Level I Status 0.05%
- 7- |
| Level II Status 0.10%
Investment Grade Rating 0.15%
Below Investment Grade Rating 0.20%
(b) with respect to any Extended Revolving Commitment, the rate provided in the applicable
Incremental Activation Notice.
“Commitments”: the collective reference to the Revolving Commitments, the Term A-5
Additional Commitments, the Term A-6 Commitments, the Term B-1 Additional Commitments, the
Term B-2A-7 Additional Commitments, the Term B-3 Commitments and, the Term B-4 Commitments
and the Term B-5 Additional Commitments.
“Commonly Controlled Entity”: an entity, whether or not incorporated, that is under common
control with any Loan Party within the meaning of Section 4001 of ERISA or is part of a group that
includes any Loan Party and that is treated as a single employer under Section 414 of the Code.
“Compliance Certificate”: a certificate duly executed by a Responsible Officer, substantially in
the form of Exhibit B.
“Conduit Lender”: any special purpose corporation organized and administered by any Lender
for the purpose of making Loans otherwise required to be made by such Lender and designated by such
Lender in a written instrument; provided, that the designation by any Lender of a Conduit Lender shall
not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for
any reason, its Conduit Lender fails to fund any such Loan, and the designating Lender (and not the
Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required
or requested under this Agreement with respect to its Conduit Lender, and provided, further, that no
Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 2.16, 2.17, 2.18 or
10.5 than the designating Lender would have been entitled to receive in respect of the extensions of
credit made by such Conduit Lender or (b) be deemed to have any Revolving Commitment.
“Conforming Changes” means, with respect to the use, administration of or any conventions
associated with Term SOFR, SOFR or any proposed Successor Rate, as applicable, any conforming
changes to the definitions of “ABR”, “Term SOFR”, “SOFR” and “Interest Period”, timing and
frequency of determining rates and making payments of interest and other technical, administrative or
operational matters (including, for the avoidance of doubt, the definitions of “Business Day” and “U.S.
Government Securities Business Day”, timing of borrowing requests or prepayment, conversion or
continuation notices and length of lookback periods) as may be appropriate, in the discretion of the
Administrative Agent (in consultation with the Borrower), to reflect the adoption and implementation of
such applicable rate(s) and to permit the administration thereof by the Administrative Agent in a manner
substantially consistent with market practice (or, if the Administrative Agent determines that adoption of
any portion of such market practice is not administratively feasible or that no market practice for the
administration of such rate exists, in such other manner of administration as the Administrative Agent
determines (in consultation with the Borrower) is reasonably necessary in connection with the
administration of this Agreement and any other Loan Document).
“Consideration”: with respect to any Investment or Disposition, (a) any cash or other property
(valued at fair market value in the case of such other property) paid or transferred in connection
therewith, (b) the principal amount of any Indebtedness assumed in connection therewith and (c) any
letters of credit, surety arrangements or security deposits posted in connection therewith.
- 8- |
| “Consolidated First Lien Leverage Ratio”: as of the last day of any period, the ratio of (a) the
sum of (i) the aggregate principal amount of all Consolidated Total Debt outstanding under this
Agreement at such date plus (ii) the aggregate principal amount of any other Consolidated Total Debt of
the Borrower and its Subsidiaries at such date that is secured by the Collateral on a basis pari passu with
the Indebtedness under this Agreement, determined on a consolidated basis in accordance with GAAP, to
(b) Annualized Operating Cash Flow determined in respect of the fiscal quarter ending on such day.
“Consolidated Leverage Ratio”: as of the last day of any period, the ratio of (a) Consolidated
Total Debt on such day to (b) Annualized Operating Cash Flow determined in respect of the fiscal
quarter ending on such day.
“Consolidated Net Income”: for any period, the consolidated net income (or loss) of the
Borrower and its Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided
that, GAAP to the contrary notwithstanding, there shall be excluded:
(a) the income (or deficit) of any Person accrued prior to the date it becomes a Subsidiary of
the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries,
(b) the income (or deficit) of any Person (other than a Subsidiary of the Borrower) in which
the Borrower or any of its Subsidiaries has an ownership interest, except to the extent that any such
income is actually received by the Borrower or such Subsidiary in the form of dividends or similar
distributions,
(c) the undistributed earnings of any Subsidiary of the Borrower (including any Excluded
Acquired Subsidiary) to the extent that the declaration or payment of dividends or similar distributions
by such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than
under any Loan Document) or Requirement of Law applicable to such Subsidiary and [reserved], and
(d) whether or not distributed, the income of any Non-Recourse Subsidiary.
In addition, to the extent not already included in the net income (or loss) of the Borrower and its
Subsidiaries for such period determined on a consolidated basis in accordance with GAAP,
“Consolidated Net Income” shall include the amount of proceeds received by the Borrower and the
Subsidiaries from business interruption insurance.
“Consolidated Net Tangible Assets” means, as of any date of determination, the total amount of
assets (less applicable reserves and other properly deductible items) of the Borrower and its Subsidiaries
less the sum of (1) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense
and other intangibles, and (2) all current liabilities, in each case, reflected on the most recent
consolidated balance sheet of the Borrower and its Subsidiaries as at the end of the most recent ended
fiscal quarter for which financial statements have been delivered pursuant to Section 6.1(a) or (b),
determined on a consolidated basis in accordance with GAAP on a pro forma basis to give effect to (x)
any Material Acquisition or Material Disposition or (y) any Disposition (other than a Material
Disposition) or Acquisition (other than a Material Acquisition), at the option of the Borrower (in the case
of this clause (y)), in each case made after such balance sheet date and on or prior to the date of
determination.
“Consolidated Net Worth”: with respect to any Person, at the date of any determination, the
consolidated stockholders’ or owners’ equity of the holders of Equity Interests or partnership interests of
such Person and its subsidiaries, determined on a consolidated basis in accordance with GAAP
consistently applied, which, for the avoidance of doubt, may, at the Borrower’s option, be calculated on a
- 9- |
| consolidated basis in accordance with GAAP on a pro forma basis to give effect to any assets acquired
after such balance sheet date and on or prior to the date of determination.
“Consolidated Operating Cash Flow”: for any period with respect to the Borrower and its
Subsidiaries,
(a) Consolidated Net Income for such period plus,
(b) without duplication and to the extent deducted in computing Consolidated Net Income
for such period, the sum of:
(i) total income tax expense,
(ii) interest expense, amortization or writeoff of debt discount and debt issuance
costs and commissions, discounts and other fees and charges associated with Indebtedness
(including, solely for this purpose, relating to any Permitted Securitization Financing),
(iii) depreciation and amortization expense,
(iv) management fees expensed during such period,
(v) any extraordinary, unusual or non-recurring Charges,
(vi) any Charges consisting of restructuring charges, litigation settlements and
judgments and related costs,
(vii) Charges, including any loss or discount, on Dispositions of assets outside of the
ordinary course of business (including relating to the sale of (A) Securitization Assets or (B)
other related assets in connection with a Permitted Securitization Financing (in each case, as
determined by the Borrower in good faith)),
(viii) other non-cash items reducing such Consolidated Net Income and ,
(ix) the amount of “run-rate” cost savings projected by the Borrower in good faith,
net of the amount of actual benefits realized or expected to be realized prior to or during such
period (which cost savings shall be net “run-rate” cost savings, operating expense reductions,
other operating improvements, revenue enhancements and operating synergies (calculated on a
pro forma basis as though theysuch items had been realized on the first day of such period)
fromas a result of actions taken or to be taken within four fiscal quarters of any Material
Acquisition or Disposition of a line of business or cable system; provided that (A) a Responsible
Officer of the Borrower shall have certified in writing to the Administrative Agent that (x) such
cost savings are reasonably identifiable and expected to be achieved based on such actions and
(y) the benefits resulting therefrom are anticipated by the Borrower to be realized within twelve
(12) months of such Material Acquisition or Disposition and (B)in connection with any
acquisition, investment, expansion, disposition or restructuring, operating improvements,
production and sourcing initiative, cost savings initiative, new initiatives, new product or service
roll outs and entry into new markets by the Borrower or any of its Subsidiaries, net of the amount
of actual benefits realized during such period that are otherwise included in the calculation of
Consolidated Operating Cash Flow from such actions and only to the extent that the same have
been realized or are reasonably expected to be realized within twenty four (24) months of the
date thereof (including from any action taken in whole or in part prior to such date); provided
- 10- |
| that, the aggregate amount added back pursuant to this clause (ix) for any period shall not exceed
25% of Consolidated Operating Cash Flow for such period prior to giving effect to this clause
(ix), and
(x) transaction costs incurred in connection with any acquisition or other
investment, disposition, equity issuance or incurrence of Indebtedness (including any
amendments or waivers to the Loan Documents or any other Indebtedness permitted under the
Loan Documents), in each case whether or not consummated, or in connection with obtaining
and maintaining any credit ratings, minus,
(c) without duplication and to the extent included in the statement of Consolidated Net
Income for such period, the sum of
(i) any extraordinary or non-recurring income or gains,
(ii) gains on Dispositions of assets outside of the ordinary course of business and
(iii) other non-cash items increasing such Consolidated Net Income, all as determined
on a consolidated basis in accordance with GAAP.
“Consolidated Total Debt”: at any date, the aggregate principal amount of, without duplication,
(i) all Indebtedness of such Person and its Subsidiaries described in clauses (a), (c)
and (f) (excluding, for the avoidance of doubt, surety bonds, performance bonds and similar
instruments) of the definition of “Indebtedness”, determined on a consolidated basis, to the
extent required to be recorded on a balance sheet in accordance with GAAP, including, without
duplication, the outstanding principal amount of the Loans; provided that Consolidated Total
Debt shall not include (a) Indebtedness incurred by a Non-Recourse Subsidiary, Securitization
Subsidiary, factoring Subsidiary or other special purpose entity, (b) obligations in respect of
letters of credit (including Letters of Credit), except to the extent of any unreimbursed amounts
thereunder, (c) Indebtedness constituting Finance Lease Obligations, purchase money debt or
other similar Indebtedness or (d) supply chain financing agreements (as determined by the
Borrower in good faith); minus
(ii) the aggregate amount of unrestricted cash and Cash Equivalents (in each case,
free and clear of all Liens other than any Lien that is not prohibited by Section 7.3) included in
the consolidated balance sheet of the Borrower and its Subsidiaries as of such date.
“Contractual Obligation”: as to any Person, any provision of any debt or equity security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party or
by which it or any of its property is bound.
“Converted Fifth Amendment Term BA-15 Loan”: as to any Converting Consenting Fifth
Amendment Term BA-45 Lender that has indicated on its counterpart to Amendment No. 56 that it is
requesting to convert its Term BA-15 Loan to a Term BA-47 Loan, the entire aggregate principal amount
of such Converting Consenting Fifth Amendment Term BA-45 Lender’s Term BA-15 Loan (or, if less,
the amount notified to such Lender by the Administrative Agent prior to the Amendment No. 56
Effective Date).
“Converted Term B-2 Loan”: as to any Converting Consenting Term B-2 Lender that has
indicated on its counterpart to Amendment No. 16 that it is requesting to convert its Term B Loan to a
- 11- |
| Term B-1 Loan and/or a Term B-2 Loan to a Term B-5 Loan, the entire aggregate principal amount of
such Converting Consenting Term B-2 Lender’s Term B-2 Loan (or, if less, the amount notified to such
Lender by the Administrative Agent prior to the Amendment No. 16 Effective Date).
“Converted Second Amendment Term A Loan”: as to any Converting Second Amendment Term
A Lender that has indicated on its counterpart to Amendment No. 2 that it is requesting to convert its
Term A-4 Loan to a Term A-5 Loan, the entire aggregate principal amount of such Converting Term A-5
Lender’s Term A-4 Loan (or, if less, the amount notified to such Lender by the Administrative Agent
prior to the Amendment No. 2 Effective Date).
“Converting Consenting Fifth Amendment Term B-4 Lender”: each Lender with a Term B-1
Loan immediately prior to the Amendment No. 5 Effective Date that has returned a counterpart to
Amendment No. 5 indicating its election to have its Term B-1 Loan converted to a Term B-4 Loan on the
Amendment No. 5 Effective Date.
“Converting Second Amendment Term A Lender”: each Lender with a Term A-4 Loan
immediately prior to the Amendment No. 2 Effective Date that has returned a counterpart to Amendment
No. 2 indicating its election to have its Term A-4 Loan converted to a Term A-5 Loan on the Amendment
No. 2 Effective Date.
“Converting Term B Lender”: each Lender with a Term B Loan immediately prior to the
Amendment No. 1 Effective Date that has returned a counterpart to Amendment No. 1 indicating its
election to have its Term B Loan converted to a Term B-1 Loan and/or a Term B-2 Loan, as applicable,
on the Amendment No. 1 Effective Date.
“Converting Consenting Term A-5 Lender”: each Lender with a Term A-5 Loan immediately
prior to the Amendment No. 6 Effective Date that has returned a counterpart to Amendment No. 6
indicating its election to have 100% of its Term A-5 Loan (or such lesser amount as may be notified to
such Lender by the Administrative Agent prior to the Amendment No. 6 Effective Date) converted to a
Term A-7 Loan on the Amendment No. 6 Effective Date.
“Converting Consenting Term B-2 Lender”: each Lender with a Term B-2 Loan immediately
prior to the Amendment No. 6 Effective Date that has returned a counterpart to Amendment No. 6
indicating its election to have 100% of its Term B-2 Loan (or such lesser amount as may be notified to
such Lender by the Administrative Agent prior to the Amendment No. 6 Effective Date) converted to a
Term B-5 Loan on the Amendment No. 6 Effective Date.
“Co-Managers”: the Persons identified on the cover of this Agreement as “Co-Managers” in
their capacities as such.
“Daily Simple SOFR” with respect to any applicable determination date means the SOFR
published on such date on the Federal Reserve Bank of New York’s website (or any successor source).
“De Minimis Subsidiary” at any date of determination, each Subsidiary of the Borrower that (x)
is not a Specified Excluded Subsidiary and (y) does not account for more than 10% of (i) Total Assets on
the date of the most recent consolidated balance sheet delivered pursuant to Section 6.1(a) or (b) or (ii)
consolidated total revenues of the Borrower and its Subsidiaries for the period of four fiscal quarters
ending on the date of the most recent consolidated balance sheet delivered pursuant to Section 6.1(a) or
(b); provided that if, in the aggregate, Subsidiaries of the Borrower that are not Subsidiary Guarantors
and that are not otherwise Specified Excluded Subsidiaries account for more than 20% of (i) Total Assets
on the date of the most recent consolidated balance sheet delivered pursuant to Section 6.1(a) or (b) or
- 12- |
| (ii) consolidated total revenues of the Borrower and its Subsidiaries for the period of four fiscal quarters
ending on the date of the most recent consolidated balance sheet delivered pursuant to Section 6.1(a) or
(b), then, in either case, the Borrower shall promptly cause such De Minimis Subsidiaries as may be
selected by the Borrower to comply with the requirements of Section 6.9 (as though such Subsidiaries
were not De Minimis Subsidiaries) to the extent necessary so that all De Minimis Subsidiaries that are
not Subsidiary Guarantors or Specified Excluded Subsidiaries do not, in the aggregate, exceed such
threshold.
“Debtor Relief Laws”: the Bankruptcy Code of the United States, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other
applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
“Default”: any of the events specified in Section 8.1, whether or not any requirement for the
giving of notice, the lapse of time, or both, has been satisfied.
“Defaulting Lender”: subject to Section 2.21(b), any Revolving Lender that, as reasonably
determined by the Administrative Agent (which determination shall, upon reasonable request by the
Borrower, be made promptly by the Administrative Agent if the Administrative Agent reasonably
determines the conditions set forth below apply), (a) has failed to perform any of its funding obligations
hereunder, including in respect of its Revolving Loans or participations in respect of Letters of Credit or
Swingline Loans, within three Business Days of the date required to be funded by it hereunder unless
such obligation is the subject of a good faith dispute, (b) has notified the Borrower or the Administrative
Agent that it does not intend to comply with its funding obligations hereunder or has made a public
statement to that effect with respect to its funding obligations hereunder or under other agreements in
which it commits to extend credit except to the extent any such obligation is the subject of a good faith
dispute, (c) has failed, within three Business Days after request by the Administrative Agent (which
request the Administrative Agent shall make if reasonably requested by the Borrower), to confirm in a
manner satisfactory to the Administrative Agent that it will comply with its funding obligations except to
the extent subject to a good faith dispute, or (d) has, or has a direct or indirect parent company that has,
(i) become the subject of a proceeding under any Debtor Relief Law or Bail-In Action, (ii) had a receiver,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in
furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or
appointment (unless, in each case, such Revolving Lender has confirmed it will comply with its
obligations hereunder and the Borrower, the Administrative Agent and each Issuing Lender is reasonably
satisfied that such Revolving Lender is able to continue to perform its obligations hereunder); provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any
equity interest in that Lender or any direct or indirect parent company thereof by a Governmental
Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to
reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.
“Discharge Date”: as defined in the Guarantee and Collateral Agreement.
“Disposition”: with respect to any property, any sale, lease (other than leases in the ordinary
course of business, including leases of excess office space and fiber leases), sale and leaseback,
assignment, conveyance, transfer or other disposition thereof, including pursuant to an exchange for
other property. The terms “Dispose” and “Disposed of” shall have correlative meanings.
- 13- |
| “Dollars” and “$”: dollars in lawful currency of the United States.
“Domestic Subsidiary”: any Subsidiary of the Borrower organized under the laws of any
jurisdiction within the United States.
“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 Yield”: at any time, the effective yield for any type of Indebtedness as determined in
good faith by the Borrower (which shall take into account the interest rate provisions applicable thereof
(including margins and “floors”) and be deemed to include all upfront or similar fees or original issue
discount payable to all lenders providing such Indebtedness in the initial primary syndication thereof (but
excluding bona fide arranger fees, commitment fees or similar fees payable in connection therewith that
are not generally shared with the relevant Lenders and if, applicable, consent fees for an amendment paid
generally to consenting Lenders) and, in the case of upfront fees and original issue discount, equated to
interest margin based on an assumed four year weighted average life).
“Equally and Ratably Secured Notes Obligations”: as defined in the Guarantee and Collateral
Agreement.
“Equity Interests”: any and all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all classes of membership interests in a limited
liability company, any and all classes of partnership interests in a partnership and any and all other
equivalent ownership interests in a Person, and any and all warrants, rights or options to purchase any of
the foregoing.
“ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to time
and the regulations promulgated thereunder.
“Escrow Assumption”: with respect to any Incremental Term Loan that is initially established as
an Escrow Incremental Term Loan, the assumption of the Escrow Borrower’s obligations with respect
thereto by the Borrower pursuant to an assumption agreement in form reasonably satisfactory to the
Administrative Agent.
“Escrow Borrower”: a Non-Recourse Subsidiary or another Person that is not the Borrower or a
Subsidiary, in each case, established to (i) borrow Escrow Incremental Term Loans (pending assumption
of such Incremental Term Loans by the Borrower) or (ii) assume the obligations of the Borrower with
respect to previously incurred Incremental Term Loans, in each case, that is designated in the applicable
Incremental Activation Notice or assumption agreement as an Escrow Borrower and that is not engaged
in any material operations and does not have any other material assets other than in connection therewith.
- 14- |
| “Escrow Incremental Term Loan”: any Incremental Term Loan that either (x) is initially
borrowed by an Escrow Borrower or (y) is initially borrowed by the Borrower but was subsequently
converted to an Escrow Incremental Term Loans in accordance with Section 2.1(g), in each case, for so
long as the Escrow Assumption with respect to such Incremental Term Loan has not occurred.
“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.
“Event of Default”: any of the events specified in Section 8.1, provided that any requirement for
the giving of notice, the lapse of time, or both, has been satisfied.
“Exchange Act” means the Securities Exchange Act of 1934.
“Excluded Acquired Subsidiary”: any Subsidiary that is acquired by the Borrower or its
Subsidiaries to the extent that documentation governing Indebtedness of such Subsidiary existing at the
time of such acquisition prohibits (including by reason of its inability to satisfy a leverage ratio or other
financial covenant condition under such Indebtedness) (to the extent such prohibition was not created in
contemplation of such acquisition) such Subsidiary from becoming a Subsidiary Guarantor, but only so
long as such Indebtedness remains outstanding.
“Existing Class”: as defined in Section 2.1(h).
“Existing Credit Agreement”: as defined in the recitals hereto.
“Existing Letter of Credit”: each letter of credit outstanding under the Existing Credit Agreement
immediately prior to the Restatement Effective Date.
“Extended Revolving Commitment”: as defined in Section 2.1(i).
“Extended Term Loans”: as defined in Section 2.1(h).
“Extended Term Maturity Date”: with respect to the Extended Term Loans created pursuant to
any Incremental Activation Notice, the final maturity date specified in the applicable Incremental
Activation Notice.
“Extending Term Lender”: as defined in Section 2.1(h).
“Extension Election”: as defined in Section 2.1(h).
“Extension Request”: as defined in Section 2.1(h).
“FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any
amended or successor version that is substantially comparable and not materially more onerous to
comply with) and any current or future regulations or official interpretations thereof and any agreements
entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version
described above) and any fiscal or regulatory legislation, rules or official administrative practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental
Authorities and implementing such Sections of the Code.
“Federal Funds Effective Rate”: for any day, the rate per annum equal to the weighted average of
the rates on overnight Federal funds transactions with members of the Federal Reserve System, as
published by the Federal Reserve Bank of New York on the Business Day next succeeding such day;
- 15- |
| provided that (a) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall
be such rate on such transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day,
the Federal Funds Effective Rate for such day shall be the average rate (rounded upward, if necessary, to
a whole multiple of 1/100 of 1%) charged to the Administrative Agent on such day on such transactions
as determined by the Administrative Agent.
“Financial Officer”: the chief financial officer, principal accounting officer, treasurer or senior
vice president – corporate finance and development of the Borrower.
“Finance Lease Obligations”: as to any Person, the obligations of such Person to pay rent or
other amounts under any lease of (or other arrangement conveying the right to use) real or personal
property, or a combination thereof, which obligations are or would be required to be classified and
accounted for as a “financing lease” under FASB ASC Topic 842 or “capital lease” under FASB ASC
Topic 840 (as “financing lease” and “capital lease” are defined in those FASB ASC Topics as of the
Restatement Effective Date) on a balance sheet of such Person and, for the purposes of this Agreement,
the amount of such obligations at any time shall be the capitalized amount thereof at such time
determined in accordance with FASB ASC Topic 842 or FASB ASC Topic 840, as relevant at such time.
“First Lien Intercreditor Agreement”: (a) the First Lien Intercreditor Agreement, dated as of
May 18, 2016, by and among the Borrower, the Guarantors, the Administrative Agent, The Bank of New
York Mellon Trust Company, N.A. and each other party from time to time thereto or (b) any other
agreement by and among the Administrative Agent and one or more collateral agents for the holders of
First Lien Notes and/or Pre-Existing Debt (an “Other First Lien Agent”) appropriately completed and
acknowledged by the Borrower and the Guarantors providing, among other customary items (as
determined by the Administrative Agent in consultation with the Borrower), that (i) for so long as any
Commitments, Loans, Letters of Credit, or other Obligations are outstanding under this Agreement (other
than contingent obligations for which no claim has been asserted) the Administrative Agent, on behalf of
the Lenders, shall have the sole right to enforce any Lien against any Collateral in which it has a
perfected security interest (except that, to the extent the principal amount of First Lien Notes and/or
Pre-Existing Debt exceeds the principal amount of Loans and L/C Obligations under this Agreement,
such agreement may provide that the applicable Other First Lien Agent shall instead be subject to a 90
day standstill requirement with respect to such enforcement (which period shall be extended if the
Administrative Agent commences enforcement against the Collateral during such period or is prohibited
by any Requirement of Law from commencing such proceedings) in the event it has given notice of an
event of default under the indenture or other agreement governing First Lien Notes or Pre-Existing Debt
for which it is agent and (ii) distributions on account of any enforcement against the Collateral by the
Administrative Agent or the Other First Lien Agent (including any distribution on account of the
Collateral in any such proceeding pursuant to any Debtor Relief Laws) with respect to which each of the
Administrative Agent and such Other First Lien Agent have a perfected security interest shall be on a pro
rata basis (subject to customary provisions dealing with intervening Liens that are prior to the
Administrative Agent’s or such Other First Lien Agent’s security interest and the unenforceability of any
obligations purportedly secured by such Liens) based on the amount of the Obligations and the
obligations owing under the First Lien Notes and Pre-Existing Debt, respectively.
“First Lien Notes”: Indebtedness of the Borrower or a Guarantor (including any such
Indebtedness (i) issued by a Person that subsequently becomes a Guarantor or (ii) issued as unsecured
Indebtedness that subsequently become secured by a Lien) that were either issued or assumed by the
Borrower or a Guarantor (including as a result of the guarantee of existing Indebtedness issued by a
Person who was not a Guarantor at the time such Indebtedness was issued).
- 16- |
| “Foreign Holding Company”: any Subsidiary of the Borrower that has no material assets other
than Equity Interests (or Equity Interests and Indebtedness) of one or more Foreign Subsidiaries of such
Subsidiary that are “controlled foreign corporations” as defined in Section 957(a) of the Code.
“Foreign Subsidiary”: any Subsidiary of the Borrower that is not a Domestic Subsidiary.
“Fronting Exposure”: at any time there is a Defaulting Lender, (a) with respect to any Issuing
Lender, such Defaulting Lender’s Revolving Percentage of the outstanding L/C Obligations in respect of
Letters of Credit issued by such Issuing Lender other than any such L/C Obligations as to which such
Defaulting Lender’s participation obligation has been reallocated to other Revolving Lenders or Cash
Collateralized in accordance with the terms hereof and (b) with respect to the Swingline Lender, such
Defaulting Lender’s Revolving Percentage of Swingline Loans other than Swingline Loans as to which
such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash
Collateralized in accordance with the terms hereof.
“Funding Office”: the office of the Administrative Agent specified in Section 10.2 or such other
office as may be specified from time to time by the Administrative Agent as its funding office by written
notice to the Borrower and the Lenders.
“GAAP”: generally accepted accounting principles in the United States as in effect from time to
time, except that for purposes of Section 7.1 and any incurrence test hereunder, GAAP shall be
determined on the basis of such principles in effect on the Amendment No. 2 Effective Date as applied in
the preparation of the most recent audited financial statements delivered pursuant to Section 6.1 prior to
the Amendment No. 2 Effective Date. In the event that any “Accounting Change” (as defined below)
shall occur and such change results in a change in the method of calculation of financial covenants,
incurrence tests, standards or terms in this Agreement, then the Borrower and the Administrative Agent
agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably
reflect such Accounting Changes with the desired result that the criteria for evaluating the Borrower’s
financial condition shall be the same after such Accounting Changes as if such Accounting Changes had
not been made. Until such time as such an amendment shall have been executed and delivered by the
Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and
terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had
not occurred. “Accounting Changes” refers to changes in (a) accounting principles required by the
promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards
Board of the American Institute of Certified Public Accountants or, if applicable, the SEC, (b) the
Borrower’s manner of accounting as directed or otherwise required or requested by the SEC (including
such SEC changes affecting a Qualified Parent Company and applicable to the Borrower), and (c) the
Borrower’s manner of accounting addressed in a preferability letter from the Borrower’s independent
auditors to the Borrower (or a Qualified Parent Company and applicable to the Borrower) in order for
such auditor to deliver an opinion on the Borrower’s financial statements required to be delivered
pursuant to Section 6.1 without qualification.
“Governmental Authority”: any nation or government, any state or other political subdivision
thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining
to government, any securities exchange and any self-regulatory organization (including the National
Association of Insurance Commissioners).
“Guarantee and Collateral Agreement”: the Amended and Restated Guarantee and Collateral
Agreement, dated as of the Amendment No. 2 Effective Date, executed and delivered by Holdings, the
Borrower, each Subsidiary Guarantor and the Administrative Agent.
- 17- |
| “Guarantee Obligation”: as to any Person (the “Guaranteeing Person”), any obligation of (a) the
Guaranteeing Person or (b) another Person (including any bank under any letter of credit) to induce the
creation of which the Guaranteeing Person has issued a reimbursement, counterindemnity or similar
obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or
other obligations (the “Primary Obligations”) of any other third Person (the “Primary Obligor”) in any
manner, whether directly or indirectly, including any obligation of the Guaranteeing Person, whether or
not contingent, (i) to purchase any such Primary Obligation or any property constituting direct or indirect
security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such Primary
Obligation or (2) to maintain working capital or equity capital of the Primary Obligor or otherwise to
maintain the net worth or solvency of the Primary Obligor, (iii) to purchase property, securities or
services primarily for the purpose of assuring the owner of any such Primary Obligation of the ability of
the Primary Obligor to make payment of such Primary Obligation or (iv) otherwise to assure or hold
harmless the owner of any such Primary Obligation against loss in respect thereof; provided, however,
that the term “Guarantee Obligation” shall not include endorsements of instruments for deposit or
collection in the ordinary course of business. The amount of any Guarantee Obligation of any
Guaranteeing Person shall be deemed to be the lower of (a) an amount equal to the stated or determinable
amount of the Primary Obligation in respect of which such Guarantee Obligation is made and (b) the
maximum amount for which such Guaranteeing Person may be liable pursuant to the terms of the
instrument embodying such Guarantee Obligation, unless such Primary Obligation and the maximum
amount for which such Guaranteeing Person may be liable are not stated or determinable, in which case
the amount of such Guarantee Obligation shall be such Guaranteeing Person’s maximum reasonably
anticipated liability in respect thereof as determined by the Borrower in good faith.
“Guarantors”: the collective reference to Holdings and the Subsidiary Guarantors.
“Hedge Agreements”: (a) any and all rate swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward
foreign exchange transactions, cap transactions, floor transactions, caps or collar transactions, currency
swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other
similar transactions or any combination of any of the foregoing (including any options to enter into any
of the foregoing), whether or not any such transaction is governed by or subject to any master agreement,
and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other
master agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.
“Holdings”: as defined in the preamble hereto, together with any successor thereto.
“Incremental Activation Notice”: with respect to any Incremental Term Loan, Replacement
Term Loan, Extended Term Loan or Extended Revolving Commitment, the agreement signed by the
Borrower (or, in the case of Escrow Incremental Term Loans, the Escrow Borrower), the Administrative
Agent and, in the case of any such agreement providing for Incremental Term Loans, Replacement Term
Loans or Extended Revolving Commitments, the Lenders providing such Incremental Term Loans,
Replacement Term Loans or Extended Revolving Commitments, in each case, providing for the terms of
such Incremental Term Loans, Extended Term Loans, Extended Revolving Commitments or
Replacement Term Loans in accordance with the applicable requirements of Section 2.1(g), (h), (i) or (j).
- 18- |
| “Incremental Closing Date”: any Business Day designated as such in an Incremental Activation
Notice.
“Incremental Term Loan”: any term loan borrowed following the Restatement Effective Date
pursuant to Section 2.1(g).
“Incremental Term Maturity Date”: with respect to the Incremental Term Loans to be made
pursuant to any Incremental Activation Notice, the final maturity date specified in such Incremental
Activation Notice.
“Indebtedness”: of any Person at any date, without duplication,
(a) all indebtedness of such Person for borrowed money,
(b) all obligations of such Person for the deferred purchase price of property or services
(other than (i) accrued expenses, (ii) any earnout or similar obligations so long as such obligations
remain contingent and (iii) trade payables incurred in the ordinary course of such Person’s business,
including, for the avoidance of doubt, vendor-related financing arrangements incurred in the ordinary
course of business for goods and services) to the extent not required to be reflected as “long term debt”
on a consolidated balance sheet of such Person prepared in accordance with GAAP,
(c) all obligations of such Person evidenced by notes, bonds, debentures or other similar
instruments,
(d) all indebtedness created or arising under any conditional sale or other title retention
agreement with respect to property acquired by such Person (even though the rights and remedies of the
seller or lender under such agreement in the event of default are limited to repossession or sale of such
property),
(e) all Finance Lease Obligations of such Person,
(f) all obligations of such Person, contingent or otherwise, as an account party under
acceptances, letters of credit, surety bonds or similar arrangements,
(g) the liquidation value of all redeemable preferred Equity Interests of such Person,
(h) all Guarantee Obligations of such Person in respect of obligations of the kind referred to
in clauses (a) through (g) above,
(i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for
which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any
Lien on property (including accounts and contract rights) owned by such Person, whether or not such
Person has assumed or become liable for the payment of such obligation, and
(j) for the purposes of Sections 8.1(e) and (f) only, all obligations of such Person in respect
of Hedge Agreements.
The Indebtedness of any Person shall include, without duplication, the Indebtedness of any other
entity (including any partnership in which such Person is a general partner) to the extent such Person is
liable therefor as a result of such Person’s ownership interest in or other relationship with such entity,
except to the extent the terms of such Indebtedness expressly provide that such Person is not liable
therefor.
- 19- |
| Notwithstanding the foregoing, the following shall not constitute Indebtedness:
(i) any current or future true up payment or other payments required by the terms of
any Partnership Agreement;
(ii) leases classified as operating leases under ASC 842; and
(iii) obligations in connection with any Permitted Securitization Financing.
“Indebtedness For Borrowed Money” of any Person means, without duplication, (a) all
indebtedness of such Person for borrowed money, (b) all indebtedness of such Person evidenced by
bonds, debentures, notes or similar instruments and (c) all Guarantee obligations of such Person with
respect to indebtedness of the type described in clauses (a) and (b) above of others. The Indebtedness
For Borrowed Money of any Person shall include the Indebtedness For Borrowed Money of any other
entity (including any partnership in which such Person is a general partner) to the extent such Person is
liable therefor as a result of such Person’s ownership interest in or other contractual relationship with
such entity, except to the extent the terms of such Indebtedness For Borrowed Money provide that such
Person is not liable therefor.
“Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent
within the meaning of Section 4245 of ERISA.
“Intercompany Obligations”: as defined in the Guarantee and Collateral Agreement.
“Interest Payment Date”: (a) as to any ABR Loan (including Swingline Loans), the last Business
Day of each March, June, September and December to occur while such Loan is outstanding and the final
maturity date of such Loan, (b) as to any Term SOFR Loan having an Interest Period of three months or
less, the last day of such Interest Period, (c) as to any Term SOFR Loan having an Interest Period longer
than three months, each day that is three months, or a whole multiple thereof, after the first day of such
Interest Period and the last day of such Interest Period and (d) as to any Loan (other than any Revolving
Loan that is an ABR Loan and any Swingline Loan), the date of any repayment or prepayment made in
respect thereof.
“Interest Period”:
as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is
disbursed or converted to or continued as a Term SOFR Loan and ending on the date one, three
or six months thereafter, as selected by the Borrower in its Notice of Borrowing, or such other
period that is twelve months or less requested by the Borrower and consented to by (which
consent shall not be unreasonably withheld) all the appropriate Lenders and the Administrative
Agent (in the case of each requested Interest Period, subject to availability); provided that:
(i) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless, in the case of a Term SOFR Loan,
such Business Day falls in another calendar month, in which case such Interest Period shall end
on the next preceding Business Day;
(ii) any Interest Period pertaining to a Term SOFR Loan that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day
of the calendar month at the end of such Interest Period; and
- 20- |
| (iii) no Interest Period shall extend beyond the applicable maturity date.
“Investment”: any advance, loan, extension of credit (by way of guaranty or otherwise) or capital
contribution to, or any purchase of Equity Interests, bonds, notes, debentures or other debt securities of,
or any assets constituting a significant part of a business unit of, or any other investment in, any Person.
“Investment Grade Rating”: is as defined in the definition of “Applicable Margin”.
“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as
may be in effect at the time of issuance).
