EX-10.1 2 firstamendmenttofirstlienc.htm EX-10.1 Document
Execution Version
FIRST AMENDMENT TO FIRST LIEN CREDIT AGREEMENT
THIS FIRST AMENDMENT TO FIRST LIEN CREDIT AGREEMENT (this “First Amendment”) is dated as of June 3, 2022 and is entered into by and among GENUINE FINANCIAL HOLDINGS LLC, a Delaware limited liability company (the “Borrower”), GENUINE MID HOLDINGS LLC, a Delaware limited liability company (“Holdings”), the Extending Revolving Credit Lenders party hereto (as defined below) (which shall include all of the 2022 Incremental Revolving Credit Lenders (as defined below)), the Letter of Credit Issuers party hereto, and BANK OF AMERICA, N.A., in its capacity as Administrative Agent, and is made with reference to that certain First Lien Credit Agreement, dated as of July 12, 2018, by and among the Borrower, Holdings, the lending institutions from time to time party thereto (the “Lenders”) and BANK OF AMERICA, N.A., as the Administrative Agent, the Collateral Agent and a Letter of Credit Issuer (as amended, restated, modified or otherwise supplemented prior to the date hereof, the “Existing Credit Agreement” and, as further amended by this First Amendment, the “Credit Agreement”). Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement.
RECITALS
WHEREAS, pursuant to, and in accordance with, Section 2.14 of the Existing Credit Agreement, the Borrower has requested that each Person party hereto whose name is set forth on Schedule A hereto under the heading “2022 Incremental Revolving Credit Lender” (in such capacity, each a “2022 Incremental Revolving Credit Lender” and collectively, the “2022 Incremental Revolving Credit Lenders”) provide New Revolving Credit Commitments in an aggregate principal amount equal to the amount set forth opposite such Person’s name on Schedule A hereto under the heading “2022 Incremental Revolving Credit Commitment” (the “2022 Incremental Revolving Credit Commitments”), effective as of the First Amendment Effective Date (as defined below), which 2022 Incremental Revolving Credit Commitments will constitute part of the same Class as the Revolving Credit Commitments in effect immediately prior to giving effect to this First Amendment and shall have the terms set forth herein and in the Credit Agreement;
WHEREAS, the Borrower has requested, pursuant to Section 2.14(g)(ii) of the Existing Credit Agreement, that the maturity date under the existing Revolving Credit Facility be amended as set forth in Section II hereof and subject to the satisfaction of the conditions precedent to effectiveness set forth in Section III hereof;
WHEREAS, this First Amendment shall constitute, pursuant to Section 2.14(g)(ii) and (iv) of the Existing Credit Agreement, (i) a Revolving Credit Extension Request provided to all of the currently-existing Revolving Credit Lenders and (ii) an Extension Amendment setting forth the proposed terms of the extended Revolving Credit Commitments, as set forth in Section II hereof;
WHEREAS, each of the 2022 Incremental Revolving Credit Lender party hereto and each of the currently-existing Revolving Credit Lenders party hereto that submits a signature page to this First Amendment shall have consented to the Revolving Credit Extension Request (each, a “Extending Revolving Credit Lender” and, collectively, the “Extending Revolving Credit Lenders”);
WHEREAS, given that Fifth Third Bank (“Fifth Third”) and PSP Investments Credit II USA LLC (“PSP”) (each, a “Non-Extending Revolving Credit Lender” and, collectively, the “Non-Extending Revolving Credit Lenders”) do not intend to consent to the Revolving Credit Extension Request, the Borrower intends to repay all of the outstanding Revolving Credit Loans of each Non-Extending Revolving Credit Lender (in an aggregate amount equal to $15,000,000.00 with respect to Fifth Third and $10,000,000.00 with respect to PSP) and terminate such Non-Extending Revolving Credit Lender’s Revolving Credit Commitments (together with all accrued and unpaid interest thereon, and any other applicable fees and amounts in connection with this First Amendment, the “Non-Extending Revolving Lender Payoff”);
WHEREAS, the existing Revolving Credit Commitments of Bank of America, N.A. shall be reduced from $27,692,308.00 to $25,000,000.00 and the Borrower and each Person party hereto, agrees to such reduction;
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WHEREAS, the existing Revolving Credit Commitments of Capital One, N.A. shall be reduced from $15,000,000.00 to $10,000,000.00 and the Borrower and each Person party hereto, agrees to such reduction;
WHEREAS, pursuant to Section 13.1 of the Existing Credit Agreement, the Administrative Agent and the Extending Revolving Credit Lenders party hereto consent to the Non-Extending Revolving Lender Payoff;
WHEREAS, certain Revolving Credit Loans under the Existing Credit Agreement denominated in Dollars may be incurred and maintained as, and/or converted into, LIBOR Revolving Credit Loans (the “Impacted Loans”) in accordance with the terms and conditions set forth in the Existing Credit Agreement;
WHEREAS, the parties hereto have agreed to replace the LIBOR Rate with a successor rate with regard to the Impacted Loans and make certain other amendments to the Existing Credit Agreement as set forth herein;
WHEREAS, subject to the terms and conditions set forth herein, the Administrative Agent, the Extending Revolving Credit Lenders party hereto (including the 2022 Incremental Revolving Credit Lenders) and the Letter of Credit Issuers hereby agree to amend the Existing Credit Agreement as set forth herein;
NOW, THEREFORE, in consideration of the foregoing and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
SECTION I.    REVOLVING CREDIT COMMITMENT INCREASE
A.    2022 Incremental Revolving Credit Commitments.    Effective as of the First Amendment Effective Date, each 2022 Incremental Revolving Credit Lender hereby commits, on a several and not joint basis, to provide its 2022 Incremental Revolving Credit Commitment as set forth on Schedule A hereto, on the terms and conditions set forth below. Each 2022 Incremental Revolving Credit Lender (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents and the schedules and exhibits attached thereto, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this First Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent, any Letter of Credit Issuer or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are delegated to the Administrative Agent or the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a New Revolving Loan Lender.
    B.    Class of the 2022 Incremental Revolving Credit Commitments. The 2022 Incremental Revolving Credit Commitments incurred hereunder shall constitute an increase to the currently-existing Revolving Credit Commitments, constituting the same Class as, and having terms identical to those applicable to, the initial Revolving Credit Commitments established on the Closing Date. The 2022 Incremental Revolving Credit Commitments and the existing Revolving Credit Commitments shall be treated as a single tranche of the existing Revolving Credit Facility.

    C.    Automatic Assignment and Purchase. On the First Amendment Effective Date, (x) each existing Revolving Credit Lender immediately prior to any increase in the Revolving Credit Commitments pursuant to this First Amendment (other than the Non-Extending Revolving Credit Lenders) will automatically and without further act be deemed to have assigned to each 2022 Incremental Revolving Credit Lender, and each 2022 Incremental Revolving Credit Lender will automatically and without further act be deemed to have purchased, a portion of such existing Revolving Credit Lender’s
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participations in outstanding L/C Obligations (other than each Non-Extending Revolving Credit Lender’s participations in outstanding L/C Obligations) such that, after giving effect to each such deemed assignment and purchase of participations, all of the Revolving Credit Lenders’ (including the 2022 Incremental Revolving Credit Lenders’) participations in L/C Obligations shall be held on a pro rata basis on the basis of their respective Revolving Credit Commitments (after giving effect to any increase in the Revolving Credit Commitments pursuant to this First Amendment) and (y) each existing Revolving Credit Lender immediately prior to any increase in the Revolving Credit Commitments pursuant to this First Amendment (other than the Non-Extending Revolving Credit Lenders) will automatically and without further act be deemed to have assigned to each 2022 Incremental Revolving Credit Lender, and such 2022 Incremental Revolving Credit Lender will automatically and without further act be deemed to have purchased, a portion of such existing Revolving Credit Lender’s Revolving Credit Loans (other than any Non-Extending Revolving Credit Lender’s Revolving Credit Loans), to the extent necessary so that all of the Revolving Credit Lenders (including the 2022 Incremental Revolving Credit Lenders) participate in each outstanding Borrowing of Revolving Credit Loans pro rata on the basis of their respective Revolving Credit Commitments (after giving effect to any increase in the Revolving Credit Commitments pursuant to this First Amendment).

D.    Applicable Margin. The Applicable Margin for ABR Loans and for Term SOFR Loans, as applicable, for any Revolving Credit Loans, including any Revolving Credit Loans made pursuant to the 2022 Incremental Revolving Credit Commitments (the “2022 Incremental Revolving Credit Loans”), shall be as provided in the Credit Agreement after giving effect to this First Amendment.
E.    Maturity Date; Same Terms. The Revolving Credit Maturity Date for any 2022 Incremental Revolving Credit Loans shall be the same as the Revolving Credit Maturity Date applicable to the other Revolving Credit Loans of the same Class (as provided in the Credit Agreement after giving effect to this First Amendment). For the avoidance of doubt, subject to satisfaction of the conditions precedent set forth in Section III of this First Amendment, the 2022 Incremental Revolving Credit Commitments and any 2022 Incremental Revolving Credit Loans made in connection therewith shall have the same terms as the currently-outstanding Revolving Credit Commitments and Revolving Credit Loans made in connection therewith, as applicable, and shall bear interest and commitment fees, as applicable, as provided for in the Credit Agreement (after giving effect to this First Amendment) with respect to the Revolving Credit Commitments and Revolving Credit Loans, respectively. For the avoidance of doubt, each 2022 Incremental Revolving Credit Lender shall constitute a “Lender” and a “Revolving Credit Lender”, as applicable, the 2022 Incremental Revolving Credit Commitments shall constitute “Commitments” and “Revolving Credit Commitments”, as applicable, and the 2022 Incremental Revolving Credit Loans shall constitute “Loans” and “Revolving Credit Loans”, as applicable, under the Credit Agreement.
SECTION II.    FIRST AMENDMENT TO CREDIT AGREEMENT; EXHIBITS

A.    Credit Agreement.      Effective as of the First Amendment Effective Date, (i) the Existing Credit Agreement is hereby amended to (x) delete the stricken text (indicated textually in the same manner as the following example: stricken text) and (y) add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text), in each case as set forth in Annex A hereto, (ii) Schedules 1.1(a) and 1.1(b) of the Credit Agreement are hereby amended and restated in the form set forth in Annex B hereto, and (iii) Exhibit K to the Credit Agreement is hereby amended and restated in the form set forth in Annex C hereto.
B.    Revolving Credit Exposure.    Effective as of the First Amendment Effective Date, the aggregate amount of the Extending Revolving Credit Lenders’ Revolving Credit Exposure shall not exceed the aggregate Revolving Credit Commitment, as set forth in the Credit Agreement. For the avoidance of any doubt, effective as of the First Amendment Effective Date, the Revolving Credit Lenders’ Revolving Credit Exposure shall no longer include the Revolving Credit Exposure of each Non-Extending Revolving Credit Lender.
SECTION III.    CONDITIONS TO FIRST AMENDMENT
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This First Amendment shall become effective as of the first date on which each of the following conditions in this Section III have been satisfied (the date of satisfaction of such conditions being referred to herein as the “First Amendment Effective Date”):
A.    Execution. The Administrative Agent shall have received (i) a counterpart signature page of this First Amendment duly executed by each of the Credit Parties, (ii) a counterpart signature page of this First Amendment duly executed by each of the Extending Revolving Credit Lenders and each of the Letter of Credit Issuers and (iii) a counterpart signature page of this First Amendment duly executed by each of the 2022 Incremental Revolving Credit Lenders. Each Extending Revolving Credit Lender, each Letter of Credit Issuer and each 2022 Incremental Revolving Credit Lender that submits an executed counterpart hereto acknowledges and agrees that the submission of an executed counterpart hereto is irrevocable.
B.    Officer’s Certificate. The Administrative Agent shall have received a certificate, duly executed by a Responsible Officer of the Borrower, as to the matters specified in clauses (a) and (b) of Section IV below.
    C.    Fees. Prior to or substantially concurrently with the First Amendment Effective Date, the Borrower shall have paid (or cause to be paid) to the Administrative Agent on behalf of the Extending Revolving Credit Lenders (i) an upfront fee (the “Upfront Fee”) of 0.125% of the aggregate amount of the 2022 Incremental Revolving Commitments provided by the 2022 Incremental Revolving Credit Lenders on the First Amendment Effective Date and of the currently-existing Revolving Credit Commitments of any Extending Revolving Credit Lenders party hereto, which will be payable to such Extending Revolving Credit Lenders pro rata in accordance with their respective 2022 Incremental Revolving Credit Commitments and currently-existing Revolving Credit Commitments, as applicable, and (ii) all accrued interest, commitment fees, and Letter of Credit fees in respect of the Revolving Credit Facility as of the First Amendment Effective Date (to but not including the First Amendment Effective Date).

D.    Expenses. The Administrative Agent shall have received to the extent invoiced at least three Business Days prior to the First Amendment Effective Date (except as otherwise reasonably agreed by the Borrower), all reasonable and documented out-of-pocket expenses incurred on or prior to the First Amendment Effective Date in connection with the preparation, execution and delivery of this First Amendment and any other matters in connection therewith.
    E.    Opinion. The Administrative Agent shall have received, on behalf of itself, the Extending Revolving Credit Lenders party hereto (including the 2022 Incremental Revolving Credit Lenders party hereto) and the Letter of Credit Issuers party hereto, a customary written opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, in its capacity as counsel for the Credit Parties.

    F.    Solvency Certificate. The Administrative Agent shall have received a solvency certificate, dated as of the First Amendment Effective Date, after giving effect to the incurrence of the 2022 Incremental Revolving Credit Commitments and the related transactions occurring on the First Amendment Effective Date), signed by a chief financial officer or an authorized senior financial officer of the Borrower, substantially in the form of Exhibit N of the Existing Credit Agreement.