“Issuing Lender”: Bank of America, N.A., JPMorgan Chase Bank, N.A. and any other Revolving
Lender with Revolving C Commitments that has agreed in its sole discretion to act as an “Issuing
Lender” hereunder and that has been approved (such approval not to be unreasonably withheld,
conditioned or delayed) in writing by the Administrative Agent as an “Issuing Lender” hereunder, in each
case in its capacity as issuer of any Letter of Credit.
“Joint Bookrunners”: the Persons identified on the cover of this Agreement as “Joint
Bookrunners” in their capacities as such (including those entities identified as such immediately prior to
(xw) the Amendment No. 1 Effective Date, (x) the Amendment No. 2 Effective Date (y) the Amendment
No. 25 Effective Date and (z) the Amendment No. 56 Effective Date).
“Joint Lead Arrangers”: the Persons identified on the cover of this Agreement as “Joint Lead
Arrangers and Joint Bookrunners” in their capacities as such (including those entities identified as such
immediately prior to (xw) the Amendment No. 1 Effective Date, (x) the Amendment No. 2 Effective
Date, (y) the Amendment No. 25 Effective Date and (z) the Amendment No. 56 Effective Date).
“Junior Lien Intercreditor Agreement”: a customary intercreditor agreement in form reasonably
satisfactory to the Administrative Agent and the Borrower pursuant to which, inter alia, any Lien that is
intended to be subordinated to the Lien securing the Obligations, is so subordinated.
“Laws”: collectively, all international, foreign, Federal, state and local statutes, treaties, rules,
guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities,
including the interpretation or administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case having the force of law.
“L/C Commitment”: $1,375,000,000.
“L/C Fee Payment Date”: the last day of each March, June, September and December and the
last Business Day of the Revolving Commitment Period for any Class of Revolving Commitments with
risk participations in Letters of Credit.
“L/C Obligations”: at any time, an amount equal to the sum of (a) the aggregate then undrawn
and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings
under Letters of Credit that have not then been reimbursed pursuant to Section 3.5.
“L/C Participants”: with respect to any Letter of Credit, the collective reference to all Revolving
Lenders with Revolving C Commitments other than the Issuing Lender that issued such Letter of Credit.
- 21- |
| “Level I Status”: is as defined in the definition of “Applicable Margin”.
“Level II Status”: is as defined in the definition of “Applicable Margin”.
“Lender Participation Notice”: as defined in Section 2.8(b)(iii).
“Lenders”: as defined in the preamble hereto.
“Lender Recipient Party” means collectively, the Lenders, the Swingline Lender and the Issuing
Lenders.
“Letters of Credit”: as defined in Section 3.1(a).
“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge or other security interest or any preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale
or other title retention agreement and any finance lease having substantially the same economic effect as
any of the foregoing).
“Limited Condition Acquisition”: any acquisition, including by way of merger, by the Borrower
or one or more of its Subsidiaries permitted pursuant to this Agreement the consummation of which is
not conditioned upon the availability of, or on obtaining, third party financing.
“Loan”: any loan made or held by any Lender pursuant to this Agreement.
“Loan Documents”: this Agreement, each Incremental Activation Notice (but, in the case of an
Incremental Activation Notice with respect to Escrow Incremental Term Loans, solely from and after the
occurrence of the Escrow Assumption with respect to such Escrow Incremental Term Loans), the
Guarantee and Collateral Agreement, the Notes, the Restatement Agreement, Amendment No. 1,
Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 55, Amendment No. 6 and
any other agreements, documents or instruments to which any Loan Party is party and which is
designated as a Loan Document.
“Loan Parties”: Holdings, the Borrower and each Subsidiary of the Borrower that is a party to a
Loan Document.
“Majority Facility Lenders”: with respect to (i) the Revolving Facility, Lenders holding more
than 50% of the Total Revolving Extensions of Credit (or prior to any termination of the Total Revolving
Commitments, the holders of more than 50% of the Total Revolving Commitments) and (ii) any Class of
Term Loans, Lenders holding more than 50% of such Class of Term Loans.
“Material Acquisition”: has the meaning set forth in Section 1.2(f).
“Material Adverse Effect”: a material adverse effect on (a) the business, property, operations or
condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole or (b) the validity
or enforceability of any material provision of this Agreement or any of the other Loan Documents or the
rights or remedies of the Administrative Agent or the Lenders hereunder or thereunder.
“Material Disposition”: has the meaning set forth in Section 1.2(f).
“Maximum Tender Condition”: as defined in Section 2.23(b).
- 22- |
| “Minimum Tender Condition”: as defined in Section 2.23(b).
“Multiemployer Plan”: a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.
“New York UCC”: the Uniform Commercial Code as from time to time in effect in the State of
New York.
“Non-Excluded Taxes”: as defined in Section 2.17(a).
“Non-Facility Letters of Credit”: any letters of credit issued for the account of the Borrower or
any of its Subsidiaries (i) by any Lender (or any Affiliate of any Lender) obtained other than pursuant to
this Agreement or (ii) by any other Person from time to time designated by the Borrower in writing to the
Administrative Agent (provided that it is understood and agreed that each Person designated pursuant to
this clause (ii), by accepting the benefits of such designation under the Loan Documents, shall be deemed
to (x) have irrevocably designated and appointed the Administrative Agent as the agent and “collateral
agent” of such Person for all purposes under the applicable Loan Documents and (b) be bound by the
provisions of Sections 9, 10.2, 10.5, 10.11 and 10.12 of this Agreement).
“Non-Recourse Subsidiary”: any Subsidiary of the Borrower that subsequent to the Restatement
Effective Date is designated in writing as a Non-Recourse Subsidiary by the Borrower pursuant to a
certificate signed by a Responsible Officer of the Borrower to the Administrative Agent (which
certificate shall state that the conditions to designating such Subsidiary as a Non-Recourse Subsidiary set
forth in this definition are satisfied) unless and until it has subsequently been designated in writing as a
“Subsidiary” by the Borrower pursuant to a certificate signed by a Responsible Officer of the Borrower
to the Administrative Agent (which certificate shall state that the conditions to designating such
Non-Recourse Subsidiary as a “Subsidiary” set forth in this definition are satisfied). The Borrower may
designate a Subsidiary as a Non-Recourse Subsidiary only if, after giving effect thereto, (x) no Default or
Event of Default would occur, (y) the Borrower and its Subsidiaries are in compliance with the
Non-Recourse Subsidiary Cap and (z) such Subsidiary does not own any Equity Interests of any other
Subsidiary of the Borrower (other than another Non-Recourse Subsidiary). The designation of a
Subsidiary as a Non-Recourse Subsidiary shall be deemed to be an Investment by the Borrower in a
Person that is not a Subsidiary in an amount equal to the fair market value of the Borrower’s and its
Subsidiaries Investments in such Subsidiary at the time of such designation. The Borrower may
designate a Non-Recourse Subsidiary as a Subsidiary only if, after giving effect thereto, no Default or
Event of Default would occur. The designation of a Non-Recourse Subsidiary as a Subsidiary shall be
deemed to be a return of Investment to the Borrower equal to the fair market value of the Non-Recourse
Subsidiary so designated as Subsidiary at the time of such designation. It is understood that
Non-Recourse Subsidiaries shall be disregarded for the purposes of any calculation pursuant to this
Agreement relating to financial matters with respect to the Borrower (other than the Non-Recourse
Subsidiary Cap).
“Non-Recourse Subsidiary Cap”: as of the last day of any Test Period, Non-Recourse
Subsidiaries shall not account for greater than (x) 2025% of the total assets of the Borrower and its
Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date or (y) 2025%
of Consolidated Operating Cash Flow, calculated in the case of this clause (y) (and notwithstanding
anything in the definition thereof to the contrary including any exclusion of financial results of a
Non-Recourse Subsidiary) with respect to the Borrower and its Subsidiaries on a consolidated basis, as of
such date.
“Non-U.S. Lender”: as defined in Section 2.17(d).
- 23- |
| “Notes”: the collective reference to any promissory note evidencing Loans.
“Notice of Borrowing”: an irrevocable notice of borrowing, substantially in the form of Exhibit
E or such other form as may be approved by the Administrative Agent (including any form on an
electronic platform or electronic transmission system as shall be approved by the Administrative Agent),
appropriately completed and signed by a Responsible Officer of the Borrower, to be delivered in
connection with each extension of credit hereunder.
“Obligations”: as defined in the Guarantee and Collateral Agreement.
“Offered Loans”: as defined in Section 2.8(b)(iii)
“Offered Prepayment Option Notice”: as defined in Section 2.8(b)(v).
“Offered Range”: as defined in Section 2.8(b)(ii).
“Offered Voluntary Prepayment”: as defined in Section 2.8(b)(i).
“Offered Voluntary Prepayment Notice”: as defined in Section 2.8(b)(v).
“Other Taxes”: any and all present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies arising from any payment made hereunder or from the execution,
delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document,
except any such taxes that are imposed with respect to an assignment (other than an assignment pursuant
to Section 2.20) and which are a result of a present or former connection between such Lender and the
jurisdiction of the Governmental Authority imposing such tax (other than any such connection arising
solely from such Lender having executed, delivered or performed its obligations or received a payment
under, received or perfected a security interest under, engaged in any other transaction pursuant to, or
enforced, this Agreement or any other Loan Document).
“Participant”: as defined in Section 10.6(c)(i).
“Partnership Agreements”:
(i) the Bright House Acquisition Agreement and those documents listed in the
definition of “Transaction Agreements” as set forth in the Bright House Acquisition Agreement,
(ii) the Tax Receivables Agreement, dated as May 18, 2016, by and among
Advance/Newhouse Partnership, CCI and CCH II, LLC, as such agreement may be amended
from time to time in accordance with its terms,
(iii) the Amended and Restated Limited Liability Company Agreement of Charter
Holdings, by and among CCI, the other Charter Member (as defined therein),
Advance/Newhouse Partnership and CCH, dated as of May 18, 2016, as such agreement may be
amended from time to time in accordance with its terms and
(iv) similar partnership agreements (as determined by the Borrower in good faith)
entered into from time to time by direct or indirect parent entities of the Borrower.
“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title
IV of ERISA (or any successor).
- 24- |
| “Permitted Debt Exchange”: as defined in Section 2.23(a).
“Permitted Debt Exchange Notes”: as defined in Section 2.23(a).
“Permitted Debt Exchange Offer”: as defined in Section 2.23(a).
“Permitted Securitization Financing”: any financing arrangement or factoring of Securitization
Assets by the Borrower or any Subsidiary or any securitization facility of any Securitization Subsidiary
of the Borrower, in each case, the obligations of which are non-recourse (except for Standard
Securitization Undertakings) to the Borrower or any Subsidiary (other than any Securitization
Subsidiary) in connection therewith.
“Person”: an individual, partnership, corporation, limited liability company, business trust, joint
stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity
of whatever nature.
“Plan”: at a particular time, any employee benefit plan that is covered by Title IV of ERISA and
in respect of which a Loan Party or a Commonly Controlled Entity is (or, if such plan were terminated at
such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section
3(5) of ERISA.
“Platform”: as defined in Section 6.1.
“Pole Agreement”: any pole attachment agreement or underground conduit use agreement
entered into in connection with the operation of any cable distribution system owned or acquired by the
Borrower or any of its Subsidiaries which receives audio, video, digital, other broadcast signals or
information or telecommunications by cable, optical, antennae, microwave or satellite transmission and
which amplifies and transmits such signals to customers of the Borrower or any of its Subsidiaries.
“Pre-Existing Debt”: any Indebtedness issued by any Person that subsequently becomes a
Guarantor.
“Prime Rate”: the rate of interest per annum publicly announced from time to time by the
Administrative Agent as its prime rate in effect at its principal office in New York City (the Prime Rate
not being intended to be the lowest rate of interest charged by the Administrative Agent in connection
with extensions of credit to debtors).
“Properties”: as defined in Section 4.17(a).
“Proposed Offered Prepayment Amount”: as defined in Section 2.8(b)(ii).
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor,
as any such exemption may be amended from time to time.
“Qualified Parent Company”: CCI or any of its direct or indirect Subsidiaries, in each case
provided that the Borrower shall be a direct or indirect Subsidiary of such Person.
“Qualifying Lenders”: as defined in Section 2.8(b)(iv).
“Qualifying Loans”: as defined in Section 2.8(b)(iv).
- 25- |
| “Rating Agencies” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P
or Fitch ceases to provide a rating or fails to make a rating of CCI publicly available for reasons outside
of CCI’s control, a “nationally recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act, as amended, selected by CCI (as certified by a resolution of
CCI’s Board of Directors) as a replacement agency for Moody’s, S&P or Fitch, or all, as the case may be,
that is reasonably acceptable to the Administrative Agent.
“Ratings Decline Period” means the period that (i) begins on the earlier of (a) the date of the first
public announcement of the occurrence of a transaction that, if consummated, would constitute a Change
of Control and (b) the occurrence of such Change of Control and (ii) ends 90 days following
consummation of such Change of Control; provided that such period shall be extended for so long as the
rating of the Ratings Entity, as noted by the applicable Rating Agency, is under publicly announced
consideration for downgrade by the applicable Rating Agency.
“Ratings Entity” means (i) for so long as CCI (or the other relevant entity to which the “corporate
family rating” (or equivalent term) applicable to the Borrower has been assigned) directly or indirectly
owns a majority of the common Equity Interests of the Borrower and has not publicly announced a
specific transaction pursuant to which CCI (or such other entity specified above) would cease to own a
majority of the common Equity Interests of the Borrower, CCI (or such other entity specified above) and
(ii) at any time that clause (i) does not apply, any Person whose “corporate family rating” (or equivalent
term) is (or following the consummation of a transaction described in clause (i), will be) determined
based expressly in whole or part on the fact that the Borrower is part of such Person’s “corporate family
rating” (or equivalent term).
“Ratings Event” means any of the following:
(i) (x) (A) in the event that the Ratings Entity is the same both before and after the
commencement of the applicable Ratings Decline Period, a downgrade by one or more
gradations (including gradations within ratings categories as well as between rating categories)
or withdrawal of the “corporate family rating” (or equivalent term) of the Ratings Entity within
the Ratings Decline Period by one or more Rating Agencies (unless the applicable Rating
Agency shall have put forth a written statement to the effect that such downgrade is not
attributable in whole or in part to the applicable Change of Control) or (B) in the event that the
Ratings Entity immediately after the commencement of the applicable Ratings Decline Period is
a Person other than the Ratings Entity immediately prior to the commencement of such Ratings
Decline Period, such Ratings Entity has a “corporate family rating” (or equivalent term) lower
than the “corporate family rating” (or equivalent term) of the Ratings Entity immediately prior to
the commencement of such Ratings Decline Period and (y) following any such downgrade, the
Ratings Entity does not have a “corporate family rating” (or equivalent term) that is an
Investment Grade Rating from any Rating Agency; or
(ii) the Ratings Entity does not have a “corporate family rating” (or equivalent term)
of at least B1 from Moody’s and at least B+ from S&P and B+ from Fitch (or the equivalent
ratings in the case of any other Rating Agency), in each case, with a stable or positive outlook, at
the time of the applicable Change of Control or at any time thereafter until the termination of the
applicable Ratings Decline Period; or
(iii) the Ratings Entity does not have a “corporate family rating” (or equivalent
rating) from at least two Ratings Agencies at the time of the applicable Change of Control or at
any time thereafter until the termination of the applicable Ratings Decline Period.
- 26- |
| “Refinancing Term Loan”: any Incremental Term Loan that is designated as a “Refinancing
Term Loan” pursuant to the applicable Incremental Activation Notice.
“Refunded Swingline Loans”: as defined in Section 2.5(b).
“Register”: as defined in Section 10.6(b)(iv).
“Regulated Subsidiary”: any Subsidiary that is prohibited, in connection with telephony licenses
issued to it, from becoming a Loan Party by reason of the requirement of consent from any Governmental
Authority, but only for so long as such consent has not been obtained.
“Regulation U”: Regulation U of the Board as in effect from time to time.
“Reimbursement Obligation”: the obligation of the Borrower to reimburse the relevant Issuing
Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit.
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners,
directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s
Affiliates.
“Release”: an authorization and/or evidence of release of specified Collateral, substantially in the
form of Exhibit F.
“Replacement Term Loan”: any term loan borrowed following the Restatement Effective Date
pursuant to Section 2.1(j).
“Replacement Term Maturity Date”: with respect to the Replacement Term Loans to be made
pursuant to any Incremental Activation Notice, the final maturity date specified in such Incremental
Activation Notice.
“Reportable Event”: any of the events set forth in Section 4043(c) of ERISA, other than those
events as to which the thirty day notice period is waived under applicable regulations.
“Repricing Transaction”: (a) except in connection with a transaction constituting a Change of
Control or Material Acquisition, the incurrence by the Borrower of any term loans (including, without
limitation, any new or additional term loans under this Agreement) having an Effective Yield that is less
than the Effective Yield for the Term B-45 Loans, the proceeds of which are used to prepay (or, in the
case of a conversion, deemed to prepay or replace), in whole or in part, outstanding principal of Term
B-45 Loans or (b) any effective reduction in the Effective Yield for the Term B-45 Loans by way of
amendment of this Agreement.
“Required Lenders”: at any time, the holders of more than 50% of the sum of (a) the aggregate
unpaid principal amount of the Term Loans then outstanding and (b) the Total Revolving Commitments
then in effect or, if the Total Revolving Commitments shall have expired or been terminated, the Total
Revolving Extensions of Credit then outstanding; provided that this definition is subject to Section
2.14(b).
“Requirement of Law”: as to any Person, the certificate of incorporation and bylaws or other
organizational or governing documents of such Person, and any law, treaty, rule or regulation or
determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or
binding upon such Person or any of its property or to which such Person or any of its property is subject.
- 27- |
| “Rescindable Amount” has the meaning as defined in Section 2.12(b)(ii)
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK
Financial Institution, a UK Resolution Authority.
“Responsible Officer”: the chief executive officer, president, chief financial officer, principal
accounting officer, senior vice president – corporate finance and development, treasurer or any other
financial officer of the Borrower, or any other officer or employee of the applicable Loan Party
designated in or pursuant to an agreement between the applicable Loan Party and the Administrative
Agent.
“Restatement Agreement”: the Restatement Agreement, dated as of April 26, 2019, by and
among the Loan Parties, the Administrative Agent and the other parties thereto.
“Restatement Effective Date”: as defined in the Restatement Agreement.
“Revolving B Commitment”: as to any Revolving Lender, the obligation of such Lender to make
Revolving Loans and participate in Swingline Loans and Letters of Credit in an aggregate principal
and/or face amount not to exceed the amount set forth opposite such Lender’s name under the heading
“Revolving B Commitment” on Schedule 1 to the Amendment No. 2,6, in each case as the same may be
changed from time to time pursuant to the terms hereof (including as a result of any Assignment and
Assumption to which such Lender is a party or the establishment of any Extended Revolving
Commitments). The aggregate amount of the Revolving B Commitments on the Amendment No. 6
Effective Date is $960,325,000.00.
“Revolving C Commitment”: as to any Revolving Lender, the obligation of such Lender to make
Revolving Loans and participate in Swingline Loans and Letters of Credit in an aggregate principal
and/or face amount not to exceed the amount set forth opposite such Lender’s name under the heading
“Revolving C Commitment” on Schedule 1 to the Amendment No. 6, in each case as the same may be
changed from time to time pursuant to the terms hereof (including as a result of any Assignment and
Assumption to which such Lender is a party or the establishment of any Extended Revolving
Commitments). The aggregate amount of the Revolving BC Commitments on the Amendment No. 26
Effective Date is $5,500,000,000. 5,500,000,000.00.
“Revolving Commitment”: as to any Revolving Lender, such Lender’s Revolving B
Commitment, Revolving C Commitment and/or Extended Revolving Commitment, as applicable in each
case as the same may be changed from time to time pursuant to the terms hereof (including as a result of
any Assignment and Assumption to which such Lender is a party or the establishment of any Extended
Revolving Commitments).
“Revolving Commitment Period”: with respect to any Revolving Commitment, the period ending
on the Revolving Termination Date for such Revolving Commitment.
“Revolving Extensions of Credit”: as to any Revolving Lender at any time under any Class of
Revolving Commitments, an amount equal to the sum of (a) the aggregate principal amount of all
Revolving Loans held by such Lender then outstanding made pursuant to such Class of Revolving
Commitments, (b) such Lender’s Revolving Percentage of the L/C Obligations in respect of each Letter
of Credit then outstanding pursuant to such Revolving Commitments and (c) such Lender’s Revolving
Percentage of the aggregate principal amount of Swingline Loans then outstanding under such Revolving
Commitments.
- 28- |
| “Revolving Facility”: the Revolving Commitments and the Revolving Extensions of Credit.
“Revolving Lender”: each Lender that has a Revolving Commitment or that holds Revolving
Loans or is an Issuing Lender or Swingline Lender.
“Revolving Loans”: as defined in Section 2.1(ef).
“Revolving Percentage”: as to any Revolving Lender with any Class of Revolving Commitments
at any time, the percentage which such Lender’s Revolving Commitment of such Class then constitutes
of the aggregate Revolving Commitments of such Class (or, at any time after the aggregate Revolving
Commitments of such Class shall have expired or terminated, the percentage which the aggregate
outstanding amount of such Lender’s Revolving Extensions of Credit under such Class of Revolving
Commitments then outstanding constitutes of the aggregate outstanding amount of the Revolving
Extensions of Credit made pursuant to such Class of Revolving Commitments then outstanding);
provided that with respect to participations in Letters of Credit and Swingline Loans and fees and interest
thereon, the Revolving Percentages shall be calculated treating all Revolving Commitments as a single
Class of Revolving Commitments. In addition to adjustments pursuant to assignments, the Revolving
Percentages of the Revolving Lenders shall be subject to adjustment (i) on each Revolving Termination
Date, (ii) with respect to participations in Letters of Credit and Swingline Loans, as contemplated by
Section 2.21, (iii) on each date on which Extended Revolving Commitments are established; provided
that if any Letter of Credit (a “Later Expiring Letter of Credit”) is at any time issued and outstanding
with an expiration date that is after any Revolving Termination Date for any then outstanding Revolving
Commitment, then the Revolving Percentage of each Revolving Lender for purposes of calculating its
Revolving Percentage of any L/C Obligations in respect of each Later Expiring Letter of Credit shall be
recomputed by assuming that each Revolving Commitment with a Revolving Termination Date that is on
or prior to the expiration date of such Later Expiring Letter of Credit had been terminated.
“Revolving Termination Date”: (i) with respect to any Revolving B Commitment in effect on the
Amendment No. 26 Effective Date, August 31, 2027, and (ii) with respect to any Revolving C
Commitment in effect on the Amendment No. 6 Effective Date, March 15, 2030, and (iii) with respect to
any Extended Revolving Commitment established following the Amendment No. 26 Effective Date, the
date specified as such in the applicable Incremental Activation Notice.
“Scheduled Unavailability Date”: as defined in Section 2.14(c)(2).
“SEC”: the Securities and Exchange Commission, any successor thereto and any analogous
Governmental Authority.
“Secured Parties”: as defined in the Guarantee and Collateral Agreement.
“Securities Act” means the Securities Act of 1933.
“Securitization”: a public or private offering by a Lender or any of its Affiliates or their
respective successors and assigns, of securities which represent an interest in, or which are collateralized,
in whole or in part, by the Loans.
“Securitization Assets” means accounts receivable, loans, mortgages, royalties, other rights to
payment, supporting obligations therefor, proceeds therefrom and other related assets customarily
disposed of or pledged in connection with non-recourse receivables financings or factorings or
securitization facilities (as determined in good faith by the Borrower).
- 29- |
| “Securitization Subsidiary” means any Subsidiary formed by the Borrower or any of its other
Subsidiaries solely for purposes of consummating any Permitted Securitization Financing and which
holds no material assets other than Securitization Assets and which is engaged in no material activities
other than those related to such Permitted Securitization Financing.
“Series”: Incremental Term Loans, Extended Term Loans and/or Replacement Term Loans, as
applicable, that are established pursuant to a single Incremental Activation Notice and provide for the
same terms unless such Incremental Activation Notice provides that such Incremental Term Loans,
Extended Term Loans and/or Replacement Term Loans shall be a part of a previously established Class
of Term Loans.
“Shell Subsidiary”: any Subsidiary of the Borrower that is a “shell” company having (a) assets
(either directly or through any Subsidiary or other Equity Interests) with an aggregate value not
exceeding $25,000,00050,000,000 and (b) no operations.
“Significant Subsidiary”: (a) any Wholly Owned Subsidiary (or group of Wholly Owned
Subsidiaries, when taken together), that would be considered a “Significant Subsidiary” as defined in
Rule 1-02(w) of Regulation S-X under the Securities Act and (b) in addition, with respect to the
Borrower, Charter Communications Operating Capital Corp., a Delaware corporation.
“Single Employer Plan”: any Plan that is covered by Title IV of ERISA, but that is not a
Multiemployer Plan.
“SOFR”: means the Secured Overnight Financing Rate as administered by the Federal Reserve
Bank of New York (or a successor administrator).
“Solvent”: when used with respect to any Person, means that, as of any date of determination,
(a) the amount of the “present fair saleable value” of the assets of such Person will, as of such date,
exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such
quoted terms are determined in accordance with applicable federal and state laws governing
determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such
Person will, as of such date, be greater than the amount that will be required to pay the liability of such
Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such
date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person
will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on
a “claim”, and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal,
equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such
breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to
judgment, fixed or contingent, matured or unmatured, disputed or undisputed, or secured or unsecured.
“Specified Cash Management Agreement”: any agreement providing for treasury, depositary or
cash management services, including in connection with any automated clearing house transfers of funds
and commercial card exposure, or any similar transactions between the Borrower or any of its
Subsidiaries and (a) any Lender or Affiliate thereof (or any Person that was a Lender or an Affiliate of a
Lender at the time any such agreement was entered into) or (b) any other Person from time to time
designated by the Borrower in writing to the Administrative Agent (provided that it is understood and
agreed that each Person designated pursuant to this clause (b), by accepting the benefits of such
designation under the Loan Documents, shall be deemed to (x) have irrevocably designated and
appointed the Administrative Agent as the agent and “collateral agent” of such Person for all purposes
- 30- |
| under the applicable Loan Documents and (b) be bound by the provisions of Sections 9, 10.2, 10.5, 10.11
and 10.12 of this Agreement).
“Specified Excluded Subsidiary”:
(i) any Foreign Subsidiary,
(ii) any Shell Subsidiary,
(iii) any Excluded Acquired Subsidiary,
(iv) any Regulated Subsidiary
(v) any Subsidiary that (a) is prohibited by any applicable requirement of law, rule,
regulation or regulatory decision of any Governmental Authority from becoming a Guarantor or
granting Collateral or (b) would require governmental (including regulatory) consent, approval,
license or authorization to become a Guarantor or grant Collateral unless such consent, approval,
license or authorization has been received (provided that nothing herein shall create an obligation
to seek any such consent, approval, license or authorization),
(vi) any Subsidiary that is not a Wholly Owned Subsidiary at the time it becomes a
Subsidiary (for so long as it is not a Wholly Owned Subsidiary),
(vii) any Subsidiary acquired on or after the Restatement Effective Date that is
prohibited from becoming a Guarantor by any contract existing on the date such Subsidiary
became a Subsidiary to the extent such contract was not created in contemplation thereof,
(viii) any Subsidiary that is regulated as an insurance company,
(ix) any not-for-profit subsidiary,
(x) any Securitization Subsidiary,
(xi) any Non-Recourse Subsidiary, and
(xii) any Foreign Holding Company.
“Specified Hedge Agreement”: any Hedge Agreement (i) entered into by the Borrower or any of
its Subsidiaries with any Person that (a) is a Lender or an Affiliate of a Lender at the time such Hedge
Agreement is entered into or (b) any other Person from time to time designated by the Borrower in
writing to the Administrative Agent (provided that it is understood and agreed that each Person
designated pursuant to this clause (b), by accepting the benefits of such designation under the Loan
Documents, shall be deemed to (x) have irrevocably designated and appointed the Administrative Agent
as the agent and “collateral agent” of such Person for all purposes under the applicable Loan Documents
and (b) be bound by the provisions of Sections 9, 10.2, 10.5, 10.11 and 10.12 of this Agreement) and (ii)
in the case of Hedge Agreements outstanding on the date hereof, any such Hedge Agreement that was a
“Specified Hedge Agreement” as defined in the Existing Credit Agreement.
“Standard Securitization Undertakings” means representations, warranties, covenants (including
repurchase obligations) and indemnities entered into by the Borrower or any Subsidiary of the Borrower
that the Borrower has determined in good faith are customary for “non-recourse” accounts receivables
financings or factoring or securitization financings.
- 31- |
| “Subsidiary”: as to any Person, a corporation, partnership, limited liability company or other
entity of which shares of stock or other ownership interests having ordinary voting power (other than
stock or such other ownership interests having such power only by reason of the happening of a
contingency) to elect a majority of the board of directors or other managers of such corporation,
partnership or other entity are at the time owned, or the management of which is otherwise controlled,
directly or indirectly, through one or more intermediaries, or both, by such Person; provided that
Non-Recourse Subsidiaries shall be deemed not to constitute “Subsidiaries” for the purposes of this
Agreement (other than the definition of “Non-Recourse Subsidiary”, the definition of “Non-Recourse
Subsidiary Cap” and Section 6.1). Unless otherwise qualified, all references to a “Subsidiary” or to
“Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.
“Subsidiary Guarantor”: each Subsidiary of the Borrower other than any Specified Excluded
Subsidiary or, at the option of the Borrower, any De Minimis Subsidiary, in each case to the extent that
such Person has become a “Grantor” under the Guarantee and Collateral Agreement.
“Successor Rate”: as defined in Section 2.14(c).
“Swingline Commitment”: the obligation of the Swingline Lender to make Swingline Loans
pursuant to Section 2.4 in an aggregate principal amount at any one time outstanding not to exceed
$750,000,000.
“Swingline Lender”: the Administrative Agent, in its capacity as the lender of Swingline Loans.
“Swingline Loans”: as defined in Section 2.4.
“Swingline Participation Amount”: as defined in Section 2.5(c).
“Syndication Agents”: the entities identified as such on the cover of this Agreement immediately
prior to the Amendment No. 2 Effective Date.Amendment No. 2 Effective Date.
“Term A-5 Additional Commitment”: with respect to each Lender, the commitment of such
Lender to make a Term A-5 Loan on the Amendment No. 2 Effective Date in an aggregate principal
amount equal to the amount set forth opposite such Lender’s name on Schedule I to Amendment No. 2.
“Term A-6Lender, the commitment of such Lender to make a Term A-5 Loan on the Amendment
No. 2 Effective Date in an aggregate principal amount equal to the amount set forth opposite such
Lender’s name on Schedule I to Amendment No. 2.
“Term A-7 Additional Commitment”: with respect to each Lender, the commitment of such
Lender to make a Term A-6 Loan on the Amendment No. 2 Effective Date in an aggregate principal
amount equal to the amount set forth opposite such Lender’s name on Schedule I to Amendment No. 2.
“Term A-5 Lender”: any Lender that holds a Term A-5 Loan.
“Term A-6 Lender”: any Lender that holds a Term A-6 Loan.
“Term A-4 Loan”: as defined in the Existing Credit Agreement.Term A-7 Additional Lender, the
commitment of such Lender to make a Term A-7 Loan on the Amendment No. 6 Effective Date in an
aggregate principal amount equal to the amount set forth opposite such Lender’s name on Schedule I to
Amendment No. 6.
- 32- |
| “Term A-7 Additional Lender”: means each Lender identified as such in Amendment No. 6.
“Term A-6 Commitment”: with respect to each Lender, the commitment of such Lender to make
a Term A-6 Loan on the Amendment No. 2 Effective Date in an aggregate principal amount equal to the
amount set forth opposite such Lender’s name on Schedule I to Amendment No. 2.
“Term A-5 Lender”: any Lender that holds a Term A-5 Loan.
“Term A-6 Lender”: any Lender that holds a Term A-6 Loan.
“Term A-7 Lender”: any Lender that holds a Term A-7 Loan.
“Term A-5 Loan”: each loan designated as a “Term A-5 Loan” made on the Amendment No. 2
Effective Date.
“Term A-5 Loan”: as defined in Section 2.1(c)(2).6 Loan”: each loan designated as a “Term A-6
Loan” made on the Amendment No. 2 Effective Date..
“Term A-67 Loan”: as defined in Section 2.1(c)(34).
“Term A-5 Maturity Date:” August 31, 2027.
“Term A-6 Maturity Date:” August 31, 2028.
“Term B Lender”: any Lender that holds a Term B Loan.A-7 Maturity Date: March 15, 2030.
“Term B Loan” as defined in the Existing Credit Agreement.
“Term B-1 Additional Commitment”: with respect to each Lender, the commitment of such
Lender to make a Term B-1 Loan on the Amendment No. 1 Effective Date in an aggregate principal
amount equal to the amount set forth opposite such Lender’s name on Schedule I to Amendment No. 1.
“Term B-1 Lender”: any Lender that holds a Term B-1 Loan.
“Term B-1 Loan”: as defined in Section 2.1(d)(1).
“Term B-1 Maturity Date”: April 30, 2025.
“Term B-2 Additional Commitment”: with respect to each Lender, the commitment of such
Lender to make a Term B-2 Loan on the Amendment No. 1 Effective Date in an aggregate principal
amount equal to the amount set forth opposite such Lender’s name on Schedule I to Amendment No. 1.
“Term B-2 Lender”: any Lender that holds a Term B-2 Loan.
“Term B-2 Loan”: as defined in Section 2.1(d)(2). each loan designated as a “Term B-2 Loan”
made on the Amendment No. 1 Effective Date.
“Term B-2 Maturity Date”: February 1, 2027.
“Term B-3 Commitment”: with respect to each Lender, the commitment of such Lender to make
a Term B-3 Loan on the Amendment No. 4 Effective Date in an aggregate principal amount equal to the
amount set forth opposite such Lender’s name on Schedule A to Amendment No. 4.
- 33- |
| “Term B-3 Lender”: any Lender that holds a Term B-3 Loan.
“Term B-3 Loan”: as defined in Section 2.1(d)(3).each loan designated as a “Term B-3 Loan”
made on the Amendment No. 4 Effective Date.
“Term B-3 Maturity Date”: March 31, 2030.
“Term B-4 Additional Commitment”: with respect to each Lender, the commitment of such
Lender to make a Term B-4 Loan on the Amendment No. 5 Effective Date in an aggregate principal
amount equal to the amount set forth opposite such Lender’s name on Schedule I to Amendment No. 5.
“Term B-4 Additional Lender”: means each Lender identified as such in Amendment No. 5.
“Term B-4 Lender”: any Lender that holds a Term B-4 Loan.
“Term B-4 Loan”: as defined in Section 2.1(d)(4). each loan designated as a “Term B-4 Loan”
made on the Amendment No. 5 Effective Date.
“Term B-4 Maturity Date”: December 7, 2030.
“Term Lender”: any Lender that holds a Term Loan.B-5 Additional Commitment”: with respect
to each Lender, the commitment of such Lender to make a Term B-5 Loan on the Amendment No. 6
Effective Date in an aggregate principal amount equal to the amount set forth opposite such Lender’s
name on Schedule I to Amendment No. 6.
“Term B-5 Additional Lender”: means each Lender identified as such in Amendment No. 6.
“Term B-5 Lender”: any Lender that holds a Term B-5 Loan.
“Term B-5 Loan”: as defined in Section 2.1(d)(5).
“Term B-5 Maturity Date”: December 15, 2031.
“Term Lender”: any Lender that holds a Term Loan.
“Term Loan”: Term A-5 Loan, Term A-6 Loan, Term BTerm A-7 Loan, Term B-1 Loan, Term
B-2 Loan, Term B-3 Loan, Term B-4 Loan, Term B-5 Loan, Extended Term Loan, Replacement Term
Loan or Incremental Term Loan; provided that no Escrow Incremental Term Loan shall be deemed to be
a Term Loan outstanding hereunder until the Escrow Assumption with respect thereto shall have
occurred.
“Term Maturity Date”: with respect to:
(i) the Term A-5 Loans, the Term A-5 Maturity Date,
(ii) the Term A-6 Loans, the Term A-6 Maturity Date,
(i) (iii) the Term BA-15 Loans, the Term BA-15 Maturity Date,
(ii) the Term A-6 Loans, the Term A-6 Maturity Date,
(iii) the Term A-7 Loans, the Term A-7 Maturity Date,
- 34- |
| (iv) the Term B-2 Loans, the Term B-2 Maturity Date,
(v) the Term B-3 Loans, the Term B-3 Maturity Date,
(vi) the Term B-4 Loans, the Term B-4 Maturity Date,
(vii) the Term B-5 Loans, the Term B-5 Maturity Date,
(viii) the Incremental Term Loans of any other Series, the Incremental Term Maturity
Date for such Series,
(ix) (viii) the Extended Term Loans of any Series, the Extended Term Maturity Date
for such Series and
(x) (ix) the Replacement Term Loans of any Series, the Replacement Term Maturity
Date for such Series.
“Term SOFR” means, for any Interest Period with respect to a Term SOFR Loan, the rate per
annum equal to the Term SOFR Screen Rate two U.S. Government Securities Business Days prior to the
commencement of such Interest Period with a term equivalent to such Interest Period; provided that if the
rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term
SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto, in
each case, for such Interest Period.
“Term SOFR Loan” means a Loan that bears interest at a rate based on the definition of Term
SOFR.
“Term SOFR Screen Rate” means the forward-looking SOFR term rate administered by CME (or
any successor administrator satisfactory to the Administrative Agent) and published on the applicable
Reuters screen page (or such other commercially available source providing such quotations as may be
designated by the Administrative Agent from time to time).
“Term SOFR Tranche”: the collective reference to Term SOFR Loans of a particular Class, the
then current Interest Periods with respect to all of which begin on the same date and end on the same
later date (whether or not such Loans shall originally have been made on the same day).
“Threshold Amount”: $2,500,000,000.5,000,000,000.
“Total Assets”: the total assets of the Borrower and its Subsidiaries on a consolidated basis in
accordance with GAAP, as shown on the most recent balance sheet of the Borrower delivered pursuant to
Section 6.1(a) or (b).
“Total Revolving Commitments”: at any time, the aggregate amount of the Revolving
Commitments then in effect.
“Total Revolving Extensions of Credit”: at any time, the aggregate amount of the Revolving
Extensions of Credit outstanding at such time.
“Transferee”: any Assignee or Participant.
“Type”: as to any Loan, its nature as an ABR Loan or a Term SOFR Loan.
- 35- |
| “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the
PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential
Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time
to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit
institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative
authority having responsibility for the resolution of any UK Financial Institution.
“United States”: the United States of America.
“U.S. Government Securities Business Day” means any Business Day, except any Business Day
on which any of the Securities Industry and Financial Markets Association, the New York Stock
Exchange or the Federal Reserve Bank of New York is not open for business because such day is a legal
holiday under the federal laws of the United States or the laws of the State of New York, as applicable.
“Wholly Owned Subsidiary”: as to any Person, any other Person all of the Equity Interests of
which (other than directors’ qualifying shares required by law) are owned by such Person directly or
through other Wholly Owned Subsidiaries or a combination thereof.
“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.
1.2. Other Definitional Provisions; Pro Forma Calculations.
(a) Unless otherwise specified therein, all terms defined in this Agreement shall
have the defined meanings when used in the other Loan Documents or any certificate or other document
made or delivered pursuant hereto or thereto.
(b) As used herein and in the other Loan Documents, and any certificate or other
document made or delivered pursuant hereto or thereto, (i) accounting terms relating to Holdings, the
Borrower and its Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section
1.1, to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable
in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative
meanings), (iv) 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, Equity Interests,
securities, revenues, accounts, leasehold interests, contract rights and any other “assets” as such term is
defined under GAAP and (v) references to agreements or other Contractual Obligations shall, unless
otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended,
supplemented, restated or otherwise modified from time to time.
- 36- |
| (c) Unless otherwise specified herein, the amount of a Letter of Credit at any time
shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided,
however, that with respect to any Letter of Credit that, by its terms or the terms of the Application or an
amendment related thereto, provides for one or more automatic increases in the stated amount thereof,
the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of
Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at
such time.
(d) The words “hereof”, “herein” and “hereunder” and words of similar import when
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise
specified.
(e) The meanings given to terms defined herein shall be equally applicable to both
the singular and plural forms of such terms.
(f) For the purposes of calculating Annualized Operating Cash Flow and
Consolidated Operating Cash Flow for any period (a “Test Period”), (i) if at any time during the period (a
“Pro Forma Period”) commencing on the second day of such Test Period and ending on the last day of
such Test Period (or, in the case of any pro forma calculation made pursuant hereto in respect of a
particular transaction, ending on the date such transaction is consummated and, unless otherwise
expressly provided herein, after giving effect thereto), the Borrower or any Subsidiary shall have made
any Material Acquisition or Material Disposition or (ii) if, during such Pro Forma Period, the Borrower
or any Subsidiary shall have made any Disposition (other than a Material Disposition) or Acquisition
(other than a Material Acquisition), at the option of the Borrower (in the case of this clause (ii)), in each
case of clauses (f)(i) or (ii), the Consolidated Operating Cash Flow for such Test Period shall be revised
by an amount equal to the Consolidated Operating Cash Flow, as applicable, attributable to the property
which is the subject of such Acquisition or Disposition for such Test Period. For the purposes of this
paragraph, pro forma calculations regarding the amount of income or earnings relating to any Disposition
or Acquisition shall in each case be determined in good faith by a Responsible Officer of the Borrower.
As used in this Section 1.2(f), “Acquisition” means any acquisition of property or series of related
acquisitions of property that constitutes assets comprising all or substantially all of an operating unit of a
business or constitutes all or substantially all of the Equity Interests of a Person, “Material Acquisition”
means an Acquisition that involves the payment of Consideration by the Borrower and its Subsidiaries in
excess of $1,000,000,000.00; and “Material Disposition” means any Disposition of property or series of
related Dispositions of property that yields gross proceeds to the Borrower or any of its Subsidiaries in
excess of $1,000,000,000.00.
(g) For avoidance of doubt, in order to determine pursuant to any provision of
Section 7 that no Default or Event of Default results from a particular transaction, pro forma compliance
with Section 7.1 shall be required.[Reserved].
(h) All Loans, Letters of Credit and accrued and unpaid amounts (including interest
and fees) owing by the Borrower to any Person under the Existing Credit Agreement that have not been
paid to such Persons on or prior to the Amendment No. 26 Effective Date shall continue as Loans,
Letters of Credit and accrued and unpaid amounts hereunder on the Amendment No. 26 Effective Date
and shall be payable on the dates such amounts would have been payable pursuant to the Existing Credit
Agreement, and from and after the Amendment No. 26 Effective Date, interest, fees and other amounts
shall accrue as provided under this Agreement.
- 37- |
| (i) Any reference herein to a merger, transfer, consolidation, amalgamation,
consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a
division of or by a limited liability company, or an allocation of assets to a series of a limited liability
company (or the unwinding of such a division or allocation), as if it were a merger, transfer,
consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as
applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a
separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint
venture or any other like term shall also constitute such a Person or entity).
(j) Notwithstanding anything in this Agreement or any Loan Document to the
contrary, when calculating any applicable ratio or determining other compliance with this Agreement
(including the determination of compliance with any provision of this Agreement which requires that no
Default or Event of Default has occurred, is continuing or would result therefrom) in connection with the
incurrence of any Liens (including the granting of equal and ratable security with the Obligations) in
connection with the consummation of a Limited Condition Acquisition, the date of determination of such
ratio and determination of whether any default or event of default has occurred, is continuing or would
result therefrom or other applicable covenant shall, at the option of the Borrower (the Borrower’s
election to exercise such option in connection with any Limited Condition Acquisition, an “LCA
Election”), be deemed to be the date the definitive agreements for such Limited Condition Acquisition
are entered into (the “LCA Test Date”) and if, after such ratios and other provisions are measured on a
pro forma basis after giving effect to such Limited Condition Acquisition and the other transactions to be
entered into in connection therewith as if they occurred at the beginning of the applicable Test Period
ending prior to the LCA Test Date, the Borrower could have taken such action on the relevant LCA Test
Date in compliance with such ratios and provisions, such provisions shall be deemed to have been
complied with. For the avoidance of doubt, (x) if any of such ratios are exceeded as a result of
fluctuations in such ratio (including due to fluctuations in Annualized Operating Cash Flow of the
Borrower) at or prior to the consummation of the relevant Limited Condition Acquisition, such ratios and
other provisions will not be deemed to have been exceeded as a result of such fluctuations solely for
purposes of determining whether the Limited Condition Acquisition is permitted hereunder and (y) such
ratios and other provisions shall not be tested at the time of consummation of such Limited Condition
Acquisition or related transactions. If the Borrower has made an LCA Election for any Limited
Condition Acquisition, then in connection with any subsequent calculation of any ratio (excluding, for
the avoidance of doubt, any ratio contained in Section 7.1) or basket availability with respect to any other
incurrence of Liens on or following the relevant LCA Test Date and prior to the earlier of the date on
which such Limited Condition Acquisition is consummated or the date that the definitive agreement for
such Limited Condition Acquisition is terminated or expires without consummation of such Limited
Condition Acquisition, any such ratio or basket shall be calculated on a pro forma basis assuming such
Limited Condition Acquisition and other transactions in connection therewith have been consummated
until such time as such Limited Condition Acquisition is consummated or the Borrower gives the
Administrative Agent notice that such Limited Condition Acquisition will not be consummated.
1.3. 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 on the first date of its existence by the holders of its Equity Interests at such time.
1.4. Interest Rates. The Administrative Agent does not warrant, nor accept responsibility, nor
shall the Administrative Agent have any liability with respect to the administration, submission or any
other matter related to any reference rate referred to herein or with respect to any rate (including, for the
- 38- |
| avoidance of doubt, the selection of such rate and any related spread or other adjustment) that is an
alternative or replacement for or successor to any such rate (including, without limitation, any Successor
Rate) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any
Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in
transactions or other activities that affect any reference rate referred to herein, or any alternative,
successor or replacement rate (including, without limitation, any Successor Rate) (or any component of
any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner
adverse to the Borrower. The Administrative Agent may select information sources or services in its
reasonable discretion to ascertain any reference rate referred to herein or any alternative, successor or
replacement rate (including, without limitation, any Successor Rate) (or any component of any of the
foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to the
Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect,
special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract
or otherwise and whether at law or in equity), for any error or other action or omission related to or
affecting the selection, determination, or calculation of any rate (or component thereof) provided by any
such information source or service.
SECTION 2 AMOUNT AND TERMS OF COMMITMENTS
2.1. Loans and Commitments.
(a) [Reserved].
(b) [Reserved].
(c)
(1) [Reserved].
(2) [Reserved].
(3) [Reserved].
(4) (2) Subject to the terms and conditions hereof, (i) each Term A-7
Additional Lender with a Term A-5 Additional Commitment severallyTerm A-7 Additional
Commitment agrees to make a loanloan in Dollars (each, a “Term A-57 Loan”; which term shall
include each loanloan converted from a Converted Second Amendment Term A LoanConverted
Term A-5 Loan pursuant to subclause (ii) below) on the Amendment No. 2 Effective
DateAmendment No. 6 Effective Date in an amount equal to its Term A-5 Additional
Commitment and (ii) each Converted Second Amendment Term A Loan of each Lender that has
indicated on its counterpart its election to convert its Converted Second Amendment Term A
Loan to a Term A-5 LoanTerm A-7 Additional Commitment and (ii) the Converted Term A-5
Loan of each Converting Consenting Term A-5 Lender shall be converted into a Term A-5 Loan
of such LenderTerm A-7 Loan of such Lender in the same principal amount as such Converted
Second Amendment Term A Loan on the Amendment No. 2 Effective Date. Converted Term A-5
Loan on the Amendment No. 6 Effective Date.
(d)
(1) [Reserved]
- 39- |
| (2) [Reserved]
(3) [Reserved].
(4) [Reserved].
(5) Subject to the terms and conditions hereof, (i) each Term B-5 Additional
Lender with a Term B-5 Additional Commitment agrees to make a loan in Dollars (each, a “Term
B-5 Loan”; which term shall include each loan converted from a Converted Term B-2 Loan
pursuant to subclause (ii) below) on the Amendment No. 6 Effective Date in an amount equal to
its Term B-5 Additional Commitment and (ii) the Converted Term B-2 Loan of each Converting
Consenting Term B-2 Lender shall be converted into a Term B-5 Loan of such Lender in the
same principal amount as its Converted Term B-2 Loan.
(e) The Term A-5 Loans may from time to time be Term SOFR Loans or ABR
Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with
Sections 2.2 and 2.10.
(f) (3) Subject to the terms and conditions hereof, each Lender with a Term A-6
Commitment severally agrees to make a loan in Dollars (each, a “Term A-6 Loan”) on the Amendment
No. 2 Effective Date in an amount equal to its Term A-6 Commitment. The Term A-6 Loans may from
time to time be Term SOFR Loans or ABR Loans, as determined by the Borrower and notified to the
Administrative Agent in accordance with Sections 2.2 and 2.10.
(d)
(1) Subject to the terms and conditions hereof, (i) each Lender with a Term
B-1 Additional Commitment agrees to make a loan in Dollars (each, a “Term B-1 Loan”; which
term shall include each loan converted from a Converted Term B Loan pursuant to subclause (ii)
below) on the Amendment No. 1 Effective Date in an amount equal to its Term B-1 Additional
Commitment and (ii) each Converted Term B Loan of each Lender that has indicated on its
counterpart its election to convert its Converted Term B Loan to a Term B-1 Loan shall be
converted into a Term B-1 Loan of such Lender in the same principal amount as such Converted
Term B Loan on the Amendment No. 1 Effective Date. The Term B-1 Loans may from time to
time be Term SOFR Loans or ABR Loans, as determined by the Borrower and notified to the
Administrative Agent in accordance with Sections 2.2 and 2.10.
(2) Subject to the terms and conditions hereof, (i) each Lender with a Term
B-2 Additional Commitment agrees to make a loan in Dollars (each, a “Term B-2 Loan”; which
term shall include each loan converted from a Converted Term B Loan pursuant to subclause (ii)
below) on the Amendment No. 1 Effective Date in an amount equal to its Term B-2 Additional
Commitment and (ii) each Converted Term B Loan of each Lender that has indicated on its
counterpart its election to convert its Converted Term B Loan to a Term B-2 Loan shall be
converted into a Term B-2 Loan of such Lender in the same principal amount as such Converted
Term B Loan on the Amendment No. 1 Effective Date. The Term B-2 Loans may from time to
time be Term SOFR Loans or ABR Loans, as determined by the Borrower and notified to the
Administrative Agent in accordance with Sections 2.2 and 2.10.
(3) Subject to the terms and conditions hereof, each Lender with a Term B-3
Commitment agrees to make a loan in Dollars (each, a “Term B-3 Loan”) on the Amendment No.
4 Effective Date in an amount equal to its Term B-3 Commitment. The Term B-3 Loans may
- 40- |
| from time to time be Term SOFR Loans or ABR Loans, as determined by the Borrower and
notified to the Administrative Agent in accordance with Sections 2.2 and 2.10.
(4) Subject to the terms and conditions hereof, (i) each Term B-4 Additional
Lender with a Term B-4 Additional Commitment agrees to make a loan in Dollars (each, a “Term
B-4 Loan”; which term shall include each loan converted from a Converted Fifth Amendment
Term B-1 Loan pursuant to subclause (ii) below) on the Amendment No. 5 Effective Date in an
amount equal to its Term B-4 Additional Commitment and (ii) the Converted Fifth Amendment
Term B-1 Loan of each Converting Consenting Fifth Amendment Term B-4 Lender shall be
converted into a Term B-4 Loan of such Lender in the same principal amount as its Converted
Fifth Amendment Term B-1 Loan . The Term B-4 Loans may from time to time be Term SOFR
Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in
accordance with Sections 2.2 and 2.10.
(e) [Reserved](f) Subject to the terms and conditions hereof, each Revolving
Lender severally agrees to make revolving credit loans in Dollars ( the “Revolving Loans”) to the
Borrower from time to time during the applicable Revolving Commitment Period with respect to such
Lender’s Revolving Commitment of each Class in an aggregate principal amount at any one time
outstanding which, when added to such Lender’s Revolving Percentage of such Class of Revolving
Commitments of the sum of (A) the L/C Obligations then outstanding with respect to each Letter of
Credit and (B) the aggregate principal amount of the Swingline Loans then outstanding, does not exceed
the amount of such Lender’s Revolving Commitment of such Class. During the Revolving Commitment
Period for any Revolving Commitment, the Borrower may use such Revolving Commitment by
borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with
the terms and conditions hereof. The Revolving Loans may from time to time be Term SOFR Loans or
ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with
Sections 2.2 and 2.10.
(g) (1) Following the Restatement Effective Date, the Borrower (or, in the case of
Escrow Incremental Term Loans, the Escrow Borrower) and any one or more Lenders (including Persons
that become Lenders in connection therewith) may from time to time agree that such Lenders shall make
Incremental Term Loans by executing and delivering to the Administrative Agent an Incremental
Activation Notice specifying
(i) the amount of such Incremental Term Loans,
(ii) the applicable Incremental Closing Date,
(iii) the applicable Incremental Term Maturity Date,
(iv) the amortization schedule for such Incremental Term Loans,
(v) the Applicable Margin for such Incremental Term Loans and any
prepayment premiums or call protection applicable thereto,
(vi) the proposed original issue discount applicable to such
Incremental Term Loans, if any,
(vii) whether, if applicable, such Incremental Term Loans constitute
Refinancing Term Loans or Escrow Incremental Term Loans,
- 41- |
| (viii) [reserved], and
(ix) any other terms and conditions that will apply to such
Incremental Term Loans.
(2) Notwithstanding the foregoing, without the consent of the Required
Lenders,
(i) each increase effected pursuant to this paragraph shall be in a
minimum amount of at least $100,000,000 and
(ii) Escrow Incremental Term Loans shall not be deemed to be
outstanding under this Agreement or any other Loan Document for any purposes hereof
(including, without limitation, for purposes of any financial calculation, the definition of
“Obligations”, the definition of “Required Lenders” or Section 8 or Section 10.1 hereof) and the
obligations with respect thereto shall not be recourse to the Borrower or any Subsidiary
Guarantor, in each case, unless and until the Escrow Assumption with respect thereto has
occurred.
(3) No Lender shall have any obligation to participate in any increase
described in this paragraph unless it agrees to do so in its sole discretion.
(4) With the consent of the Borrower and each of the Lenders with any
Class of then outstanding Incremental Term Loans and pursuant to an assumption agreement
reasonably satisfactory to the Administrative Agent, an Escrow Borrower may assume all
obligations of the Borrower with respect to such Class of Term Loans (including with respect to
the full principal amount thereof and all accrued and unpaid interest and other amounts owing
with respect thereto), in which case, such Class of Incremental Term Loans shall thereafter be
deemed to not be outstanding for purposes of this Agreement or any other Loan Document and
shall be Escrow Incremental Term Loans until such time, if any, as an Escrow Assumption with
respect thereto has occurred, at which time any such Escrow Incremental Term Loans that
accrued interest at a rate based on Term SOFR immediately prior to such Escrow Assumption
shall constitute a Term SOFR Tranche with an initial Interest Period equal to the then unexpired
interest period applicable thereto immediately prior to such Escrow Assumption.
(5) Notwithstanding the foregoing, with the consent of the holders of any
Pre-Existing Debt and the Borrower, such Pre-Existing Debt may, pursuant to an Incremental
Activation Notice, be deemed to have been issued as Incremental Term Loans under this
Agreement on the date of effectiveness of such Incremental Activation Notice and thereafter, the
terms of such Pre-Existing Debt shall be governed by the terms of this Agreement (as modified
by the applicable Incremental Activation Notice).
(6) To the extent provided in the relevant Incremental Activation Notice
with respect to any Refinancing Term Loans, any portion of the Term Loans that would
otherwise be repaid from the net proceeds of such Refinancing Term Loans may be converted on
a “cashless roll” basis into such Refinancing Term Loans if agreed to by each Lender holding the
Term Loans that are so converted.
(h) (1) The Borrower may at any time and from time to time request that all or a
portion of the Term Loans of any Class (an “Existing Class”) be converted to extend the scheduled
maturity date(s) of any payment or payments of principal (including at final maturity) with respect to
- 42- |
| such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to
provide for other terms consistent with this Section 2.1(h). In order to establish a Series of Extended
Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy
of such notice to each of the Lenders under the applicable Existing Class) (an “Extension Request”)
setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical
in all material respects to the Term Loans under the Existing Class from which such Extended Term
Loans are to be converted except that:
(i) all or any of the scheduled amortization payments of principal
and payment at maturity of the Extended Term Loans may be delayed to later dates than the
scheduled amortization payments of principal and payment at maturity of the Term Loans of such
Existing Class to the extent provided in the applicable Incremental Activation Notice,
(ii) the Applicable Margins with respect to the Extended Term
Loans may be different than the Applicable Margins for the Term Loans of such Existing Class
and upfront fees may be paid to the Extending Term Lenders, in each case, to the extent provided
in the applicable Incremental Activation Notice,
(iii) [reserved]; and
(iv) the Incremental Activation Notice may provide for any other
covenants and terms.
(2) The Borrowers shall provide the applicable Extension Request at least
five (5) Business Days prior to the date on which Lenders are requested to respond. No Lender
shall have any obligation to agree to have any of its Term Loans of any Existing Class converted
into Extended Term Loans pursuant to any Extension Request.
(3) Any Lender (an “Extending Term Lender”) wishing to have all or a
portion of its Term Loans of the applicable Existing Class subject to such Extension Request
converted into Extended Term Loans shall notify the Administrative Agent in writing (an
“Extension Election”) on or prior to the date specified in such Extension Request of the amount
of its Term Loans of the applicable Existing Class which it has elected to request be converted
into Extended Term Loans (subject to any minimum denomination requirements reasonably
imposed by the Administrative Agent). In the event that the aggregate amount of Term Loans of
the applicable Existing Class subject to Extension Elections exceeds the amount of Extended
Term Loans requested pursuant to the Extension Request, Term Loans of the applicable Existing
Class subject to Extension Elections shall be converted to Extended Term Loans on a pro rata
basis based on the amount of Term Loans of the applicable Existing Class included in each such
Extension Election. The final terms of the Extended Term Loans (which shall be consistent with
the Extension Request) and the allocations of the Extended Term Loans among the Extending
Term Lenders shall be as set forth in the applicable Incremental Activation Notice entered into
by the Borrower and the Administrative Agent. Each Extending Term Lender’s Extension
Election shall be deemed to be an authorization for the Administrative Agent and the Borrower
to enter into such Incremental Activation Notice in accordance with the requirements set forth
above in this Section 2.1(h) and to bind such Extending Term Lender thereby.
(i) (1) The Borrower and any one or more Lenders (including Persons that become
Lenders in connection therewith) may from time to time agree that such Lenders will establish Revolving
Commitments through (A) the provision of a new Revolving Commitment by any such Lender or (B) the
conversion of a previously established Revolving Commitment of any such Lender to such Extended
- 43- |
| Revolving Commitment of such Lender (any Revolving Commitments being established pursuant to
clause (A) or (B) above and in accordance with this Section 2.1(i), an “Extended Revolving
Commitment”, which for the avoidance of doubt, shall also be a “Revolving Commitment”), in each case,
by executing and delivering to the Administrative Agent an Incremental Activation Notice specifying:
(i) the amount of Extended Revolving Commitments established
thereby and whether such Extended Revolving Commitments are being established pursuant to
clause (A) or (B) of the foregoing sentence,
(ii) the Revolving Termination Date for such Extended Revolving
Commitments and
(iii) the Applicable Margin for Revolving Loans and fees in respect
of participations in Letters of Credit pursuant to such Extended Revolving Commitments and the
Commitment Fee Rate for commitment fees payable with respect to such Extended Revolving
Commitments.
(2) No Lender shall have any obligation to participate in any increase
described in this paragraph unless it agrees to do so in its sole discretion. The consent of the
Administrative Agent and each Issuing Lender (such consents not to be unreasonably withheld,
conditioned or delayed) shall be required with respect to each Lender providing an Extended
Revolving Commitment to the extent such Lender is not already a Revolving Lender that is not a
Defaulting Lender. On each date on which Extended Revolving Commitments are established,
each Revolving Lender shall purchase at par from and/or sell at par to each of the other
Revolving Lenders such portions of the outstanding Revolving Loans, if any, as may be specified
by the Administrative Agent so that, immediately following such purchases, all Term SOFR
Tranches of Revolving Loans and all ABR Loans that are Revolving Loans shall be held by the
Revolving Lenders on a pro rata basis in accordance with their respective Revolving Percentages.
Notwithstanding the foregoing, with the consent of the holders of any revolving commitments
under which Pre-Existing Debt may be borrowed, the Borrower, the Administrative Agent, the
Swingline Lender and each Issuing Lender (to the extent the consent of the Administrative
Agent, Swingline Lender and Issuing Lender would be required for an assignment to any such
holder, each such consent not to be unreasonably withheld), such revolving commitments may,
pursuant to an Incremental Activation Notice, be deemed to have been issued as Extended
Revolving Commitments under this Agreement on the date of effectiveness of such Incremental
Activation Notice so long as the Extended Revolving Commitments resulting therefrom comply
with the requirements set forth above that are applicable to Extended Revolving Commitments
and thereafter, the terms of such Pre-Existing Debt shall be governed by the terms of this
Agreement (as modified by the applicable Incremental Activation Notice).
(j) (1) The Borrower and any one or more Lenders (including Persons that become
Lenders in connection therewith) may from time to time agree that such Lenders shall make Replacement
Term Loans (which Replacement Term Loans may, at the election of the Borrower and the applicable
Lenders, be made in the form of a conversion of Term Loans of an existing Class into such Replacement
Term Loans) in order to replace in full or in part any Class of then outstanding Term Loans by executing
and delivering to the Administrative Agent an Incremental Activation Notice specifying:
(i) the amount of such Replacement Term Loans,
(ii) the date on which such Replacement Term Loans will be made,
- 44- |
| (iii) the applicable Replacement Term Maturity Date,
(iv) the amortization schedule for such Replacement Term Loans,
(v) the Applicable Margin for such Replacement Term Loans and
any prepayment premiums or call protection applicable thereto, if any,
(vi) the proposed original issue discount applicable to such
Replacement Term Loans, if any,
(vii) [reserved],
(viii) any other terms and conditions that will apply to such
Replacement Term Loans.
(2) No Lender shall have any obligation to participate in any Replacement
Term Loans unless it agrees to do so in its sole discretion.
2.2. Procedure for Borrowing. In order to effect a borrowing hereunder, the Borrower shall
give notice to the Administrative Agent, which may be given by: (A) telephone or (B) a Notice of
Borrowing (which notice must be received by the Administrative Agent prior to 1:00 P.M., New York
City time, (a) three Business Days prior to the requested Borrowing Date, in the case of Term SOFR
Loans, or (b) one Business Day prior to the requested Borrowing Date, in the case of ABR Loans)
(provided that any such Notice of Borrowing of ABR Loans under the Revolving Facility to finance
payments required by Section 3.5 may be given not later than 1:00 P.M. New York City time, on the date
of the proposed borrowing and, provided, further, that any telephonic notice must be confirmed
immediately by delivery to the Administrative Agent of a Notice of Borrowing), specifying (i) the Class
of Loan to be borrowed and, in the case of Revolving Loans, the Class of Revolving Commitments under
which such Revolving Loans are to be made, (ii) the amount and Type of Loans to be borrowed, (iii) the
requested Borrowing Date and (iv) in the case of Term SOFR Loans, the respective amounts of each such
Type of Loan and the respective lengths of the initial Interest Period therefor. Each borrowing shall be in
an aggregate amount equal to (x) in the case of ABR Loans, $5,000,000 or a whole multiple of
$1,000,000 in excess thereof (or, if the then aggregate relevant Available Revolving Commitments are
less than $5,000,000, such lesser amount) and (y) in the case of Term SOFR Loans, $10,000,000 or a
whole multiple of $1,000,000 in excess thereof; provided, that the Swingline Lender may request, on
behalf of the Borrower, borrowings under the relevant Revolving Commitments that are ABR Loans in
other amounts pursuant to Section 2.5. Upon receipt of any Notice of Borrowing from the Borrower, the
Administrative Agent shall promptly notify each relevant Lender thereof. Except as provided in Section
2.1(a), each relevant Lender will make the amount of its pro rata share of each borrowing available to the
Administrative Agent (in the case of any Revolving Loan, based on respective Revolving Percentages of
the Revolving Lenders with the relevant Class of Revolving Commitments) for the account of the
Borrower at the Funding Office prior to 10:00 A.M., New York City time (or 2:00 P.M., New York City
time in respect of ABR Loans under the Revolving Facility to finance payments required by Section 3.5),
on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative
Agent; provided that, in the event that any Revolving Lender fails to make available to the
Administrative Agent any portion of such amount prior to 10:30 A.M. New York City time (or 2:30 P.M.,
New York City time in respect of ABR Loans under the Revolving Facility to finance payments required
by Section 3.5) on the relevant Borrowing Date, the Borrower shall be deemed to have provided notice to
the Swingline Lender in accordance with Section 2.5 requesting a Swingline Loan in an amount equal to
the aggregate amount of any such shortfall, rounded up to the applicable whole multiple of $500,000 (but
in no event exceeding, together with all outstanding Swingline Loans, the Swingline Commitment). Such
- 45- |
| borrowing (including any such Swingline Loan) will then be made available not later than 11:00 A.M.,
New York City time (or 3:00 P.M., New York City time in respect of ABR Loans under the Revolving
Facility to finance payments required by Section 3.5), to the Borrower by the Administrative Agent
crediting the account of the Borrower on the books of such office with the aggregate of the amounts
made available to the Administrative Agent by the relevant Lenders and in like funds as received by the
Administrative Agent. With respect to Term SOFR, the Administrative Agent (with the consent of the
Borrower, not to be unreasonably withheld or delayed) will have the right to make Conforming Changes
from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such Conforming Changes will become effective without any further
action or consent of any other party to this Agreement or any other Loan Document; provided that, with
respect to any such amendment effected, the Administrative Agent shall post each such amendment
implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such
amendment becomes effective.
2.3. Repayment of Loans.
(a) [Reserved]
(b) [Reserved]
(c) [Reserved].
(d) [Reserved].
(e) (b) The Term BA-5 Loans (other than the Converted Term B Loans) of each
Term BA-5 Lender shall be repaid in full on the Amendment No. 1 Effective Date.
(c) [Reserved].
(d) [Reserved].(e) The Term A-5 Loans of each Term A-5 Lender shall mature in
21 installments following the Amendment No. Amendment No. 2 Effective Date (each due on the last
day of each calendar quarter, except for such last installment), commencing on September 30, 2022, each
of which shall be in an amount equal to (i) in the case of the first 20 such remaining installments,
$75,625,000.00 (it being understood that, in addition to reductions resulting from optional prepayments
in accordance with Section 2.8, (x) the aggregate principal amount of amortization payable by the
Borrower with respect to all Term A-5 Loans on any such date shall be reduced proportionately as a
result of any conversion of Term A-5 Loans to Extended Term Loans following the Amendment No. 2
Effective Date and prior to the date of such payment and (y) effective as of the Amendment No. 6
Effective Date, such remaining installments shall be reduced to $0.00 to give effect to Amendment No. 6)
and (ii) in the case of the last such installment (which shall be due on the Term A-5 Maturity Date), the
remaining principal balance of such Term A-5 Loans outstanding on such date.
(f) The Term A-6 Loans of each Term A-6 Lender shall mature in 25 installments
following the Amendment No. 2 Effective Date (each due on the last day of each calendar quarter, except
for such last installment), commencing on September 30, 2022, each of which shall be in an amount
equal to (i) in the case of the first 24 such remaining installments, $6,250,000.00 (it being understood
that, in addition to reductions resulting from optional prepayments in accordance with Section 2.8, the
aggregate principal amount of amortization payable by the Borrower with respect to all Term A-6 Loans
on any such date shall be reduced proportionately as a result of any conversion of Term A-6 Loans to
Extended Term Loans following the Amendment No. 2 Effective Date and prior to the date of such
- 46- |
| payment) and (ii) in the case of the last such installment (which shall be due on the Term A-6 Maturity
Date), the remaining principal balance of such Term A-6 Loans outstanding on such date.
(g) The Term A-7 Loans of each Term A-7 Lender shall mature in 21 installments
following the Amendment No. 6 Effective Date (each due on the last day of each calendar quarter, except
for such last installment), commencing on March 31, 2025, each of which shall be in an amount equal to
(i) in the case of the first 20 such remaining installments, $56,745,937.50 (it being understood that, in
addition to reductions resulting from optional prepayments in accordance with Section 2.8, the aggregate
principal amount of amortization payable by the Borrower with respect to all Term A-7 Loans on any
such date shall be reduced proportionately as a result of any conversion of Term A-7 Loans to Extended
Term Loans following the Amendment No. 6 Effective Date and prior to the date of such payment) and
(ii) in the case of the last such installment (which shall be due on the Term A-7 Maturity Date), the
remaining principal balance of such Term A-7 Loans outstanding on such date.
(h) [Reserved]
(i) (g) The Term B-12 Loans of each Term B-12 Lender shall mature in 2330
installments following the Amendment No. 1 Effective Date (each due on the last day of each calendar
quarter, except for such last installment), commencing on December 31, 2019, each of which shall be in
an amount equal to (i) in the case of the first 2229 such remaining installments,
$6,171,209.479,533,974.20 (it being understood that, in addition to reductions resulting from optional
prepayments in accordance with Section 2.8, (x) the aggregate principal amount of amortization payable
by the Borrower with respect to all Term B-12 Loans on any such date shall be reduced proportionately
as a result of any conversion of Term B-12 Loans to Extended Term Loans following the Amendment
No. 1 Effective Date and prior to the date of such payment, (y) effective as of the Amendment No. 4
Effective Date, such remaining installments shall be reduced to $6,115,907.71 to give effect to the
agreement in Section 1(c) of Amendment No. 4 and (z) effective as of the Amendment No. 5 Effective
Date, such remaining installments shall be reduced to $840,120.20 to give effect to the Amendment No. 5
Term B-1 Loan Prepayment) and (ii) in the case of the last such installment (which shall be due on the
Term B-1 Maturity Date), the remaining principal balance of such Term B-1 Loans outstanding on such
date.(h) The Term B-2 Loans of each Term B-2 Lender shall mature in 30 installments
following the Amendment No. 1 Effective Date (each due on the last day of each calendar quarter, except
for such last installment), commencing on December 31, 2019, each of which shall be in an amount equal
to (i) in the case of the first 29 such remaining installments, $9,533,974.20 (it being understood that, in
addition to reductions resulting from optional prepayments in accordance with Section 2.8, (x) the
aggregate principal amount of amortization payable by the Borrower with respect to all Term B-2 Loans
on any such date shall be reduced proportionately as a result of any conversion of Term B-2 Loans to
Extended Term Loans following the Amendment No. 1 Effective Date and prior to the date of such
payment and (y) effective as of the Amendment No. 4 Effective Date, such remaining installments shall
be reduced to $8,036,305.19 to give effect to the agreement in Section 1(c) of Amendment No. 44, and
(z) effective as of the Amendment No. 6 Effective Date, such remaining installments shall be reduced to
$0.00 to give effect to Amendment No. 6) and (ii) in the case of the last such installment (which shall be
due on the Term B-2 Maturity Date), the remaining principal balance of such Term B-2 Loans
outstanding on such date.