G.    Notice of Conversion or Continuation. The Administrative Agent shall have received a duly executed Notice of Conversion or Continuation requesting that all outstanding Revolving Credit Loans be converted from LIBOR Borrowings to SOFR Borrowings with a one-month Interest Period commencing on the First Amendment Effective Date.
H.    Resolutions; Other Corporate Documents. The Administrative Agent shall have received each of the following, dated as of the First Amendment Effective Date:
(i) such duly executed certificates of resolutions or consents, incumbency certificates and/or other duly executed certificates of Responsible Officers of each Credit Party as the Administrative Agent may reasonably require, evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this First Amendment and the other Credit
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Documents to which such Credit Party is a party or is to be a party; provided, that such certifications may, to the extent applicable, reflect that no changes have been made since the original certifications provided to the Administrative Agent on the Closing Date;
(ii) such documents and duly executed certifications as the Administrative Agent may reasonably require to evidence that each Credit Party is duly organized, incorporated or formed, and, to the extent applicable, that each Credit Party is validly existing and in good standing (to the extent such concept exists in the applicable jurisdictions); provided, that such certifications may, to the extent applicable, reflect that no changes have been made since the original certifications provided to the Administrative Agent on the Closing Date.
    I.    KYC. The Administrative Agent and the 2022 Incremental Revolving Credit Lenders shall have received at least three business days prior to First Amendment Effective Date (i) all documentation and other information about any Credit Party as shall have been reasonably requested in writing by the Administrative Agent or the 2022 Incremental Revolving Credit Lenders and as required by U.S. regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act and 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”) and (ii) with respect to the Borrower, a certification regarding individual beneficial ownership as required by the Beneficial Ownership Regulation.

    L.     Repayment of Non-Extending Revolving Lender Payoff. Prior to, or substantially concurrently with the First Amendment Effective Date, the Borrower shall consummate the Non-Extending Revolving Credit Lender Payoff by repaying to the Administrative Agent, for the benefit of the Non-Extending Revolving Credit Lenders, the aggregate principal amount of outstanding Revolving Credit Loans of such Non-Extending Revolving Credit Lender, together with all accrued and unpaid interest thereon, and any other applicable fees and amounts associated therewith (including any Commitment Fees payable to such Non-Extending Revolving Credit Lender through such date), and upon such payment the Revolving Credit Commitments of such Non-Extending Revolving Credit Lender shall automatically terminate.

SECTION IV.    REPRESENTATIONS AND WARRANTIES
Each of the Credit Parties hereby represents and warrants that, as of the First Amendment Effective Date:
(a)    the representations and warranties of each Credit Party in the Credit Agreement and the other Credit Documents are true and correct in all material respects (except to the extent any such representation or warranty is already qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the First Amendment Effective Date (provided that any representation or warranty which expressly relates to a given date or period shall be true and correct as of the respective date or for the respective period, as the case may be);

(b)    no Default or Event of Default has occurred and is continuing before and after giving effect to the incurrence of the 2022 Incremental Revolving Credit Commitments and the related transactions occurring on the First Amendment Effective Date;
        (c)    the execution and delivery of this First Amendment by each Credit Party and the performance by each Credit Party of its obligations under this First Amendment (i) have been duly authorized by all requisite action, corporate or otherwise, of each Credit Party and will not (ii)(a) contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality other than as would not reasonably be expected to result in a Material Adverse Effect, (b) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Credit Party or any of the Restricted Subsidiaries (other than Liens created under the Credit Documents or Permitted Liens) pursuant to, the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other material
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instrument to which such Credit Party or any of the Restricted Subsidiaries is a party or by which it or any of its property or assets is bound other than any such breach, default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (c) violate any provision of the certificate of incorporation, by-laws, articles or other organizational documents of such Credit Party or any of the Restricted Subsidiaries (after giving effect to the transactions contemplated by this First Amendment);

        (d)    this First Amendment constitutes the legal, valid, and binding obligations of each Credit Party enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity; and

        (e)    no consent or approval of, registration or filing with, or other action by, any Governmental Authority on the part of any Credit Party is required in connection with the execution, delivery or performance by such Credit Party of this First Amendment or the consummation of the transactions contemplated thereby, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings, consents, approvals, registrations and recordings in respect of the Liens created pursuant to the Security Documents, and (iii) such licenses, approvals, authorizations, registrations, filings or consents the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect.

SECTION V.    CONVERSION TO SOFR BORROWINGS; BREAKAGE
Each of the parties hereto agrees that the initial Interest Period for all outstanding Revolving Credit Loans (after giving effect to the conversion from the Adjusted LIBOR Rate to Term SOFR on the First Amendment Effective Date pursuant to this First Amendment) shall be a one-month Interest Period commencing on the First Amendment Effective Date. Each Extending Revolving Credit Lender hereby waives, solely in connection with the conversion from the Adjusted LIBOR Rate to Term SOFR on the First Amendment Effective Date pursuant to this First Amendment, the applicability of Section 2.11 of the Existing Credit Agreement.
SECTION VI.    MISCELLANEOUS
A.    Reference to and Effect on the Credit Agreement and the Other Credit Documents.
(i)    On and after the First Amendment Effective Date, each reference in the Credit Agreement to “this Credit Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Credit Documents to the “Credit Agreement”, “thereunder”, “thereof”, “therein” or words of like import referring to the Credit Agreement shall mean and be a reference to the Existing Credit Agreement as amended hereby.
(ii)    The Credit Agreement and the other Credit Documents shall remain in full force and effect and are hereby ratified and confirmed.
(iii)    By executing and delivering a copy hereof, (A) the Borrower and each other Credit Party hereby agrees that all Loans shall be guaranteed pursuant to the Guarantee in accordance with the terms and provisions thereof and shall be secured pursuant to the Security Documents in accordance with the terms and provisions thereof, and (B) the Borrower and each other Credit Party hereby (x) reaffirms its prior grant and the validity of the Liens granted by it pursuant to the Security Documents, (y) agrees that, notwithstanding the effectiveness of this First Amendment, after giving effect to this First Amendment, the guaranty pursuant to the Guarantee and the Liens created pursuant to the Security Documents for the benefit of the Secured Parties continue to be in full force and effect and (z) affirms, acknowledges and confirms all of its obligations and liabilities under the Credit Documents to which it is a party, in each case after giving effect to this First Amendment, all as provided in such Credit Documents, and acknowledges and agrees that such obligations and liabilities continue in full force and effect in
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respect of, and to secure, the Obligations under the Credit Agreement and the other Credit Documents, in each case after giving effect to this First Amendment.
(iv)    The execution, delivery and performance of this First Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Administrative Agent, any Lender or any Letter of Credit Issuer under, the Credit Agreement or any of the other Credit Documents. Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the Credit Agreement or any other Credit Document or instruments securing the same, which shall remain in full force and effect.
B.    Credit Document. For the avoidance of doubt, this First Amendment constitutes a Credit Document.
    C.    Recordation of the 2022 Incremental Revolving Credit Commitments. Upon execution and delivery hereof and the occurrence of the First Amendment Effective Date, the Administrative Agent will record the 2022 Incremental Revolving Credit Commitments made by the 2022 Incremental Revolving Credit Lenders in the Register.

D.    Headings. Section and Subsection headings in this First Amendment are included herein for convenience of reference only and shall not constitute a part of this First Amendment for any other purpose or be given any substantive effect.
E.    Applicable Law. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
F.    Submission to Jurisdiction; Waiver of Venue; Service of Process; Waiver of Jury Trial. The provisions of Sections 13.13 and 13.15 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis, as if set forth in full herein.
G.    Counterparts. This First Amendment may be executed by one or more of the parties to this First Amendment 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 counterpart to this First Amendment by facsimile transmission or by electronic mail in pdf format shall be as effective as delivery of a manually executed counterpart hereof.
H.    Electronic Execution. The words “execution,” “execute,” “signed,” “signature,” and words of like import in or related to this First Amendment or any other document to be signed in connection with this First Amendment 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 recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained in the Credit Agreement 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.
I.    Successor and Assigns. This First Amendment shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and assigns.
[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.
BORROWER:    GENUINE FINANCIAL HOLDINGS LLC
By:      /s/ Guy Abramo        
    Name: Guy Abramo
Title: President and Chief Executive
Officer
GUARANTORS:     GENUINE MID HOLDINGS LLC
By:      /s/ Guy Abramo        
    Name: Guy Abramo
Title: President and Chief Executive
Officer

[Signature Page to First Amendment]



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GENERAL INFORMATION SOLUTIONS LLC
BACKGROUNDCHECKS.COM LLC
FINGERPRINT SOLUTIONS, LLC
GENUINE DATA SERVICES LLC
DEXTER GROUP HOLDINGS LLC
NENO RESEARCH LLC
CORPORATE RISK ACQUISITION, LLC
CORPORATE RISK HOLDINGS, LLC
QUORUM ACQUISITION CORP.
US INVESTIGATIONS SERVICES, LLC
HIRERIGHT, LLC


By:      /s/ Guy Abramo        
    Name: Guy Abramo
Title: President and Chief Executive
Officer

[Signature Page to First Amendment]



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BANK OF AMERICA, N.A.,
as the Administrative Agent


By:     /s/ Ronaldo Naval    
Name: Ronaldo Naval
Title: Vice President

[Signature Page to First Amendment]



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BANK OF AMERICA, N.A.,
an Extending Revolving Credit Lender and a Letter of Credit Issuer


By:     /s/ Mike Roane    
Name: Mike Roane
Title: Director

[Signature Page to First Amendment]



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GOLDMAN SACHS BANK USA,
as a 2022 Incremental Revolving Credit Lender and an Extending Revolving Credit Lender


By:     /s/ Jonathan Dworkin    
Name: Jonathan Dworkin
Title: Authorized Signatory

[Signature Page to First Amendment]



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ROYAL BANK OF CANADA,
as a 2022 Incremental Revolving Credit Lender and an Extending Revolving Credit Lender


By:     /s/ Alfonse Simone    
Name: Alfonse Simone
Title: Authorized Signatory

[Signature Page to First Amendment]



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BARCLAYS BANK PLC,
as a 2022 Incremental Revolving Credit Lender and an Extending Revolving Credit Lender


By:     /s/ Sean Duggan    
Name: Sean Duggan
Title: Director

[Signature Page to First Amendment]



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CREDIT SUISSE AG, NEW YORK BRANCH,
as a 2022 Incremental Revolving Credit Lender, an Extending Revolving Credit Lender and a Letter of Credit Issuer


By:     /s/ Komal Shah    
Name: Komal Shah
Title: Authorized Signatory
By:     /s/ Michael Diffenbacher    
Name: Michael Diffenbacher
Title: Authorized Signatory





[Signature Page to First Amendment]



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CITIZENS BANK, N.A.,
as an Extending Revolving Credit Lender and a Letter of Credit Issuer


By:     /s/ Christopher O’Brien    
Name: Christopher O’Brien
Title: Vice President


[Signature Page to First Amendment]



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CAPITAL ONE, NATIONAL ASSOCIATION,
as an Extending Revolving Credit Lender


By:     /s/ Paul Reutemann    
Name: Paul Reutemann
Title: Duly Authorized Signatory

[Signature Page to First Amendment]



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SCHEDULE A


2022 INCREMENTAL
REVOLVING CREDIT LENDER
2022 INCREMENTAL
REVOLVING CREDIT COMMITMENT
GOLDMAN SACHS BANK USA$30,000,000.00
ROYAL BANK OF CANADA$15,000,000.00
BARCLAYS BANK PLC$15,000,000.00
CREDIT SUISSE AG,
NEW YORK BRANCH
$ 17,692,308.00

Total: $77,692,308.00

[Schedule A to First Amendment]



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ANNEX A

Credit Agreement

(see attached)



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ANNEX B

Schedules 1.1(a) and 1.1(b) to Credit Agreement

(see attached)



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ANNEX C

Exhibit K to Credit Agreement

(see attached)



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EXECUTION COPYCONFORMED TO FIRST AMENDMENT DATED AS OF June 3, 2022
Deal CUSIP Number: 37190DAD5
Revolving Credit Facility CUSIP Number: 37190DAE3
Term Loan Facility CUSIP Number: 37190DAF0
FIRST LIEN CREDIT AGREEMENT
dated as of July 12, 2018
among
GENUINE MID HOLDINGS LLC,
as Holdings,
GENUINE FINANCIAL HOLDINGS LLC,
as the Borrower,
The Several Lenders
from Time to Time Parties Hereto,
BANK OF AMERICA, N.A.,
as the Administrative Agent, the Collateral Agent,
a Letter of Credit Issuer and a Lender,
and
BANK OF AMERICA, N.A.,
CREDIT SUISSE LOAN FUNDING LLC,
CITIZENS BANK, N.A.,
CAPITAL ONE, NATIONAL ASSOCIATION
and
FIFTH THIRD BANK

as Joint Lead Arrangers and Bookrunners


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TABLE OF CONTENTS
Page
Section 1.    Definitions.    2
1.1.    Defined Terms    2
1.2.    Other Interpretive Provisions    9295
1.3.    Accounting Terms    9395
1.4.    Rounding    9396
1.5.    References to Agreements, Laws, Etc    9396
1.6.    Exchange Rates    9396
1.7.    Rates    9496
1.8.    Times of Day    9496
1.9.    Timing of Payment or Performance    9496
1.10.    Certifications    9497
1.11.    Compliance with Certain Sections    9497
1.12.    Pro Forma and Other Calculations    9598
1.13.    Addition of Co-Borrowers    98100
Section 2.    Amount and Terms of Credit.    100102
2.1.    Commitments    100102
2.2.    Minimum Amount of Each Borrowing; Maximum Number of Borrowings    101103
2.3.    Notice of Borrowing    101104
2.4.    Disbursement of Funds    102105
2.5.    Repayment of Loans; Evidence of Debt    103106
2.6.    Conversions and Continuations    105107
2.7.    Pro Rata Borrowings    106109
2.8.    Interest    106109
2.9.    Interest Periods    107110
2.10.    Increased Costs, Illegality, Etc    107111
2.11.    Compensation    110114
2.12.    Change of Lending Office    111115
2.13.    Notice of Certain Costs    111115
2.14.    Incremental Facilities    111115
2.15.    Permitted Debt Exchanges    118123
2.16.    Defaulting Lenders    120124
Section 3.    Letters of Credit.    122126
3.1.    Letters of Credit    122126
3.2.    Letter of Credit Requests    124129
3.3.    Letter of Credit Participations    126130
3.4.    Agreement to Repay Letter of Credit Drawings    128132
3.5.    Increased Costs    130134
3.6.    New or Successor Letter of Credit Issuer    131135
3.7.    Role of Letter of Credit Issuer    132136
3.8.    Cash Collateral    133137
3.9.    Applicability of ISP and UCP    134138
3.10.    Conflict with Issuer Documents    134138
3.11.    Letters of Credit Issued for Restricted Subsidiaries    134138
3.12.    Provisions Related to Extended Revolving Credit Commitments    134138
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Section 4.    Fees.    135139
4.1.    Fees    135139
4.2.    Voluntary Reduction of Revolving Credit Commitments    136140
4.3.    Mandatory Termination of Commitments    136141
Section 5.    Payments.    137141
5.1.    Voluntary Prepayments    137141
5.2.    Mandatory Prepayments    138142
5.3.    Method and Place of Payment    141146
5.4.    Net Payments    142146
5.5.    Computations of Interest and Fees    147151
5.6.    Limit on Rate of Interest    147151
Section 6.    Conditions Precedent to Initial Borrowing.    148152
6.1.    Credit Documents    148152
6.2.    Collateral    148152
6.3.    Legal Opinions    148153
6.4.    Equity Investments    149153
6.5.    Closing Certificates    149153
6.6.    Authorization of Proceedings of the Borrower and the Guarantors; Corporate Documents    149153
6.7.    Fees    149153
6.8.    Representations and Warranties    149153
6.9.    Solvency Certificate    149154
6.10.    Acquisition    149154
6.11.    Patriot Act    150154
6.12.    Pro Forma Balance Sheet    150154
6.13.    Financial Statements    150154
6.14.    No Target Material Adverse Effect    150154
6.15.    Refinancing    150154
Section 7.    Conditions Precedent to All Credit Events.    151155
7.1.    No Default; Representations and Warranties    151155
7.2.    Notice of Borrowing; Letter of Credit Request    151156
7.3.    Credit Events denominated in Alternative Currencies    152156
Section 8.    Representations and Warranties.    152156
8.1.    Corporate Status    152156
8.2.    Corporate Power and Authority    152156
8.3.    No Violation    153157
8.4.    Litigation    153157
8.5.    Margin Regulations    153157
8.6.    Governmental Approvals    153157
8.7.    Investment Company Act    153157
8.8.    True and Complete Disclosure    153158
8.9.    Financial Condition; Financial Statements    154158
8.10.    Compliance with Laws; No Default    154159
8.11.    Tax Matters    155159
8.12.    Compliance with ERISA    155159
8.13.    Subsidiaries    155159
8.14.    Intellectual Property    155159
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8.15.    Environmental Laws    155159
8.16.    Properties    155160
8.17.    Solvency    156160
8.18.    Patriot Act    156160
8.19.    OFAC    156160
8.20.    Anti-Corruption Laws    156160
8.21.    Beneficial Ownership Certification    156160
8.22.    EEA Financial Institution    156160
8.23.    Labor Matters    156161
8.24.    Insurance    157161
8.25.    Use of Proceeds    157161
8.26.    Status as Senior Debt    157161
Section 9.    Affirmative Covenants    157161
9.1.    Information Covenants    157161
9.2.    Books, Records, and Inspections    160165
9.3.    Maintenance of Insurance    161165
9.4.    Payment of Taxes    162166
9.5.    Preservation of Existence; Consolidated Corporate Franchises    162166
9.6.    Compliance with Statutes, Regulations, Etc    162166
9.7.    ERISA    163167
9.8.    Maintenance of Properties    163167
9.9.    Transactions with Affiliates    163167
9.10.    End of Fiscal Years    165169
9.11.    Additional Credit Parties    165169
9.12.    Pledge of Additional Stock and Evidence of Indebtedness    165169
9.13.    Use of Proceeds    166170
9.14.    Further Assurances    166170
9.15.    Maintenance of Ratings    168172
9.16.    Lines of Business    168172
9.17.    Post-Closing    168173
9.18.    Beneficial Ownership Certification    168173
9.19.    PATRIOT Act, FCPA, OFAC, Etc    169173
9.20.    Quarterly Lender Calls    169173
Section 10.    Negative Covenants.    169173
10.1.    Limitation on Indebtedness    169173
10.2.    Limitation on Liens    177181
10.3.    Limitation on Fundamental Changes    177181
10.4.    Limitation on Sale of Assets    179183
10.5.    Limitation on Restricted Payments    181185
10.6.    Limitation on Restrictions of Subsidiary Distributions    190194
10.7.    Financial Covenant    192196
10.8.    Permitted Activities of Holdings    192197
10.9.    Negative Pledge Clauses    193197
10.10.    Sale Leasebacks    194198
10.11.    Amendments of Junior Debt Documents    194199
Section 11.    Events of Default.    194199
11.1.    Payments    194199
11.2.    Representations, Etc    195199
11.3.    Covenants    195199
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11.4.    Default Under Other Agreements    195199
11.5.    Bankruptcy, Etc    196200
11.6.    ERISA    197201
11.7.    Guarantee    197201
11.8.    Pledge Agreement    197201
11.9.    Security Agreement    197201
11.10.    Judgments    197201
11.11.    Change of Control    197202
11.12.    Remedies Upon Event of Default    197202
11.13.    Application of Proceeds    198202
11.14.    Equity Cure    199203
Section 12.    The Agents.    200204
12.1.    Appointment    200204
12.2.    Delegation of Duties    200205
12.3.    Exculpatory Provisions    201205
12.4.    Reliance by Agents    201206
12.5.    Notice of Default    202206
12.6.    Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders    202207
12.7.    Indemnification    203207
12.8.    Agents in Their Individual Capacities    204208
12.9.    Successor Agents    204208
12.10.    Withholding Tax    206210
12.11.    Agents Under Security Documents and Guarantee    206210
12.12.    Right to Realize on Collateral and Enforce Guarantee    207211
12.13.    Intercreditor Agreement Governs    208212
12.14.    Certain ERISA Matters    208212
Section 13.    Miscellaneous.    210214
13.1.    Amendments, Waivers, and Releases    210214
13.2.    Notices    217224
13.3.    No Waiver; Cumulative Remedies    218225
13.4.    Survival of Representations and Warranties    218225
13.5.    Payment of Expenses; Indemnification    219225
13.6.    Successors and Assigns; Participations and Assignments    220227
13.7.    Replacements of Lenders Under Certain Circumstances    229235
13.8.    Adjustments; Set-off    230236
13.9.    Counterparts    230237
13.10.    Severability    231237
13.11.    Integration    231237
13.12.    GOVERNING LAW    231238
13.13.    Submission to Jurisdiction; Waivers    231238
13.14.    Acknowledgments    232238
13.15.    WAIVERS OF JURY TRIAL    233239
13.16.    Confidentiality    233239
13.17.    Direct Website Communications    234241
13.18.    USA PATRIOT Act    236243
13.19.    Judgment Currency    236243
13.20.    Payments Set Aside    237243
13.21.    No Fiduciary Duty    237244
13.22.    Nature of Borrower Obligations    237244
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13.23.    Acknowledgement and Consent to Bail-In of EEA Financial Institutions    238245


SCHEDULES
Schedule 1.1(a)    Commitments of Lenders
Schedule 1.1(b)    Letter of Credit Commitments
Schedule 8.13    Subsidiaries
Schedule 9.17    Post-Closing
Schedule 10.1    Closing Date Indebtedness
Schedule 10.2    Closing Date Liens
Schedule 10.5    Closing Date Investments
Schedule 13.2    Notice Addresses
EXHIBITS
Exhibit A    Form of Joinder Agreement
Exhibit B    Form of Guarantee
Exhibit C    Form of Pledge Agreement
Exhibit D    Form of Security Agreement
Exhibit E    Form of Credit Party Closing Certificate
Exhibit F    Form of Assignment and Acceptance
Exhibit G-1    Form of Promissory Note (Term Loans)
Exhibit G-2    Form of Promissory Note (Revolving Loans)
Exhibit H    Form of Compliance Certificate
Exhibit I-1    Form of Closing Date Intercreditor Agreement
Exhibit I-2    Form of First Lien Intercreditor Agreement
Exhibit J-1    Form of Non-Bank Tax Certificate
(For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Exhibit J-2    Form of Non-Bank Tax Certificate
(For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Exhibit J-3    Form of Non-Bank Tax Certificate
(For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Exhibit J-4    Form of Non-Bank Tax Certificate
(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
Exhibit K    Form of Notice of Borrowing or Continuation or Conversion
Exhibit L    Form of Letter of Credit Request
Exhibit M-1    Form of Hedge Bank Designation
Exhibit M-2    Form of Cash Management Bank Designation
Exhibit N    Form of Solvency Certificate
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FIRST LIEN CREDIT AGREEMENT
FIRST LIEN CREDIT AGREEMENT, dated as of July 12, 2018, among GENUINE MID HOLDINGS LLC, a Delaware limited liability company (“Holdings”), GENUINE FINANCIAL HOLDINGS LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Holdings ( the “Borrower”), as the borrower hereunder, the lending institutions from time to time parties hereto (each, a “Lender” and, collectively, the “Lenders”) and BANK OF AMERICA, N.A., as the Administrative Agent (the “Administrative Agent”), the Collateral Agent and a Letter of Credit Issuer (such terms and each other capitalized term used but not defined in this preamble having the meaning provided in Section 1).
WHEREAS, pursuant to the Agreement and Plan of Merger, dated as of May 24, 2018 (the “Acquisition Agreement”), by and among Russell Acquisition LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of the Borrower (the “Buyer”), Russell Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Buyer (“Merger Sub”), Corporate Risk Holdings I, Inc., a Delaware corporation (the “Target”), and Intermediate Capital Group, Inc., a Delaware corporation, solely in its capacity as the representative of the stockholders and award holders named therein, the Borrower will indirectly acquire all of the equity interests of the Target, through the merger (the “Merger”) of Merger Sub with and into the Target, with the Target as the surviving entity, as described in the Acquisition Agreement;
WHEREAS, to fund, in part, the Acquisition, it is intended that the Investors and the other Initial Investors will make certain cash contributions to a direct or indirect parent of Holdings in exchange for common equity (or other equity on terms reasonable acceptable to the Joint Lead Arrangers and Bookrunners) (which contributions will be further contributed to the Borrower in exchange for common equity) (such contributions, the “Equity Investments”), which when combined with the fair market value of equity of the Initial Investors and the management of the Borrower, the Target and their respective Affiliates rolled over or invested in connection with the Transactions (which such rollover investment may be consummated immediately after the Acquisition) (the “Rollover Equity”), shall be no less than 30% of the Closing Date Capitalization (the “Minimum Equity Amount”);
WHEREAS, to consummate the transactions contemplated by the Acquisition Agreement, it is intended that the Borrower will incur Second Lien Term Loans under a second lien term loan facility established pursuant to the Second Lien Credit Agreement in an original principal amount of $215,000,000;
WHEREAS, in connection with the foregoing, the Borrower has requested that (i) the Lenders extend credit in the form of Initial Term Loans to the Borrower on the Closing Date, in an aggregate principal amount of $835,000,000, (ii) the Lenders extend credit in the form of Revolving Credit Loans made available to the Borrower at any time and from time to time prior to the Revolving Credit Maturity Date, in Dollars and Alternative Currencies, in an aggregate principal amount at any time outstanding not in excess of the Dollar Equivalent of $100,000,000145,000,000 less the sum of the aggregate Letters of Credit Outstanding at such time and (iii) the Letter of Credit Issuers issue Letters of Credit at any time and from time to time prior to the L/C Facility Maturity Date, in Dollars and Alternative Currencies, in an aggregate Stated Amount at any time outstanding not in excess of the Dollar Equivalent of $40,000,000;
WHEREAS, the proceeds of the Initial Term Loans will be used, together with (i) any net proceeds of borrowings under the Revolving Credit Facility, (ii) the net proceeds of the Second Lien Term Loans, (iii) the net proceeds of the Equity Investments on the Closing Date and (iv) (at the Borrower’s option) cash on hand, to effect the Acquisition, to consummate the Closing Date Refinancing and to pay Transaction Expenses; and