(j) (i) The Term B-3 Loans of each Term B-3 Lender shall mature in 28 installments
following the Amendment No. 4 Effective Date (each due on the last day of each calendar quarter, except
for such last installment), commencing on June 30, 2023, each of which shall be in an amount equal to (i)
in the case of the first 27 such remaining installments, $1,875,000.00 (it being understood that, in
addition to reductions resulting from optional prepayments in accordance with Section 2.8, the aggregate
principal amount of amortization payable by the Borrower with respect to all Term B-3 Loans on any
- 47- |
| such date shall be reduced proportionately as a result of any conversion of the Term B-3 Loans to
Extended Term Loans following the Amendment No. 4 Effective Date and prior to the date of such
payment) and (ii) in the case of the last such installment (which shall be due on the Term B-3 Maturity
Date), the remaining principal balance of such Term B-3 Loans outstanding on such date.
(k) (j) The Term B-4 Loans of each Term B-4 Lender shall mature in 28 installments
following the Amendment No. 5 Effective Date (each due on the last day of each calendar quarter, except
for such last installment), commencing on March 31, 2024, each of which shall be in an amount equal to
(i) in the case of the first 27 such remaining installments, $5,000,000.00 (it being understood that, in
addition to reductions resulting from optional prepayments in accordance with Section 2.8, the aggregate
principal amount of amortization payable by the Borrower with respect to all Term B-4 Loans on any
such date shall be reduced proportionately as a result of any conversion of the Term B-4 Loans to
Extended Term Loans following the Amendment No. 5 Effective Date and prior to the date of such
payment) and (ii) in the case of the last such installment (which shall be due on the Term B-4 Maturity
Date), the remaining principal balance of such Term B-4 Loans outstanding on such date.
(l) (k) The Term B-5 Loans of each Term B-5 Lender shall mature in 28
installments following the Amendment No. 6 Effective Date (each due on the last day of each calendar
quarter, except for such last installment), commencing on March 31, 2025, each of which shall be in an
amount equal to (i) in the case of the first 27 such remaining installments, 6,250,000.00 (it being
understood that, in addition to reductions resulting from optional prepayments in accordance with
Section 2.8, the aggregate principal amount of amortization payable by the Borrower with respect to all
Term B-5 Loans on any such date shall be reduced proportionately as a result of any conversion of the
Term B-5 Loans to Extended Term Loans following the Amendment No. 6 Effective Date and prior to
the date of such payment) and (ii) in the case of the last such installment (which shall be due on the Term
B-5 Maturity Date), the remaining principal balance of such Term B-5 Loans outstanding on such date.
(m) The Incremental Term Loans of each Class established following the
Restatement Effective Date shall mature in installments as specified in the Incremental Activation Notice
pursuant to which such Incremental Term Loans were made (and subject to the limitations contained in
Section 2.1(h)).
(n) (l) The Extended Term Loans of each Class shall mature in installments as
specified in the Incremental Activation Notice pursuant to which such Extended Term Loans were
converted (and subject to the limitations contained in Section 2.1(h)).
(o) (m) The Replacement Term Loans of each Class shall mature in installments as
specified in the Incremental Activation Notice pursuant to which such Replacement Term Loans were
established (and subject to the limitations contained in Section 2.1(j)).
(p) (n) The Borrower shall repay all outstanding Revolving Loans made pursuant to
any Revolving Commitments on the Revolving Termination Date for such Revolving Commitments. The
Borrower shall repay all Swingline Loans on the first date on which the Revolving Termination Date has
occurred with respect to all Revolving Commitments.
2.4. Swingline Commitment. Subject to the terms and conditions hereof, the Swingline
Lender agrees, in reliance upon the agreements of the other Lenders set forth in Section 2.5, to make a
portion of the credit otherwise available to the Borrower under the Revolving Commitments from time to
time during the Revolving Commitment Period for such Revolving Commitments by making swingline
loans (“Swingline Loans”) to the Borrower; provided that (a) the aggregate principal amount of
Swingline Loans outstanding at any time shall not exceed the Swingline Commitment then in effect
- 48- |
| (notwithstanding that the Swingline Loans outstanding at any time, when aggregated with the Swingline
Lender’s other outstanding Revolving Loans hereunder, may exceed the Swingline Commitment then in
effect) and the aggregate amount of Swingline Loans made by Bank of America, N.A. shall not exceed
the Revolving Commitment of Bank of America, N.A. unless otherwise agreed by Bank of America, N.A.
in its sole discretion), (b) the Borrower shall not request, and the Swingline Lender shall not make, any
Swingline Loan if, after giving effect to the making of such Swingline Loan, the aggregate amount of the
Available Revolving Commitments would be less than zero and (c) the Swingline Lender shall be under
no obligation to make any Swingline Loan at any time that any Revolving Lender is a Defaulting Lender
unless the Swingline Lender has entered into arrangements, including, if requested, the delivery of Cash
Collateral, satisfactory to the Swingline Lender (in its sole discretion) with the Borrower or such Lender
to eliminate such Swingline Lender’s actual or potential Fronting Exposure (after giving effect to Section
2.21(a)(iii)) with respect to the Defaulting Lender arising from either the Swingline Loan to be made and
all other Swingline Loans as to which such Swingline Lender has actual or potential Fronting Exposure,
as it may elect in its sole discretion. During the Revolving Commitment Period for any Revolving
Commitments, the Borrower may use the Swingline Commitment by borrowing, repaying and
reborrowing, all in accordance with the terms and conditions hereof. Swingline Loans shall be ABR
Loans only.
2.5. Procedure for Swingline Borrowing; Refunding of Swingline Loans.
(a) Whenever the Borrower desires that the Swingline Lender make Swingline
Loans it shall give the Swingline Lender irrevocable telephonic notice confirmed promptly in writing or
such other form as approved by the Administrative Agent (including any form on an electronic platform
or electronic transmission system as shall be approved by the Administrative Agent pursuant),
appropriately completed and signed by a Responsible Officer of the Borrower (which notice must be
received by the Swingline Lender not later than 1:00 P.M., New York City time, on the proposed
Borrowing Date), specifying (i) the amount to be borrowed and (ii) the requested Borrowing Date (which
shall be a Business Day during the Revolving Commitment Period for any Revolving Commitments).
Each borrowing under the Swingline Commitment shall be in an amount equal to $1,000,000 or a whole
multiple of $500,000 in excess thereof. Not later than 3:00 P.M., New York City time, on the Borrowing
Date specified in a notice in respect of Swingline Loans, the Swingline Lender shall make available to
the Administrative Agent at the Funding Office an amount in immediately available funds equal to the
amount of the Swingline Loan to be made by the Swingline Lender. The Administrative Agent shall
make the proceeds of such Swingline Loan available to the Borrower on such Borrowing Date by
depositing such proceeds in the account of the Borrower with the Administrative Agent on such
Borrowing Date in immediately available funds.
(b) The Swingline Lender, at any time and from time to time in its sole and absolute
discretion and in consultation with the Borrower (provided that the failure to so consult shall not affect
the ability of the Swingline Lender to make the following request) may, on behalf of the Borrower
(which hereby irrevocably directs the Swingline Lender to act on its behalf), on one Business Day’s
notice given by the Swingline Lender no later than 1:00 P.M., New York City time, request each
Revolving Lender to make, and each Revolving Lender hereby agrees to make, a Revolving Loan, in an
amount equal to such Revolving Lender’s Revolving Percentage of the aggregate amount of the
Swingline Loans (the “Refunded Swingline Loans”) outstanding on the date of such notice, to repay the
Swingline Lender. Each Revolving Lender shall make the amount of such Revolving Loan available to
the Administrative Agent at the Funding Office in immediately available funds, not later than 12:00
Noon, New York City time, one Business Day after the date of such notice. The proceeds of such
Revolving Loans shall be immediately made available by the Administrative Agent to the Swingline
Lender for application by the Swingline Lender to the repayment of the Refunded Swingline Loans. The
Borrower irrevocably authorizes the Swingline Lender to charge the Borrower’s accounts with the
- 49- |
| Administrative Agent (up to the amount available in each such account) in order to immediately pay the
amount of such Refunded Swingline Loans to the extent amounts received from the Revolving Lenders
are not sufficient to repay in full such Refunded Swingline Loans.
(c) If prior to the time a Revolving Loan would have otherwise been made pursuant
to Section 2.5(b), one of the events described in Section 8.1(g) shall have occurred and be continuing
with respect to the Borrower or if for any other reason, as determined by the Swingline Lender in its sole
discretion, Revolving Loans may not be made as contemplated by Section 2.5(b), each Revolving Lender
shall, on the date such Revolving Loan was to have been made pursuant to the notice referred to in
Section 2.5(b), purchase for cash an undivided participating interest in the then outstanding Swingline
Loans by paying to the Swingline Lender an amount (the “Swingline Participation Amount”) equal to (i)
such Revolving Lender’s Revolving Percentage times (ii) the sum of the aggregate principal amount of
Swingline Loans then outstanding that were to have been repaid with such Revolving Loans.
(d) Whenever, at any time after the Swingline Lender has received from any
Revolving Lender such Lender’s Swingline Participation Amount, the Swingline Lender receives any
payment on account of the Swingline Loans, the Swingline Lender will distribute to such Lender its
Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the
period of time during which such Lender’s participating interest was outstanding and funded and, in the
case of principal and interest payments, to reflect such Lender’s pro rata portion of such payment if such
payment is not sufficient to pay the principal of and interest on all Swingline Loans then due); provided,
however, that in the event that such payment received by the Swingline Lender is required to be returned,
such Revolving Lender will return to the Swingline Lender any portion thereof previously distributed to
it by the Swingline Lender.
(e) Each Revolving Lender’s obligation to make the Loans referred to in Section
2.5(b) and to purchase participating interests pursuant to Section 2.5(c) shall be absolute and
unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim,
recoupment, defense or other right that such Revolving Lender or the Borrower may have against the
Swingline Lender, the Borrower or any other Person for any reason whatsoever; (ii) the occurrence or
continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions
specified in Section 5; (iii) any adverse change in the condition (financial or otherwise) of the Borrower;
(iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or
any other Revolving Lender; or (v) any other circumstance, happening or event whatsoever, whether or
not similar to any of the foregoing.
2.6. Fees, Etc.
(a) The Borrower agrees to pay to the Administrative Agent for the account of each
Revolving Lender a nonrefundable commitment fee through the last day of the Revolving Commitment
Period for such Revolving Lender’s Revolving Commitment computed at the Commitment Fee Rate for
such Revolving Commitment on the actual daily amount of the Available Revolving Commitment of such
Lender of such Class of Revolving Commitments, payable quarterly in arrears on the last day of each
March, June, September and December and on the Revolving Termination Date for such Revolving
Commitments.
(b) The Borrower agrees to pay to the Administrative Agent the fees in the amounts
and on the dates previously agreed to in writing by the Borrower and the Administrative Agent.
(c) Notwithstanding anything to the contrary contained in this Agreement, at the
time of the effectiveness of any Repricing Transaction that is consummated prior to June 7, 2024,3, 2025,
- 50- |
| the Borrower agrees to pay to the Administrative Agent, for the ratable account of each Lender with
outstanding Term B-45 Loans subject to such Repricing Transaction, a fee in an amount equal to 1.0% of
(x) in the case of a Repricing Transaction of the type described in clause (a) of the definition thereof, the
aggregate principal amount of all Term B-45 Loans of such Lender prepaid (or converted) in connection
with such Repricing Transaction and (y) in the case of a Repricing Transaction described in clause (b) of
the definition thereof, the aggregate principal amount of the Term B-45 Loans of such Lender
outstanding immediately prior to such amendment with respect to which such amendment constitutes a
Repricing Transaction. Such fees shall be due and payable upon the date of the effectiveness of such
Repricing Transaction.
2.7. Termination or Reduction of Commitments.
(a) The Borrower shall have the right, upon notice delivered to the Administrative
Agent no later than 1:00 P.M., New York City time, at least three Business Days prior to the proposed
date of termination or reduction, to terminate the Revolving Commitments or, from time to time, to
reduce the amount of the Revolving Commitments of any Class; provided that no such termination or
reduction shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans
or Swingline Loans made on the effective date thereof, the Revolving Extensions of Credit under such
Class of Revolving Commitments of any Revolving Lender would exceed such Revolving Lender’s
Revolving Commitment of such Class. Any such partial reduction shall be in an amount equal to
$10,000,000, or a whole multiple of $1,000,000 in excess thereof, shall reduce permanently the
Revolving Commitments then in effect and shall be applied to reduce the Revolving Commitments of any
Class as the Borrower may designate, but in any event, in the case of Revolving Commitments with the
same Revolving Termination Date, on a pro rata basis among such Revolving Commitments based on the
respective amount of such Revolving Commitments of each Revolving Lender. Each notice delivered by
the Borrower pursuant to this Section shall be irrevocable, provided that such notice may state that it is
conditioned upon the effectiveness of other credit facilities (including under this Agreement) or
incurrence of other Indebtedness, the consummation of a particular Disposition, the occurrence of a
change of control or other event), in which case such notice may be revoked by the Borrower (by notice
to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.
(b) [Reserved]
(c) [Reserved]
(d) (b) The Term BA-15 Additional Commitment of each Lender will terminate on
the Amendment No. 12 Effective Date immediately upon the funding of such Lender’s Term BA-15 Loan
thereunder.
(c)
(e) The Term B-2 AdditionalA-6 Commitment of each Lender will terminate on the
Amendment No. 12 Effective Date immediately upon the funding of such Lender’s Term B-2A-6 Loan
thereunder.
(d) The Term A-5 Additional Commitment of each Lender will terminate on the
Amendment No. 2 Effective Date immediately upon the funding of such Lender’s Term A-5 Loan
thereunder.
- 51- |
| (f) (e) The Term A-67 Additional Commitment of each Term A-7 Additional
Lender will terminate on the Amendment No. 26 Effective Date immediately upon the funding of such
Lender’s Term A-67 Loan thereunder.
(g) (f) The Term B-3 Commitment of each Lender will terminate on the Amendment
No. 4 Effective Date immediately upon the funding of such Lender’s Term B-3 Loan thereunder.
(h) (g) The Term B-4 Commitment of each Lender will terminate on the Amendment
No. 5 Effective Date immediately upon the funding of such Lender’s Term B-4 Loan thereunder.
(i) The Term B-5 Additional Commitment of each Term B-5 Additional Lender will
terminate on the Amendment No. 6 Effective Date immediately upon the funding of such Lender’s Term
B-5 Loan thereunder.
2.8. Optional Prepayments.
(a) The Borrower may at any time and from time to time prepay the Loans of any
Class (and Revolving Loans under any Class of Revolving Commitments selected by the Borrower), in
whole or in part, without premium or penalty, upon notice in such form as may be approved by the
Administrative Agent (including any form on an electronic platform or electronic transmission system as
shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible
Officer, delivered to the Administrative Agent no later than 1:00 P.M., New York City time, at least three
(3) Business Days prior thereto in the case of Term SOFR Loans and no later than 1:00 P.M., New York
City time, at least one (1) Business Day prior thereto in the case of ABR Loans, which notice shall
specify the date and amount of prepayment, the Class of Loans being prepaid and whether the
prepayment is of Term SOFR Loans or ABR Loans; provided that, if a Term SOFR Loan is prepaid on
any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any
amounts owing pursuant to Section 2.18. Upon receipt of any such notice, the Administrative Agent
shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in
such notice shall be due and payable on the date specified therein, together with (except in the case of
Revolving Loans that are ABR Loans and Swingline Loans) accrued interest to such date on the amount
prepaid. Partial prepayments of Term Loans and Revolving Loans pursuant to this Section 2.8(a) shall be
in an aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.
Partial prepayments of Swingline Loans shall be in an aggregate principal amount of $1,000,000 or a
whole multiple of $500,000 in excess thereof. Each notice delivered by the Borrower pursuant to this
Section shall be irrevocable, provided that such notice may state that it is conditioned upon the
effectiveness of other credit facilities (including under this Agreement) or incurrence of other
Indebtedness, the consummation of a particular Disposition, the occurrence of a change of control or
other event), in which case such notice may be revoked by the Borrower (by notice to the Administrative
Agent on or prior to the specified prepayment date) if such condition is not satisfied. Any prepayment of
Loans of any Class (or Revolving Loans under any Revolving Commitments, as the case may be)
pursuant to this Section 2.8(a) shall be applied to the Loans of such Class (or the Revolving Loans under
such Class of Revolving Commitments as the case may be) of each Lender, on a pro rata basis in
accordance with the respective amounts of such Loans held by each such Lender.
(b)
(i) Notwithstanding anything to the contrary in Section 2.8(a), the
Borrower shall have the right at any time and from time to time to prepay Term Loans of any
Class, at a prepayment price which is less than, equal to or greater than the principal amount of
such Term Loans and on a non-pro rata basis (each, an “Offered Voluntary Prepayment”), either
- 52- |
| (x) through open-market or other privately negotiated purchases (provided that (1) such Term
Loans shall be deemed to be automatically and permanently cancelled and no longer outstanding
upon such prepayment, and (2) the Borrower shall have provided notice thereof in such form as
may be approved by the Administrative Agent to the Administrative Agent substantially
concurrently with such prepayment), (y) by purchasing directly from Lenders at the Borrower’s
sole discretion pursuant to Section 10.6(g) or (yz) pursuant to the procedures described in this
Section 2.8(b) (each prepayment pursuant to clause (y) or (z), an “Offered Voluntary
Prepayment”); provided that:
(A) no Offered Voluntary Prepayment may be made if a
Default or Event of Default has occurred and is continuing;
(B) (x) for the avoidance of doubt, any Offered Voluntary
Prepayment pursuant to Section 2.8(b)(i)(xy) may be offered to any Lender with Term
Loans of the Class selected by the Borrower on a non-pro rata basis and (y) any Offered
Voluntary Prepayment pursuant to Section 2.8(b)(i)(yz) shall be offered to all Lenders
with Term Loans of the Class selected by the Borrower on a pro rata basis; and
(C) the Borrower shall deliver to the Administrative Agent a
certificate of a Responsible Officer of the Borrower stating that (1) no Default or Event
of Default has occurred and is continuing or would result from such Offered Voluntary
Prepayment and (2) each of the conditions to such Offered Voluntary Prepayment
contained in this Section 2.8(b) has been satisfied.
(ii) To the extent the Borrower seeks to make an Offered Voluntary
Prepayment pursuant to Section 2.8(b)(i)(yz), the Borrower will provide written notice from a
Responsible Officer of the Borrower to the Administrative Agent (each, an “Offered Prepayment
Option Notice”) that the Borrower desires to prepay Term Loans of a specified Class in an
aggregate principal amount specified therein by the Borrower (each, a “Proposed Offered
Prepayment Amount”). The Proposed Offered Prepayment Amount shall not be less than
$25,000,000 (or such lesser amount if the Term Loans of such specified Class have a lower
aggregate amount outstanding at such time). The Offered Prepayment Option Notice shall
further specify with respect to the proposed Offered Voluntary Prepayment pursuant to Section
2.8(b)(i)(yz): (A) the Proposed Offered Prepayment Amount for Term Loans and the Class of
Term Loans with respect to such offer is being made, (B) an offered prepayment price range
(which may be a single percentage) selected by the Borrower with respect to such proposed
Offered Voluntary Prepayment pursuant to Section 2.8(b)(i)(yz) equal to a percentage of par of
the principal amount of Term Loans of the applicable Class (the “Offered Range”) and (C) the
date by which Lenders are required to indicate their election to participate in such proposed
Offered Voluntary Prepayment pursuant to Section 2.8(b)(i)(yz) (the “Acceptance Date”) which
shall be at least five Business Days following the date of such Offered Prepayment Option
Notice is delivered.
(iii) Upon receipt of an Offered Prepayment Option Notice, the
Administrative Agent shall promptly notify each applicable Lender thereof. On or prior to the
Acceptance Date, each such Lender may specify by written notice in form reasonably
satisfactory to the Administrative Agent (each, a “Lender Participation Notice”; it being
understood that a Lender may deliver more than one Lender Participation Notice, and that each
such Lender Participation Notice of such Lender shall constitute an independent and
unconditional offer, and no such Lender Participation Notice may be contingent on the making of
any prepayment with respect to the Offered Loans in respect of any other Lender Participation
- 53- |
| Notice, or otherwise be contingent or conditional in any way) to the Administrative Agent (A) a
minimum price (the “Acceptable Price”) within the Offered Range at which such Lender is
willing to accept a prepayment of a portion of its Term Loans of the applicable Class and (B) a
maximum principal amount (subject to rounding requirements specified by the Administrative
Agent) of Term Loans of such Class held by such Lender with respect to which such Lender is
willing to permit an Offered Voluntary Prepayment pursuant to Section 2.8(b)(i)(yz) at the
Acceptable Price (“Offered Loans”). Based on the Acceptable Prices and principal amounts of
Term Loans of the applicable Class specified by the Lenders in the applicable Lender
Participation Notice, the Administrative Agent, in consultation with the Borrower, shall
determine the applicable prepayment price for Term Loans pursuant to such Offered Voluntary
Prepayment (the “Applicable Price”), which Applicable Price shall be (A) the percentage
specified by the Borrower if the Borrower has selected a single percentage pursuant to Section
2.8(b)(ii) for the Offered Voluntary Prepayment pursuant to Section 2.8(b)(i)(yz) or (B)
otherwise, the lowest Acceptable Price at which the Borrower can pay the Proposed Offered
Prepayment Amount in full (determined by adding the principal amounts of Offered Loans
commencing with the Offered Loans with the lowest Acceptable Price); provided, however, that
in the event that such Proposed Offered Prepayment Amount cannot be repaid in full at any
Acceptable Price, the Applicable Price shall be the highest Acceptable Price specified by the
Lenders that is within the Offered Range. The Applicable Price shall be applicable for all
Lenders who have offered to participate in the Offered Voluntary Prepayment pursuant to
Section 2.8(b)(i)(yz) and have Qualifying Loans (as defined below). Any Lender with
outstanding Loans whose Lender Participation Notice is not received by the Administrative
Agent by the Acceptance Date shall be deemed to have declined to accept an Offered Voluntary
Prepayment pursuant to Section 2.8(b)(i)(yz) of any of its Loans at the Applicable Price.
(iv) The Borrower shall make an Offered Voluntary Prepayment
pursuant to Section 2.8(b)(i)(yz) by prepaying those Term Loans (or the respective portions
thereof) of the applicable Class offered by the Lenders (“Qualifying Lenders”) that specify an
Acceptable Price that is equal to or less than the Applicable Price (“Qualifying Loans”) at the
Applicable Price; provided that if the aggregate proceeds required to prepay all Qualifying Loans
(disregarding any interest payable at such time) would exceed the amount of aggregate proceeds
required to prepay the Proposed Offered Prepayment Amount, such amounts in each case
calculated by applying the Applicable Price, the Borrower shall prepay such Qualifying Loans
ratably among the Qualifying Lenders based on their respective principal amounts of such
Qualifying Loans (subject to rounding requirements specified by the Administrative Agent). If
the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest
payable at such time) would be less than the amount of aggregate proceeds required to prepay the
Proposed Offered Prepayment Amount, such amounts in each case calculated by applying the
Applicable Price, the Borrower shall prepay all Qualifying Loans.
(v) Each Offered Voluntary Prepayment pursuant to Section
2.8(b)(i)(yz) shall be made within five Business Days of the Acceptance Date (or such later date
as the Administrative Agent shall reasonably agree, given the time required to calculate the
Applicable Price and determine the amount and holders of Qualifying Loans), without premium
or penalty (and not subject to Section 2.18), upon irrevocable notice (each an “Offered Voluntary
Prepayment Notice”), delivered to the Administrative Agent no later than 1:00 P.M., New York
City time, three Business Days prior to the date of such Offered Voluntary Prepayment, which
notice shall specify the date and amount of the Offered Voluntary Prepayment pursuant to
Section 2.8(b)(i)(yz) and the Applicable Price determined by the Administrative Agent. Upon
receipt of any Offered Voluntary Prepayment Notice, the Administrative Agent shall promptly
notify each relevant Lender thereof. If any Offered Voluntary Prepayment Notice is given, the
- 54- |
| amount specified in such notice shall be due and payable to the applicable Lenders, subject to the
Applicable Price on the applicable Term Loans, on the date specified therein together with
accrued interest (on the par principal amount) to but not including such date on the amount
prepaid.
(vi) Prior to the delivery of an Offered Voluntary Prepayment
Notice, upon written notice to the Administrative Agent, (A) the Borrower may withdraw its
offer to make an Offered Voluntary Prepayment pursuant to any Offered Prepayment Option
Notice and (B) any Lender may withdraw its offer to participate in any Offered Voluntary
Prepayment pursuant to any Lender Participation Notice.
(vii) To the extent not expressly provided for herein, each Offered
Voluntary Prepayment shall be consummated pursuant to reasonable procedures (including as to
timing, rounding, minimum amounts, Type and Interest Periods and calculation of Applicable
Price in accordance with Section 2.8(b)(iii) above) established by the Administrative Agent in
consultation with the Borrower. It is understood and agreed that the Borrower may employ a
financial institution or other advisor (whether or not an affiliate of the Administrative Agent) to
act as an arranger in connection with any Offered Voluntary Prepayment and, in such event, the
Administrative Agent agrees, subject to its internal agency policies, to provide such reasonable
cooperation as may be requested by the Borrower in order to facilitate communications from
such arranger to the Lenders and otherwise to provide access to Lender Participation Notices.
(viii) Each of the Borrower and the Lenders acknowledges and agrees
that Administrative Agent may perform any and all of its duties under this Section 2.8(b) by itself
or through any Affiliate of the Administrative Agent and expressly consents to any such
delegation of duties by the Administrative Agent such Affiliate and the performance of such
delegated duties by such Affiliate. The exculpatory provisions pursuant to this Agreement shall
apply to each Affiliate of the Administrative Agent and its respective activities in connection
with any Offered Voluntary Prepaymentprepayment provided for in this Section 2.8 as well as
activities of the Administrative Agent. Notwithstanding anything set forth herein, the
Administrative Agent shall not be required to serve as the auction agent for, or have any other
obligations to participate in (other than mechanical administrative duties), or facilitate, any
Offered Voluntary Prepayment unless it is reasonably satisfied with the terms and restrictions of
such auction.
2.9. [Reserved].
2.10. Conversion and Continuation Options.
(a) The Borrower may elect from time to time to convert Term SOFR Loans of any
Class to ABR Loans of such Class by giving the Administrative Agent at least two Business Days’ prior
irrevocable notice of such election, provided that any such conversion of Term SOFR Loans may only be
made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to
time to convert ABR Loans of any Class to Term SOFR Loans of such Class by giving the
Administrative Agent irrevocable notice of such election no later than 1:00 P.M. New York City time, on
the third Business Day prior to the proposed conversion date (which notice shall specify the length of the
initial Interest Period therefor), provided that no ABR Loan may be converted into a Term SOFR Loan
when any Event of Default has occurred and is continuing. Upon receipt of any such notice the
Administrative Agent shall promptly notify each relevant Lender thereof.
- 55- |
| (b) Any Term SOFR Loan may be continued as such by the Borrower giving
irrevocable notice to the Administrative Agent at least three Business Days prior to the expiration of the
then current Interest Period, in accordance with the applicable provisions of the term “Interest Period” set
forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that
(i) if so required by the Administrative Agent, no Term SOFR Loan may be continued as such when any
Event of Default has occurred and is continuing and (ii) if the Borrower shall fail to give any required
notice as described above in this paragraph, the relevant Term SOFR Loans shall be automatically
converted to Term SOFR Loans having a one-month Interest Period on the last day of the then expiring
Interest Period. Upon receipt of any such notice, the Administrative Agent shall promptly notify each
relevant Lender thereof.
2.11. Limitations on Term SOFR Tranches. Notwithstanding anything to the contrary in this
Agreement, all borrowings, conversions and continuations of Term SOFR Loans hereunder and all
selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections
so that, (a) after giving effect thereto, the aggregate principal amount of the Term SOFR Loans
comprising each Term SOFR Tranche shall be equal to $10,000,000 or a whole multiple of $1,000,000 in
excess thereof and (b) no more than fifteen Term SOFR Tranches shall be outstanding at any one time.
2.12. Interest Rates and Payment Dates.
(a) Each Term SOFR Loan shall bear interest for each day during each Interest
Period with respect thereto at a rate per annum equal to Term SOFR determined for such day plus the
Applicable Margin.
(b) Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the
Applicable Margin.
(c) (i) If all or a portion of the principal amount of any Loan or Reimbursement
Obligation shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), all
outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate
per annum equal to (x) in the case of the Loans, the rate that would otherwise be applicable thereto
pursuant to the foregoing provisions of this Section plus 2% or (y) in the case of Reimbursement
Obligations, the Applicable Margins (based on the Revolving Percentages of the Revolving Lenders in
such Reimbursement Obligations) for ABR Loans under the applicable Revolving Commitments
participating in Letters of Credit plus 2%, and (ii) if all or a portion of any interest payable on any Loan
or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be
paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall
bear interest at a rate per annum equal to the rate then applicable to ABR Loans of the relevant Class
(and, in the case of the amount payable to any Revolving Lender, based on the Applicable Margins then
in effect for such Revolving Lender’s Revolving Commitments) plus 2% (or, in the case of any such
other amounts that do not relate to a particular Class, the rate then applicable to ABR Loans under the
Revolving Facility (based on the highest Applicable Margins then in effect for any Revolving
Commitments) plus 2%), in each case, with respect to clauses (i) and (ii) above, from the date of such
non-payment until such amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date, provided that
interest accruing pursuant to paragraph (c) of this Section shall be payable from time to time on demand.
2.13. Computation of Interest and Fees.
- 56- |
| (a) Interest and fees payable pursuant hereto shall be calculated on the basis of a
360-day year for the actual days elapsed, except that, with respect to ABR Loans, the interest thereon
shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days
elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant
Lenders of each determination of Term SOFR. Any change in the interest rate on a Loan resulting from a
change in the ABR or Term SOFR shall become effective as of the opening of business on the day on
which such change becomes effective. The Administrative Agent shall as soon as practicable notify the
Borrower and the relevant Lenders of the effective date and the amount of each such change in interest
rate.
(b) Each determination of an interest rate by the Administrative Agent pursuant to
any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the
absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the
Borrower a statement showing the quotations used by the Administrative Agent in determining any
interest rate pursuant to Section 2.12(a).
2.14. Inability to Determine Interest Rate.
(a) [Reserved]
(b) The following provisions in this clause (b) apply with respect to all Loans:
(1) If in connection with any request for a Term SOFR Loan or a conversion
of ABR Loans to Term SOFR Loans or a continuation of any of such Loans, as applicable, (i) the
Administrative Agent determines (which determination shall be conclusive absent manifest error)
that (A) no Successor Rate has been determined in accordance with Section 2.14(b)(1), and the
circumstances under clause (i) of Section 2.14(b)(1) or the Scheduled Unavailability Date has
occurred, or (B) adequate and reasonable means do not otherwise exist for determining Term
SOFR for any requested Interest Period with respect to a proposed Term SOFR Loan or in
connection with an existing or proposed ABR Loan, or (ii) the Administrative Agent or the
Required Lenders determine that for any reason that Term SOFR for any requested Interest
Period with respect to a proposed Loan does not adequately and fairly reflect the cost to such
Lenders of funding such Loan (in the case of the Required Lenders, as conclusively certified by
such Lenders), the Administrative Agent will promptly so notify the Borrower and each Lender.
Thereafter, the obligation of the Lenders to make or maintain Term SOFR Loans, or to
convert ABR Loans to Term SOFR Loans, shall be suspended (to the extent of the affected Term SOFR
Loans or Interest Periods), in each case until the Administrative Agent (or, in the case of a determination
by the Required Lenders described in clause (ii) of this Section 2.14(b)(1), until the Administrative
Agent upon instruction of the Required Lenders) revokes such notice.
Upon receipt of such notice, (i) the Borrower may revoke any pending request for a
Borrowing of, or conversion to, or continuation of Term SOFR Loans (to the extent of the affected Term
SOFR Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a
request for a Committed Borrowing of ABR Loans in the amount specified therein and (ii) any
outstanding Term SOFR Loans shall be deemed to have been converted to ABR Loans immediately at
the end of their respective applicable Interest Period.
(c) Replacement of Term SOFR or Successor Rate. Notwithstanding anything to the
contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which
determination shall be conclusive absent manifest error), or the Borrower or Required Lenders notify the
- 57- |
| Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the
Borrower or Required Lenders (as applicable) have determined, that:
(1) adequate and reasonable means do not exist for ascertaining one month,
three month and six month interest periods of Term SOFR, including, without limitation, because
the Term SOFR Screen Rate is not available or published on a current basis and such
circumstances are unlikely to be temporary; or
(2) CME or any successor administrator of the Term SOFR Screen Rate or a
Governmental Authority having jurisdiction over the Administrative Agent or such administrator
with respect to its publication of Term SOFR, in each case acting in such capacity, has made a
public statement identifying a specific date after which one month, three month and six month
interest periods of Term SOFR or the Term SOFR Screen Rate shall or will no longer be made
available, or permitted to be used for determining the interest rate of U.S. dollar denominated
syndicated loans, or shall or will otherwise cease, provided that, at the time of such statement,
there is no successor administrator that is satisfactory to the Administrative Agent, that will
continue to provide such interest periods of Term SOFR after such specific date (the latest date
on which one month, three month and six month interest periods of Term SOFR or the Term
SOFR Screen Rate are no longer available permanently or indefinitely, the “Scheduled
Unavailability Date”);
then, on a date and time determined by the Administrative Agent and the Borrower (any
such date, the “Term SOFR Replacement Date”), which date shall be at the end of an Interest Period or
on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to
clause (ii) above, no later than the Scheduled Unavailability Date, Term SOFR will be replaced
hereunder and under any Loan Document with Daily Simple SOFR for any payment period for interest
calculated that can be determined by the Administrative Agent, in each case, without any amendment to,
or further action or consent of any other party to, this Agreement or any other Loan Document (the
“Successor Rate).
If the Successor Rate is Daily Simple SOFR, all interest payments will be payable on a
monthly basis.
Notwithstanding anything to the contrary herein, (i) if the Administrative Agent
determines that Daily Simple SOFR is not available on or prior to the Term SOFR Replacement Date, or
(ii) if the events or circumstances of the type described in Section 2.14(c)(1) or (2) have occurred with
respect to the Successor Rate then in effect, then in each case, the Administrative Agent and the
Borrower may amend this Agreement solely for the purpose of replacing Term SOFR or any then current
Successor Rate in accordance with this Section 2.14(c) at the end of any Interest Period, relevant interest
payment date or payment period for interest calculated, as applicable, with an alternative benchmark rate
giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated
credit facilities syndicated and agented in the United States for such alternative benchmark and, in each
case, including any mathematical or other adjustments to such benchmark giving due consideration to
any evolving or then existing convention for similar U.S. dollar denominated credit facilities syndicated
and agented in the United States for such benchmark, which adjustment or method for calculating such
adjustment shall be published on an information service as selected by the Administrative Agent from
time to time in its reasonable discretion and may be periodically updated. For the avoidance of doubt,
any such proposed rate and adjustments, shall constitute a “Successor Rate”. Any such amendment shall
become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted
such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders
- 58- |
| comprising the Required Lenders have delivered to the Administrative Agent written notice that such
Required Lenders object to such amendment.
The Administrative Agent will promptly (in one or more notices) notify the Borrower
and each Lender of the implementation of any Successor Rate.