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WHEREAS, the Lenders and the Letter of Credit Issuers are willing to make available to the Borrower from time to time the Initial Term Loans, Revolving Credit Loans and Letters of Credit, in each case upon the terms and subject to the conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:
Section 1.Definitions.
1.1.Defined Terms. As used herein, the following terms shall have the meanings specified in this Section 1.1 unless the context otherwise requires (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular):
“2022 Incremental Revolving Credit Commitments” shall mean, as to each 2022 Incremental Revolving Credit Lender, its obligation to make 2022 Incremental Revolving Credit Loans to the Borrower pursuant to Section 2.1(b), in an aggregate principal amount at any one-time outstanding not to exceed the amount set forth in, and opposite such 2022 Incremental Revolving Credit Lender’s name on, Schedule A to the First Amendment under the caption “2022 Incremental Revolving Credit Commitment” or in the Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The aggregate 2022 Incremental Revolving Credit Commitments of all 2022 Incremental Revolving Credit Lenders is $77,692,308.00 on the First Amendment Effective Date, as such amount may be adjusted from time to time in accordance with the terms of this Agreement.
“2022 Incremental Revolving Credit Lenders” shall mean, at any time, any Lender that has a 2022 Incremental Revolving Credit Commitment at such time.
“2022 Incremental Revolving Credit Loans” shall mean, as to each 2022 Incremental Revolving Credit Lender, the Revolving Credit Loans made to the Borrower pursuant to such 2022 Incremental Revolving Credit Lender’s 2022 Incremental Revolving Credit Commitments.
ABR” shall mean for any day a rate per annum equal to the highest of (i) the rate of interest which the Administrative Agent announces from time to time as its prime lending rate, as in effect at its principal office in New York City from time to time (the “Prime Rate”), (ii) the Federal Funds Effective Rate, as in effect from time to time, plus 0.50% and (iii) (x) in the case of any Term Loans, the Adjusted LIBOR Rate determined on a daily basis for an Interest Period of one (1) month, plus 1.00% or (y) in the case of any Revolving Credit Loans, on and after the First Amendment Effective Date, Term SOFR determined on a daily basis for an Interest Period of one (1) month, plus 1.00%, and (iv) zero percent (0.00%) (any changes in such rates to be effective as of the date of any change in such rate), and (iv) zero percent (0.00%). The Administrative Agent’s prime lending rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent may make commercial loans or other loans at rates of interest at, above, or below the Administrative Agent’s prime lending rate. Any change in ABR due to a change in the Prime Rate, the Federal Funds Effective Rate, or the Adjusted LIBOR Rate or the Term SOFR will be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate, or the Adjusted LIBOR Rate or the Term SOFR.
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ABR Loan” shall mean each Loan bearing interest based on the ABR and “ABR Term Loan” and “ABR Revolving Credit Loan” shall have corresponding meanings. All ABR Loans shall be denominated in Dollars.
Acquired EBITDA” shall mean, with respect to any Acquired Entity or Business or Converted Restricted Subsidiary (any of the foregoing, a “Pro Forma Entity”) for any period, the amount for such period of Consolidated EBITDA of such Pro Forma Entity (determined using such definitions as if references to the Borrower and its Restricted Subsidiaries therein were references to such Pro Forma Entity and its Restricted Subsidiaries), all as determined on a consolidated basis for such Pro Forma Entity.
Acquired Entity or Business” shall have the meaning provided in the definition of Consolidated EBITDA.
Acquired Indebtedness” shall mean, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is merged, consolidated, or amalgamated with or into or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging, consolidating, or amalgamating with or into or becoming a Restricted Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.
Acquisition” shall mean the transactions contemplated by the Acquisition Agreement.
Acquisition Agreement” shall have the meaning provided in the recitals of this Agreement.
Additional Debt Requirements” shall mean, in respect of any Indebtedness, Disqualified Stock or preferred stock incurred by the Borrower or any of its Restricted Subsidiaries and to the extent subject hereto, that: (i) no Event of Default under Section 11.1 or Section 11.5 (except in connection with any acquisition (including any Permitted Acquisition) permitted by this Agreement) shall exist before or after giving effect to the incurrence thereof; (ii) the applicable maturity date of such Indebtedness, Disqualified Stock or preferred stock, as applicable, shall be no earlier than the Initial Term Loan Maturity Date (or, in the case of revolving credit facilities, the Revolving Credit Maturity Date); (iii) the weighted average life to maturity of any term Indebtedness, Disqualified Stock or preferred stock shall be no shorter than the weighted average life to maturity of the then existing Initial Term Loans; provided that clauses (ii) and (iii) above shall not apply to any bridge loan, the terms of which provide for an automatic extension of the maturity date to a date that is not earlier than the Initial Term Loan Maturity Date; (iv) other than with respect to revolving credit facilities, all other terms of any such Indebtedness, Disqualified Stock or preferred stock (other than pricing, amortization, maturity, participation in mandatory prepayments or ranking as to security), taken as a whole, shall be substantially similar to, or not materially less favorable to the Borrower and its Subsidiaries than the terms, taken as a whole, applicable to, the Initial Term Loans (except for covenants or other provisions that reflect market terms and conditions, as determined by the Borrower in good faith, at the time of incurrence or issuance), be added for the benefit of all Lenders, apply only after the Latest Term Loan Maturity Date or otherwise be reasonably acceptable to the Administrative Agent, (v) with respect to revolving credit facilities, such revolving credit facilities shall have no amortization or, prior to the Revolving Credit Maturity Date, mandatory commitment reductions and all other terms of any such revolving credit facilities (other than pricing, maturity, participation in mandatory prepayments or commitment reductions or ranking as to security), taken as a whole, shall be substantially similar to, or not materially less favorable to the Borrower and its Subsidiaries than the terms, taken as a whole, applicable to, the Revolving Credit Commitments and the Revolving Credit Loans (except for
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covenants or other provisions that reflect market terms and conditions, as determined by the Borrower in good faith, at the time of incurrence or issuance), be added for the benefit of all Lenders, apply only after the Latest Term Loan Maturity Date or otherwise be reasonably acceptable to the Administrative Agent, (vi) with respect to mandatory prepayments of term loans and commitment reductions, such Indebtedness, Disqualified Stock or preferred stock shall not participate on a greater than pro rata basis than the Initial Term Loans or the Revolving Credit Commitments, respectively (but, for the avoidance of doubt, may participate on a less than pro rata basis), (vii) to the extent any of the obligors on such Indebtedness consist of Credit Parties and such Indebtedness is secured by the assets of any such Credit Parties, such Indebtedness shall be secured only by the Collateral securing the Obligations on a pari passu or junior basis and shall be subject to the First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or Other Acceptable Intercreditor Agreement, as applicable; and (viii) if such Indebtedness is a term credit facility that is secured on a pari passu basis with the Credit Facilities (without giving effect to the control of remedies), and is incurred on or prior to the eighteen month anniversary of the Closing Date, then if the Effective Yield for LIBOR Loans or ABR Loans in respect of such Indebtedness exceeds the Effective Yield for LIBOR Loans or ABR Loans in respect of the then existing Initial Term Loans by more than 0.50%, the Applicable Margin for LIBOR Loans or ABR Loans in respect of the then existing Initial Term Loans shall be adjusted so that the Effective Yield in respect of the then existing Initial Term Loans is equal to the Effective Yield for LIBOR Loans or ABR Loans in respect of such Indebtedness less 0.50%.
Adjusted LIBOR Rate” shall mean, with respect to any LIBOR Rate Borrowing for any Interest Period or clause (iii)(x) of the definition of ABR, an interest rate per annum equal to the product of (i) the LIBOR Rate in effect for such Interest Period and (ii) Statutory Reserves; provided that the Adjusted LIBOR Rate shall not, in any event, be less than 0.00% per annum.
Adjusted Total Revolving Credit Commitment” shall mean at any time the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders.
Adjusted Total Term Loan Commitment” shall mean at any time the Total Term Loan Commitment less the Term Loan Commitments of all Defaulting Lenders.
Administrative Agent” shall have the meaning provided in the preamble hereto, or any successor administrative agent pursuant to Section 12.9.
Administrative Agent’s Office” shall mean, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 13.2 with respect to such currency or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders.
Administrative Questionnaire” shall have the meaning provided in Section 13.6(b)(ii)(D).
Affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise.
Affiliated Institutional Lender” shall mean any Affiliate of any Sponsor (other than any portfolio company of such Sponsor) that is either a bona fide debt fund or such Affiliate extends credit or buys loans in the ordinary course of business and any other Affiliate of an
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Initial Investor that is a bona fide debt fund, in any case, to the extent such Sponsor or such Initial Investor, as applicable, does not directly or indirectly possess the power to direct or cause the direction of the investment policies of such entity.
Affiliated Lender” shall mean a Lender that is a Sponsor or any Affiliate thereof (other than Holdings, the Borrower, any other Subsidiary of Holdings, or any Affiliated Institutional Lender).
Agent Parties” shall have the meaning provided in Section 13.17(c).
Agents” shall mean the Administrative Agent, the Collateral Agent and each Joint Lead Arranger and Bookrunner.
Aggregate Multicurrency Exposures” shall have the meaning provided in Section 5.2(b)(ii).
Agreement” shall mean this Credit Agreement.
Agreement Currency” shall have the meaning provided in Section 13.19.
AHYDO” shall have the meaning provided in Section 2.14(g)(i).
Alternative Currency” shall mean any currency acceptable to the Administrative Agent and each applicable Revolving Credit Lender that is freely convertible into Dollars.
Anti-Corruption Laws” shall mean laws relating to anti-bribery or anti-corruption (governmental or commercial) which apply to the Credit Parties or their Subsidiaries, including laws that prohibit the corrupt payment, offer, promise, or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or indirectly, to any foreign government official, foreign government employee or commercial entity to obtain a business advantage; including the U.S. Foreign Corrupt Practices Act (15 U.S.C. §§78dd-1 et seq.), the U.K. Bribery Act of 2010, and all national and international laws enacted to implement the OECD Convention on Combating Bribery of Foreign Officials in International Business Transactions.
Applicable Margin” shall mean a percentage per annum equal to:
(a)(1) for LIBOR Loans that are Initial Term Loans, 3.75%, and (2) for ABR Loans that are Initial Term Loans, 2.75%;
(b)until delivery of Section 9.1 Financials for the first full fiscal quarter commencing on or after the Closing Date (1) for LIBOR Loans that are Revolving Credit Loans, 3.00% and (2) for ABR Loans that are Revolving Credit Loans, 2.00%; and
(c)thereafter, in connection with Revolving Credit Loans (1) so long as the First Lien Leverage Ratio set forth in the most recently delivered Section 9.1 Financials is greater than 4.25 to 1.00, (A) for LIBOR Loans and Term SOFR Loans, 3.00% and (B) for ABR Loans, 2.00%, (2) so long as the First Lien Leverage Ratio set forth in the most recently delivered Section 9.1 Financials is less than or equal to 4.25 to 1.00 but greater than 3.75 to 1.00, (A) for LIBOR Loans and Term SOFR Loans, 2.75%, and (B) for ABR Loans, 1.75% and (3) so long as the First Lien Leverage Ratio set forth in the most recently delivered Section 9.1 Financials is less than or equal to 3.75 to 1.00, (A) for LIBOR Loans and Term SOFR Loans, 2.50%, and (B) for ABR Loans, 1.50%.
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Any increase or decrease in the Applicable Margin for Revolving Credit Loans resulting from a change in the First Lien Leverage Ratio shall become effective as of the first Business Day immediately following the most recent delivery of Section 9.1 Financials.
Notwithstanding the foregoing, (a) the Applicable Margin in respect of any Class of Extended Term Loans shall be the applicable percentages per annum set forth in the relevant Extension Amendment, (b) the Applicable Margin in respect of any Class of New Term Loans shall be the applicable percentages per annum set forth in the relevant Joinder Agreement, (c) the Applicable Margin in respect of any Class of Replacement Term Loans shall be the applicable percentages per annum set forth in the relevant agreement and (d) in the case of the Term Loans and any Class of New Term Loans, the Applicable Margin shall be increased as, and to the extent, necessary to comply with the provisions of Section 2.14.
Notwithstanding anything to the contrary contained above in this definition or elsewhere in this Agreement, if it is subsequently determined that the First Lien Leverage Ratio set forth in any Compliance Certificate delivered to the Administrative Agent is inaccurate for any reason and the result thereof is that the Lenders received interest or fees for any period based on an Applicable Margin that is less than that which would have been applicable had the First Lien Leverage Ratio been accurately determined, then, for all purposes of this Agreement, the Applicable Margin for any day occurring within the period covered by such Compliance Certificate shall retroactively be deemed to be the relevant percentage as based upon the accurately determined First Lien Leverage Ratio for such period, and any shortfall in the interest or fees theretofore paid by the Borrower for the relevant period as a result of the miscalculation of the First Lien Leverage Ratio shall be deemed to be (and shall be) due and payable, at the time the interest or fees for such period were required to be paid; provided that notwithstanding the foregoing, so long as an Event of Default described in Section 11.5 is not continuing with respect to the Borrower, such shortfall shall be due and payable within five Business Days following the written demand thereof by the Administrative Agent and no Default shall be deemed to have occurred as a result of such non-payment until the expiration of such five Business Day period. In addition, at any time during which the Borrower shall have failed to deliver any of the Section 9.1 Financials by the applicable date required under Section 9.1, then at the option of the Required Revolving Credit Lenders, the First Lien Leverage Ratio shall be deemed to be greater than 4.25 to 1.00 for the purposes of determining the Applicable Margin for Revolving Credit Loans (in the case of both clause (b) and (c), only for so long as such failure continues, after which such ratio shall be determined based on the then existing First Lien Leverage Ratio).
Approved Fund” shall mean any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) an entity or an Affiliate of an entity that administers or manages a Lender.
Asset Sale” shall mean:
(i)the sale, conveyance, transfer, or other disposition, whether in a single transaction or a series of related transactions, of property or assets (including by way of a Sale Leaseback) (each a “disposition”) of the Borrower or any Restricted Subsidiary, or
(ii)the issuance or sale of Equity Interests of any Restricted Subsidiary (other than preferred stock of Restricted Subsidiaries issued in compliance with Section 10.1), whether in a single transaction or a series of related transactions, in each case, other than:
(a)any disposition of cash, Cash Equivalents or Investment Grade Securities or obsolete, worn out, damaged or surplus property in the ordinary course of business, and any disposition of property (including leasehold property interests) that is no longer economically practical in its business or commercially
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desirable to maintain or no longer used or useful equipment (or other assets) or any disposition of inventory or immaterial assets or goods in the ordinary course of business;
(b)the disposition of all or substantially all of the assets of the Borrower in a manner permitted pursuant to Section 10.3;
(c)the making of any Restricted Payment or any transaction specifically excluded from the definition of Restricted Payments that in each case is permitted to be made, and is made, pursuant to Section 10.5, or the making of any Permitted Investment;
(d)any disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any individual transaction or series of related transactions with an aggregate Fair Market Value of less than the greater of (x) $17,500,000 and (y) 10% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of such disposition;
(e)any disposition of property or assets or issuance or sale of securities (1) by a Restricted Subsidiary of the Borrower to the Borrower or (2) by the Borrower or a Restricted Subsidiary of the Borrower to another Restricted Subsidiary of the Borrower; provided that (i) any issuance or sale of securities by a non-Credit Party to a Credit Party pursuant to this clause (e)(2) shall be deemed an Investment that must comply with Section 10.5 and (ii) to the extent that any disposition of property or assets by a Credit Party to a non-Credit Party is made in exchange for less than Fair Market Value, the amount by which such property’s or such asset’s Fair Market Value exceeds the consideration provided by the non-Credit Party shall be deemed an Investment that must comply with Section 10.5;
(f)to the extent allowable under Section 1031 of the Code, or any comparable or successor provision, any exchange of like property (excluding any boot thereon) for use in a Similar Business;
(g)any issuance, disposition or pledge of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;
(h)foreclosures, condemnation, casualty, eminent domain or any similar action on assets (including dispositions in connection therewith);
(i)dispositions of accounts receivable, and/or participations therein, and related assets in connection with any Permitted Receivables Facility;
(j)any financing transaction with respect to property built or acquired by the Borrower or any of its Restricted Subsidiary after the Closing Date, including Sale Leasebacks and asset securitizations permitted by this Agreement;
(k)(1) any surrender or waiver of contractual rights or the settlement, release, or surrender of contractual rights or other litigation claims, (2) the termination or collapse of cost sharing agreements with the Borrower or any Subsidiary and the settlement of any crossing payments in connection therewith, or (3) the settlement, discount, write-off, forgiveness, or cancellation of any Indebtedness owing by any present or former consultants, directors, officers, or employees of the Borrower (or any direct or indirect parent company of the Borrower) or any Subsidiary or any of their successors or assigns;
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(l)the disposition or discount of accounts receivable, notes receivable or other current assets in the ordinary course of business or the conversion of accounts receivable to notes receivable or other disposition of accounts receivable in connection with the collection or compromise thereof;
(m)the non-exclusive licensing, cross-licensing or sub-licensing of Intellectual Property or other general intangibles in the ordinary course of business (including the provision of software under an open source license) that do not materially impair the business of the Borrower and its Restricted Subsidiaries, taken as a whole;
(n)the unwinding of any Hedging Obligations or obligations in respect of Cash Management Services;
(o)sales, transfers, and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;
(p)the lapse or abandonment of Intellectual Property rights, which in the reasonable business judgment of the Borrower are not material to the conduct of the business of the Borrower and the Restricted Subsidiaries taken as a whole;
(q)the issuance of directors’ qualifying shares and shares issued to foreign nationals or other third parties as required by applicable law;
(r)dispositions of property to the extent that (1) such property is exchanged for credit against the purchase price of similar replacement property that is promptly purchased or (2) the proceeds of such disposition are promptly applied to the purchase price of such replacement property (which replacement property is actually promptly purchased);
(s)leases, assignments, subleases, licenses, or sublicenses of any real or personal property (other than Intellectual Property) in the ordinary course of business;
(t)dispositions of non-core assets acquired in connection with any Permitted Acquisition or Investment permitted hereunder;
(u)the incurrence of Liens that are permitted to be incurred pursuant to Section 10.2; and
(v)the undertaking or consummation by the Borrower and its Restricted Subsidiaries of any IPO Reorganization Transactions.
Asset Sale Prepayment Event” shall mean any Asset Sale subject to the Reinvestment Period allowed in Section 10.4; provided, further, that with respect to any Asset Sale Prepayment Event, the Borrower shall not be obligated to make any prepayment otherwise required by Section 5.2 unless and until the aggregate amount of Net Cash Proceeds from all such Asset Sale Prepayment Events, after giving effect to the reinvestment rights set forth herein, exceeds the greater of (x) $31,250,000 and (y) 18% of Consolidated EBITDA (calculated on a Pro Forma Basis) (the “Prepayment Trigger”) in any fiscal year of the Borrower, but then from all such Net Cash Proceeds (excluding amounts below the Prepayment Trigger).
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Assignment and Acceptance” shall mean (i) an assignment and acceptance substantially in the form of Exhibit F, or such other form (including an electronic documentation form generated by use of an electronic platform) as may be approved by the Administrative Agent and (ii) in the case of any assignment of Term Loans in connection with a Permitted Debt Exchange conducted in accordance with Section 2.15, such form of assignment (if any) as may be agreed by the Administrative Agent and the Borrower in accordance with Section 2.15(a).
Auction Agent” shall mean (i) the Administrative Agent or (ii) any other financial institution or advisor employed by the Borrower or any Subsidiary (whether or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Permitted Debt Exchange pursuant to Section 2.15 or Dutch auction pursuant to Section 13.6(h); provided that the Borrower shall not designate the Administrative Agent as the Auction Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under no obligation to agree to act as the Auction Agent); provided, further, that neither Holdings, the Borrower nor any of its Subsidiaries may act as the Auction Agent.
Authorized Officer” shall mean, with respect to any Person, any individual holding the position of chairman of the board (if an officer), the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Assistant Treasurer, the Controller, the Vice President–Finance, a Senior Vice President, a Director, a Manager, the Secretary, the Assistant Secretary or any other senior officer or agent with express authority to act on behalf of such Person designated as such by the board of directors or other managing authority of such Person.
Auto Extension Letter of Credit” shall have the meaning provided in Section 3.2(d).
Available Amount” shall have the meaning provided in Section 10.5.
Available Commitment” shall mean an amount equal to the excess, if any, of (i) the amount of the Total Revolving Credit Commitment over (ii) the sum of the aggregate principal amount of (a) all Revolving Credit Loans then outstanding and (b) the aggregate Letters of Credit Outstanding at such time.
Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
Bail-In Legislation” shall mean, 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 for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
Bankruptcy Code” shall have the meaning provided in Section 11.5.
Beneficial Ownership Certification” shall mean a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.
Beneficial Ownership Regulation” shall have the meaning provided in Section 13.18.
Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of
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Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
Benefited Lender” shall have the meaning provided in Section 13.8(a).
Board” shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor).
Borrower” shall have the meaning provided in the preamble hereto.
Borrower Materials” shall have the meaning provided in Section 13.17(c).
Borrowing” shall mean Loans of the same Class and Type, made, converted, or continued on the same date and, in the case of LIBOR Loans and Term SOFR Loans, as to which a single Interest Period is in effect.
Business Day” shall mean (i) any day other than a Saturday, Sunday or other day on which commercial banks in New York are authorized or required by law to close, (ii) if such day relates to a Borrowing of, a payment or prepayment of principal or interest on, a conversion of or into, or an Interest Period for, a LIBOR Loan or a notice with respect to any of the foregoing, shall also include any such day that is also a day on which dealings in Dollar deposits are not conducted by and between banks in the London interbank market, (iii) when used in connection with a LIBOR Loan for a LIBOR Quoted Currency, the term “Business Day” shall also exclude any day on which banks are not open for general business in London, and (iv) with respect to any date for the payment or purchase of, or the fixing of an interest rate in relation to, any LIBOR Quoted Currency any Non-Quoted Currency, the term “Business Day” shall also exclude any day on which banks are not open for general business in the principal financial center of the country of that currency.
Buyer” shall have the meaning provided in the recitals hereto.
Capital Expenditures” shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capital Leases) by the Borrower and its Restricted Subsidiaries during such period that, in conformity with GAAP, are or are required to be additions to property or equipment or intangibles on a consolidated statement of cash flows of the Borrower and its Subsidiaries (including capitalized software expenditures, website development costs and website content development costs).
Capital Lease” shall mean, as applied to any Person, any lease of any property (whether real, personal, or mixed) by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person, subject to Section 1.12.
Capital Stock” shall mean (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights, or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that “cash-settled phantom appreciation programs” in connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock).
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Capitalized Lease Obligation” shall mean, at the time any determination thereof is to be made, the amount of the liability in respect of a Capital Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP, subject to Section 1.12.
Capitalized Software Expenditures” shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of a Person and its Restricted Subsidiaries.
Cash Collateral” shall have a meaning correlative to the immediately succeeding paragraph and shall include the proceeds of such cash collateral and other credit support.
Cash Collateralize” shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Letter of Credit Issuers or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances in the currencies in which the Letters of Credit Outstanding are denominated or, if the Administrative Agent and the Letter of Credit Issuers shall agree in their sole discretion, other credit support.
Cash Equivalents” shall mean:
(i)Dollars,
(ii)Canadian dollars or Australian dollars,
(iii)(a) Euro, Pounds Sterling, Yen, Swiss Francs, or any national currency of any Participating Member State in the European Union or (b) local currencies held from time to time in the ordinary course of business,
(iv)securities issued or directly and fully and unconditionally guaranteed or insured by the United States government or any country that is a member state of the European Union or any agency or instrumentality thereof with maturities of 24 months or less from the date of acquisition,
(v)certificates of deposit, time deposits, and eurodollar time deposits with maturities of two years or less from the date of acquisition, bankers’ acceptances with maturities not exceeding two years, and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $100,000,000,
(vi)repurchase obligations for underlying securities of the types described in clauses (iv), (v), and (ix) entered into with any financial institution meeting the qualifications specified in clause (iv) above,
(vii)commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing within 24 months after the date of creation thereof and any commercial paper or variable or fixed rate notes issued by or guaranteed by any Lender,
(viii)marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another
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nationally recognized ratings agency) and in each case maturing within 24 months after the date of creation or acquisition thereof,
(ix)readily marketable direct obligations issued by any state, commonwealth, or territory of the United States or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) with maturities of 24 months or less from the date of acquisition,
(x)Indebtedness or preferred stock issued by Persons with a rating of A or higher from S&P or A-2 or higher from Moody’s with maturities of 24 months or less from the date of acquisition,
(xi)solely with respect to any Foreign Subsidiary: (a) obligations of the national government of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member of the Organization for Economic Cooperation and Development, in each case maturing within one year after the date of investment therein, (b) certificates of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized and existing under the laws of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member of the Organization for Economic Cooperation and Development, and whose short-term commercial paper rating from S&P is at least A-2 or the equivalent thereof or from Moody’s is at least P-2 or the equivalent thereof (any such bank being an “Approved Foreign Bank”), and in each case with maturities of not more than 24 months from the date of acquisition, and (c) the equivalent of demand deposit accounts which are maintained with an Approved Foreign Bank, in each case, customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by such Foreign Subsidiary organized in such jurisdiction,
(xii)Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s,
(xiii)in the case of investments by any Foreign Subsidiary or investments made in a country outside the United States, Cash Equivalents shall also include investments of the type and maturity described in clauses (i) through (xii) above of foreign obligors, which investments have ratings, described in such clauses or equivalent ratings from comparable foreign rating agencies, and
(xiv)investment funds investing 95% or more of their assets in securities of the types described in clauses (i) through (xiii) above.
Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (i) through (iii) above; provided that such amounts are converted into any currency listed in clauses (i) through (iii) as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.
For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes under the Credit Documents regardless of the treatment of such items under GAAP.
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Cash Management Agreement” shall mean any agreement or arrangement to provide Cash Management Services.
Cash Management Bank” shall mean (i) any Person that, at the time it enters into a Cash Management Agreement with the Borrower or a Restricted Subsidiary, is an Agent or a Lender or an Affiliate of an Agent or a Lender and (ii) any Person that is designated by the Borrower as a “Cash Management Bank” by written notice to the Administrative Agent substantially in the form of Exhibit M-2 or such other form reasonably acceptable to the Administrative Agent.
Cash Management Services” shall mean any one or more of the following types of services or facilities: (i) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services, or electronic funds transfer services; (ii) treasury management services (including controlled disbursement, overdraft facilities, foreign exchange facilities, automatic clearing house fund transfer services, return items, and interstate depository network services); (iii) any other demand deposit or operating account relationships or other cash management services, including pursuant to any Cash Management Agreements; and (iv) other services related, ancillary or complementary to the foregoing.
Casualty Event” shall mean, with respect to any property of any Person, any loss of or damage to, or any condemnation or other taking by a Governmental Authority of, such property for which such Person or any of its Restricted Subsidiaries receives insurance proceeds or proceeds of a condemnation award in respect of any equipment, fixed assets, or real property (including any improvements thereon) to replace or repair such equipment, fixed assets, or real property; provided that with respect to any Casualty Event, the Borrower shall not be obligated to make any prepayment otherwise required by Section 5.2 unless and until the aggregate amount of Net Cash Proceeds from all such Casualty Events, after giving effect to the reinvestment rights set forth herein, exceeds the greater of (x) $31,250,000 and (y) 18% of Consolidated EBITDA (calculated on a Pro Forma Basis) (the “Casualty Prepayment Trigger”) in any fiscal year of the Borrower, but then from all such Net Cash Proceeds (excluding amounts below the Casualty Prepayment Trigger).
CFC” shall mean a controlled foreign corporation within the meaning of Section 957 of the Code.
Change in Law” shall mean (i) the adoption of any law, treaty, order, policy, rule, or regulation after the Closing Date, (ii) any change in any law, treaty, order, policy, rule, or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (iii) compliance by any Lender with any guideline, request, directive, or order issued or made after the Closing Date by any central bank or other governmental or quasi-governmental authority (whether or not having the force of law), including, for avoidance of doubt, any such adoption, change or compliance in respect of (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines, requirements, or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities pursuant to Basel III, in each case, regardless of the date enacted, adopted or issued.
Change of Control” shall mean and be deemed to have occurred if (i) at any time prior to an IPO of the Borrower (or Holdings), the Permitted Holders shall at any time not own, in the aggregate, directly or indirectly, beneficially and of record, at least 35% of the voting power of the outstanding Voting Stock of Holdings; (ii) at any time after an IPO of the Borrower (or Holdings), any Person, entity, or “group” (within the meaning of Section 13(d) or 14(d) of the
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Exchange Act), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power of the outstanding Voting Stock of Holdings (or the Borrower, as applicable) that exceeds 35% thereof, unless, in case of clause (i) or (ii) above, the Permitted Holders have, at such time, the right or the ability by voting power, contract, or otherwise to elect or designate for election at least a majority of the board of directors of Holdings or (iii) at any time (other than at any time after an IPO of the Borrower), Holdings shall fail to own, directly or indirectly, beneficially and of record, 100.0% of the issued and outstanding voting Equity Interests of the Borrower. For the purpose of clauses (i) and (ii), at any time when a majority of the outstanding Voting Stock of Holdings is directly or indirectly owned by a Parent Entity or, if applicable, a Parent Entity acts as the manager, managing member or general partner of Holdings, references in this definition to “Holdings” shall be deemed to refer to the ultimate Parent Entity that directly or indirectly owns such Voting Stock or acts as (or, if applicable, is a Parent Entity that directly or indirectly owns a majority of the outstanding Voting Stock of) such manager, managing member or general partner. For purposes of this definition, (i) “beneficial ownership” shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act, (ii) the phrase Person or “group” is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person or “group” and its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, and (iii) if any Person or “group” includes one or more Permitted Holders, the issued and outstanding Equity Interests of the IPO Entity or Holdings, as applicable, directly or indirectly owned by the Permitted Holders that are part of such Person or “group” shall not be treated as being owned by such Person or “group” for purposes of determining whether clause (ii) of this definition is triggered. Notwithstanding anything to the contrary in this definition or any provision of Section 13d-3 of the Exchange Act, a Person or “group” shall not be deemed to beneficially own Equity Interests to be acquired by such Person or “group” pursuant to a stock or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or similar agreement related thereto) until the consummation of the acquisition of the Equity Interests in connection with the transactions contemplated by such agreement.
Class” (i) when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are Initial Term Loans, New Term Loans (of the same Series), Extended Term Loans (of the same Extension Series), Replacement Term Loans (of the same Series), Revolving Credit Loans (which, for the avoidance of the doubt, shall include 2022 Incremental Revolving Credit Loans), Extended Revolving Credit Loans (of the same Extension Series) or New Revolving Credit Loans and (ii) when used in reference to any Commitment, refers to whether such Commitment is an Initial Term Loan Commitment, a New Term Loan Commitment, a Revolving Credit Commitment (which, for the avoidance of the doubt, shall include 2022 Incremental Revolving Credit Commitments), an Extended Revolving Credit Commitment (of the same Extension Series) or a New Revolving Credit Commitment.
Closing Date” shall mean July 12, 2018.
Closing Date Capitalization” shall mean the sum of (1) the aggregate gross proceeds of the Initial Term Loans, Revolving Credit Loans and Second Lien Term Loans borrowed on the Closing Date (excluding the gross proceeds of any loans incurred on the Closing Date to (x) fund working capital needs or pay Transaction Expenses, (y) replace, backstop or cash collateralize letters of credit existing prior to the Closing Date, and excluding any outstanding Letters of Credit (to the extent undrawn) or (z) fund any OID or upfront fees required to be funded on the Closing Date due to the exercise of “market flex”) and (2) the Equity Investment (including any Rollover Equity).
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Closing Date Intercreditor Agreement” shall mean an Intercreditor Agreement dated as of the Closing Date substantially in the form of Exhibit I-1 (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Borrower) by and among the Administrative Agent, the Collateral Agent, the Second Lien Administrative Agent and the Second Lien Collateral Agent, as the same may be amended, restated and or modified from time to time subject to the terms thereof.
Closing Date Refinancing” shall mean the repayment, repurchase, redemption, defeasance or other discharge of the Existing Secured Indebtedness and termination and/or release of any security interests and guarantees in connection therewith.
“CME” means CME Group Benchmark Administration Limited.
Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.
Collateral” shall mean all property pledged or mortgaged or purported to be pledged or mortgaged pursuant to the Security Documents, excluding in all events Excluded Property.
Collateral Agent” shall mean Bank of America, N.A., as collateral agent under the Security Documents, or any successor collateral agent pursuant to Section 12.9, and any Affiliate or designee of Bank of America, N.A. that may act as the Collateral Agent under any Credit Document.
Commitment Fee” shall have the meaning provided in Section 4.1(a).
Commitment Fee Rate” shall mean a rate per annum equal to 0.50%; provided that, commencing on the first date of the first fiscal quarter commencing after the Closing Date and for any day thereafter, the Commitment Fee Rate shall be the applicable rate per annum set forth below based upon the First Lien Leverage Ratio:
First Lien Leverage RatioCommitment Fee Rate
Greater than 4.25 to 1.000.50%
Less than or equal to 4.25 to 1.000.375%