Any Successor Rate shall be applied in a manner consistent with market practice;
provided that to the extent such market practice is not administratively feasible for the Administrative
Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the
Administrative Agent (with the consent of the Borrower, not to be unreasonably withheld or delayed ).
In connection with the implementation of a Successor Rate, the Administrative Agent
with the consent of the Borrower (not to be unreasonably withheld or delayed) will have the right to
make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in
any other Loan Document, any amendments implementing such Conforming Changes will become
effective without any further action or consent of any other party to this Agreement; provided that, with
respect to any such amendment effected, the Administrative Agent shall post each such amendment
implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such
amendment becomes effective.
For purposes of Section 2.14(b) and this Section 2.14(c), those Lenders that either have not
made, or do not have an obligation under this Agreement to make, the relevant Loans in Dollars shall be
excluded from any determination of Required Lenders.
2.15. Pro Rata Treatment and Payments.
(a) Except for payments pursuant to Section 2.8(b) (which shall reduce only all
installments of principal on the Term Loans prepaid), the amount of each principal prepayment of Term
Loans of any Class shall be applied to reduce the then remaining installments of principal of such Class
on a pro rata basis based upon the then remaining principal amount of such installments. Amounts repaid
or prepaid on account of the Term Loans may not be reborrowed.
(b) All payments (including prepayments) to be made by the Borrower hereunder,
whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim
and shall be made prior to 1:00 P.M., New York City time, on the due date thereof to the Administrative
Agent, for the account of the applicable Lenders, at the Funding Office, in Dollars and in immediately
available funds. The Administrative Agent shall distribute such payments to the Lenders entitled thereto
promptly upon receipt in like funds as received. If at any time insufficient funds are received by and
available to the Administrative Agent to pay fully all amounts of principal, Reimbursement Obligations,
interest, fees and other amounts then due and payable by the Borrower 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 Reimbursement Obligations then due hereunder, ratably among
the parties entitled thereto in accordance with the amounts of principal and Reimbursement Obligations
then due to such parties, and (iii) third, towards the payment of all other amounts then due hereunder,
ratably among the parties entitled thereto in accordance with the amount of such amounts then due to
such parties. If any payment hereunder (other than payments on the Term SOFR Loans) becomes due
and payable on a day other than a Business Day, such payment shall be extended to the next succeeding
Business Day. If any payment on a Term SOFR Loan becomes due and payable on a day other than a
Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the
result of such extension would be to extend such payment into another calendar month, in which event
- 59- |
| such payment shall be made on the immediately preceding Business Day. In the case of any extension of
any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the
then applicable rate during such extension.
(c) Unless the Administrative Agent shall have been notified in writing by any
Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of
such borrowing available to the Administrative Agent, the Administrative Agent may assume that such
Lender is making such amount available to the Administrative Agent, and the Administrative Agent may,
in reliance upon such assumption, make available to the Borrower a corresponding amount. If such
amount is not made available to the Administrative Agent by the required time on the Borrowing Date
therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest
thereon at a rate equal to the greater of (i) the daily average Federal Funds Effective Rate for the period
until such Lender makes such amount immediately available to the Administrative Agent and (ii) a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation. A certificate of the Administrative Agent submitted to any Lender with respect to any
amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such
Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender
within three Business Days of such Borrowing Date, the Administrative Agent shall also be entitled to
recover such amount with interest thereon at the rate per annum applicable to ABR Loans of the relevant
Class, on demand, from the Borrower. Nothing in this paragraph shall be deemed to limit the rights of
the Administrative Agent or the Borrower against any Lender.
(d) Unless the Administrative Agent shall have been notified in writing by the
Borrower prior to the date of any payment being made hereunder that the Borrower will not make such
payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making
such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such
assumption, make available to the Lenders their respective shares of a corresponding amount. With
respect to any payment that the Administrative Agent makes for the account of the Lenders or any
Issuing Lender hereunder as to which the Administrative Agent determines (which determination shall be
conclusive absent manifest error) that any of the following applies (such payment referred to as the
“Rescindable Amount”): (1) the Borrower has not in fact made such payment; (2) the Administrative
Agent has made a payment in excess of the amount so paid by the Borrower (whether or not then owed);
or (3) the Administrative agent has for any reason otherwise erroneously made such payment; then each
of the Lenders or the applicable Issuing Lenders, as the case may be, severally agrees to repay to the
Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender or
such Issuing Lender, in immediately available funds with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. Nothing
herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the
Borrower. A notice of the Administrative Agent to the Borrower with respect to any amount owing
under this clause (d) shall be conclusive, absent manifest error.
(e) If any Lender makes available to the Administrative Agent funds for any Loan to
be made by such Lender as provided in the foregoing provisions of this Section 2, and such funds are not
made available to the Borrower by the Administrative Agent because the conditions to the applicable
Loan set forth in Section 5.2 are not satisfied or waived in accordance with the terms hereof, the
Administrative Agent shall return such funds (in like funds as received from such Lender) to such
Lender, without interest.
2.16. Requirements of Law.
- 60- |
| (a) If any Change in Law:
(i) shall subject any Lender (including any Issuing Lender) to any
tax of any kind whatsoever with respect to this Agreement, any Letter of Credit, any Application
or any Term SOFR Loan made by it, or change the basis of taxation of payments to such Lender
in respect thereof (except for Non-Excluded Taxes covered by Section 2.17, Other Taxes, and
taxes for which a Lender would have been entitled to an additional payment pursuant to Section
2.17(a) but for an exclusion set forth therein);
(ii) shall impose, modify or hold applicable any reserve, special
deposit, compulsory loan or similar requirement against assets held by, deposits or other
liabilities in or for the account of, advances, loans or other extensions of credit by, or any other
acquisition of funds by, any office of such Lender that is not otherwise included in the
determination of the Term SOFR hereunder; or
(iii) shall impose on such Lender or Issuing Lender any other
condition;
and the result of any of the foregoing is to increase the cost to such Lender or Issuing Lender, by
an amount that such Lender or Issuing Lender deems to be material, of making, converting into,
continuing or maintaining Term SOFR Loans or issuing or participating in Letters of Credit, or to reduce
any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly
pay such Lender or Issuing Lender, upon its demand, any additional amounts necessary to compensate
such Lender for such increased cost or reduced amount receivable. The Borrower shall not be required to
compensate any Lender for any claim of increased costs to such Lender of agreeing to make or making,
funding or maintaining any Loans from the adoption of an alternate rate of interest pursuant to Section
2.14. If any Lender or Issuing Lender becomes entitled to claim any additional amounts pursuant to this
paragraph, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event
by reason of which it has become so entitled.
(b) If any Lender or Issuing Lender shall have determined that any Change in Law
regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender
or any corporation controlling such Lender therewith shall have the effect of reducing the rate of return
on such Lender’s or Issuing Lender’s or such corporation’s capital as a consequence of its obligations
hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or
Issuing Lender or such corporation could have achieved but for such Change in Law (taking into
consideration such Lender’s or Issuing Lender’s or such corporation’s policies with respect to capital
adequacy) by an amount deemed by such Lender or Issuing Lender to be material, then from time to time,
after submission by such Lender or Issuing Lender to the Borrower (with a copy to the Administrative
Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or
amounts as will compensate such Lender or Issuing Lender for such reduction; provided that the
Borrower shall not be required to compensate a Lender or Issuing Lender pursuant to this paragraph for
any amounts incurred more than six months prior to the date that such Lender or Issuing Lender notifies
the Borrower of such Lender’s or Issuing Lender’s intention to claim compensation therefor; and
provided further that, if the circumstances giving rise to such claim have a retroactive effect, then such
six-month period shall be extended to include the period of such retroactive effect.
(c) A certificate as to any additional amounts payable pursuant to this Section
submitted by any Lender or Issuing Lender to the Borrower (with a copy to the Administrative Agent)
shall be conclusive in the absence of manifest error. The obligations of the Borrower pursuant to this
- 61- |
| Section shall survive the termination of this Agreement and the payment of the Loans and all other
amounts payable hereunder.
2.17. Taxes.
(a) All payments made by any Loan Party under any Loan Document shall be made
free and clear of, and without deduction or withholding for or on account of, any present or future
income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or
hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding net
income taxes and franchise taxes (imposed in lieu of net income taxes) and branch profits taxes, in each
case, imposed on the Administrative Agent or any Lender as a result of a present or former connection
between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority
imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such
connection arising solely from the Administrative Agent or such Lender having executed, delivered or
performed its obligations or received a payment under, received or perfected a security interest under,
engaged in any other transaction pursuant to, or enforced, this Agreement or any other Loan Document),
and excluding any U.S. federal withholding Taxes under FATCA imposed on the Administrative Agent
or any Lender (any such non-excluded taxes, levies, imposts, duties, charges, fees, deductions, or
withholdings, including any interest, additions to tax or penalties related thereto, “Non-Excluded
Taxes”). If applicable law (as determined in the good faith discretion of an applicable withholding
agent) requires the deduction or withholding of any tax from any such payment by any applicable
withholding agent, then (i) the applicable withholding agent shall be entitled to make such deduction or
withholding, (ii) the applicable withholding agent shall timely pay the full amount deducted or withheld
to the relevant Governmental Authority in accordance with applicable law and (iii).if such tax is a
Non-Excluded Tax or Other Taxes, the amounts so payable to the Administrative Agent or such Lender
shall be increased to the extent necessary to yield to such Lender (or, in the case of payments made to the
Administrative Agent for its own account, the Administrative Agent), after payment of all Non-Excluded
Taxes and Other Taxes (including, for the avoidance of doubt, any such taxes payable on any additional
amounts paid under this Section 2.17(a)), interest or any such other amounts payable hereunder at the
rates or in the amounts specified in this Agreement, provided, however, that the Borrower shall not be
required to increase any such amounts payable to any Lender with respect to any Non-Excluded Taxes (i)
that are attributable to such Lender’s failure to comply with the requirements of paragraph (d), (e), or (g)
of this Section or (ii) that are United States federal withholding taxes imposed on amounts payable to
such Lender (A) at the time the Lender becomes a party to this Agreement, except to the extent that such
Lender’s assignor (if any) was entitled, immediately prior to the assignment, to receive additional
amounts from the Borrower with respect to such Non-Excluded Taxes pursuant to this paragraph or (B)
at the time that such Lender changes its lending office, except to the extent that such Lender was entitled,
immediately prior to the change, to receive additional amounts from the Borrower with respect to such
Non-Excluded Taxes pursuant to this paragraph.
(b) In addition, without duplication of Section 2.17(a), the Borrower shall pay any
Other Taxes to the relevant Governmental Authority in accordance with applicable law.
(c) Without duplication of any obligation under the immediately preceding
subsections, whenever any Non-Excluded Taxes or Other Taxes are payable by the Borrower, as
promptly as possible thereafter the Borrower shall send to the Administrative Agent for its own account
or for the account of the relevant Lender, as the case may be, a certified copy of an original official
receipt received by the Borrower showing payment thereof, a copy of the return reporting such payment
or such other evidence of payment reasonably satisfactory to the Administrative Agent. If the
Administrative Agent or any Lender is required to pay any Non-Excluded Taxes or Other Taxes, the
Borrower shall indemnify the Administrative Agent and the Lenders for any such Taxes (including Taxes
- 62- |
| imposed or asserted on or attributable to amounts payable under this Section 2.17), interest or penalties
that may become payable by the Administrative Agent or any Lender as a result of any such failure and
any reasonable out-of-pocket expenses arising therefrom or with respect thereto, whether or not such
Non-Excluded 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 delivered to the
Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its
own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(d) Each Lender (or Transferee) that is not a “U.S. Person” as defined in Section
7701(a)(30) of the Code (a “Non-U.S. Lender”) shall deliver to the Borrower and the Administrative
Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been
purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN (or W-8BEN-E) or Form
W-8ECI, or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax
under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a statement
substantially in the form of Exhibit C and a Form W-8BEN (or W-8BEN-E), or any subsequent versions
thereof or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming
complete exemption from U.S. federal withholding tax on all payments by the Borrower under this
Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Lender on
or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before
the date such Participant purchases the related participation). In addition, each Non-U.S. Lender shall
deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by
such Non-U.S. Lender. Each Non-U.S. Lender shall promptly notify the Borrower at any time it
determines that it is no longer in a position to provide any previously delivered certificate to the
Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose).
The inability of a Non-U.S. Lender (or a Transferee) to deliver any form pursuant to this Section 2.17(d)
as a result of a change in law after the date such Lender (or a Transferee) becomes a Lender (or a
Transferee) hereunder or as a result of a change in circumstances of the Borrower or the use of proceeds
of such Lender’s (or Transferee’s) Loans shall not constitute a failure to comply with this Section 2.17(d)
and accordingly the indemnities to which such Person is entitled pursuant to this Section 2.17 shall not be
affected as a result of such inability. If a Lender (or Transferee) as to which the preceding sentence does
not apply is unable to deliver any form pursuant to this Section 2.17(d), the sole consequence of such
failure to deliver as a result of such inability shall be that the indemnity described in Section 2.17(a)
hereof for any Non-Excluded Taxes shall not be available to such Lender or Transferee with respect to
the period that would otherwise be covered by such form. Each Lender (or Transferee) that is a “U.S.
Person” as defined in Section 7701(a)(30) of the Code shall deliver to the Borrower and the
Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation
shall have been purchased) two copies of U.S. Internal Revenue Service Form W-9 certifying that such
Lender is exempt from U.S. federal backup withholding tax. On or before the Administrative Agent
becomes a party to this Agreement, the Administrative Agent shall provide to the Borrower two copies of
the documentation prescribed in clause (i) or (ii), as applicable: (i) U.S. Internal Revenue Service Form
W-9 or (ii), with respect to payments received on its own behalf, IRS Form W-8ECI and, with respect to
payments received on account of any Lender, a U.S. federal branch withholding certificate on U.S.
Internal Revenue Service Form W-8IMY evidencing it is either (a) a “qualified intermediary” assuming
primary withholding responsibility under Chapters 3 and 4 of the Code and primary Form 1099 reporting
and backup withholding responsibility for payments it receives for the account of others, or (b) a “U.S.
branch” and that the payments it receives for the account of others are not effectively connected with the
conduct of a trade or business in the United States, and that it is using such form as evidence of its
agreement to be treated as a U.S. Person for federal withholding purposes(and the Borrower and the
Administrative Agent agree to so treat the Administrative Agent as a U.S. person with respect to such
payments as contemplated by Treasury Regulations Section 1.1441-1(b)(2)(iv)(A)); provided that no
- 63- |
| Administrative Agent shall be required to deliver any documentation pursuant to this Section 2.17(d) that
it is not legally eligible to deliver as a result of a Change in Law occurring after the date hereof.
(e) A Lender that is entitled to an exemption from non-U.S. withholding tax under
the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a
party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by applicable law or reasonably requested by the
Borrower, such properly completed and executed documentation prescribed by applicable law as will
permit such payments to be made without withholding, provided that such Lender is legally entitled to
complete, execute and deliver such documentation and in such Lender’s judgment such completion,
execution or submission would not materially prejudice the legal position of such Lender.
(f) Any Lender (or Transferee) claiming any indemnity payment or additional
amounts payable pursuant to Section 2.17(a) shall use reasonable efforts (consistent with legal and
regulatory restrictions) to file any certificate or document reasonably requested in writing by the
Borrower if the making of such a filing would avoid the need for or reduce the amount of any such
indemnity payment or additional amounts that may thereafter accrue. If any party determines, in its sole
discretion exercised in good faith, that it has received a refund of any taxes as to which it has been
indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this
Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of
indemnity payments (including additional amounts) made under this Section with respect to the taxes
giving rise to such refund), net of all out-of-pocket expenses (including taxes) of such indemnified party
and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this paragraph (f) (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) in the event that such indemnified party
is required to repay such refund to such Governmental Authority. Notwithstanding anything to the
contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an
indemnifying party pursuant to this paragraph (f) the payment of which would place the indemnified
party in a less favorable net after-tax position than the indemnified party would have been in if the tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such tax had never been
paid. This paragraph shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its taxes that it deems confidential) to the indemnifying party
or any other Person.
(g) If a payment made to a Lender under any Loan Document would be subject to
U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the
applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the
time or times prescribed by law and at such time or times reasonably requested by the Borrower or the
Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the
Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied
with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from
such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to
FATCA after the date of this Agreement.
- 64- |
| (h) Each Lender agrees that if any documentation it previously delivered expires or
becomes obsolete or inaccurate in any respect, it shall update such documentation or promptly notify the
Borrower and the Administrative Agent in writing of its legal ineligibility to do so.
(i) The agreements in this Section shall survive the termination of this Agreement,
the payment of the Loans and all other amounts payable hereunder and the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Lender.
2.18. Indemnity. The Borrower agrees to indemnify each Lender and to hold each Lender
harmless from any loss or expense that such Lender may sustain or incur as a consequence of (a) default
by the Borrower in making a borrowing of, conversion into or continuation of Term SOFR Loans after
the Borrower has given a notice requesting the same in accordance with the provisions of this
Agreement, (b) default by the Borrower in making any prepayment of or conversion from Term SOFR
Loans after the Borrower has given a notice thereof in accordance with the provisions of this Agreement
or (c) the making of a scheduled amortization payment or prepayment of Term SOFR Loans on a day that
is not the last day of an Interest Period with respect thereto. Such indemnification may include an
amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so
prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or
of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a
failure to borrow, convert or continue, the Interest Period that would have commenced on the date of
such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding,
however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably
determined by such Lender) that would have accrued to such Lender on such amount by placing such
amount on deposit for a comparable period with leading banks in the applicable market; provided that
such calculation may not take into account any Term SOFR “floor”. A certificate as to any amounts
payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the
absence of manifest error. This covenant shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder.
2.19. Change of Lending Office. Each Lender agrees that, upon the occurrence of any event
giving rise to the operation of Section 2.16 or 2.17(a) with respect to such Lender, it will, if requested by
the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to
designate another lending office for any Loans affected by such event with the object of avoiding the
consequences of such event; provided, that such designation is made on terms that, in the sole judgment
of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory
disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the
obligations of any Borrower or the rights of any Lender pursuant to Section 2.16 or 2.17(a).
2.20. Replacement of Lenders. The Borrower shall be permitted to replace any Lender that (a)
requests reimbursement for amounts owing pursuant to Section 2.16 or 2.17(a) or (b) becomes a
Defaulting Lender, with a replacement financial institution; provided that (i) such replacement does not
conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at
the time of such replacement, (iii) in the case of clause (a), prior to any such replacement, such Lender
shall have taken no action under Section 2.19 which has eliminated the continued need for payment of
amounts owing pursuant to Section 2.16 or 2.17(a), (iv) the replacement financial institution shall
purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of
replacement, (v) the Borrower shall be liable to such replaced Lender under Section 2.18 if any Term
SOFR Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest
Period relating thereto, (vi) the replacement financial institution, if not already a Lender, shall be
reasonably satisfactory to the Administrative Agent (and, if a Revolving Commitment is being assigned,
such replacement financial institution, if not previously a Revolving Lender that is not a Defaulting
- 65- |
| Lender, shall be reasonably satisfactory to the Administrative Agent and each Issuing Lender), (vii) the
replaced Lender shall be obligated to make such replacement in accordance with the provisions of
Section 10.6 (provided that the Borrower shall be obligated to pay the registration and processing fee
referred to therein), (viii) until such time as such replacement shall be consummated, the Borrower shall
pay all additional amounts (if any) required pursuant to Section 2.16 or 2.17(a), as the case may be, and
(ix) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Agents
or any other Lender shall have against the replaced Lender.
In the event that any Lender (a “Non-Consenting Lender”) fails to consent to any proposed
amendment, modification, termination, waiver or consent with respect to any provision hereof or of any
other Loan Document that requires the unanimous approval of all of the Lenders or the approval of all of
the Lenders directly affected thereby, in each case in accordance with the terms of Section 10.1, the
Borrower shall be permitted to replace such Non-Consenting Lender with a replacement financial
institution satisfactory to the Administrative Agent (if such replacement financial institution was not
already a Lender) and, if such replacement involves the assignment of a Revolving Commitment to a
Person other than a Revolving Lender that is not a Defaulting Lender, the Administrative Agent and each
Issuing Lender, so long as the consent of the Required Lenders shall have been obtained with respect to
such amendment, modification, termination, waiver or consent; provided that (i) such replacement does
not conflict with any applicable law, treaty, rule or regulation or determination of an arbitrator or a court
or other Governmental Authority, (ii) the replacement financial institution shall purchase, at par, all
Loans and other amounts owing to the Non-Consenting Lender pursuant to the Loan Documents on or
prior to the date of replacement, (iii) the replacement financial institution shall approve the proposed
amendment, modification, termination, waiver or consent, (iv) the Borrower shall be liable to the
Non-Consenting Lender under Section 2.18 if any Term SOFR Loan owing to the Non-Consenting
Lender shall be purchased other than on the last day of the Interest Period relating thereto, (v) the
Non-Consenting Lender shall be obligated to make such replacement in accordance with the provisions
of Section 10.6(c) (provided that the Borrower shall be obligated to pay the registration and processing
fee referred to therein), (vi) until such time as such replacement shall be consummated, the Borrower
shall pay to the Non-Consenting Lender all additional amounts (if any) required pursuant to Section 2.16,
2.17 or 2.18, as the case may be, (vii) the Borrower provides at least three Business Days’ prior notice to
the Non-Consenting Lender, and (viii) any such replacement shall not be deemed to be a waiver of any
rights that the Borrower, the Administrative Agent or any other Lender shall have against the
Non-Consenting Lender. In the event any Non-Consenting Lender fails to execute the agreements
required under Section 10.6 in connection with an assignment pursuant to this Section 2.20, the Borrower
may, upon two Business Days’ prior notice to the Non-Consenting Lender, execute such agreements on
behalf of the Non-Consenting Lender.
2.21. Defaulting Lenders.
(a) Adjustments. Notwithstanding anything to the contrary contained in this
Agreement, if any Revolving Lender becomes a Defaulting Lender, then, until such time as that Lender is
no longer a Defaulting Lender, to the extent permitted by applicable Law:
(i) Reallocation of Payments. Any payment of principal, interest,
fees or other amounts received by the Administrative Agent for the account of that Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8.2 or otherwise, and
including any amounts made available to the Administrative Agent by that Defaulting Lender
pursuant to Section 10.7), shall be applied at such time or times as may be determined by the
Administrative Agent as follows:
- 66- |
| (A) first, to the payment of any amounts owing by that
Defaulting Lender to the Administrative Agent hereunder;
(B) second, to the payment on a pro rata basis of any
amounts owing by that Defaulting Lender to each Issuing Lender and Swingline Lender
hereunder;
(C) third, if so determined by the Administrative Agent or
requested by an Issuing Lender or Swingline Lender, to be held as Cash Collateral for
future funding obligations of that Defaulting Lender of any participation in any
Swingline Loan or Letter of Credit based upon the Fronting Exposure arising from that
Defaulting Lender;
(D) fourth, as the Borrower may request (so long as no
Default or Event of Default exists), to the funding of any Revolving Loan in respect of
which that Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Administrative Agent;
(E) fifth, if so determined by the Administrative Agent and
the Borrower, to be held in a non-interest bearing deposit account and released in order
to satisfy obligations of that Defaulting Lender to fund Revolving Loans under this
Agreement;
(F) sixth, to the payment of any amounts owing to the
Lenders, the Issuing Lender or Swingline Lender as a result of any judgment of a court
of competent jurisdiction obtained by any Lender, the Issuing Lender or Swingline
Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of
its obligations under this Agreement;
(G) seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to the Borrower as a result of any judgment
of a court of competent jurisdiction obtained by the Borrower against that Defaulting
Lender as a result of that Defaulting Lender’s breach of its obligations under this
Agreement; and
(H) eighth, to that 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
any unreimbursed drawing under any Letter of Credit in respect of which that Defaulting
Lender has not fully funded its appropriate share and (y) such Loans were made or
Letters of Credit were issued at a time when the conditions set forth in Section 5.2 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and
unreimbursed drawings under Letters of Credit owed to, all non-Defaulting Lenders on a
pro rata basis prior to being applied to the payment of any Loans of, or unreimbursed
drawings under Letters of Credit owed to, that Defaulting Lender.
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash
Collateral pursuant to this Section 2.21(a)(i) shall be deemed paid to and redirected by
that Defaulting Lender, and each Lender irrevocably consents hereto.
- 67- |
| (ii) Certain Fees. That Defaulting Lender (x) shall not be entitled to
receive any commitment fee pursuant to Section 2.6(a) for any period during which that Lender
is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise
would have been required to have been paid to that Defaulting Lender during such period) (and
the Borrower shall (A) be required to pay to each applicable Issuing Lender and the Swingline
Lender, as applicable, the amount of such fee allocable to its Fronting Exposure arising from that
Defaulting Lender and (B) not be required to pay the remaining amount of such fee that
otherwise would have been required to have been paid to that Defaulting Lender, in each case,
during such period that such Lender is a Defaulting Lender) and (y) shall be limited in its right to
receive fees in respect of Letters of Credit as provided in Section 3.3(a).
(iii) Reallocation of Revolving Percentages to Reduce Fronting
Exposure. During any period in which there is a Defaulting Lender, for purposes of computing
the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit or Swingline Loans pursuant to Sections 2.5 and 3.4, the
“Revolving Percentage” of each non-Defaulting Lender shall be computed without giving effect
to the Revolving Commitment of that Defaulting Lender (but subject to the other limitations
contained in the definition of Revolving Percentage relating to Later Expiring Letters of Credit);
provided, that (i) each such reallocation shall be given effect only if, at the date the applicable
Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the
aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations
in Letters of Credit and Swingline Loans shall not exceed the positive difference, if any, of (1)
the Revolving Commitment of that non-Defaulting Lender minus (2) the aggregate outstanding
amount of the Revolving Loans of that Lender. Subject to Section 10.19, no reallocation
hereunder shall constitute a waiver or release of any claim of any party hereunder against a
Defaulting Lender arising from that Lender having become a Defaulting Lender, including any
claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased
exposure following such reallocation.
(b) Defaulting Lender Cure. If the Borrower, the Administrative Agent, Swingline
Lender and each Issuing Lender agree in writing in their sole discretion that a Defaulting Lender no
longer falls under the definition of Defaulting Lender, the Administrative Agent will so notify the
Revolving Lenders, whereupon as of the effective date specified in such notice and subject to any
conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that
Lender will, to the extent applicable, purchase at par that portion of outstanding Revolving Loans of the
other Lenders or take such other actions as the Administrative Agent may determine to be necessary to
cause the Revolving Loans and funded and unfunded participations in Letters of Credit and Swingline
Loans to be held on a pro rata basis by the Revolving Lenders in accordance with their Revolving
Percentages (without giving effect to Section 2.21(a)(iii) but giving effect to the other limitations set
forth in the definition of Revolving Percentage relating to Later Expiring Letters of Credit), whereupon
that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively
with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a
Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the
affected parties or except as provided in Section 10.19, no change hereunder from Defaulting Lender to
Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
having been a Defaulting Lender.
2.22. Obligations of Lenders Several. The obligations of the Lenders hereunder to make Term
Loans and Revolving Loans, to fund participations in Letters of Credit and Swingline Loans, as
applicable, and to make payments pursuant to Section 9.7 are several and not joint. The failure of any
Lender to make any Loan, to fund any such participation or to make any payment under Section 9.7 on
- 68- |
| any date required hereunder shall not relieve any other Lender of its corresponding obligation (if any) to
do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its
Loan, to purchase its participation or to make its payment under Section 9.7.
2.23. Permitted Debt Exchanges.
(a) Notwithstanding anything to the contrary contained in this Agreement, pursuant
to one or more offers (each, a “Permitted Debt Exchange Offer”) made from time to time by the
Borrower to all Lenders (other than, with respect to any Permitted Debt Exchange Offer that constitutes
an offering of securities, any Lender that (A) if requested by the Borrower, is unable to certify that it is
(i) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), (ii) an
institutional “accredited investor” (as defined in Rule 501 under the Securities Act) or (iii) not a “U.S.
person” (as defined in Rule 902 under the Securities Act) or (B) is not legally permitted to own or hold
securities) with outstanding Term Loans of a particular Class, the Borrower may from time to time
consummate one or more exchanges of such Term Loans for Indebtedness (in the form of senior secured,
senior unsecured, senior subordinated, or subordinated notes or loans) (such Indebtedness, “Permitted
Debt Exchange Notes” and each such exchange, a “Permitted Debt Exchange”), so long as the following
conditions are satisfied:
(i) each such Permitted Debt Exchange Offer shall be made on a
pro rata basis to the Term Lenders (other than, with respect to any Permitted Debt Exchange
Offer that constitutes an offering of securities, any Lender that (A) if requested by the Borrower,
is unable to certify that it is (i) a “qualified institutional buyer” (as defined in Rule 144A under
the Securities Act), (ii) an institutional “accredited investor” (as defined in Rule 501 under the
Securities Act) or (iii) not a “U.S. person” (as defined in Rule 902 under the Securities Act) or
(B) is not legally permitted to own or hold securities) of each applicable Class based on their
respective aggregate principal amounts of outstanding Term Loans under each such Class;
(ii) if such Permitted Debt Exchange Notes are secured, the
beneficiaries thereof (or an agent on their behalf) shall have (A) become party to a First Lien
Intercreditor Agreement pursuant to the terms thereof or (B) entered into a customary
intercreditor agreement with the Administrative Agent that is reasonably satisfactory to the
Administrative Agent and the Borrower;
(iii) the aggregate principal amount (calculated on the face amount
thereof) of all Term Loans exchanged under each applicable Class by the Borrower pursuant to
any Permitted Debt Exchange shall automatically be cancelled and retired by the Borrower on
date of the settlement thereof (and, if requested by the Administrative Agent, any applicable
exchanging Lender shall execute and deliver to the Administrative Agent an Assignment and
Assumption, or such other form as may be reasonably requested by the Administrative Agent, in
respect thereof pursuant to which the respective Lender assigns its interest in the Term Loans
being exchanged pursuant to the Permitted Debt Exchange to the Borrower for immediate
cancellation), and accrued and unpaid interest on such Term Loans shall be paid to the
exchanging Lenders on the date of consummation of such Permitted Debt Exchange, or, if agreed
to by the Borrower and the Administrative Agent, the next scheduled Interest Payment Date with
respect to such Term Loans (with such interest accruing until the date of consummation of such
Permitted Debt Exchange);
(iv) if the aggregate principal amount of all Term Loans (calculated
on the face amount thereof) of a given Class tendered by Lenders in respect of the relevant
Permitted Debt Exchange Offer (with no Lender being permitted to tender a principal amount of
- 69- |
| Term Loans which exceeds the principal amount thereof of the applicable Class actually held by
it) shall exceed the maximum aggregate principal amount of Term Loans of such Class offered to
be exchanged by the Borrower pursuant to such Permitted Debt Exchange Offer, then the
Borrower shall exchange Term Loans under the relevant Class tendered by such Lenders ratably
up to such maximum based on the respective principal amounts so tendered, or, if such Permitted
Debt Exchange Offer shall have been made with respect to multiple Classes without specifying a
maximum aggregate principal amount offered to be exchanged for each Class, and the aggregate
principal amount of all Term Loans (calculated on the face amount thereof) of all Classes
tendered by Lenders in respect of the relevant Permitted Debt Exchange Offer (with no Lender
being permitted to tender a principal amount of Term Loans which exceeds the principal amount
thereof actually held by it) shall exceed the maximum aggregate principal amount of Term Loans
of all relevant Classes offered to be exchanged by the Borrower pursuant to such Permitted Debt
Exchange Offer, then the Borrower shall exchange Term Loans across all Classes subject to such
Permitted Debt Exchange Offer tendered by such Lenders ratably up to such maximum amount
based on the respective principal amounts so tendered;
(v) all documentation in respect of such Permitted Debt Exchange
shall be consistent with the foregoing, and all written communications generally directed to the
Lenders in connection therewith shall be in form and substance consistent with the foregoing and
made in consultation with the Borrower and the Administrative Agent; and
(vi) any applicable Minimum Tender Condition or Maximum Tender
Condition, as the case may be, shall be satisfied or waived by the Borrower.
Notwithstanding anything to the contrary herein, no Lender shall have any obligation to agree to have
any of its Loans or Commitments exchanged pursuant to any Permitted Debt Exchange Offer.
(b) With respect to all Permitted Debt Exchanges effected by the Borrower pursuant
to this Section 2.17, such Permitted Debt Exchange Offer shall be made for not less than $25,000,000 in
aggregate principal amount of Term Loans, provided that subject to the foregoing the Borrower may at its
election specify (A) as a condition (a “Minimum Tender Condition”) to consummating any such
Permitted Debt Exchange that a minimum amount (to be determined and specified in the relevant
Permitted Debt Exchange Offer in the Borrower’s discretion) of Term Loans of any or all applicable
Classes be tendered and/or (B) as a condition (a “Maximum Tender Condition”) to consummating any
such Permitted Debt Exchange that no more than a maximum amount (to be determined and specified in
the relevant Permitted Debt Exchange Offer in the Borrower’s discretion) of Term Loans of any or all
applicable Classes will be accepted for exchange. The Administrative Agent and the Lenders hereby
acknowledge and agree that the provisions of Section 2.1(g), 2.7, 2.8 and 2.15 do not apply to the
Permitted Debt Exchange and the other transactions contemplated by this Section 2.23 and hereby agree
not to assert any Default or Event of Default in connection with the implementation of any such
Permitted Debt Exchange or any other transaction contemplated by this Section 2.23 provided that such
implementations or such other transactions are transactions are effectual in accordance with this Section
2.23.
(c) In connection with each Permitted Debt Exchange, the Borrower shall provide
the Administrative Agent at least five (5) Business Days’ (or such shorter period as may be agreed by the
Administrative Agent) prior written notice thereof, and the Borrower and the Administrative Agent,
acting reasonably, shall mutually agree to such procedures as may be necessary or advisable to
accomplish the purposes of this Section 2.23; provided that the terms of any Permitted Debt Exchange
Offer shall provide that the date by which the relevant Lenders are required to indicate their election to
participate in such Permitted Debt Exchange shall be not less than five (5) Business Days following the
- 70- |
| date on which the Permitted Debt Exchange Offer is made. The Borrower shall provide the final results
of such Permitted Debt Exchange to the Administrative Agent no later than three (3) Business Days prior
to the proposed date of effectiveness for such Permitted Debt Exchange (or such shorter period agreed to
by the Administrative Agent in its sole discretion) and the Administrative Agent shall be entitled to
conclusively rely on such results.
(d) The Borrower shall be responsible for compliance with, and hereby agrees to
comply with, all applicable securities and other laws in connection with each Permitted Debt Exchange,
it being understood and agreed that (i) neither the Administrative Agent nor any Lender assumes any
responsibility in connection with the Borrower’s compliance with such laws in connection with any
Permitted Debt Exchange and (ii) each Lender shall be solely responsible for its compliance with any
applicable “insider trading” laws and regulations to which such Lender may be subject under the
Exchange Act.