Any increase or decrease in the Commitment Fee Rate resulting from a change in the First Lien Leverage Ratio shall become effective as of the first Business Day immediately following the most recent delivery of Section 9.1 Financials, in accordance with the table above.
Commitments” shall mean, with respect to each Lender (to the extent applicable), such Lender’s Initial Term Loan Commitment, New Term Loan Commitment, Revolving Credit Commitment, Extended Revolving Credit Commitment or New Revolving Credit Commitment.
Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.
Communications” shall have the meaning provided in Section 13.17(a).
Compliance Certificate” shall mean a certificate of a responsible financial or accounting officer of the Borrower substantially in the form of Exhibit H or such other form reasonably acceptable to the Administrative Agent delivered pursuant to Section 9.1(d) for the applicable Test Period.
Confidential Information” shall have the meaning provided in Section 13.16.
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“Conforming Changes” means, with respect to the use, administration of or any conventions associated with SOFR, Term SOFR or any proposed Term SOFR Successor Rate, as applicable, any conforming changes to the definitions of “ABR”, “SOFR”, “Term 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 reasonable discretion of the Administrative Agent, 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 in its reasonable discretion that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines in its reasonable discretion (and in consutation with the Borrower) that no market practice for the administration of such rate exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Credit Document).
Consolidated Depreciation and Amortization Expense” shall mean with respect to any Person and its Restricted Subsidiaries for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees or costs, debt issuance costs, commissions, fees and expenses, capitalized expenditures (including Capitalized Software Expenditures), customer acquisition costs, intangible amortization expenses in connection with any acquisition or other Investment, the amortization of original issue discount resulting from the issuance of Indebtedness at less than par and incentive payments, conversion costs and contract acquisition costs of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.
Consolidated EBITDA” shall mean, with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries for such period:
(i)increased (without duplication) by:
(a)provision for taxes based on income, profits, revenue or capital, including, without limitation, U.S. federal, state, non-U.S., franchise, excise, value added, and similar taxes (including, without limitation, any franchise or other similar taxes imposed in lieu of income taxes, Permitted IPO Tax Distributions and Permitted Tax Distributions) and foreign withholding taxes, or taxes under Section 965 of the Code, of such Person and its Restricted Subsidiaries (determined on a consolidated basis) paid or accrued during such period (including in respect of repatriated funds), including any penalties and interest related to such taxes or arising from any tax examinations, and the net tax expenses associated with any adjustments made pursuant to the definition of “Consolidated Net Income” and any payments to any direct or indirect parent in respect of such taxes (including, without limitation, any Permitted IPO Tax Distributions and Permitted Tax Distributions, in each case to the extent the same was deducted (and not added back) in calculating the Consolidated Net Income); provided that any amounts added back pursuant to this clause (i)(a) in respect of accrued but unpaid taxes shall not be added back in determining Consolidated EBITDA in the period in which such taxes are actually paid, plus
(b)Fixed Charges of such Person and its Restricted Subsidiaries (determined on a consolidated basis) for such period (including (1) net losses on Hedging Obligations or other derivative instruments entered into for the purpose
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of hedging interest rate risk, (2) bank and letter of credit fees and (3) costs of surety bonds in connection with financing activities, in each case, to the extent included in Fixed Charges), together with items excluded from the definition of Consolidated Interest Expense and any non-cash interest expense, in each case to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income, plus
(c)Consolidated Depreciation and Amortization Expense of such Person and its Restricted Subsidiaries (determined on a consolidated basis) for such period to the extent the same was deducted (and not added back) in computing Consolidated Net Income, plus
(d)any expenses, fees, charges, or losses (other than depreciation or amortization expense) related to any Equity Offering, Permitted Investment, Restricted Payment, acquisition, disposition, restructuring, casualty event, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Agreement (including a refinancing thereof) (whether or not successful and including any such transaction consummated prior to the Closing Date), including (1) such fees, expenses, or charges related to the incurrence of the Loans hereunder, the Second Lien Term Loans and all Transaction Expenses, (2) such fees, expenses, or charges related to the offering of the Credit Documents and any other credit facilities, and (3) such fees, expenses or charges related to any amendment or other modification of the Loans hereunder, the Second Lien Term Loans or other Indebtedness, and, in each case, deducted (and not added back) in computing Consolidated Net Income, plus
(e)the amount of any costs and expenses associated with establishing new product offerings and services, expanding such Person’s business or acquiring new products and services (including legal expenses and other expenses and costs associated with hiring and ramp up of employees) deducted (and not added back) in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with acquisitions after the Closing Date, and costs related to the closure and/or consolidation of facilities, plus
(f)any other non-cash charges, including any write-offs, write-downs, expenses, losses, or items to the extent the same were deducted (and not added back) in computing Consolidated Net Income, including any impairment charges or the impact of purchase accounting or other items classified by such Person as special items (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be deducted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period), plus
(g)the amount of any net income (loss) attributable to non-controlling interests in any non-Wholly-Owned Subsidiary deducted (and not added back) in such period in calculating Consolidated Net Income, plus
(h)the amount of (i) management, monitoring, consulting, advisory and transaction fees (including termination fees) and related indemnities and expenses paid or accrued in such period to the Initial Investors or any of their respective Affiliates to the extent permitted by this Agreement and (ii) the amount of board of director fees and expenses (including out-of-pocket director fees and expenses) actually paid by, or accrued by, such Person to the extent permitted to
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be paid under this Agreement, in each case to the extent the same was deducted (and not added back) in calculating the Consolidated Net Income); provided that any amounts added back pursuant to this clause (h) in respect of accrued but unpaid fees, indemnities or expenses shall not be added back in determining Consolidated EBITDA in the period in which such fees, indemnities or expenses, as applicable, are actually paid, plus
(i)costs of surety bonds incurred in such period in connection with financing activities, in each case to the extent the same was deducted (and not added back) in calculating the Consolidated Net Income), plus
(j)the amount of reasonably identifiable and factually supported “run rate” cost savings, operating expense reductions and other synergies that are projected by such Person in good faith to result from actions either taken or expected to be taken within 24 months of the determination to take such action, net of the amount of actual benefits realized prior to or during such period from such actions (which cost savings, operating expense reductions, and synergies shall be calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, or synergies had been realized on the first day of such period), plus
(k)the amount of loss or discount on sale of receivables and related assets to a Receivables Subsidiary in connection with a Permitted Receivables Facility, in each case to the extent the same was deducted (and not added back) in calculating the Consolidated Net Income), plus
(l)any costs or expense incurred by such Person or a Restricted Subsidiary of such Person pursuant to (i) any management equity plan or stock option or phantom equity plan or any other management or employee benefit plan or agreement, any severance agreement or any stock or unit subscription, contribution or shareholder or equityholder agreement, to the extent that such cost or expenses are non-cash or otherwise funded with cash proceeds contributed to the capital of such Person or net cash proceeds of an issuance of Equity Interests of such Person (other than Disqualified Stock), or (ii) any recruitment bonus arrangement entered into in connection with any acquisition (provided that any such bonus paid in units of such Person or any of its direct or indirect subsidiaries or parent companies shall be valued at the fair market value of such units for purposes of calculating Consolidated EBITDA), in each case to the extent the same was deducted (and not added back) in calculating the Consolidated Net Income), plus
(m)the amount of expenses relating to payments made to option, phantom equity or profits interest holders of such Person or any of its direct or indirect subsidiaries or parent companies in connection with, or as a result of, any distribution being made to equity holders of such Person or its direct or indirect parent companies, which payments are being made to compensate such option, phantom equity or profits interest holders as though they were equity holders at the time of, and entitled to share in, such distribution, in each case to the extent permitted under this Agreement and expenses relating to distributions made to equity holders of such Person or its direct or indirect parent companies resulting from the application of Financial Accounting Standards Codification Topic 718—Compensation—Stock Compensation (formerly Financial Accounting Standards Board Statement No. 123 (Revised 2004)), in each case to the extent the same was deducted (and not added back) in calculating the Consolidated Net Income), plus
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(n)with respect to any joint venture that is not a Restricted Subsidiary, an amount equal to the proportion of those items described in clauses (a) and (c) above relating to such joint venture corresponding to such Person’s and its Restricted Subsidiaries’ proportionate share of such joint venture’s Consolidated Net Income (determined as if such joint venture were a Restricted Subsidiary), in each case to the extent the same was deducted (and not added back) in calculating the Consolidated Net Income), plus
(o)cash receipts (or any netting arrangements resulting in reduced cash expenses) not included in Consolidated EBITDA in any period solely to the extent that the corresponding non-cash gains relating to such receipts were deducted in the calculation of Consolidated EBITDA pursuant to paragraph (ii) below for any previous period and not added back, plus
(p)to the extent not already included in Consolidated Net Income, the amount of proceeds received or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) will in fact be reimbursed within 365 days of the date of the insurable or indemnifiable event, due from business interruption insurance or reimbursement of expenses and charges that are covered by indemnification and other reimbursement provisions in connection with any acquisition or Investment or any disposition of any asset permitted under this Agreement, plus
(q)charges, expenses and other items described in the Lender Presentation or Sponsors Model, including without limitation all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in the Lender Presentation to the extent such adjustments continue to be applicable during the period in which Consolidated EBITDA is being calculated; provided that any such adjustments that consist of reductions in costs and other operating improvements or synergies shall be calculated in accordance with, and satisfy the requirements specified in, the definition of Pro Forma Adjustment, plus
(r)any net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of initial application of FASB Accounting Standards Codification Topic 715—Compensation—Retirement Benefits, and any other items of a similar nature, in each case to the extent the same was deducted (and not added back) in calculating the Consolidated Net Income), plus
(s)interest income on fiduciary funds and shareholder loans, in each case to the extent the same was deducted (and not added back) in calculating the Consolidated Net Income), plus
(t)the amount of any restructuring charge or reserve, integration cost or other business optimization expense or cost that is deducted (and not added back) in computing Consolidated Net Income, including any charges attributable to the undertaking and/or implementation of cost savings initiatives and operating expense reductions, costs related to the closure or consolidation of facilities, costs relating to curtailments and costs relating to new systems design, plus
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(u)expected profitability of contracted new business wins in an aggregate amount for any period not to exceed the greater of $10,000,000 and 6% of Consolidated EBITDA for such period (calculated after giving effect to such addback), plus
(v)cash expenses relating to earn-outs and similar obligations otherwise included in the definition of “Indebtedness”.
(ii)decreased by (without duplication), (a) non-cash gains increasing Consolidated Net Income of such Person and its Restricted Subsidiaries for such period, excluding any non-cash gains which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced Consolidated EBITDA in any prior period other than non-cash gains relating to the application of Financial Accounting Standards Codification Topic 840—Leases (formerly Financial Accounting Standards Board Statement No. 13); provided that, to the extent non-cash gains are deducted pursuant to this clause (ii) for any previous period and not otherwise added back to Consolidated EBITDA, Consolidated EBITDA shall be increased by the amount of any cash receipts (or any netting arrangements resulting in reduced cash expenses) in respect of such non-cash gains received in subsequent periods to the extent not already included therein and (b) the amount of any proceeds, expenses or charges that are added to Consolidated Net Income pursuant to clause (i)(p) above to the extent not reimbursed within 365 days of the date of the insurable or indemnifiable event; and
(iii)increased or decreased by (without duplication):
(a)any net loss or gain resulting in such period from currency gains or losses related to Indebtedness, intercompany balances, and other balance sheet items, plus or minus, as the case may be,
(b)any net loss or gain resulting in such period from Hedging Obligations, and the application of Financial Accounting Standards Codification Topic 815— Derivatives and Hedging (ASC 815) (formerly Financing Accounting Standards Board Statement No. 133), and its related pronouncements and interpretations, or the equivalent accounting standard under GAAP or an alternative basis of accounting applied in lieu of GAAP, plus or minus, as the case may be,
(c)any adjustments resulting from the application of Financial Accounting Standards Codification No. 460—Guarantees.
For the avoidance of doubt:
(w)    no amount already excluded from the calculation of Net Income or Consolidated Net Income (and thereby increasing Consolidated Net Income) or added to Net Income in calculating Consolidated Net Income shall be added to Consolidated Net Income in the calculation of Consolidated EBITDA, and no amount deducted from Net Income in the calculation of Consolidated Net Income shall be deducted from Consolidated Net Income in the calculation of Consolidated EBITDA;
(x)    to the extent included in Consolidated Net Income, there shall be excluded in determining Consolidated EBITDA for any period any adjustments resulting from the application of ASC 815 and its related pronouncements and interpretations, or the equivalent accounting standard under GAAP or an alternative basis of accounting applied in lieu of GAAP;