SECTION 3 LETTERS OF CREDIT
3.1. L/C Commitment.
(a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on
the agreements of the other Revolving Lenders with Revolving C Commitments set forth in Section
3.4(a), agrees to issue letters of credit under the Revolving C Commitments (“Letters of Credit”) for the
account of the Borrower on any Business Day during a Revolving Commitment Period for Revolving C
Commitments in such form as may be approved from time to time by such Issuing Lender (it being
understood that any commercial Letter of Credit shall provide for sight drafts and not bankers
acceptances); provided that no Issuing Lender shall issue any Letter of Credit if, after giving effect to
such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the aggregate amount of
the Available Revolving Commitments with respect to the Class of Revolving C Commitments would be
less than zero. Each Letter of Credit shall (i) be denominated in Dollars and (ii) expire no later than the
earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior
to the then latest Revolving Termination Date with respect to the Revolving C Commitments, provided
that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year
periods (which shall in no event extend beyond the date referred to in clause (y) above). Each Existing
Letter of Credit shall be deemed to be issued pursuant to this Section 3.1(a) on the Restatement Effective
Date. Notwithstanding the foregoing, the Borrower and any Issuing Lender may from time to time
pursuant to a written agreement or any amendment thereto executed by the Borrower and such Issuing
Lender and delivered to the Administrative Agent, agree that such Issuing Lender shall not be required to
issue a particular type of Letter of Credit and/or that the amount of Letters of Credit to be issued by such
Issuing Lender shall be less than the full amount of the L/C Commitment and/or different from the
amount referenced in Section 3.1(b)(iii), in which case, such Issuing Lender shall not be required to issue
any Letter of Credit to the extent such issuance would be inconsistent with such agreement between the
Borrower and such Issuing Lender.
(b) No Issuing Lender shall be obligated to issue any Letter of Credit hereunder if:
(i) such issuance would conflict with, or cause such Issuing Lender
or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law;
(ii) any Lender is at that time a Defaulting Lender, unless such
Issuing Lender has entered into arrangements, including, if requested, the delivery of Cash
Collateral, reasonably satisfactory to the Issuing Lender with the Borrower or such Lender to
eliminate such Issuing Lender’s actual or potential Fronting Exposure (after giving effect to
- 71- |
| Section 2.21(a)(iii)) with respect to the Defaulting Lender arising from either the Letter of Credit
then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such
Issuing Lender has actual or potential Fronting Exposure, as it may elect in its sole discretion;
(iii) subject to the last sentence of Section 3.1(a), if the aggregate
amount of the L/C Obligations in respect of Letters of Credit issued by such Issuing Lender
would exceed one-third (1/3) of the L/C Commitment (or, in the case of JPMorgan Chase Bank,
N.A., $41,000,000); or
(iv) the issuance thereof would otherwise conflict with any separate
written agreement between the Borrower and such Issuing Lender.
3.2. Procedure for Issuance of Letter of Credit. The Borrower may from time to time request
that any Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender an Application
therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and
other papers and information as such Issuing Lender may request. Upon receipt of any Application, the
relevant Issuing Lender will process such Application and the certificates, documents and other papers
and information delivered to it in connection therewith in accordance with its customary procedures and
shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be
required to issue any Letter of Credit earlier than three (3) Business Days after its receipt of the
Application therefor and all such other certificates, documents and other papers and information relating
thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be
agreed to by such Issuing Lender and the Borrower. The relevant Issuing Lender shall furnish a copy of
such Letter of Credit to the Borrower promptly following the issuance thereof. The relevant Issuing
Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the
Lenders, notice of the issuance of each Letter of Credit (including the amount thereof).
3.3. Fees and Other Charges.
(a) The Borrower will pay a fee for the benefit of each Revolving Lender with
Revolving C Commitments on all outstanding Letters of Credit at a per annum rate equal to the product
of (i) the Applicable Margin then in effect with respect to Term SOFR Loans made pursuant to the
Revolving C Commitments of such Revolving Lender that has a risk participation in Letters of Credit and
(ii) such Revolving Lender’s daily Revolving Percentage of the undrawn and unexpired amount of each
Letters of Credit, payable quarterly in arrears on each L/C Fee Payment Date after the issuance date;
provided, however, for the avoidance of doubt, any such fees otherwise payable for the account of a
Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not
provided Cash Collateral satisfactory to the Issuing Lender pursuant to this Section 3 shall be payable, to
the maximum extent permitted by applicable Law, to the other Revolving Lenders with Revolving C
Commitments in accordance with the upward adjustments in their respective Revolving Percentages
allocable to such Letter of Credit pursuant to Section 2.21(a)(iii), with the balance of such fee, if any,
payable to the Issuing Lender for its own account. In addition, the Borrower shall pay to the relevant
Issuing Lender for its own account a fronting fee with respect to each Letter of Credit at a per annum rate
of 0.125% or a lower rate separately agreed between the Borrower and such Issuing Lender on the
undrawn and unexpired amount of each Letter of Credit issued by such Issuing Lender, payable quarterly
in arrears on each L/C Fee Payment Date after the relevant issuance date.
(b) In addition to the foregoing fees, unless otherwise agreed by the relevant Issuing
Lender, the Borrower shall pay or reimburse each Issuing Lender for such normal and customary costs
and expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment
under, amending or otherwise administering any Letter of Credit issued by it.
- 72- |
| 3.4. L/C Participations.
(a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C
Participant, and, to induce the Issuing Lenders to issue Letters of Credit hereunder, each L/C Participant
irrevocably agrees to accept and purchase and hereby accepts and purchases from each Issuing Lender,
on the terms and conditions hereinafter stated, for such L/C Participant’s own account and risk an
undivided interest equal to such L/C Participant’s Revolving Percentage (with respect to the Revolving C
Commitments) in each Issuing Lender’s obligations and rights under each Letter of Credit issued by it
hereunder and the amount of each draft paid by such Issuing Lender thereunder. Each L/C Participant
unconditionally and irrevocably agrees with each Issuing Lender that, if a draft is paid under any Letter
of Credit issued by such Issuing Lender for which such Issuing Lender is not reimbursed in full by the
Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to such Issuing
Lender through the Administrative Agent upon demand an amount equal to such L/C Participant’s
Revolving Percentage (with respect to the Revolving C Commitments) of the amount of such draft, or
any part thereof, that is not so reimbursed. Each L/C Participant’s obligation to make such payment to
such Issuing Lender as contemplated by this Section 3.4(a), shall be absolute and unconditional and shall
not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or
other right which such Lender may have against such Issuing Lender, the Borrower or any other Person
for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default, or (C) any
other occurrence, event or condition, whether or not similar to any of the foregoing. No such payment by
any L/C Participant shall relieve or otherwise impair the obligation of the Borrower to reimburse such
Issuing Lender for the amount of any payment made by such Issuing Lender under any Letter of Credit,
together with interest as provided herein.
(b) If any amount required to be paid by any L/C Participant to any Issuing Lender
pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing
Lender under any Letter of Credit is paid to such Issuing Lender within three (3) Business Days after the
date such payment is due, such L/C Participant shall pay to such Issuing Lender on demand an amount
equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during
the period from and including the date such payment is required to the date on which such payment is
immediately available to such Issuing Lender, times (iii) a fraction the numerator of which is the number
of days that elapse during such period and the denominator of which is 360. If any such amount required
to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the relevant Issuing
Lender by such L/C Participant within three (3) Business Days after the date such payment is due, such
Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with
interest thereon calculated from such due date at the rate per annum applicable to ABR Loans under the
Revolving C Commitments of such Lender. A certificate of the relevant Issuing Lender submitted to any
L/C Participant with respect to any amounts owing under this Section shall be conclusive in the absence
of manifest error.
(c) Whenever, at any time after the relevant Issuing Lender has made payment under
any Letter of Credit and has received from any L/C Participant its pro rata share of such payment in
accordance with Section 3.4(a), such Issuing Lender receives any payment through the Administrative
Agent related to such Letter of Credit (whether directly from the Borrower or otherwise, including
proceeds of collateral applied thereto by such Issuing Lender), or any payment of interest on account
thereof, the Administrative Agent will distribute to each such Issuing Lender will distribute to each L/C
Participant its pro rata share thereof; provided, however, that in the event that any such payment received
by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant
shall return to the Administrative Agent the portion thereof previously distributed by such Issuing Lender
to it.
- 73- |
| 3.5. Reimbursement Obligation of the Borrower. If any draft is paid under any Letter of
Credit, the Borrower shall reimburse the relevant Issuing Lender for the amount of (a) the draft so paid
and (b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection
with such payment, not later than 1:00 P.M., New York City time, on the next business day following the
day that the Borrower receives notice of payment of such draft. Each such payment shall be made to the
relevant Issuing Lender in lawful money of the United States and in immediately available funds.
Interest shall be payable on any and all amounts remaining unpaid by the Borrower under this Section
from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) (or
from the date the relevant draft is paid, if notice thereof is received by the Borrower prior to 10:00 A.M.,
New York City time, on such date) until payment in full at the rate set forth in (i) until the second
Business Day following the date of the applicable drawing, Section 2.12(b) and (ii) thereafter, Section
2.12(c).
3.6. Obligations Absolute. The Borrower’s obligations under this Section 3 shall be absolute
and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense
to payment that the Borrower may have or have had against any Issuing Lender, any beneficiary of a
Letter of Credit or any other Person. The Borrower also agrees with each Issuing Lender and L/C
Participant that no Issuing Lender or L/C Participant shall be responsible for, and the Borrower’s
Reimbursement Obligations under Section 3.5 shall not be affected by, among other things, the validity
or genuineness of documents or of any endorsements thereon, even though such documents shall in fact
prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any
beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or
any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such
transferee. No Issuing Lender shall be liable for any error, omission, interruption or delay in
transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any
Letter of Credit, except for errors or omissions found by a final non-appealable decision of a court of
competent jurisdiction to have resulted from the gross negligence or willful misconduct of the relevant
Issuing Lender. The Borrower agrees that any action taken or omitted by any Issuing Lender under or in
connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross
negligence or willful misconduct and in accordance with the standards of care specified in the New York
UCC, shall be binding on the Borrower and shall not result in any liability of any Issuing Lender to the
Borrower.
3.7. Letter of Credit Payments. If any draft shall be presented for payment under any Letter
of Credit, the relevant Issuing Lender shall promptly notify the Borrower of the date and amount thereof.
The responsibility of each Issuing Lender to the Borrower in connection with any draft presented for
payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in
such Letter of Credit, be limited to determining that the documents (including each draft) delivered under
such Letter of Credit in connection with such presentment are substantially in conformity with such
Letter of Credit.
3.8. Cash Collateral.
(a) Certain Credit Support Events. Upon the request of the Administrative Agent or
any Issuing Lender (i) if an Issuing Lender has honored any full or partial drawing request under any
Letter of Credit and such drawing has resulted in a Reimbursement Obligation, or (ii) if, as of the date
the Total Revolving Commitment with respect to Revolving C Commitments has terminated, any Letter
of Credit or Reimbursement Obligation for any reason remains outstanding, the Borrower shall, in each
case, promptly but in any event within two Business Days of demand, Cash Collateralize the then
outstanding amount of all Letters of Credit and Reimbursement Obligations. At any time that there shall
exist a Defaulting Lender, forthwith upon the request of the Administrative Agent, any Issuing Lender or
- 74- |
| the Swingline Lender, the Borrower shall deliver to the Administrative Agent Cash Collateral in an
amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.21(a)(iii) and any Cash
Collateral provided by the Defaulting Lender). If at any time the Administrative Agent determines that
any funds held as Cash Collateral are subject to any right or claim of any Person other than the
Administrative Agent or that the total amount of such funds is less than the aggregate outstanding of
obligations required to be Cash Collateralized, the Borrower will, promptly but in any event within two
Business Days of demand by the Administrative Agent, pay to the Administrative Agent, as additional
funds to be deposited as Cash Collateral, an amount equal to the excess of (x) such aggregate amount
required to be Cash Collateralized over (y) the total amount of funds, if any, then held as Cash Collateral
that the Administrative Agent determines to be free and clear of any such right and claim. Upon the
drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be
applied, to the extent permitted under applicable Laws, to reimburse the applicable Issuing Lender.
(b) Grant of Security Interest. All Cash Collateral (other than credit support not
constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit
accounts at the Administrative Agent. The Borrower, and to the extent provided by any Lender, such
Lender, hereby grant to (and subject to the control of) the Administrative Agent, for the benefit of the
Administrative Agent, each Issuing Lender and the Swingline Lender, and agree to maintain, a first
priority security interest in all such cash, deposit accounts and all balances therein, and all other property
so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the
obligations to which such Cash Collateral may be applied pursuant to clause (c) below.
(c) Application. Notwithstanding anything to the contrary contained in this
Agreement or any other Loan Document, Cash Collateral provided in respect of Letters of Credit or
Swingline Loans shall be held and upon the occurrence and continuation of an Event of Default applied
to the satisfaction of the specific Letters of Credit, Reimbursement Obligations, Swingline Loans,
obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting
Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was
so provided, prior to any other application of such property as may be provided for in the Loan
Documents.
(d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce
Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the
applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of
Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance
with Section 10.6(b)) or (ii) the Administrative Agent’s good faith determination that there exists excess
Cash Collateral; provided, however, (x) that Cash Collateral furnished by or on behalf of the Borrower
shall not be released during the continuance of a Default or Event of Default (and following application
as provided in clause (c) above may be otherwise applied in accordance with the Loan Documents), and
(y) the Person providing Cash Collateral and the Issuing Lender or Swingline Lender, as applicable, may
agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting
Exposure or other obligations.
3.9. Applications. To the extent that any provision of any Application related to any Letter of
Credit is inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply.
3.10. Applicability of ISP and UCP. Unless otherwise expressly agreed by the relevant Issuing
Lender and the Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each
standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary
Credits, as most recently published by the International Chamber of Commerce at the time of issuance
shall apply to each commercial Letter of Credit.
- 75- |
| SECTION 4 REPRESENTATIONS AND WARRANTIES
To induce the Administrative Agent and the Lenders to enter into this Agreement and to make
the Loans and issue or participate in the Letters of Credit, Holdings and the Borrower hereby jointly and
severally represent and warrant to the Administrative Agent and each Lender that:
4.1. Financial Condition. The condensed consolidating balance sheet information for the
Borrower and its Subsidiaries as at December 31, 2021 and the related condensed consolidating
statement of operations and cash flows information for the Borrower and its Subsidiaries for the fiscal
year ended on such date, as included in the audited consolidated financial statements of Holdings as at,
and for the year ended, December 31, 2021, have been prepared based on the best information available
to the Borrower as of the date of delivery thereof, and present fairly the consolidated financial condition
of the Borrower as at such date, and the consolidated results of its operations and its consolidated cash
flows for the period then ended on the basis described therein. Such financial information has been
prepared in accordance with GAAP applied consistently throughout the periods involved (except as
approved by the Borrower’s auditors and disclosed therein or as otherwise disclosed therein).
4.2. No Change. Since December 31, 2021 there has been no event, development or
circumstance that has had a Material Adverse Effect.
4.3. Existence; Compliance with Law. Each Loan Party (a) is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, (b) has the power and
authority, and the legal right, to own and operate its property, to lease the property it operates as lessee
and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign entity and
in good standing under the laws of each jurisdiction where its ownership, lease or operation of property
or the conduct of its business requires such qualification and (d) is in compliance with all Requirements
of Law, in each case with respect to clauses (a) (other than with respect to Holdings or the Borrower),
(b), (c) and (d), except as could not, in the aggregate, reasonably be expected to have a Material Adverse
Effect.
4.4. Power; Authorization; Enforceable Obligations. Each Loan Party has the power and
authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party
and, in the case of the Borrower, to borrow hereunder. Each Loan Party has taken all necessary action to
authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in
the case of the Borrower, to authorize the borrowings on the terms and conditions of this Agreement. No
consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental
Authority or any other Person is required in connection with the borrowings hereunder or with the
execution, delivery, performance, validity or enforceability of this Agreement or any of the Loan
Documents, other than those that have been obtained or made and are in full force and effect or as would
not reasonably be expected to have a Material Adverse Effect. Each Loan Document has been duly
executed and delivered on behalf of each Loan Party party thereto. This Agreement constitutes, and each
other Loan Document upon execution will constitute, a valid and legally binding obligation of each Loan
Party party thereto, enforceable against each such Loan Party in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or at law).
4.5. No Legal Bar. The execution, delivery and performance of this Agreement and the other
Loan Documents, the issuance of Letters of Credit, the borrowings hereunder and the use of the proceeds
thereof, will not violate any material Requirement of Law or any material Contractual Obligation of any
Loan Party and will not result in, or require, the creation or imposition of any Lien on any of their
- 76- |
| respective properties or revenues pursuant to any Requirement of Law or any such Contractual
Obligation (other than the Liens created by the Guarantee and Collateral Agreement or not prohibited by
Section 7.3).
4.6. Litigation. No litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of Holdings or the Borrower, threatened by or
against any Loan Party, or against any of their respective properties or revenues (a) with respect to any of
the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could
reasonably be expected to have a Material Adverse Effect.
4.7. [Reserved].
4.8. Ownership of Property; Liens. Each Loan Party has marketable title to, or a valid
leasehold interest in, all its real property, and good title to, or a valid leasehold interest in, all its other
property (in each case except as could not reasonably be expected to have a Material Adverse Effect),
and none of such property is subject to any Lien except Liens not prohibited by Section 7.3.
4.9. [Reserved].
4.10. Taxes. Except as could not reasonably be expected to have a Material Adverse Effect,
each Loan Party has filed or caused to be filed all federal, state and other material tax returns that are
required to be filed and has paid all taxes shown to be due and payable on said returns or on any
assessments made against it or any of its property and all other taxes, fees or other charges imposed on it
or any of its property by any Governmental Authority (other than those with respect to which the amount
or validity thereof are currently being contested in good faith by appropriate proceedings and with
respect to which reserves in conformity with GAAP have been provided on the books of such Loan Party,
as the case may be).
4.11. Federal Regulations. No part of the proceeds of any Loans will be used for “buying” or
“carrying” any “margin stock” within the respective meanings of each of the quoted terms under
Regulation U as now and from time to time hereafter in effect or for any purpose that violates the
provisions of the Regulations of the Board.
4.12. [Reserved].
4.13. [Reserved].
4.14. Investment Company Act. No Loan Party is an “investment company”, or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940,
as amended.
4.15. Subsidiaries. As of the Restatement Effective Date and, following the Restatement
Effective Date, as of the date of the most recently delivered Compliance Certificate pursuant to Section
6.2(b), (a) Schedule 4.15 (as modified by such Compliance Certificate) sets forth the name and
jurisdiction of organization of Holdings, the Borrower and each of the Borrower’s Subsidiaries (except
any Shell Subsidiary) and, as to each such Person, the percentage of each class of Equity Interests owned
by Holdings, the Borrower and each of the Borrower’s Subsidiaries, and (b) except as set forth on
Schedule 4.15 (as modified by such Compliance Certificate), there are no outstanding subscriptions,
options, warrants, calls, rights or other agreements or commitments of any nature relating to any Equity
Interests of the Borrower or any of its Subsidiaries (except any Shell Subsidiary), except as created by
the Loan Documents.
- 77- |
| 4.16. Use of Proceeds. The proceeds of the Revolving Loans and any Term Loans, and the
Letters of Credit, shall be used for general purposes, including to finance Investments and distributions.
4.17. [Reserved].
4.18. [Reserved].
4.19. Accuracy of Information, Etc. There is no fact known to any Loan Party (other than
information of a general economic or political nature) that could reasonably be expected to have a
Material Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents, in
reports filed with the SEC or in any other documents, certificates and statements furnished to the Agents
and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan
Documents.
4.20. Security Interests.
(a) The Guarantee and Collateral Agreement is effective to create or continue, as
applicable, in favor of the Administrative Agent, for the benefit of the Secured Parties (as defined in the
Guarantee and Collateral Agreement), a legal, valid and enforceable security interest in the Collateral
described therein and proceeds thereof (but excluding any intent-to-use trademark application, as
provided in the Guarantee and Collateral Agreement). In the case of certificated Pledged Stock
(constituting securities within the meaning of Section 8-102(a)(15) of the New York UCC) described in
the Guarantee and Collateral Agreement, when certificates representing such Pledged Stock are delivered
to the Administrative Agent, and in the case of the other Collateral described in the Guarantee and
Collateral Agreement, when financing statements in appropriate form are filed in the offices specified on
Schedule 4.20(a), the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and
security interest in, all right, title and interest of the parties thereto in such Collateral and the proceeds
thereof, as security for the Obligations, in each case prior and superior in right to any other Person, other
than with respect to Liens not prohibited by Section 7.3.
(b) Except as disclosed to the Administrative Agent, none of the Equity Interests of
the Borrower and its Subsidiaries which are limited liability companies or partnerships constitutes a
security under Section 8-103 of the New York UCC or the corresponding code or statute of any other
applicable jurisdiction.
4.21. Solvency. The Borrower and its Subsidiaries, taken as a whole, after giving effect to the
financing transactions referred to herein to occur on the Amendment No. 56 Effective Date, are Solvent
as of the Amendment No. 56 Effective Date.
SECTION 5 CONDITIONS PRECEDENT
5.1. Conditions to Restatement Effective Date. The effectiveness of this Agreement is
subject to the occurrence of the Restatement Effective Date, which occurred on April 26, 2019.
5.2. Conditions to Each Extension of Credit. The agreement of each Lender to make any
extension of credit requested to be made by it on any date (including its initial extension of credit) is
subject to the satisfaction of the following conditions precedent:
(a) Representations and Warranties. Each of the representations and warranties
made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material
respects on and as of such date as if made on and as of such date (except for any representation and
- 78- |
| warranty that is made as of a specified earlier date, in which case such representation and warranty shall
have been true and correct in all material respects as of such earlier date); provided that, in connection
with any incurrence of Incremental Term Loans for purposes of financing a Limited Condition
Acquisition, the foregoing requirement shall only apply to the representations and warranties contained
in Section 4.3(a) (solely with respect to Holdings and the Borrower), 4.4, 4.11, 4.14, 4.20 and 4.21.
(b) No Default. Subject to Section 1.2(j), no Default or Event of Default shall have
occurred and be continuing on such date or after giving effect to the extensions of credit requested to be
made on such date.
Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder shall
constitute a representation and warranty by the Borrower as of the date of such extension of credit that
the applicable conditions contained in this Section 5.2 have been satisfied.
SECTION 6 AFFIRMATIVE COVENANTS
Holdings and the Borrower hereby agree that, so long as the Commitments remain in effect, any
Letter of Credit remains outstanding (other than those that have been Cash Collateralized or otherwise
subject to arrangements reasonably satisfactory to the relevant Issuing Lender) or any Loan or other
amount is owing to any Lender or any Agent hereunder (other than in respect of contingent
indemnification and expense reimbursement claims not then due), each of Holdings and the Borrower
shall, and shall cause each Subsidiary of the Borrower to:
6.1. Financial Statements. Furnish to the Lenders through the Administrative Agent
(including by means of IntraLinks or any similar posting):
(a) within 120 days after the end of each fiscal year of the Borrower (provided, that
extensions granted by the SEC for such filings shall automatically extend the corresponding financial
report deadline under this Section 6.1(a)), a copy of the audited consolidated balance sheet of the
Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated
statements of income and of cash flows for such year, setting forth in each case in comparative form the
figures for the previous year, reported on without a “going concern” or like qualification or exception, or
qualification arising out of the scope of the audit, by independent certified public accountants of
nationally recognized standing (other than an emphasis of matter paragraph) (other than (1) solely with
respect to, or expressly resulting solely from, an upcoming maturity date under the documentation
governing any Indebtedness, (2) the activities, operations, financial results, assets or liabilities of any
Non-Recourse Subsidiaries or (3) any actual or prospective breach of any financial covenant contained in
any Indebtedness (including under Section 7.1));
(b) as soon as available, but in any event not later than 60 days after the end of each
of the first three quarterly periods of each fiscal year of the Borrower (provided, that extensions granted
by the SEC for such filings shall automatically extend the corresponding financial report deadline under
this Section 6.1(b)), the unaudited consolidated balance sheets of the Borrower and its consolidated
Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income
and of cash flows for such quarter and the portion of the fiscal year through the end of such quarter,
setting forth in each case in comparative form the figures for the previous year, certified by a
Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit
adjustments and the absence of footnotes); and
(c) for any period in which a Subsidiary has been designated as a Non-Recourse
Subsidiary, simultaneously with the delivery of the financial statements referred to in clauses (a) and (b)
- 79- |
| above for such period, supplemental financial information necessary to eliminate the balance sheet and
financial results of Non-Recourse Subsidiaries from such consolidated financial statements.
All such financial statements shall be complete and correct in all material respects and shall be
prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods
reflected therein and with prior periods except as approved by such accountants or officer, as the case
may be, and disclosed therein.
Notwithstanding the foregoing, so long as any Person directly or indirectly owns more than 50%
of the outstanding common Equity Interests of the Borrower, the obligations set forth in Section 6.1(a),
(b) and (c) may be satisfied with respect to financial information of the Borrower and its Subsidiaries by
furnishing the applicable financial information of such Person; provided that to the extent financial
information of such Person is provided, such financial information is accompanied by (x) any
summarized financial information required by Regulation S-X under the Securities Act and (y) a brief
explanation of the material differences between the financial statements of such Person and that of the
Borrower and (ii) to the extent financial statements of such Person are provided in lieu of financial
statements of the Borrower under Section 6.1(a), such financial statements are reported on without a
“going concern” or like qualification or exception, or qualification arising out of the scope of the audit,
by independent certified public accountants of nationally recognized standing (other than an emphasis of
matter paragraph) (other than (1) solely with respect to, or expressly resulting solely from, an upcoming
maturity date under the documentation governing any Indebtedness, (2) the activities, operations,
financial results, assets or liabilities of any Non-Recourse Subsidiaries or (3) any actual or prospective
breach of any financial covenant contained in any Indebtedness (including under Section 7.1)).
Documents required to be delivered pursuant to Section 6.1(a), (b) or (c) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the
Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at
the website address listed on Schedule 10.2; or (ii) on which such documents are posted on the
Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative
Agent have access (whether a commercial, third-party website or whether sponsored by the
Administrative Agent) or filed with the SEC on Form 10-K or 10-Q, as applicable. The Administrative
Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents
referred to above.
The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Joint Lead
Arrangers will make available to the Lenders and the Issuing Lender materials and/or information
provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of
the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material
non-public information with respect to the Borrower or its Affiliates, or the respective securities of any
of the foregoing, and who may be engaged in investment and other market-related activities with respect
to such Persons’ securities. The Borrower hereby agrees that it will use commercially reasonable efforts
to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that
(w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a
minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by
marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the
Administrative Agent the other Agents, the Issuing Lender and the Lenders to treat such Borrower
Materials as not containing any material non-public information (although it may be sensitive and
proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state
securities laws, provided, however, that to the extent such Borrower Materials constitute non-public
information, they shall be treated as set forth in Section 10.15); (y) all Borrower Materials marked
- 80- |
| “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side
Information;” and (z) the Administrative Agent and the other Agents shall be entitled to treat any
Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the
Platform not designated “Public Side Information.” Notwithstanding the foregoing, the Borrower shall
be under no obligation to mark any Borrower Materials “PUBLIC.”
6.2. Certificates; Other Information. Furnish to the Lenders through the Administrative
Agent (including by means of IntraLinks or any similar posting) (or, in the case of clause (d) below, to
the relevant Lender):
(a) [Reserved];
(b) concurrently with the delivery of any financial statements pursuant to Section
6.1, (i) a certificate of a Responsible Officer stating that such Responsible Officer has obtained no
knowledge of any Default or Event of Default except as specified in such certificate and (ii) a
Compliance Certificate containing all information and calculations necessary for determining compliance
by Holdings, the Borrower and its Subsidiaries with the provisions of this Agreement referred to therein
as of the last day of the fiscal quarter or fiscal year of the Borrower, as the case may be;
(c) [Reserved];
(d) promptly, such additional financial and other information (including financial
information with respect to the Borrower and its Subsidiaries) as any Lender may from time to time
reasonably request; and
(e) the Borrower shall, promptly following a request by the Administrative Agent or
any Lender, provide all documentation and other information that the Administrative Agent or such
Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your
customer” and anti-money laundering rules and regulations, including the Patriot Act (as hereinafter
defined) and the Beneficial Ownership Regulation.
6.3. Payment of Taxes. Pay, discharge or otherwise satisfy at or before maturity or before
they become delinquent, as the case may be, all its taxes, governmental changes or levies, except where
failure to do so could not reasonably be expected to have a Material Adverse Effect or where the amount
or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in
conformity with GAAP with respect thereto have been provided on the books of Holdings, the Borrower
or its Subsidiaries, as the case may be.
6.4. Maintenance of Existence; Compliance. (a) (i) Other than with respect to Shell
Subsidiaries or De Minimis Subsidiaries, preserve, renew and keep in full force and effect its existence
and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable
in the normal conduct of its business, except, in each case, as otherwise permitted by Section 7.4 and
except, in the case of clauses (i) (other than with respect to Holdings or the Borrower) and (ii) above, to
the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; and
(b) comply with all Requirements of Law except to the extent that failure to comply therewith could not,
in the aggregate, reasonably be expected to have a Material Adverse Effect.
6.5. Maintenance of Property; Insurance. (a) Except as in the aggregate could not reasonably
be expected to have a Material Adverse Effect, keep all property useful and necessary in its business in
good working order and condition, ordinary wear and tear excepted, and (b) maintain with financially
sound and reputable insurance companies at the time such insurance is obtained (which may also include
- 81- |
| captive insurance companies or other forms of self-insurance), insurance on all its material property in at
least such amounts and against at least such risks (but including in any event public liability, product
liability and business interruption) as are usually insured or self-insured against by companies engaged in
the same or a similar business (as determined by the Borrower in good faith).
6.6. Books and Records. Keep proper books of records and account in which full, true and
correct entries in all material respects in conformity with GAAP and all material Requirements of Law
shall be made of all material dealings and transactions in relation to its business and activities.
6.7. Notices. Promptly give notice to the Lenders through the Administrative Agent
(including by means of IntraLinks or any similar posting) of:
(a) the occurrence of any Default or Event of Default;
(b) any litigation or proceeding commenced against Holdings, the Borrower or any
of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect; and
(c) any other development or event that has had or could reasonably be expected to
have a Material Adverse Effect.
Each notice pursuant to this Section 6.7 shall be accompanied by a statement of a Responsible Officer
setting forth details of the occurrence referred to therein and stating what action Holdings, the Borrower
or the relevant Subsidiary proposes to take with respect thereto.
6.8. [Reserved].
6.9. Additional Collateral; Additional Guarantors. With respect to any new Subsidiary (other
than any Specified Excluded Subsidiary so long as it qualifies or, subject to the proviso of the definition
of “De Minimis Subsidiary”, at the option of the Borrower, any De Minimis Subsidiary) created or
acquired by the Borrower or any of its Subsidiaries (which shall be deemed to have occurred in the event
that any Specified Excluded Subsidiary or De Minimis Subsidiaries ceases to qualify as such, it being
understood that until such time, such Subsidiaries will not be required to become Subsidiary Guarantors),
promptly:
(a) execute and deliver to the Administrative Agent such amendments to the
Guarantee and Collateral Agreement as the Administrative Agent deems necessary or advisable to grant
to the Administrative Agent, for the benefit of the Lenders, or the Borrower, as the case may be, a
perfected first priority security interest, subject to Liens not prohibited by Section 7.3, in (i) the Equity
Interests of such new Subsidiary and all other property of the type that would constitute Collateral of
such new Subsidiary (including Intercompany Obligations) that are held by Holdings, the Borrower or
any of its Subsidiaries, (a) limited in the case of the Equity Interests of any Foreign Subsidiary or Foreign
Holding Company, to 66% of the total outstanding Equity Interests of such Foreign Subsidiary or Foreign
Holding Company and (b) excluding any Equity Interests of such Subsidiary in excess of the maximum
amount of such Equity Interests that could be included in the Collateral without creating, in connection
with the pledge thereof under any class of debt securities that is secured on a pari passu basis with the
Obligations, a requirement pursuant to Rule 3-16 of Regulation S-X under the Securities Act for separate
financial statements of such Subsidiary to be included in filings by the Borrower with the SEC, and (ii)
any Collateral with respect to such new Subsidiary as described in the Guarantee and Collateral
Agreement,
- 82- |
| (b) deliver to the Administrative Agent the certificates, if any, representing such
Equity Interests (constituting securities within the meaning of Section 8-102(a)(15) of the New York
UCC), and any intercompany notes or other instruments evidencing Intercompany Obligations and all
other rights and interests constituting Collateral, together with, as applicable, undated powers,
instruments of transfer and endorsements, in blank, executed and delivered by a duly authorized officer
of Holdings, the Borrower or such Subsidiary, as the case may be, and
(c) cause such new Subsidiary (i) to deliver an Assumption Agreement with respect
to the Guarantee and Collateral Agreement and (ii) to take such actions necessary or advisable to grant to
the Administrative Agent for the benefit of the Lenders a perfected first priority security interest, subject
to Liens not prohibited by Section 7.3, in the Collateral described in the Guarantee and Collateral
Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial Code
financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement
or by law or as may be requested by the Administrative Agent.
6.10. [Reserved].
6.11. CoBank Equity and Security.
(a) Except to the extent CoBank agrees otherwise with the Borrower, so long as
CoBank (or its affiliate) is a Lender hereunder, the Borrower shall (i) maintain its status as an entity
eligible to borrow from CoBank (or its affiliate) and (ii) acquire equity in CoBank in such amounts and at
such times as CoBank may require in accordance with CoBank’s bylaws and capital plan (as each may be
amended from time to time), except that the maximum amount of equity that the Borrower may be
required to purchase in CoBank in connection with the Loans made by CoBank (or its affiliate) may not
exceed the maximum amount permitted by such bylaws and capital plan as of the Amendment No. 4
Effective Date. The Borrower acknowledges receipt of a copy of (x) CoBank’s most recent annual report,
and if more recent, CoBank’s latest quarterly report, (y) CoBank’s notice to prospective stockholders and
(z) CoBank’s bylaws and capital plan, which describe the nature of all of the Borrower’s CoBank
Equities as well as capitalization requirements, and, except to the extent CoBank agrees otherwise with
the Borrower, the Borrower agrees to be bound by the terms thereof.
(b) Each party hereto acknowledges that CoBank’s bylaws and capital plan (as each
may be amended from time to time) shall govern (i) the rights and obligations of the parties with respect
to the CoBank Equities and any patronage refunds or other distributions made on account thereof or on
account of the Borrower’s patronage with CoBank, (ii) the Borrower’s eligibility for patronage
distributions from CoBank (in the form of CoBank Equities and cash) and (iii) patronage distributions, if
any, in the event of a sale of a participation interest. CoBank reserves the right to assign or sell
participations in all or any part of its (or its affiliate’s) Commitments or outstanding Loans hereunder on
a non-patronage basis.
(c) Notwithstanding anything herein or in any other Loan Document, each party
hereto acknowledges that: (i) CoBank has a statutory first Lien pursuant to the Farm Credit Act of 1971
(as amended from time to time) on all CoBank Equities that the Borrower may now own or hereafter
acquire, which statutory Lien shall be for CoBank’s (or its affiliate’s) sole and exclusive benefit; (ii)
during the existence of any Event of Default, CoBank may at its sole discretion, but shall not be required
to, foreclose on its statutory first Lien on the CoBank Equities and/or set off the value thereof or of any
cash patronage against the Obligations; (iii) during the existence of any Event of Default, CoBank may at
its sole discretion, but shall not be required to, without notice except as required by applicable Law,
retire and cancel all or part of the CoBank Equities owned by or allocated to the Borrower in accordance
with the Farm Credit Act of 1971 (as amended from time to time) and any regulations promulgated
- 83- |
| pursuant thereto in total or partial liquidation of the Obligations for such value as may be required
pursuant applicable Law and CoBank’s bylaws and capital plan (as each may be amended from time to
time); (iv) the CoBank Equities shall not constitute security for the Obligations due to the Administrative
Agent, any other Lender or any other Secured Party; (v) to the extent that any of the Loan Documents
create a Lien on the CoBank Equities, such Lien shall be for CoBank’s (or its affiliate’s) sole and
exclusive benefit and shall not be subject to pro rata sharing hereunder; (vi) any setoff effectuated
pursuant to the preceding clauses (ii) or (iii) may be undertaken whether or not the Obligations are
currently due and payable; and (vii) CoBank shall have no obligation to retire the CoBank Equities upon
any Event of Default, Default or any other default by Borrower or any other Loan Party, or at any other
time, either for application to the Obligations or otherwise. The Borrower acknowledges that any
corresponding tax liability associated with CoBank’s application of the value of the CoBank Equities to
any portion of the Obligations is the sole responsibility of Borrower.
(d) Notwithstanding anything to the contrary set forth in this Agreement, this section
may be amended or otherwise modified solely with the consent of CoBank and the Borrower.
SECTION 7 NEGATIVE COVENANTS
So long as the Commitments remain in effect, any Letter of Credit remains outstanding (other
than those that have been Cash Collateralized or otherwise subject to arrangements reasonably
satisfactory to the relevant Issuing Lender) or any Loan or other amount is owing to any Lender or any
Agent hereunder (other than in respect of contingent indemnification and expense reimbursement claims
not then due):
7.1. Financial Condition Covenants. The Borrower shall not, and shall not permit any
Subsidiary of the Borrower to, directly or indirectly:
(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio
determined as of the last day of any fiscal quarter of the Borrower to exceed 5.0 to 1.0.
(b) Consolidated First Lien Leverage Ratio. Permit the Consolidated First Lien
Leverage Ratio determined as of the last day of any fiscal quarter of the Borrower to exceed 4.0 to 1.0.
7.2. [Reserved].
7.3. Liens. The Borrower shall not, and shall not permit any Significant Subsidiary to,
directly or indirectly create, incur, assume or suffer to exist any Lien upon any of its property to secure
Indebtedness for Borrowed Money, whether now owned or hereafter acquired, except:
(a) Liens for taxes, assessments and other governmental charges not yet due or that
are being contested in good faith by appropriate proceedings, provided that adequate reserves with
respect thereto are maintained on the books of the Borrower or its Subsidiaries, as the case may be, in
conformity with GAAP;
(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like
Liens arising in the ordinary course of business that are not overdue for a period of more than 30 days or
that are being contested in good faith by appropriate proceedings;
(c) pledges or deposits in connection with workers’ compensation, insurance and
social security legislation;
- 84- |
| (d) deposits made to secure the performance of bids, tenders, trade contracts, leases,
statutory or regulatory obligations, surety and appeal bonds, bankers acceptances, government contracts,
performance bonds and other obligations of a like nature incurred in the ordinary course of business, in
each case excluding obligations for borrowed money;
(e) easements, rights-of-way, municipal and zoning ordinances, title defects,
restrictions and other similar encumbrances incurred in the ordinary course of business that, in the
aggregate, are not substantial in amount and that do not in any case materially detract from the value of
the property subject thereto or materially interfere with the ordinary conduct of the business of Holdings,
the Borrower or any of its Subsidiaries;
(f) (i) Liens securing Indebtedness of the Borrower or any of its Subsidiaries
incurred to finance the acquisition of, construction of or improvement of fixed or capital assets in a
principal amount not exceeding 110% of the cost of such acquisition, construction or improvement and
(ii) Liens affecting property of a Person (other than a Non-Recourse Subsidiary) existing at the time it
becomes a Subsidiary of the Borrower or at the time it merges into or consolidates with the Borrower or a
Subsidiary of the Borrower or at the time of a sale, lease or other disposition of all or substantially all of
the properties of such Person (other than a Non-Recourse Subsidiary) to the Borrower or any of its
Subsidiaries;
(g) Liens existing on the Amendment No. 2 Effective Date;
(h) Liens created pursuant to the Guarantee and Collateral Agreement securing
obligations of the Loan Parties under (i) the Loan Documents, (ii) Specified Hedge Agreements, (iii)
Specified Cash Management Agreement and (iv) any Non-Facility Letter of Credit;
(i) any landlord’s Lien or other interest or title of a lessor under any lease or a
licensor under a license entered into by the Borrower or any of its Subsidiaries in the ordinary course of
its business and covering only the assets so leased or licensed;
(j) Liens created under Pole Agreements on cables and other property affixed to
transmission poles or contained in underground conduits;
(k) Liens of or restrictions on the transfer of assets imposed by any Governmental
Authority or other franchising authority, utilities or other regulatory bodies or any federal, state or local
statute, regulation or ordinance, in each case arising in the ordinary course of business in connection with
franchise agreements or Pole Agreements;
(l) Liens arising from judgments or decrees not constituting an Event of Default
under Section 8.1(i);
(m) Liens arising under or in connection with any sale and leaseback transaction;
(n) Liens on cash collateral securing obligations of the Borrower and its Subsidiaries
in respect of Hedge Agreements that are not entered into for speculative purposes and letters of credit
issued;
(o) junior Liens on assets constituting Collateral under the Guarantee and Collateral
Agreement securing Indebtedness of the Borrower or any Guarantor, which Liens shall be subordinated
to the Liens securing the Obligations pursuant to a Junior Lien Intercreditor Agreement;
- 85- |
| (p) Liens on assets constituting Collateral under the Guarantee and Collateral
Agreement securing Indebtedness of the Borrower or any Guarantor that rank pari passu to the Liens
securing the Obligations pursuant to a First Lien Intercreditor Agreement so long as, at the time such
Indebtedness and Liens were incurred and after giving effect to both the incurrence of such Indebtedness
and Liens and the use of proceeds thereof, the Consolidated First Lien Leverage Ratio as of the most
recently ended period for which financial statements have been delivered will not exceed 4.0 to 1.0
calculated on a pro forma basis;
(q) Liens on Securitization Assets securing or transferred pursuant to any Permitted
Securitization Financing;
(r) Liens not otherwise permitted by this Section (which Liens may, at the option of
the Borrower, rank pari passu to the Liens securing the Obligations pursuant to a First Lien Intercreditor
Agreement) so long as the aggregate outstanding principal amount of the obligations secured thereby
does not exceed the greater of (x) $7,000,000,000 and (y) 15.00% of Consolidated Net Worth of the
Borrower (measured at the time any such obligations are secured pursuant to this clause (r)) at any one
time outstanding;
(s) [reserved];
(t) CoBank’s Liens (including the right of setoff) in the CoBank Equities and in any
cash patronage;
(u) Liens incurred by Holdings, the Borrower or any Guarantor to secure
Indebtedness for Borrowed Money of such Loan Party to and/or in favor of Holdings, the Borrower or
any Guarantor or one or more Subsidiaries of such Loan Party;
(v) Liens on Equity Interests, Indebtedness or other securities or assets of a Person
that is not a Subsidiary of the Borrower;
(w) Liens on property or assets existing at the time of the acquisition thereof or
incurred to secure payment of all or a part of the purchase price thereof or to secure indebtedness
incurred prior to, at the time of, or within 18 months after the acquisition thereof for the purpose of
financing all or part of the purchase price thereof, in a principal amount not exceeding 110% of the
purchase price;
(x) any extension, renewal or replacement (or successive extensions, renewals or
replacements), as a whole or in part, of any Liens described in this Section 7.3 (it being understood that
any such Liens described in clause (r) extended, renewed or replaced shall still be deemed outstanding
for the purposes of such clause (r) and permitted thereunder), for amounts not exceeding the principal
amount of the Indebtedness secured by the Lien so extended, renewed or replaced (plus an amount equal
to any premiums, accrued interest, fees and expenses payable in connection therewith); provided,
however, that such extension, renewal or replacement Lien is limited to all or a part of the same assets
that were covered by the Lien extended renewed or replaced (plus improvements on such assets and any
Liens on assets that could have secured the Indebtedness pursuant to written agreements and instruments
existing at the time);
(y) Liens resulting from progress payments or partial payments under United States
government contracts or subcontracts;
(z) Liens in connection with grants or subsidies from Governmental Authorities;
- 86- |
| provided that the accrual of interest, the accretion of accreted value and the payment of interest in the
form of additional Indebtedness shall not, in each case, be deemed to be an incurrence of Indebtedness
for Borrowed Money for purposes of this Section 7.3.
7.4. Fundamental Changes. The Borrower shall not consolidate with or merge with or into,
or convey, transfer or lease, in one transaction or series of transactions, directly or indirectly, all or
substantially all its assets to any Person (other than a Subsidiary Guarantor), unless:
(a) the resulting, surviving or transferee Person (the “Successor Company”) shall be
a Person organized and existing under the laws of the United States of America, any state thereof or the
District of Columbia and the Successor Company (if not the Borrower) shall expressly assume the
obligations of the Borrower under this Agreement and the other Loan Documents, pursuant to a
supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent;
(b) immediately after giving pro forma effect to such transaction, no Default shall
have occurred and be continuing; and
(c) the Borrower shall have delivered to the Administrative Agent an officer’s
certificate stating that such merger or consolidation and such supplement to this Agreement or any
collateral document comply with this Agreement and
(d) the Administrative Agent shall have received such legal opinions, certificates
and other documents as it may reasonably request;
provided, that:
(1) if the foregoing are satisfied, the Successor Company will succeed to,
and be substituted for, the Borrower under this Agreement;
(2) for purposes of this Section 7.4, the sale, lease, conveyance, assignment,
transfer or other disposition of all or substantially all of the properties and assets of one or more
Subsidiaries of the Borrower, which properties and assets, if held by the Borrower instead of
such Subsidiaries, would constitute all or substantially all of the properties and assets of the
Borrower on a consolidated basis, shall be deemed to be the transfer of all or substantially all of
the properties and assets of the Borrower;
(3) the Successor Company will be the successor to the Borrower and shall
succeed to, and be substituted for, and may exercise every right and power of, the Borrower
under this Agreement, and the predecessor company, except in the case of a lease, shall be
released from its obligations under this Agreement, any other Loan Document and the First Lien
Intercreditor Agreement; and
(4) for the avoidance of doubt, this Section 7.4 shall not apply to
transactions by and among the Borrower and its Subsidiaries.
SECTION 8 EVENTS OF DEFAULT
8.1. Events of Default. If any of the following events shall occur and be continuing:
(a) the Borrower shall fail to pay (i) any principal of any Loan or Reimbursement
Obligation when due in accordance with the terms hereof; or (ii) any interest on any Loan or
- 87- |
| Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document,
within (in the case of this clause (ii)) five (5) Business Days after any such interest or other amount
becomes due in accordance with the terms hereof; or
(b) any representation or warranty made or deemed made by any Loan Party herein
or in any other Loan Document or that is contained in any certificate, document or financial or other
statement furnished by it at any time under or in connection with this Agreement or any such other Loan
Document shall prove to have been inaccurate in any material respect on or as of the date made or
deemed made and, solely to the extent such incorrect representation or warranty is capable of being
cured, such incorrect representation or warranty remains incorrect in such respect for 30 days after
written notice to the Borrower from the Administrative Agent or the Required Lenders; or
(c) any Loan Party shall default in the observance or performance of any agreement
contained in clause (i) or (ii) of Section 6.4(a) (with respect to Holdings and the Borrower only), Section
6.7(a), Section 7.1 or Section 7.4 of this Agreement; provided that (x) any Event of Default resulting
under Section 6.7(a) from the failure to provide such notice shall be cured upon curing the underlying
Default or Event of Default and (y) subsequent delivery of such notice shall cure such Event of Default
for failure to provide notice (but not the underlying Default or Event of Default), in each case, unless a
Financial Officer or the general counsel or chief legal officer of the Borrower had actual knowledge that
such Default or Event of Default had occurred and was continuing and intentionally failed to give notice
notwithstanding knowledge thereof; or
(d) any Loan Party shall default in the observance or performance of any other
agreement contained in this Agreement or any other Loan Document (other than as provided in
paragraphs (a) through (c) of this Section), and such default shall continue unremedied for a period of 30
days after written notice to the Borrower from the Administrative Agent or the Required Lenders; or
(e) Holdings, the Borrower or any Significant Subsidiary shall (i) default in making
any payment of any principal or interest of any Indebtedness (including, without duplication, any
Guarantee Obligation in respect of Indebtedness, but excluding the Loans) on the scheduled or original
due date with respect thereto beyond the later of five (5) Business Days and the period of grace, if any,
provided in the instrument or agreement under which such Indebtedness was created; or (ii) default in the
observance or performance of any other agreement or condition relating to any such Indebtedness or
contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
shall occur or condition exist, the effect of which default or other event or condition causes, following
the giving of notice if required, such Indebtedness to become due prior to its stated maturity or (in the
case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided, that,
(x) a default, event or condition described in clause (i) or (ii) of this paragraph (e) shall not at any time
constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type
described in clause (i) or (ii) of this paragraph (e) shall have occurred and be continuing with respect to
such Indebtedness the outstanding aggregate principal amount of which exceeds the Threshold Amount
and (y) for the avoidance of doubt, a requirement to make a mandatory offer to repurchase under the
terms of any Indebtedness as a result of a “change of control” (or equivalent term) shall not constitute a
Default or an Event of Default under this paragraph (e)(iii) so long as:
(A) on or prior to the date the events constituting such
“change of control” (or equivalent term) occur, either (I) the terms of such Indebtedness
have been amended to eliminate the requirement to make such offer, (II) such
Indebtedness has been defeased or discharged so that such requirement shall no longer
apply (and, in the event such “change of control” is subject to a requirement that a
specific credit ratings event or similar condition subsequent occur, no Event of Default
- 88- |
| shall exist pursuant to this paragraph (e)(iii) until such time as the specific credit ratings
event or similar condition subsequent has also occurred resulting in the obligor under
such Indebtedness to become unconditionally obligated to make such offer) or (III) solely
in the case of Indebtedness of any Person acquired by the Borrower or any of its
Subsidiaries where such “change of control” (or equivalent term) under such
Indebtedness resulted from the Borrower or one of its Subsidiary’s acquisition of such
Person and
(B) the Borrower or the applicable Subsidiary complies with
the provisions of such Indebtedness that are applicable as a result of such acquisition
(including by consummating any required “change of control offer” (or equivalent term)
for such Indebtedness); or
(f) [reserved]; or
(g) (i) Holdings, the Borrower or any Significant Subsidiary shall commence any
case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or
foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order
for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking
reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief
with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or
other similar official for it or for all or any substantial part of their assets or Holdings, the Borrower or
any Significant Subsidiary shall make a general assignment for the benefit of its creditors; or (ii) there
shall be commenced against Holdings, the Borrower or any Significant Subsidiary any case, proceeding
or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief
or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a
period of 60 days; or (iii) there shall be commenced against Holdings, the Borrower or any Significant
Subsidiary any case, proceeding or other action seeking issuance of a warrant of attachment, execution,
distraint or similar process against all or any substantial part of its assets that results in the entry of an
order for any such relief that shall not have been vacated, discharged, or stayed or pending appeal within
60 days from the entry thereof; (iv) Holdings, the Borrower or any Significant Subsidiary shall take any
action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set
forth in clause (i), (ii), or (iii) above; or (v) Holdings, the Borrower or any Significant Subsidiary shall
generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become
due; or
(h) (i) any “accumulated funding deficiency” (as defined in Section 302 of ERISA),
whether or not waived, shall exist with respect to any Single Employer Plan or any Lien in favor of the
PBGC or a Plan shall arise on the assets of any Loan Party, (ii) a Reportable Event shall occur with
respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to
administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of
proceedings or appointment of a trustee is likely to result in the termination of such Plan for purposes of
Title IV of ERISA, (iii) any Single Employer Plan shall terminate for purposes of Title IV of ERISA or
(iv) any Loan Party or any Commonly Controlled Entity shall, or is likely to, incur any liability in
connection with a withdrawal from, or the Insolvency of, a Multiemployer Plan; and in each case in
clauses (i) through (iv) above, such event or condition, together with all other such events or conditions,
if any, would have a Material Adverse Effect; or
(i) one or more final judgments or decrees shall be entered against Holdings, the
Borrower or any Significant Subsidiary involving in the aggregate a liability (to the extent not paid or
fully covered by insurance as to which the relevant insurance company has not declined coverage) of the
- 89- |
| Threshold Amount or more, and all such final judgments or decrees shall not have been vacated,
discharged, stayed or pending appeal within 30 days from the entry thereof (for this purpose, a judgment
will be deemed stayed during any time it is not due and payable); or
(j) (i) the Guarantee and Collateral Agreement shall cease, for any reason (other
than the gross negligence or willful misconduct of the Administrative Agent), to be in full force and
effect with respect to any material portion of the Collateral, or any Loan Party or any Affiliate of any
Loan Party shall so assert, or (ii) any Lien created by the Guarantee and Collateral Agreement shall cease
to be enforceable and of the same effect and priority purported to be created thereby with respect to any
material portion of the Collateral (other than in connection with releases in accordance with Section
10.14) or any Loan Party or any Affiliate of any Loan Party shall so assert; or
(k) the consummation of any transaction (including, without limitation, any merger
or consolidation) the result of which is that any “person” or “group” (as such terms are used in Section
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a Qualified Parent
Company, has the power, directly or indirectly, to vote or direct the voting of Equity Interests having
more than 50% (determined on a fully diluted basis) of the ordinary voting power for the management of
the Borrower (a “Change of Control”); provided that such Change of Control shall not constitute a
Default or Event of Default unless a Ratings Event has occurred within the Ratings Decline Period;
then, and in any such event:
(A) if such event is an Event of Default specified in clause
(i) or (ii) of paragraph (g) above with respect to the Borrower, automatically the
Commitments shall immediately terminate and the Loans hereunder (with accrued
interest thereon) and all other amounts owing under this Agreement and the other Loan
Documents (including all amounts of L/C Obligations, whether or not the beneficiaries
of the then outstanding Letters of Credit shall have presented the documents required
thereunder) shall immediately become due and payable, and
(B) if such event is any other Event of Default, either or
both of the following actions may be taken: (i) with the consent of the Required
Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the
Administrative Agent shall, by notice to the Borrower declare the Commitments to be
terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii)
with the consent of the Required Lenders, the Administrative Agent may, or upon the
request of the Required Lenders, the Administrative Agent shall, by notice to the
Borrower, declare the Loans hereunder (with accrued interest thereon) and all other
amounts owing under this Agreement and the other Loan Documents (including all
amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding
Letters of Credit shall have presented the documents required thereunder) to be due and
payable forthwith, whereupon the same shall immediately become due and payable.
With respect to all Letters of Credit with respect to which presentment for honor shall
not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower
shall at such time comply with Section 3.8. Except as expressly provided above in this
Section, presentment, demand, protest and all other notices of any kind are hereby
expressly waived by the Borrower.
8.2. Application of Funds. After the exercise of remedies provided for in Section 8.1 (or
after the Loans have automatically become immediately due and payable and the L/C Obligations have
- 90- |
| automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.1), any
amounts received on account of the Obligations (other than the Equally and Ratably Secured Notes
Obligations) shall, subject to the Guarantee and Collateral Agreement and any First Lien Intercreditor
Agreement, be applied by the Administrative Agent in the following order:
First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel to the
Administrative Agent and amounts payable under Section 2) payable to the Administrative Agent
in its capacity as such;
Second, pro rata to (i) the payment of all other Obligations (other than the Equally and
Ratably Secured Notes Obligations) due and owing to the Secured Parties, ratably among the
Secured Parties in proportion to the respective amounts described in this subclause (i) of this
clause Second held by them and (ii) the Cash Collateralization of all Letters of Credit; and
Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full,
to the Borrower or as otherwise required by Law.
Subject to Section 3.8, amounts used to Cash Collateralize the aggregate undrawn amount of
Letters of Credit pursuant to clause Second above shall be applied to satisfy drawings under such Letters
of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit
have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations
(other than the Equally and Ratably Secured Notes Obligations), if any, in the order set forth above.
Notwithstanding the foregoing, Obligations arising under Specified Cash Management
Agreements, Specified Hedge Agreements and Non-Facility Letters of Credit shall be excluded from the
application described above to occur on any date if the Administrative Agent has not received written
notice thereof, together with such supporting documentation as the Administrative Agent may request,
from the applicable Secured Party providing such Obligations on or prior to such date.
8.3. Right to Cure Generally.
(a) With respect to any Default or Event of Default, the words “exists”, “is
continuing” or similar expressions with respect thereto shall mean that the Default or Event of Default
has occurred and has not yet been cured or waived. If, prior to the taking of any action under Section 8.1
(or the occurrence of any event set forth in the proviso thereto), any Default or Event of Default occurs
due to (i) the failure by any Loan Party to take any action by a specified time, such Default or Event of
Default shall be deemed to have been cured at the time, if any, that the applicable Loan Party takes such
action or (ii) the taking of any action by any Loan Party that is not then permitted by the terms of this
Agreement or any other Loan Document, except as set forth in Section 8.3(b), such Default or Event of
Default shall be deemed to be cured on the earlier to occur of (x) the date on which such action would be
permitted at such time to be taken under this Agreement and the other Loan Documents pursuant to an
applicable amendment or waiver permitting such action and (y) the date on which such action is
unwound or otherwise modified to the extent necessary for such revised action to be permitted at such
time by this Agreement and the other Loan Documents; provided, that an Event of Default resulting from
the failure to deliver a notice pursuant to such Section 6.7(a) shall cease to exist and be cured in all
respects if the Default or Event of Default giving rise to such notice requirement shall have ceased to
exist and/or be cured.
- 91- |
| (b) Notwithstanding anything to the contrary in this Section 8.3, an Event of Default
(the “Initial Default”) may not be cured pursuant to this Section 8.3:
(i) if the taking of any action by any Loan Party or Subsidiary of a
Loan Party that is not permitted during, and as a result of, the continuance of such Initial Default
directly results in the cure of such Initial Default and the applicable Loan Party or Subsidiary had
actual knowledge at the time of taking any such action that the Initial Default had occurred and
was continuing;
(ii) in the case of an Event of Default under Section 8.1(j) that
directly results in material impairment of the rights and remedies of the Lenders, the Collateral
Agent and Administrative Agent under the Loan Documents and that is incapable of being cured;
(iii) in the case of an Event of Default under Section 8.1(d) arising
due to the failure to perform or observe Section 6.5(a) that directly results in a material adverse
effect on the ability of the Borrower and the other Loan Parties (taken as a whole) to perform
their respective payment obligations under any Loan Document to which the Borrower or any of
the other Loan Parties is a party; or
(iv) in the case of an Initial Default for which (i) the Borrower failed
to give notice to the Administrative Agent and the Lenders of such Initial Default in accordance
with Section 6.7(a) of this Agreement and (ii) a Financial Officer or the general counsel or chief
legal officer of the Borrower had actual knowledge of such failure to give such notice.
8.4. Expired Defaults. To the extent Section 8.1 requires a notice of a Default to be given to
the Borrower by the Administrative Agent or the Required Lenders in order for such Default to become
an Event of Default, then such Default will not constitute an Event of Default until the Administrative
Agent notifies the Borrower in writing or the Required Lenders notify the Borrower in writing, in each
case with a copy to the Administrative Agent, of the Default and the Borrower does not cure such default
prior to the receipt of such notice (subject to applicable grace periods); provided that a notice of Default
may not be given with respect to any action taken, and reported publicly or to the Lenders, in each case
more than two (2) years prior to such notice of Default (an “Expired Default”) and no Lender shall be
permitted to exercise rights and/or remedies with regard to such Expired Default.
SECTION 9 THE AGENTS
9.1. Appointment.
(a) Each Lender hereby irrevocably designates and appoints the Administrative
Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each such
Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its
behalf under the provisions of this Agreement and the other Loan Documents and to exercise such
powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of
this Agreement and the other Loan Documents, together with such other powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the
Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein,
or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or
otherwise exist against the Administrative Agent.
- 92- |
| (b) The Administrative Agent shall also act as the “collateral agent” under the Loan
Documents, and each of the Lenders (including in its capacities as a party to a Specified Hedge
Agreement or Specified Cash Management Agreement) and the Issuing Lender hereby irrevocably
appoints and authorizes the Administrative Agent to act as the agent of such Lender and the Issuing
Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of
the Loan Parties pursuant to the Guarantee and Collateral Agreement, together with such powers and
discretion as are reasonably incidental thereto. In this connection, the Administrative Agent, as
“collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative
Agent pursuant to Section 9.2 for purposes of holding or enforcing any Lien on the Collateral (or any
portion thereof) granted under the Guarantee and Collateral Agreement, or for exercising any rights and
remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all
provisions of this Section 9 and Section 10 (including Section 9.7, as though such co-agents, sub-agents
and attorneys-in-fact were the “collateral agent” under the Guarantee and Collateral Agreement) as if set
forth in full herein with respect thereto.
9.2. Delegation of Duties. The Administrative Agent may execute any of its duties under this
Agreement and the other Loan Documents by or through agents or attorneys in fact and shall be entitled
to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not
be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it with
reasonable care.
9.3. Exculpatory Provisions. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents. Without limiting
the generality of the foregoing, the Administrative Agent:
(a) shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing;
(b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the
other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for
herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to
take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law; and
(c) shall not, except as expressly set forth herein and in the other Loan Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the
Administrative Agent or any of its Affiliates in any capacity.
(d) The Administrative Agent shall not be liable for any action taken or not taken by
it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of
the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Section 10.1 and Section 8) or (ii) in the absence of its
own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until notice describing such Default is given to the Administrative
Agent by the Borrower, a Lender or the Issuing Lender.
(e) The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this
- 93- |
| Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or
the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document, or the creation,
perfection or priority of any Lien purported to be created by the Guarantee and Collateral Agreement, (v)
the value or the sufficiency of any Collateral, or (v) the satisfaction of any condition set forth in Section
5 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent.
9.4. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely,
and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent,
certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or
conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons and upon advice and statements of legal counsel (including counsel to Holdings or the
Borrower), independent accountants and other experts selected by the Administrative Agent. The
Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes
unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the
Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any
action under this Agreement or any other Loan Document unless it shall first receive such advice or
concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems
appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability
and expense that may be incurred by it by reason of taking or continuing to take any such action. The
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under
this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or,
if so specified by this Agreement, all Lenders), and such request and any action taken or failure to act
pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans.
9.5. Notice of Default. The Administrative Agent shall not be deemed to have knowledge or
notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received
notice from a Lender, Holdings or the Borrower referring to this Agreement, describing such Default or
Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative
Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The
Administrative Agent shall take such action with respect to such Default or Event of Default as shall be
reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders);
provided that unless and until the Administrative Agent shall have received such directions, the
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of
the Lenders.
9.6. Certain Representations and Agreements by Lenders.
(a) Each Lender expressly acknowledges that neither the Agents nor any of their
respective officers, directors, employees, agents, attorneys-in-fact or affiliates have made any
representations or warranties to it and that no act by any Agent hereafter taken, including any review of
the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any
representation or warranty by any Agent to any Lender. Each Lender represents to the Agents that it has,
independently and without reliance upon any Agent or any other Lender, and based on such documents
and information as it has deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, financial and other condition and creditworthiness of the Loan Parties and
their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement.
- 94- |
| Each Lender also represents that it will, independently and without reliance upon any Agent or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit analysis, appraisals and decisions in taking or not taking action under this
Agreement and the other Loan Documents, and to make such investigation as it deems necessary to
inform itself as to the business, operations, property, financial and other condition and creditworthiness
of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly
required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent
shall not have any duty or responsibility to provide any Lender with any credit or other information
concerning the business, operations, property, condition (financial or otherwise), prospects or
creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of
the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or
affiliates.
(b) Each Lender (x) represents and warrants, as of the date such Person became a
Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the
date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not,
for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one
of the following is and will be true:
(i) such Lender is not using “plan assets” (within the meaning of
Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of
Credit, the Commitments or this Agreement,
(ii) the transaction exemption set forth in one or more PTEs, such as
PTE 84-14 (a class exemption for certain transactions determined by independent qualified
professional asset managers), PTE 95-60 (a class exemption for certain transactions involving
insurance company general accounts), PTE 90-1 (a class exemption for certain transactions
involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for
certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to
such Lender’s entrance into, participation in, administration of and performance of the Loans, the
Letters of Credit, the Commitments and this Agreement,
(iii) (A) such Lender is an investment fund managed by a “Qualified
Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified
Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this
Agreement, (C) the entrance into, participation in, administration of and 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.
(c) In addition, unless either (1) sub-clause (i) in the immediately preceding clause
(a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and
covenant in accordance with sub-clause (iv) in the immediately preceding clause (b), such Lender further
- 95- |
| (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)
covenants, from the date such Person became a Lender party hereto to the date such Person ceases being
a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to
or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a
fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any Loan Document or any documents related hereto or thereto).
9.7. Indemnification. The Lenders agree to indemnify the Administrative Agent, Issuing
Lender and Swingline Lender, each in its capacity as such (to the extent not reimbursed by Holdings or
the Borrower and without limiting the obligation of Holdings or the Borrower to do so), ratably
according to their respective Aggregate Exposure Percentages in effect on the date on which
indemnification is sought under this Section (or, if indemnification is sought after the date upon which
the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance
with such Aggregate Exposure Percentages immediately prior to such date), from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind whatsoever that may at any time (whether before or after the payment of the
Loans) be imposed on, incurred by or asserted against the Administrative Agent, Issuing Lender or
Swingline Lender in any way relating to or arising out of, the Commitments, this Agreement, any of the
other Loan Documents or any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby or any action taken or omitted by such Administrative
Agent, Issuing Lender or Swingline Lender under or in connection with any of the foregoing; provided
that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final
and non-appealable decision of a court of competent jurisdiction to have resulted from such Person’s
gross negligence or willful misconduct. The agreements in this Section shall survive the payment of the
Loans and all other amounts payable hereunder.
9.8. Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept
deposits from and generally engage in any kind of business with any Loan Party as though such Agent
were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of
Credit issued or participated in by it, each Agent shall have the same rights and powers under this
Agreement and the other Loan Documents as any Lender and may exercise the same as though it were
not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity.
9.9. Successor Administrative Agent. So long as no Event of Default has occurred and is
continuing, the Administrative Agent, the Borrower and a successor agent who is a Revolving Lender
may, in their sole discretion at any time, agree that such successor agent shall replace the outgoing
administrative Agent as Administrative Agent hereunder and under the other Loan Documents. In
addition, the Administrative Agent may in its sole discretion resign as Administrative Agent at any time
upon 30 days’ notice to the Lenders and the Borrower. If the Administrative Agent shall resign as
Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders
shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall
(unless an Event of Default under Section 8(a) or Section 8(g) with respect to the Borrower shall have
occurred and be continuing) be subject to approval by the Borrower (which approval shall not be
unreasonably withheld or delayed). Any successor agent shall succeed to the rights, powers and duties of
the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent
effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and
duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of
such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If
- 96- |
| no successor agent has accepted appointment as Administrative Agent by the date that is 30 days
following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s
resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all
of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders
appoint a successor agent as provided for above (except that in the case of any collateral security held by
the Administrative Agent on behalf of the Lenders or the Issuing Lender under any of the Loan
Documents, the retiring Administrative Agent shall continue to hold such collateral security until such
time as a successor Administrative Agent is appointed). After any retiring Administrative Agent’s
resignation as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and
the other Loan Documents.
Any resignation by the Administrative Agent pursuant to this Section shall also constitute its
resignation as Issuing Lender and Swingline Lender. Upon the acceptance of a successor’s appointment
as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring Issuing Lender and Swingline Lender, (ii) the retiring
Issuing Lender and Swingline Lender shall be discharged from all of their respective duties and
obligations hereunder or under the other Loan Documents, and (iii) the successor Issuing Lender shall
issue new letters of credit either (x) in substitution for the Letters of Credit issued by the retiring Issuing
Lender or (y) to backstop such Letters of Credit, in each case, if any, outstanding at the time of such
succession or make other arrangements satisfactory to the retiring Issuing Lender to effectively assume
the obligations of the retiring Issuing Lender with respect to such Letters of Credit. Any Issuing Lender
that is not the Administrative Agent may resign as an Issuing Lender as separately agreed in writing
between such Issuing Lender and the Borrower.
9.10. Agents. Each of the Agents (other than the Administrative Agent) shall have no duties or
responsibilities hereunder in their capacity as such.
9.11. Collateral and Guaranty Matters. Each of the Lenders (including in its capacities as a
party to a Specified Cash Management Agreement or a Specified Hedge Agreement) and the Issuing
Lender irrevocably authorize the Administrative Agent to release Liens on the Collateral and/or
Guarantors from their obligations under the Guarantee and Collateral Agreement under the circumstances
described in Section 9.15 of the Guarantee and Collateral Agreement.
9.12. Non-Facility Letters of Credit, Specified Cash Management Agreements and Specified
Hedge Agreements. No issuer of a Non-Facility Letter of Credit or party to a Specified Cash
Management Agreement or Specified Hedge Agreement shall have any right to notice of any action or to
consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in
respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity
as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.
Notwithstanding any other provision of this Section 9 to the contrary, the Administrative Agent shall not
be required to verify the payment of, or that other satisfactory arrangements have been made with respect
to, obligations arising under Non-Facility Letters of Credit, Specified Cash Management Agreements and
Specified Hedge Agreements unless the Administrative Agent has received written notice of such
obligations, together with such supporting documentation as the Administrative Agent may request, from
the applicable party thereto.
9.13. Recovery of Erroneous Payments. Without limitation of any other provision in this
Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender
Recipient Party, whether or not in respect of an Obligation due and owing by the Borrower at such time,
where such payment is a Rescindable Amount, then in any such event, each Lender Recipient Party
- 97- |
| receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith on
demand the Rescindable Amount received by such Lender Recipient Party in immediately available
funds in the currency so received, with interest thereon, for each day from and including the date such
Rescindable Amount is received by it to but excluding the date of payment to the Administrative Agent,
at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. Each Lender Recipient Party
irrevocably waives any and all defenses, including any “discharge for value” (under which a creditor
might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by
another) or similar defense to its obligation to return any Rescindable Amount. The Administrative
Agent shall inform each Lender Recipient Party promptly upon determining that any payment made to
such Lender Recipient Party comprised, in whole or in part, a Rescindable Amount. The parties hereto
agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any
Obligations owed by the Borrower or any other Loan Party. This Section 9.13 shall not be interpreted to
increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date
for), the Obligations of the Borrower relative to the amount (and/or timing for payment) of the
Obligations that would have been payable had such Erroneous Payment not been made by the
Administrative Agent; provided that, for the avoidance of doubt, the immediately preceding sentence
shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of
such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the
Borrower for the purpose of making such Erroneous Payment.
SECTION 10 MISCELLANEOUS
10.1. Amendments and Waivers. Neither this Agreement, any other Loan Document, nor any
terms hereof or thereof may be amended, supplemented or modified except in accordance with the
provisions of this Section 10.1. Subject to Section 2.14(b)(1), the Required Lenders and each Loan Party
party to the relevant Loan Document may, or, with the written consent of the Required Lenders, the
Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time,
(a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents
for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in
any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such
terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may
specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or
any Default or Event of Default and its consequences; provided, however, that no such waiver and no
such amendment, supplement or modification shall:
(i) forgive the principal amount or extend the final scheduled date
of maturity of any Loan, extend the scheduled date of or reduce the amount of any amortization
payment in respect of any Term Loan, reduce the stated rate of any interest or fee payable
hereunder or extend the scheduled date of any payment thereof, or increase the amount or extend
the expiration date of any Lender’s Commitment, in each case without the consent of each
Lender directly affected thereby;
(ii) eliminate or reduce any voting rights under this Section 10.1 or
reduce any percentage specified in the definition of Required Lenders, consent to the assignment
or transfer by the Borrower of any of its rights and obligations under this Agreement and the
other Loan Documents, release all or substantially all of the Collateral or release all or
substantially all of the Subsidiary Guarantors from their obligations under the Guarantee and
Collateral Agreement (in each case except in connection with Dispositions consummated or
approved not in violation of the other terms of this Agreement), in each case without the written
consent of all Lenders;
- 98- |
| (iii) reduce the percentage specified in the definition of Majority
Facility Lenders with respect to the Revolving Facility or any Class of Term Loans without the
written consent of all Lenders under the Revolving Facility or such Class of Term Loans,
respectively;
(iv) amend, modify or waive any provision of Section 9 without the
written consent of the Administrative Agent;
(v) amend, modify or waive any provision of Section 2.4 or 2.5
without the written consent of the Swingline Lender;
(vi) amend, modify or waive any provision of Section 3 without the
written consent of each affected Issuing Lender; or
(vii) waive any condition set forth in Section 5.2 as to any extension
of credit under the Revolving Facility without the written consent of the Lenders referenced in
clause (i) of the definition of Majority Facility Lenders.