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(y)    there shall be included in determining Consolidated EBITDA for any period, without duplication, (A) the Acquired EBITDA of any Person, line of business or division, or attributable to any property or asset acquired by such Person or any of its Restricted Subsidiaries during such period (but not the Acquired EBITDA of any related Person or business or any Acquired EBITDA attributable to any assets or property, in each case to the extent not so acquired) to the extent not subsequently sold, transferred, abandoned, or otherwise disposed by such Person or any of its Restricted Subsidiaries during such period (each such Person, line of business, division, property, or asset acquired and not subsequently so disposed of, an “Acquired Entity or Business”) and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “Converted Restricted Subsidiary”), based on the actual Acquired EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for such period (including the portion thereof occurring prior to such acquisition or conversion) and (B) an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition); and
(z)    to the extent included in Consolidated Net Income, there shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business, or asset sold, transferred, abandoned, or otherwise disposed of, closed or classified as discontinued operations by such Person or any Restricted Subsidiary during such period (each such Person, property, business, or asset so sold, disposed of or classified, a “Sold Entity or Business”), and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each, a “Converted Unrestricted Subsidiary”) based on the actual Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for the portion of such period occurring prior to such sale, transfer, or disposition or conversion; provided that for the avoidance of doubt, notwithstanding any classification under GAAP of any Person or business in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, the Disposed EBITDA of such Person or business shall not be excluded pursuant to this subsection (z) until such disposition shall have been consummated.
Notwithstanding anything to the contrary contained herein, for purposes of determining Consolidated EBITDA under this Agreement for any Test Period that includes any of the fiscal quarters ended June 30, 2017, September 30, 2017 and December 31, 2017 and March 31, 2018, Consolidated EBITDA for such fiscal quarters shall be $39,240,000, $35,570,000, $31,040,000 and $30,890,000, respectively, in each case, as may be subject to add-backs and adjustments (without duplication) pursuant to clauses (i)(j) and (i)(q) above for the applicable Test Period.
Consolidated Interest Expense” shall mean, with respect to any Person and its Restricted Subsidiaries on a consolidated basis for any period, the sum of (1) cash interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and its Restricted Subsidiaries with respect to all outstanding Indebtedness of such Person and its Restricted Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under hedging agreements, plus (2) non-cash interest expense resulting solely from (x) the net amortization of original issue discount and original issuance premium from the issuance of Indebtedness of such Person and its Restricted Subsidiaries (excluding any Indebtedness borrowed under this Agreement in connection with the Transactions), plus (y) pay in kind interest expense of such Person and its Restricted Subsidiaries, but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest other than referred to in clause (2) above
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(including as a result of the effects of acquisition method accounting or pushdown accounting), (b) non-cash interest expense attributable to the movement of the mark-to-market valuation of Indebtedness or obligations under Hedging Obligations or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—Derivatives and Hedging, (c) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (d) any “additional interest” owing pursuant to a registration rights agreement with respect to any securities, (e) any payments with respect to make whole premiums or other breakage costs of any Indebtedness, including, without limitation, any Indebtedness issued in connection with the Transactions, (f) penalties and interest relating to taxes, (g) accretion or accrual of discounted liabilities not constituting Indebtedness, (h) interest expense attributable to a direct or indirect parent entity resulting from pushdown accounting, (i) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, and (j) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect to the Transactions, any acquisition or Investment permitted hereunder, all as calculated on a consolidated basis.
For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.
Consolidated Net Income” shall mean, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Subsidiaries for such period, determined on a consolidated basis, excluding (and excluding the effect of), without duplication,
(i)extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including relating to the Transactions or any multi-year strategic initiatives, any unusual or non-recurring operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect of any extraordinary, non-recurring or unusual items), severance, relocation costs, integration and facility opening costs and other restructuring and business optimization expenses (including related to technology, new product and service introductions and related offering and services and other strategic or cost savings initiatives), restructuring charges, accruals or reserves (including restructuring and integration costs related to technology, new product and service introductions and acquisitions and adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated financial statements, signing costs, retention or completion bonuses, other executive recruiting and retention costs, transition costs, costs related to closure/consolidation of facilities or other locations (including through any acquisition), technology, new product and service introductions and related offering and service introductions, one-time compensation charges and curtailments or modifications to pension and post retirement employee benefit plans (including any settlement of pension liabilities and charges resulting from changes in estimates, valuations and judgments),
(ii)the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period,
(iii)any gain (loss) (less all fees and expenses relating thereto) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business) or discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of),
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(iv)[Reserved],
(v)the Net Income for such period of any Person that is (x) an Unrestricted Subsidiary or (y) solely for the purpose of determining the amount available for Restricted Payments under clause (a)(iii)(A) of Section 10.5, that is not the Borrower or a Subsidiary that is accounted for by the equity method of accounting; provided that, to the extent Net Income of any Person is excluded pursuant to clause (x) or (y) of this clause (v), Consolidated Net Income of the Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash or Cash Equivalents (or to the extent converted into cash or Cash Equivalents), and the amount contractually required to be distributed in cash within 180 days after the end of any such period, to the referent Person or a Restricted Subsidiary thereof in respect of such period,
(vi)solely for the purpose of determining the amount available for Restricted Payments under clause (a)(iii)(A) of Section 10.5, the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) to the extent the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, is otherwise restricted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions (a) has been legally waived, or otherwise released, (b) is imposed pursuant to this Agreement and other Credit Documents, the Second Lien Credit Agreement, New Term Loans, or Permitted Other Indebtedness, or (c) arises pursuant to an agreement or instrument if the encumbrances and restrictions contained in any such agreement or instrument taken as a whole are not materially more restrictive than the encumbrances and restrictions contained in the Credit Documents (as determined by the Borrower in good faith); provided that Consolidated Net Income of the referent Person will be increased by the amount of dividends or other distributions or other payments actually paid in cash or Cash Equivalents (or to the extent converted into cash or Cash Equivalents) to such Person or a Restricted Subsidiary in respect of such period, to the extent not already included therein,
(vii)adjustments (including the effects of such adjustments pushed down to such Person and its Restricted Subsidiaries) in any line item in such Person’s consolidated financial statements required or permitted by Financial Accounting Standards Codification Topic 805— Business Combinations and Topic 350—Intangibles Goodwill and Other (ASC 805 and ASC 350) (formerly Financial Accounting Standards Board Statement Nos. 141 and 142, respectively) resulting from the application of purchase accounting, including in relation to the Transactions, any acquisition (by merger, consolidation, amalgamation or otherwise) or Investment or the amortization or write-off of any amounts thereof, net of taxes,
(viii)(a) any income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments (including deferred financing costs written off and premiums paid), (b) any non-cash income (or loss) related to currency gains or losses related to Indebtedness, intercompany balances, and other balance sheet items and to Hedging Obligations pursuant to ASC 815 (or any successor provision), and (c) any non-cash expense, income, or loss attributable to the movement in mark-to-market valuation of foreign currencies, Indebtedness, or derivative instruments pursuant to GAAP,
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(ix)any impairment charge, asset write-off, or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, or as a result of a change in law or regulation, in each case pursuant to ASC 350 and Financial Accounting Standards Codification Topic 360—Impairment and Disposal of Long-Lived Assets (ASC 360) (formerly Financial Accounting Standards Board Statement No. 144) or relating to investments in debt or equity securities and the amortization of intangibles arising pursuant to ASC 805,
(x)(a) any non-cash compensation charge or expense, including any such charge related to earn-outs or similar arrangements or arising from employee benefit plans or post-employment benefit plans, grants of stock appreciation or similar rights, phantom equity, stock options, profits interest, restricted stock, restricted units or other rights to officers, directors, managers, employees or non-employees, any cash charges associated with the rollover, acceleration or payout of Equity Interests by management or other employees of such Person, any of its Restricted Subsidiaries or any of its direct or indirect parent companies in connection with the Transactions, including any expense resulting from the application of ASC 718, and (b) any income (loss) attributable to deferred compensation plans or trusts,
(xi)any fees and expenses (including any transaction fee or retention bonus or similar payment) incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, recapitalization, Asset Sale, issuance, or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed) and any charges or non-recurring costs incurred during such period as a result of any such transaction, in each case whether or not successful (including, for the avoidance of doubt, the effects of expensing all transaction-related expenses in accordance with FASB Accounting Standards Codification Topic 805—Business Combinations and gains or losses associated with FASB Accounting Standards Codification Topic 460—Guarantees),
(xii)accruals and reserves, contingent liabilities and any gains or losses on the settlement of any preexisting contractual or non-contractual relationships that are established or adjusted within 12 months after the Closing Date that are so required to be established as a result of the Transactions in accordance with GAAP (including any adjustment of estimated payouts on existing earn-outs), or changes as a result of adoption or modification of accounting policies,
(xiii)to the extent covered by insurance or indemnification and actually reimbursed, or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is (a) not denied by the applicable carrier or indemnifying party in writing within 180 days and (b) in fact reimbursed within 365 days of the date of the determination by such Person that there exists such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), losses and expenses with respect to liability or casualty events or business interruption,
(xiv)any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions, or the release of any valuation allowance related to such items,
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(xv)any costs or expenses incurred during such period relating to environmental remediation, litigation, or other disputes in respect of events and exposures that occurred prior to the Closing Date,
(xvi)costs and write-offs associated with, or in anticipation of, or preparation for, compliance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith and Public Company Costs, and
(xvii)(a) the non-cash portion of “straight-line” rent expense; provided, that, the cash portion of “straight-line” rent expense that exceeds the amount expensed in respect of such rent expense shall be included.
In addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received or, so long as such Person has made a determination that there exists reasonable evidence that such amount (A) is not denied by the applicable carrier in writing within 180 days and (B) will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period), due from business interruption insurance and reimbursements of any expenses and charges that are covered by indemnification or other reimbursement provisions in connection with any acquisition or Investment or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement.
Consolidated Total Assets” shall mean with respect to any Person, as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the caption “total assets” (or any like caption) as of such date of determination, calculated on the most recent consolidated balance sheet of such Person and its Restricted Subsidiaries at such date. Unless otherwise expressly provided, all references herein to Consolidated Total Assets shall mean Consolidated Total Assets of the Borrower.
Consolidated Working Capital” shall mean with respect to any Person, at any date, the excess of (i) the sum of all amounts (other than cash and Cash Equivalents) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries at such date excluding the current portion of current and deferred income taxes over (ii) the sum of all amounts that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries on such date, but excluding (for purposes of both clauses (i) and (ii) above), without duplication, (a) the current portion of any Funded Debt, (b) all Indebtedness consisting of Loans, Letter of Credit Exposure and Capital Leases to the extent otherwise included therein, (c) the current portion of interest, (d) the current portion of current and deferred income taxes, (e) any liabilities that are not Indebtedness and will not be settled in cash or Cash Equivalents during the next succeeding 12-month period after such date, (f) the effects from applying purchase accounting, (g) any accrued professional liability risks, (h) restricted marketable securities, and (i) deferred revenue reflected within current liabilities; provided that, for purposes of calculating Excess Cash Flow, increases or decreases in working capital (A) arising from acquisitions or dispositions by such Person and its Restricted Subsidiaries shall be measured from the date on which such acquisition or disposition occurred and (B) shall exclude (I) the impact of non-cash adjustments contemplated in the Excess Cash Flow calculation, (II) the impact of adjusting items in the definition of Consolidated Net Income and (III) any changes in current assets or current liabilities as a result of (x) the effect of fluctuations in the amount of accrued or contingent obligations, assets or liabilities under hedging agreements or other derivative obligations, (y) any
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reclassification, other than as a result of the passage of time, in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or (z) the effects of acquisition method accounting.