Any such waiver and any such amendment, supplement or modification shall apply equally to
each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Agents and all future
holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Agents shall be
restored to their former position and rights hereunder and under the other Loan Documents, and any
Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver
shall extend to any subsequent or other Default or Event of Default, or impair any right consequent
thereon.
Notwithstanding the foregoing:
(A) if the Administrative Agent and the Borrower 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 Borrower 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; and
(B) technical and conforming modifications to the Loan
Documents may be made with the consent of Holdings, the Borrower and the
Administrative Agent (without the consent of any other Person) to the extent necessary
to integrate any facility issued in connection with an Incremental Activation Notice on
substantially the same basis as the then-existing Term Loans or then-existing Revolving
Loans (in each case, as determined by the Borrower in good faith), as applicable.
10.2. Notices.
(a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices
and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all
notices and other communications expressly permitted hereunder to be given by telephone shall be made
to the applicable telephone number, as follows:
- 99- |
| (i) if to the Borrower, the Administrative Agent, an Issuing Lender
or a Swingline Lender, to the address, telecopier number, electronic mail address or telephone
number specified for such Person on Schedule 10.2; and
(ii) if to any other Lender, to the address, telecopier number,
electronic mail address or telephone number specified in its administrative questionnaire
(including, as appropriate, notices delivered solely to the Person designated by a Lender on its
administrative questionnaire then in effect for the delivery of notices that may contain material
non-public information relating to the Borrower).
Notices and other communications sent by hand or overnight courier service, or mailed by
certified or registered mail, shall be deemed to have been given when received; notices and other
communications sent by telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, such notices and other communications shall be
deemed to have been given at the opening of business on the next Business Day for the recipient).
Notices and other communications delivered through electronic communications to the extent provided in
subsection (b) below shall be effective as provided in such subsection (b).
(b) Electronic Communications. Notices and other communications to the Lenders
and the Issuing Lenders hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender or any Issuing Lender pursuant to
Section 2 or Section 3 if such Lender or Issuing Lender, as applicable, has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. The
Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by it,
provided that approval of such procedures may be limited to particular notices or communications.
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent
to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the
intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), provided that if such notice or other communication is not sent during the
normal business hours of the recipient, such notice or communication shall be deemed to have been sent
at the opening of business on the next Business Day for the recipient, and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such
notice or communication is available and identifying the website address therefor.
(c) The Platform. The Borrower hereby acknowledges that (a) the Administrative
Agent and/or the Joint Lead Arrangers will make available to the Lenders and each Issuing Lender
Borrower Materials by posting the Borrower Materials on the Platform. THE PLATFORM IS
PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO
NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR
THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS
IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND,
EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF
THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE
BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE
PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the
“Agent Parties”) have any liability to the Borrower, any Lender, any Issuing Lender or any other Person
-100- |
| for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of the Borrower’s or the Administrative Agent’s transmission of Borrower Materials through
the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined
by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the
gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any
Agent Party have any liability to the Borrower, any Lender, any Issuing Lender or any other Person for
indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).
(d) Change of Address, Etc. Each of the Borrower, the Administrative Agent, each
Issuing Lender and the Swingline Lender may change its address, telecopier or telephone number for
notices and other communications hereunder by notice to the other parties hereto. Each other Lender
may change its address, telecopier or telephone number for notices and other communications hereunder
by notice to the Borrower, the Administrative Agent, each Issuing Lender and the Swingline Lender. In
addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the
Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier
number and electronic mail address to which notices and other communications may be sent and (ii)
accurate wire instructions for such Lender.
(e) Reliance by Administrative Agent, Issuing Lenders and Lenders. The
Administrative Agent, the Issuing Lenders and the Lenders shall be entitled to rely and act upon any
notices (including telephonic Notices of Borrowing and requests for Swingline Loans) purportedly given
by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were
incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the
terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall
indemnify the Administrative Agent, each Issuing Lender, each Lender and the Related Parties of each of
them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each
notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other telephonic
communications with the Administrative Agent may be recorded by the Administrative Agent, and each
of the parties hereto hereby consents to such recording.
10.3. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on
the part of any Agent or any Lender, any right, remedy, power or privilege hereunder or under the other
Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided
are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.
10.4. Survival of Representations and Warranties. All representations and warranties made
hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant
hereto or in connection herewith shall survive the execution and delivery of this Agreement and the
making of the Loans and other extensions of credit hereunder.
10.5. Payment of Expenses and Taxes; Indemnification. The Borrower agrees:
(a) to pay or reimburse the Administrative Agent for all its reasonable out-of-pocket
costs and expenses incurred in connection with the development, preparation and execution of, and any
amendment, supplement or modification to, or waiver or forbearance of, this Agreement and the other
Loan Documents and any other documents prepared in connection herewith or therewith, and the
consummation and administration of the transactions contemplated hereby and thereby, including the
reasonable fees and disbursements of one firm of counsel to the Administrative Agent and filing and
recording fees and expenses,
-101- |
| (b) to pay or reimburse each Lender and each Agent for all its costs and expenses
incurred in connection with the enforcement or preservation of any rights, privileges, powers or remedies
under this Agreement, the other Loan Documents and any such other documents, including the fees and
disbursements of one firm of counsel selected by the Administrative Agent, together with any special or
local counsel, to the Administrative Agent and, following the occurrence and during the continuance of
an Event of Default, not more than one other firm of counsel to the Lenders (it being understood that the
Borrower shall not be obligated to reimburse any Lender (other than the Administrative Agent as
provided above) for its expenses pursuant to this clause (b) except to the extent that an Event of Default
has occurred and is continuing at the time of any proposed amendment or waiver),
(c) to pay, indemnify, and hold each Lender and each Agent harmless from, any and
all recording and filing fees and any and all liabilities with respect to, or resulting from, any delay in
paying, stamp, excise and other taxes, if any, that may be payable or determined to be payable in
connection with the execution and delivery of, or consummation or administration of, any of the
transactions contemplated by, or any amendment, supplement or modification of, or any waiver or
consent under or in respect of, this Agreement, the other Loan Documents and any such other documents,
(d) if any Event of Default shall have occurred, to pay or reimburse all reasonable
fees and expenses of a financial advisor engaged on behalf of, or for the benefit of, the Agents and the
Lenders accruing from and after the occurrence of such Event of Default,
(e) to pay, indemnify, and hold each Lender, each Agent, their advisors and
affiliates and their respective officers, directors, trustees, employees, agents and controlling persons
(each, an “Indemnitee”) harmless from and against any and all other liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever with respect to the execution, delivery, enforcement, performance and administration of this
Agreement, the other Loan Documents and any such other documents, including any of the foregoing
relating to the use of proceeds of the Loans, including the reasonable fees and expenses of legal counsel
in connection with claims, actions or proceedings by any Indemnitee against any Loan Party under any
Loan Document, and
(f) to pay, indemnify, and hold each Indemnitee harmless from and against any
actual or prospective claim, litigation, investigation or proceeding relating to any of the matters described
in clauses (a) through (d) above, whether based on contract, tort or any other theory (including any
investigation of, preparation for, or defense of any pending or threatened claim, investigation, litigation
or proceeding, and regardless of whether such claim, investigation, litigation or proceeding is brought by
any Loan Party, its directors, shareholders or creditors or an Indemnitee, whether or not any Indemnitee
is a party thereto and whether or not the Restatement Effective Date has occurred) and the reasonable
fees and expenses of legal counsel in connection with any such claim, litigation, investigation or
proceeding (all the foregoing in clauses (e) and (f), collectively, the “Indemnified Liabilities”), provided,
that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified
Liabilities to the extent such Indemnified Liabilities are found by a final non-appealable decision of a
court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful
misconduct of any Indemnitee.
All amounts due under this Section 10.5 shall be payable not later than 30 days after written
demand therefor. Statements payable by the Borrower pursuant to this Section 10.5 shall be submitted to
the address of the Borrower set forth in Section 10.2, or to such other Person or address as may be
hereafter designated by the Borrower in a written notice to the Administrative Agent. The agreements in
this Section 10.5 shall survive the termination of the Loan Documents, repayment of the Loans and all
other amounts payable hereunder. No indemnitee shall be liable for any damages arising from the use by
-102- |
| any person of information or other materials obtained through electronic, telecommunications or other
information transmission systems, except to the extent arising from the gross negligence or willful
misconduct of such indemnitee as determined by a final non-appealable judgment of a court of competent
jurisdiction.
10.6. Successors and Assigns; Participations and Assignments.
(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 the Issuing Lender that issues any Letter of Credit), except that (i) the Borrower may not 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 the Borrower without such consent shall be null and
void), (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in
accordance with this Section and (iii) no assignments may be made to natural persons. Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in
subsection (c) of this Section and, to the extent expressly contemplated hereby, the Related Parties of
each of the Administrative Agent, the Issuing Lender 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 assignees (each, an “Assignee”) all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with
the prior written consent of:
(A) the Borrower (such consent not to be unreasonably
withheld or delayed), provided that no consent of the Borrower shall be required for an
assignment to (I) a Lender, an affiliate of a Lender, an Approved Fund (as defined
below), other than in the case of any assignment of a Revolving Commitment, or (II) if
an Event of Default under Section 8.1(a) or (g) has occurred and is continuing, any other
Person;
(B) the Administrative Agent (such consent not to be
unreasonably withheld or delayed), provided that no consent of the Administrative Agent
shall be required for (I) an assignment of all or any portion of a Term Loan to a Lender,
an Affiliate of a Lender or an Approved Fund or to Holdings or any of its Subsidiaries
(provided that any assignment to Holdings or any of its Subsidiaries shall be subject to
the requirements of Section 10.6(g)) or (II) an assignment of all or any portion of a
Revolving Loan or Revolving Commitment to a Revolving Lender, an Affiliate of a
Revolving Lender or an Approved Fund of a Revolving Lender; and
(C) in the case of an assignment of a Revolving
Commitment to a Lender that is not already a Revolving Lender, each Issuing Lender
(such consent not to be unreasonably withheld or delayed).
(ii) Assignments shall be subject to the following additional
conditions:
(A) except in the case of an assignment of the entire
remaining amount of the assigning Lender’s Revolving Commitments of any Class or
Loans of any Class, (x) the amount of the Commitments or Loans of the assigning
-103- |
| Lender subject to each such assignment (as of the trade date specified in the Assignment
and Assumption with respect to such assignment or, if no trade date is so specified, as of
the date such Assignment and Assumption is delivered to the Administrative Agent) shall
not be less than $5,000,000, in the case of the Revolving Facility ($1,000,000 if the
Assignee is a Lender, an affiliate of a Lender or an Approved Fund) or, $1,000,000 in the
case of Term Loans of any Class ($250,000 if the Assignee is a Lender, an affiliate of a
Lender or an Approved Fund) and (y) the Aggregate Exposure of such assigning Lender
shall not fall below $3,000,000 in the case of the Revolving Facility ($1,000,000 if the
Assignee is a Lender, an affiliate of a Lender or an Approved Fund) or $1,000,000 in the
case of in the case of Term Loans of any Class ($250,000 if the Assignee is a Lender, an
affiliate of a Lender or an Approved Fund), unless, in each case, each of the Borrower
and the Administrative Agent otherwise consent provided that (1) no such consent of the
Borrower shall be required if an Event of Default under Section 8.1(a) or (g) has
occurred and is continuing and (2) such amounts shall be aggregated in respect of each
Lender and its affiliates or Approved Funds, if any;
(B) the parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Assumption, together with a processing
and recordation fee of $3,500 (unless otherwise agreed by the Administrative Agent in
its sole discretion);
(C) 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 Borrower 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;
(D) Each partial assignment shall be made as an assignment
of a proportionate part of all the assigning Lender’s rights and obligations under this
Agreement with respect to the Loans or the Commitment assigned, except that this clause
(D) shall not (x) apply to the Swingline Lender’s rights and obligations in respect of
Swingline Loans, (y) prohibit any Lender from assigning all or a portion of its rights and
obligations among separate Classes on a non-pro rata basis or (C) prohibit any Revolving
Lender from assigning all or portion of its Revolving Commitments of a given Class (and
a proportionate amount of all Revolving Extensions of Credit thereunder) separately
from its Revolving Commitments of a different Class; and
(E) In connection with any assignment of rights and
obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to
the assignment shall make such additional payments to the Administrative Agent in an
aggregate amount sufficient, upon distribution thereof as appropriate (which may be
outright payment, purchases by the assignee of participations or subparticipations, or
other compensating actions, including funding, with the consent of the Borrower and the
Administrative Agent, the applicable pro rata share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and
assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities
then owed by such Defaulting Lender to the Administrative Agent or any Lender
hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full
-104- |
| pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in
accordance with its Revolving Percentage in each of the foregoing. Notwithstanding the
foregoing, in the event that any assignment of rights and obligations of any Defaulting
Lender hereunder shall become effective under applicable Law without compliance with
the provisions of this paragraph, then the assignee of such interest shall be deemed to be
a Defaulting Lender for all purposes of this Agreement until such compliance occurs.
For the purposes of this Section 10.6, “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 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.
(iii) Subject to acceptance and recording thereof pursuant to
paragraph (b)(v) below, 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 2.16, 2.17, 2.18 and 10.5). Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this
Section 10.6 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 an agent of
the Borrower, shall maintain at one of its offices in the United States a copy of each Assignment
and Assumption delivered to it and a register for the recordation of the names and addresses of
the Lenders, and the Commitments of, and principal amount of the Loans and L/C Obligations
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The
entries in the Register shall be conclusive absent manifest error, and the Borrower, the
Administrative Agent, the Issuing Lender and the Lenders may 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 parties intend that all advances will
be at all times maintained in “registered form” within the meaning of Section 163(f), Section
165(j), Section 871(h)(2), Section 881(c)(2) and Section 4701 of the Code and any related United
States Treasury Regulations (or any other relevant or successor provisions of the Code or of such
United States Treasury Regulations). The Register shall be available for inspection by the
Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior
notice.
(v) Upon its receipt of a duly completed Assignment and
Assumption executed by an assigning Lender and an Assignee, 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. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.
-105- |
| (c) (i) Any Lender may, without the consent of the Borrower or the Administrative
Agent or any Issuing Lender, sell participations to one or more banks or other entities (other than a
natural person) (a “Participant”) in all or a portion of such Lender’s rights and obligations under this
Agreement (including all or a portion of its Commitments and 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 and (C) the
Borrower, the Administrative Agent, the Issuing Lender 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. Any agreement 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 may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver
that (1) requires the consent of each Lender directly affected thereby pursuant to the proviso to the
second sentence of Section 10.1 and (2) directly affects such Participant. Subject to paragraph (c)(ii) of
this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.16,
2.17, 2.18 and 10.5 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 10.7(b) as though it were a Lender, provided such Participant shall be
subject to Section 10.7(a) as though it were a Lender. Each Lender that sells a participation shall, acting
solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the
name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register (including the identity of any Participant or any information relating to a Participant’s interest in
any commitments, loans, letters of credit or its other obligations under any Loan Document) to any
Person except to the extent that such disclosure is necessary to establish that such commitment, loan,
letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error,
and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner
of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For
the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register.
(ii) A Participant shall not be entitled to receive any greater payment
under Section 2.16 or 2.17 than the applicable Lender would have been entitled to receive with
respect to the participation sold to such Participant, except to the extent such entitlement to
receive a greater payment results from a Change in Law that occurs after the Participant acquired
the applicable participation or the sale of the participation to such Participant is made with the
Borrower’s prior written consent. Any Participant that is a Non-U.S. Lender shall not be entitled
to the benefits of Section 2.17 unless such Participant complies with Section 2.17(d).
(d) Any Lender may, without the consent of the Borrower or the Administrative
Agent, at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank or 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.
-106- |
| (e) The Borrower, at the Borrower’s sole expense, upon receipt of written notice
from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate transactions of
the type described in paragraph (d) above.
(f) Notwithstanding the foregoing, any Conduit Lender may assign any or all of the
Loans it may have funded hereunder to its designating Lender without the consent of the Borrower or the
Administrative Agent and without regard to the limitations set forth in Section 10.6(b). Each of
Holdings, the Borrower, each Lender and the Administrative Agent hereby confirms that it will not
institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state
bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing
commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating
any Conduit Lender hereby agrees to indemnify, save and hold harmless each other party hereto for any
loss, cost, damage or expense arising out of its inability to institute such a proceeding against such
Conduit Lender during such period of forbearance.
(g) Notwithstanding anything to the contrary herein, any Lender may assign all or
any portion of its Term Loans (but not Commitments) to Holdings or any of its Subsidiaries; provided
that:
(i) the assignment agreement relating to such Term Loans shall (A)
identify Holdings or the applicable Subsidiary as an Affiliate of the Borrower and (B) contain, by
the assigning Lender, a customary “big boy” representation and waiver of any right to make any
claim against any of (x) the Administrative Agent or (y) Holdings or any of its Subsidiaries, in
each case in connection with such assignment; and
(ii) any such Term Loans shall be automatically and permanently
cancelled immediately upon acquisition thereof by Holdings or any of its Subsidiaries.
10.7. Adjustments; Setoff.
(a) Except to the extent that this Agreement expressly provides for payments to be
allocated to a particular Lender or to the Lenders of a particular Class, if any Lender (a “Benefited
Lender”) shall receive any payment of all or part of the amounts owing to it hereunder, or receive any
collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or
proceedings of the nature referred to in Section 8(e), or otherwise), in a greater proportion than any such
payment to or collateral received by any other Lender, if any, in respect of the amounts owing to such
other Lender hereunder, such Benefited Lender shall purchase for cash from the other Lenders a
participating interest in such portion of the amounts owing to each such other Lender hereunder, or shall
provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such
Benefited Lender to share the excess payment or benefits of such collateral ratably with each of the
Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter
recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and
benefits returned, to the extent of such recovery, but without interest.
(b) In addition to any rights and remedies of the Lenders provided by law, each
Lender shall have the right, without prior notice to Holdings or the Borrower, any such notice being
expressly waived by Holdings and the Borrower to the extent permitted by applicable law, upon any
amount becoming due and payable by Holdings or the Borrower hereunder (whether at the stated
maturity, by acceleration or otherwise), to set off and appropriate and apply against such amount any and
all deposits (general or special, time or demand, provisional or final, other than those deposits held on a
-107- |
| Loan Party’s behalf composed of amounts held as payroll and taxes due thereon), in any currency, and
any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect,
absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or
agency thereof to or for the credit or the account of Holdings or the Borrower, as the case may be. Each
Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and
application made by such Lender, provided that the failure to give such notice shall not affect the validity
of such setoff and application.
10.8. Counterparts. This Agreement may be executed by one or more of the parties to this
Agreement on any number of separate counterparts, and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. Delivery of an executed signature page of this
Agreement or any other document executed in connection herewith by facsimile or electronic
transmission shall be effective as physical delivery of an original executed counterpart hereof, including
the electronic matching of assignment terms and contract formations on electronic platforms approved by
the Administrative Agent. A set of the copies of this Agreement signed by all the parties shall be lodged
with the Borrower and the Administrative Agent.
10.9. Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.
10.10. Integration. This Agreement and the other Loan Documents represent the agreement of
Holdings, the Borrower, the Agents and the Lenders with respect to the subject matter hereof, and there
are no promises, undertakings, representations or warranties by any Agent or any Lender relative to the
subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.
10.11. GOVERNING LAW. This Agreement and the rights and obligations of the parties under
this Agreement shall be governed by, and construed and interpreted in accordance with, the law of the
State of New York.
10.12. Submission to Jurisdiction; Waivers. Each of Holdings and the Borrower hereby
irrevocably and unconditionally:
(a) submits for itself and its property in any legal action or proceeding (whether in
contract, tort, or otherwise and whether at law or in equity) relating to this Agreement and the other Loan
Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof,
to the exclusive general jurisdiction of the courts of the State of New York located in the County of New
York, the courts of the United States for the Southern District of New York located in the County of New
York, and appellate courts from any thereof;
(b) consents that any such action or proceeding may be brought in such courts and
waives any objection that it may now or hereafter have to the venue of any such action or proceeding in
any such court or that such action or proceeding was brought in an inconvenient court and agrees not to
plead or claim the same;
(c) agrees that service of process in any such action or proceeding may be effected
by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail),
postage prepaid, to Holdings or the Borrower, as the case may be at its address set forth in Section 10.2
or at such other address of which the Administrative Agent shall have been notified pursuant thereto;
-108- |
| (d) agrees that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other jurisdiction; and
(e) waives, to the maximum extent not prohibited by law, any right it may have to
claim or recover in any legal action or proceeding referred to in this Section any special, exemplary,
punitive or consequential damages.
10.13. Acknowledgments.
Each of Holdings and the Borrower hereby acknowledges that:
(a) it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents;
(b) neither any Agent nor any Lender has any fiduciary relationship with or duty to
Holdings or the Borrower arising out of or in connection with this Agreement or any of the other Loan
Documents, and the relationship between the Agents and Lenders, on one hand, and Holdings and the
Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and creditor;
(c) no joint venture is created hereby or by the other Loan Documents or otherwise
exists by virtue of the transactions contemplated hereby among the Agents and the Lenders or among
Holdings the Borrower and the Agents and the Lenders; and
(d) the Lenders and their affiliates may have economic interests that conflict with
those of the Borrower.
10.14. Release of Guarantees and Liens.
(a) The Liens created by the Guarantee and Collateral Agreement shall
automatically be released (i) to the extent necessary to permit consummation of any disposition of such
Collateral (other than a disposition to the Borrower or any Guarantor) not prohibited by any Loan
Document, (ii) that has been consented to in accordance with Section 10.1, (iii) consisting of assets of
any Subsidiary Guarantor that is to be released from its obligations under the Guarantee and Collateral
Agreement as provided below or (iv) under the circumstances described in paragraph (b) below. In
addition, notwithstanding anything to the contrary contained herein or in any other Loan Document, the
Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to
or consent of any Lender except as expressly required by Section 10.1) and, subject to the Administrative
Agent’s receipt of a certification by the Borrower and applicable Guarantor as to such other matters
relating to such release as the Administrative Agent may reasonably request, is required to promptly take
any further action (without recourse or warranty) reasonably requested by the Borrower to evidence the
release of any Collateral as set forth above. Additionally, any Subsidiary Guarantor shall automatically
be released from its obligations under the Guarantee and Collateral Agreement (x) upon the
consummation of any transaction not prohibited by this Agreement that results in such Subsidiary
Guarantor ceasing to be a Subsidiary of the Borrower (including, for the avoidance of doubt, any
designation of a Subsidiary as a Non-Recourse Subsidiary hereunder), (y) so long as no Event of Default
has occurred and is continuing or would result therefrom, at the Borrower’s option by written notice to
the Administrative Agent, so long as such Subsidiary is a De Minimis Subsidiary and, after giving effect
to such release, the threshold set forth in the proviso to the definition of “De Minimis Subsidiary” would
not be exceeded and, (z) at the Borrower’s option by written notice to the Administrative Agent, if such
Subsidiary becomes a Specified Excluded Subsidiary. Any such evidence of release of Collateral may be
-109- |
| documented pursuant to a Release or such other documentation as shall be reasonably acceptable to the
Administrative Agent.
(b) At the Discharge Date, the Collateral shall be released from the Liens created by
the Guarantee and Collateral Agreement, and the Guarantee and Collateral Agreement and all obligations
(other than those expressly stated to survive such termination) of the Administrative Agent and each
Loan Party under the Guarantee and Collateral Agreement shall terminate, all without delivery of any
instrument or performance of any act by any Person.
10.15. Confidentiality. Each Agent and each Lender agrees to keep confidential all non-public
information provided to it by any Loan Party pursuant to this Agreement that is designated by such Loan
Party as confidential; provided that nothing herein shall prevent any Agent or any Lender from disclosing
any such information (a) to any Agent, any Lender or any affiliate of any Lender or any Approved Fund,
(b) to any Transferee or prospective Transferee that agrees to comply with the provisions of this Section,
(c) to its employees, directors, agents, attorneys, accountants and other professional advisors or those of
any of its affiliates who have a need to know, (d) upon the request or demand of any Governmental
Authority or at the request of any self-regulatory body, (e) in response to any order of any court or other
Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (f) if
requested or required to do so in connection with any litigation or similar proceeding, (g) that has been
publicly disclosed, (h) to any nationally recognized rating agency that requires access to information
about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (i)
in connection with the exercise of any remedy hereunder or under any other Loan Document, (j) to any
creditor or direct or indirect contractual counterparty in swap agreements or such creditor or contractual
counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to
such contractual counterparty agrees to be bound by the provisions of this Section 10.15), (k) to a Person
that is an investor or prospective investor in a Securitization that agrees that its access to information
regarding the Borrower and the Loans is solely for purposes of evaluating an investment in such
Securitization (so long as such Person agrees to be bound by the provisions of this Section 10.15), (l) to a
Person that is a trustee, collateral manager, servicer, noteholder or secured party in a Securitization in
connection with the administration, servicing and reporting on the assets serving as collateral for such
Securitization (so long as such Person agrees to be bound by the provisions of this Section 10.15), (m) to
any market data collector or (n) with such Loan Party’s prior written consent.
Each Lender acknowledges that information furnished to it pursuant to this Agreement or the
other Loan Documents may include material non-public information concerning the Borrower and its
Affiliates and their 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 the Borrower or
the Administrative Agent pursuant to, or in the course of administering, this Agreement or the other Loan
Documents will be syndicate-level information, which may contain material non-public information
about the Borrower and its Affiliates and their related parties or their respective securities. Accordingly,
each Lender represents to the Borrower 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, including
Federal and state securities laws.
-110- |
| 10.16. WAIVERS OF JURY TRIAL. Holdings, the Borrower, the Agents and the Lenders
hereby irrevocably and unconditionally waive trial by jury in any legal action or proceeding relating to
this Agreement or any other Loan Document and for any counterclaim therein.
10.17. Electronic Execution of Assignments and Certain Other Documents. The words
“execution,” “execute,” “signed,” “signature,” and words of like import in or related to any document to
be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed
to include electronic signatures, the electronic matching of assignment terms and contract formations on
electronic platforms approved by the Administrative Agent, 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 or the use of a paper-based record keeping 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 notwithstanding anything
contained herein to the contrary the Administrative Agent is under no obligation to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent
pursuant to procedures approved by it.
10.18. USA Patriot Act; Beneficial Ownership Regulation. Each Lender hereby notifies the
Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Patriot Act”) and the Beneficial Ownership Regulation, it is required to
obtain, verify and record information that identifies the Borrower, which information includes the name
and address of the Borrower and other information that will allow such Lender to identify the Borrower
in accordance with the Patriot Act and the Beneficial Ownership Regulation.
10.19. Affected Financial Institutions. Solely to the extent any Lender or Issuing Lender that is
an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any
such parties, each party hereto acknowledges that any liability of any Lender or Issuing Lender that is an
Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by:
(a) the application of any Write-Down and Conversion Powers by the applicable
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender
or Issuing Lender 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 undertaking, or a
bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or
(iii) the variation of the terms of such liability in connection with the
exercise of the write-down and conversion powers of any Resolution Authority.
10.20. Intercreditor Agreements.
-111- |
| (a) Each Lender (and, by its acceptance of the benefits of the Guarantee and
Collateral Agreement, each other Secured Party) hereunder agrees that it will be bound by and will take
no actions contrary to the provisions of a First Lien Intercreditor Agreement and any other intercreditor
agreement specifically contemplated by this Agreement and (iii) authorizes and instructs the
Administrative Agent to enter into a First Lien Intercreditor Agreement, in each case as Administrative
Agent and on behalf of such Lender or other Secured Party.
(b) Each Lender authorizes the Administrative Agent to enter into any amendment
or supplement to a First Lien Intercreditor Agreement and any other intercreditor agreement specifically
contemplated by this Agreement (i) in order to include appropriately the holders of the secured
Indebtedness secured by a Lien permitted by this Agreement on the basis described herein or (ii) that is
otherwise consented to by the Required Lenders.
10.21. Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan
Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other
agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a
“Supported QFC”), the 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):
(a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such
Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under
such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported
QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the
transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such
QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws
of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate
of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default
Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit
Support that may be exercised against such Covered Party are permitted to be exercised 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.
(b) As used in this Section 10.21, the following terms have the following meanings:
“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.
“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);
-112- |
| (ii) a “covered bank” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 47.3(b); or
(iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in
accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall
be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
10.22. Lender Action. Each Lender other than a Term B-1 Lender or Term B-2 Lender agrees
that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right or remedy
against any Loan Party under any of the Loan Documents (including the exercise of any right of setoff,
rights on account of any banker’s lien or similar claim), or institute any actions or proceedings, or
otherwise commence any remedial procedures, with respect to any Collateral or any other property of any
such Loan Party, without the prior written consent of the Administrative Agent.
10.23. Interest Rate Limitation. Notwithstanding anything to the contrary contained in any
Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by Applicable Law (the “Maximum Rate”). If the
Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate,
the excess interest shall be applied to the principal of the Loans without prepayment premium or penalty
(notwithstanding anything in the Loan Documents to the contrary) or, if it exceeds such unpaid principal,
refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the
Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted
by Applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium
rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate,
allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Obligations hereunder.
-113- |
| Exhibit B
Schedule 10.2
[See attached]. |
| BORROWER:
Charter Communications Operating, LLC
c/o Charter Communications, Inc.
400 Washington Blvd.
Stamford, CT 06902
Attention: Jessica Fischer, Chief Financial Officer
Telephone: 203-705-5546
Electronic Mail: jesssica.m.fischer@charter.com
and
Attention: Jamal H. Haughton, Executive Vice President, General Counsel and Corporate Secretary
Telephone: 203-428-0238
Electronic Mail: jamal.haughton@charter.com
With a copy to:
Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022
Attention: Jason Kanner, P.C.
Telephone: 212 446 4902
Electronic Mail: Jason.Kanner@kirkland.com
ADMINISTRATIVE AGENT FOR FINANCIALS/REPORTING:
Bank of America, N.A.
Two Bryant Park
1100 Avenue of the Americas, 7th Floor
Mail Code: NY1-540-07-11
New York, New York 10036
Attention: Don B. Pinzon
Facsimile: (212) 901-7843
Telephone: (646)-556-3280
Electronic Mail: don.b.pinzon@bofa.com
With a copy to:
Brandon Bolio
Bank of America Plaza
901 Main St.
Mail Code: TX1-492-64-01
Dallas, TX, 75202-3738
Telephone: (214)-209-3795
Electronic Mail: brandon.bolio@bofa.com
With a copy to:
Cahill Gordon & Reindel LLP |
| 32 Old Slip
New York, New York 10005
Attention: Stephen Harper
Telephone: (212)-701-3599
Electronic Mail: sharper@cahill.com
NOTICES (PAYDOWNS/CONVERSIONS) AND SWINGLINE LENDER:
Bank of America N.A.
4500 Amon Carter
4500 AMON CARTER BLVD
Mail Code: TX2-979-02-22
Fort Worth, TX 76155
Attention: Karen Puente
Telephone: (469)-207-8912
Facsimile: (214)-290-8378
Email: karen.r.puente@bofa.com
Payment Instructions:
Bank of America N.A.
ABA# 026009593
New York, New York
Account No.: 1366072250600
Attn: Wire Clearing Acct for Syn Loan - LIQ
Ref: Charter Communications Operating LLC |
Exhibit 99.1
Charter
Extends Maturities of Its Credit Facilities
STAMFORD, Connecticut – December 9, 2024
– Charter Communications, Inc. (NASDAQ: CHTR) (along with its subsidiaries, “Charter”) today announced that on December
3, 2024, its subsidiary, Charter Communications Operating, LLC (“CCO”), had entered into an amendment (the “Amendment”)
to its existing Credit Agreement that extends the maturity date of a significant portion of its debt due in 2027 to maturity dates in
2030 and 2031.
After giving effect to the Amendment:
| (i) | the aggregate principal amount of CCO’s revolving credit facility increased by $960 million, with a pricing
of SOFR plus 1.25%, comprised of: |
| (a) | an aggregate principal amount of existing Revolving B Commitments (maturing on August 31, 2027) of $960 million, and |
| (b) | an aggregate principal amount of new Revolving C Commitments (maturing on March 15, 2030) of $5.5 billion, |
| (ii) | a portion of the existing Term A-5 Loans were converted into new Term A-7 loans, with an aggregate
principal amount of Term A-7 Loans outstanding of approximately $4.5 billion and a pricing of SOFR
plus 1.25% (maturing on March 15, 2030), and |
| (iii) | a portion of the existing Term B-2 Loans were converted into new Term B-5 Loans, with an aggregate
principal amount of Term B-5 Loans outstanding of $2.5 billion and a pricing of SOFR plus 2.25%
(maturing on December 15, 2031). |
CCO used proceeds from the Amendment plus cash on hand to repay all
the remaining Term A-5 Loans and Term B-2 Loans not converted to Term A-7 or Term B-5 Loans, respectively, in connection with the Amendment,
as well as to pay related fees and expenses.
About Charter
Charter Communications, Inc. (NASDAQ:CHTR) is
a leading broadband connectivity company and cable operator with services available to more than 58 million homes and businesses in 41
states through its Spectrum brand. Over an advanced communications network, the Company offers a full range of state-of-the-art residential
and business services including Spectrum Internet®, TV, Mobile and Voice.
For small and medium-sized companies, Spectrum
Business® delivers the same suite of broadband products and services coupled with special features and applications to
enhance productivity, while for larger businesses and government entities, Spectrum Enterprise® provides highly customized,
fiber-based solutions. Spectrum Reach® delivers tailored advertising and production for the modern media landscape. The
Company also distributes award-winning news coverage and sports programming to its customers through Spectrum Networks. More information
about Charter can be found at corporate.charter.com.
# # #
Contact:
Media: |
Analysts: |
Justin
Venech |
Stefan
Anninger |
203-905-7818 |
203-905-7955 |
v3.24.3
Cover
|
Dec. 03, 2024 |
Entity Information [Line Items] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Dec. 03, 2024
|
Entity File Number |
001-33664
|
Entity Registrant Name |
Charter Communications, Inc.
|
Entity Central Index Key |
0001091667
|
Entity Tax Identification Number |
84-1496755
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
400 Washington Blvd.
|
Entity Address, City or Town |
Stamford
|
Entity Address, State or Province |
CT
|
Entity Address, Postal Zip Code |
06902
|
City Area Code |
203
|
Local Phone Number |
905-7801
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Class
A Common Stock, $.001 Par Value
|
Trading Symbol |
CHTR
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
false
|
CCO Holdings LLC [Member] |
|
Entity Information [Line Items] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Dec. 03, 2024
|
Entity File Number |
001-37789
|
Entity Registrant Name |
CCO
Holdings, LLC
|
Entity Central Index Key |
0001271833
|
Entity Tax Identification Number |
86-1067239
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
400 Washington Blvd.
|
Entity Address, City or Town |
Stamford
|
Entity Address, State or Province |
CT
|
Entity Address, Postal Zip Code |
06902
|
City Area Code |
203
|
Local Phone Number |
905-7801
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
false
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor 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.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission 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.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
dei_LegalEntityAxis=chtr_CCOHoldingsLLCMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Charter Communications (NASDAQ:CHTR)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Charter Communications (NASDAQ:CHTR)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024