Contingent Obligations” shall mean, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends, or other payment obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such 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 (a) for the purchase or payment of any such primary obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, or (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 against loss in respect thereof.
Contract Consideration” shall have the meaning provided in the definition of Excess Cash Flow.
Contractual Requirement” shall have the meaning provided in Section 8.3.
Controlled Investment Affiliate” shall mean, as to any Person, any other Person, other than any Investor, which directly or indirectly controls, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in the Borrower and/or other Persons.
Converted Restricted Subsidiary” shall have the meaning provided in the definition of Consolidated EBITDA.
Converted Unrestricted Subsidiary” shall have the meaning provided in the definition of Consolidated EBITDA.
Credit Documents” shall mean this Agreement, each Joinder Agreement, each Extension Amendment, each Permitted Repricing Amendment, the Guarantees, the Security Documents, and any promissory notes issued by the Borrower pursuant hereto.
Credit Event” shall mean and include the making (but not the conversion or continuation) of a Loan and the issuance of, extension of maturity of, or amendment to increase the Stated Amount of, a Letter of Credit.
Credit Facilities” shall mean, collectively, each category of Commitments and each extension of credit hereunder.
Credit Facility” shall mean a category of Commitments and extensions of credit thereunder.
Credit Party” shall mean each of the Borrower and the Guarantors.
Cure Amount” shall have the meaning provided in Section 11.14.
Cure Right” shall have the meaning provided in Section 11.14.
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“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).
Debt Incurrence Prepayment Event” shall mean any issuance or incurrence by the Borrower or any of the Restricted Subsidiaries of any Indebtedness (excluding any Indebtedness permitted to be issued or incurred under Section 10.1, other than Section 10.1(w)(i)).
Declined Proceeds” shall have the meaning provided in Section 5.2(f).
Default” shall mean any event, act, or condition that with notice or lapse of time, or both, would constitute an Event of Default.
Default Rate” shall have the meaning provided in Section 2.8(c)2.8(d).
Defaulting Lender” shall mean any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of Lender Default.
Deferred Net Cash Proceeds” shall have the meaning provided such term in the definition of Net Cash Proceeds.
Deferred Net Cash Proceeds Payment Date” shall have the meaning provided such term in the definition of Net Cash Proceeds.
Derivative Counterparty” shall have the meaning provided in Section 13.16.
Designated Jurisdiction” shall mean any country or territory to the extent that such country or territory itself (or its government) is the subject of any Sanction.
Designated Non-Cash Consideration” shall mean the Fair Market Value of non-cash consideration received by the Borrower or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a certificate of an Authorized Officer of the Borrower, setting forth the basis of such valuation, executed by either a senior vice president or the principal financial officer of the Borrower, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with Section 10.4.
Designated Preferred Stock” shall mean preferred stock of the Borrower or any direct or indirect parent company of the Borrower (in each case other than Disqualified Stock) that is issued for cash (other than to a Subsidiary or an employee stock ownership plan or trust established by the Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an officer’s certificate executed by the principal financial officer of the Borrower or parent company thereof, as the case may be, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in clause (iii) of Section 10.5(a).
Discretionary Guarantor” shall mean any Subsidiary or Parent Entity that becomes a Guarantor solely at the election of the Borrower in compliance with the requirements of Sections 9.11, 9.12 and 9.14.
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Disposed EBITDA” shall mean, with respect to any Sold Entity or Business or any Converted Unrestricted Subsidiary for any period, the amount of Consolidated EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary from the first date of such period until the date that such Sold Entity or Business or Converted Unrestricted Subsidiary shall become a Sold Entity or Business or Converted Unrestricted Subsidiary, as the case may be, all as determined on a consolidated basis for such Sold Entity or Business or Converted Unrestricted Subsidiary, as the case may be.
disposition” shall have the meaning assigned such term in clause (i) of the definition of Asset Sale.
Disqualified Lenders” shall mean such Persons (i) that have been specified in writing to the Administrative Agent and the Joint Lead Arrangers and Bookrunners on or prior to June 22, 2018, (ii) who are competitors of Holdings and its Subsidiaries that are separately identified in writing by the Borrower to the Administrative Agent from time to time on or prior to June 22, 2018 or after the earlier of a Successful Syndication (as defined in the Amended and Restated Fee Letter dated June 13, 2018 among the Joint Lead Arrangers and Bookrunners, the Borrower and certain other parties) and 30 days after the date hereof, and (iii) in the case of each of clauses (i) and (ii), any of their Affiliates (other than any such Affiliate that is a bona fide debt Fund (except to the extent separately identified pursuant to clause (i) above)) that are either (a) identified in writing by the Borrower to the Administrative Agent from time to time or (b) clearly identifiable on the basis of such Affiliate’s name; provided that, for the avoidance of doubt, any additional designation of a Person as Disqualified Lender pursuant to clause (ii) or (iii) shall not apply retroactively to any prior assignment or participation permitted hereunder at the time of such assignment or participation. Notwithstanding the foregoing, each Credit Party and the Lenders acknowledge and agree that the Administrative Agent shall not have any responsibility or obligation to determine whether any Lender or potential Lender is a Disqualified Lender and the Administrative Agent shall have no liability with respect to any assignment made to a Disqualified Lender.
Disqualified Stock” shall mean, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is puttable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, in whole or in part, in each case, prior to the date that is 91 days after the Latest Term Loan Maturity Date hereunder; provided that if such Capital Stock is issued to any plan for the benefit of employees of the Borrower or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death, or disability; provided, further, that any Capital Stock held by any future, current or former employee, director, officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Borrower, any of its Subsidiaries or any direct or indirect parent of the Borrower or any other entity in which the Borrower or a Restricted Subsidiary has an Investment and is designated in good faith as an “affiliate” by the board of directors of the Borrower (or the compensation committee thereof) shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or its Subsidiaries pursuant to any stockholders’ agreement, management equity plan, stock option plan or any other management or employee benefit plan or agreement or in order to satisfy applicable statutory or regulatory obligations.
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Dollar Equivalent” shall mean, at any time, (i) with respect to any amount denominated in Dollars, such amount, and (ii) with respect to any amount denominated in any currency other than Dollars, the equivalent amount thereof in Dollars, as determined by the Administrative Agent or the applicable Letter of Credit Issuer, as the case may be, on the basis of the Spot Rate (determined on the most recent date of determination) for the purchase of Dollars with such currency.
Dollars” and “$” shall mean dollars in lawful currency of the United States.
Domestic Subsidiary” shall mean each Subsidiary of the Borrower that is not a Foreign Subsidiary.
DQ List” shall have the meaning provided in Section 13.6(i)(i).
EEA Financial Institution” shall mean (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” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
EEA Resolution Authority” shall mean 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” shall mean, as to any Indebtedness, the effective yield on such Indebtedness in the reasonable determination of the Administrative Agent in consultation with the Borrower and consistent with generally accepted financial practices, taking into account the applicable interest rate margins, any interest rate floors (the effect of which floors shall be determined in a manner set forth in the proviso below), or similar devices and all fees, including upfront or similar fees or original issue discount (amortized over the shorter of (i) the remaining weighted average life to maturity of such Indebtedness and (ii) the four years following the date of incurrence thereof) payable generally to Lenders or other institutions providing such Indebtedness in connection with the initial primary syndication thereof, but excluding any arrangement, structuring, ticking, or other 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; provided that with respect to any Indebtedness that includes a “LIBOR floor”, “Term SOFR floor” or “ABR floor,” (a) to the extent that the Adjusted LIBOR Rate (with an Interest Period of three months), Term SOFR (with an Interest Period of three months) or ABR (without giving effect to any floors in such definitions), as applicable, on the date that the Effective Yield is being calculated is less than such floor, the amount of such difference shall be deemed added to the interest rate margin for such Indebtedness for the purpose of calculating the Effective Yield and (b) to the extent that the Adjusted LIBOR Rate (with an Interest Period of three months), Term SOFR (with an Interest Period of three months) or ABR (without giving effect to any floors in such definitions), as applicable, on the date that the Effective Yield is being calculated is greater than such floor, then the floor shall be disregarded in calculating the Effective Yield.
Environmental Claims” shall mean any and all actions, suits, orders, decrees, demand letters, claims, notices of noncompliance or potential responsibility or violation, or proceedings pursuant to any Environmental Law or any permit issued, or any approval given, under any such
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Environmental Law (hereinafter, “Claims”), including, without limitation, (i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial, or other actions or damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation, or injunctive relief relating to the presence, Release or threatened Release of Hazardous Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials), or the environment including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata and natural resources such as wetlands.
Environmental Law” shall mean any applicable federal, state, foreign, or local statute, law, rule, regulation, ordinance, code, and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent decree, or judgment, relating to pollution or protection of the environment, including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata and natural resources such as flora, fauna, or wetlands, or protection of human health or safety (to the extent relating to human exposure to Hazardous Materials) and including those relating to the generation, storage, treatment, transport, Release, or threat of Release of Hazardous Materials.
Equity Interest” shall mean Capital Stock and all warrants, options, or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.
Equity Investments” shall have the meaning provided in the recitals to this Agreement.
Equity Offering” shall mean any public or private sale of common stock or preferred stock of the Borrower, Holdings or any other Parent Entity (excluding Disqualified Stock), other than (i) public offerings with respect to the Borrower or any of its direct or indirect parent company’s common stock registered on Form S-8, (ii) issuances to any Subsidiary of the Borrower and (iii) any such public or private sale that constitutes an Excluded Contribution.
ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.
ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as a single employer under Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).
ERISA Event” shall mean: (i) the failure of any Plan to comply with any provisions of ERISA and/or the Code (and applicable regulations under either) or with the terms of such Plan; (ii) the existence with respect to any Plan of a non-exempt Prohibited Transaction; (iii) any Reportable Event; (iv) the failure of any Credit Party or ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (v) a determination that any Pension Plan is in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (vi) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan; (vii) the termination of any Pension Plan under Section 4042 of ERISA or the incurrence by any Credit Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Pension Plan (other than for PBGC premiums due but not delinquent under Section 4007 of ERISA), including but
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not limited to the imposition of any Lien in favor of the PBGC or any Pension Plan; (viii) the receipt by any Credit Party or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice to terminate any Pension Plan under Section 4041 of ERISA or to appoint a trustee to administer any Pension Plan under Section 4042 of ERISA; (ix) the failure by any Credit Party or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (x) the incurrence by any Credit Party or any of its ERISA Affiliates of any liability with respect to the withdrawal from any Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a “substantial employer” (within the meaning of Section 4001(a)(2) of ERISA), or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, or the complete or partial withdrawal (within the meaning of Section 4203 or 4205 of ERISA) from any Multiemployer Plan; (xi) the receipt by any Credit Party or any of its ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA), or terminated (within the meaning of Section 4041A of ERISA); or (xii) the failure by any Credit Party or any of its ERISA Affiliates to pay when due (after expiration of any applicable grace period) any installment payment with respect to Withdrawal Liability under Section 4201 of ERISA.
EU Bail-In Legislation Schedule” shall mean 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” shall have the meaning provided in Section 11.
Excess Cash Flow” shall mean, for any period, an amount equal to the excess of:
(i)the sum, without duplication (in each case, for the Borrower and the Restricted Subsidiaries on a consolidated basis), of:
(a)Consolidated Net Income for such period,
(b)an amount equal to the amount of all non-cash charges to the extent deducted in arriving at such Consolidated Net Income and cash receipts to the extent excluded in arriving at such Consolidated Net Income,
(c)decreases in Consolidated Working Capital for such period (other than (1) reclassification of items from short-term to long-term or vice versa and (2) any such decreases arising from acquisitions or Asset Sales by the Borrower and the Restricted Subsidiaries completed during such period or the application of purchase accounting),
(d)an amount equal to the aggregate net non-cash loss on Asset Sales by the Borrower and the Restricted Subsidiaries during such period (other than Asset Sales in the ordinary course of business) to the extent deducted in arriving at such Consolidated Net Income,
(e)cash receipts in respect of Hedge Agreements during such period to the extent not otherwise included in Consolidated Net Income, and
(f)increases in current and non-current deferred revenue to the extent deducted or not included in arriving at such Consolidated Net Income;
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over
(ii)the sum, without duplication, of:
(a)an amount equal to the amount of all non-cash credits included in arriving at such Consolidated Net Income, cash charges to the extent excluded in arriving at such Consolidated Net Income, and Transaction Expenses to the extent not deducted in arriving at such Consolidated Net Income and paid in cash during such period,
(b)without duplication of amounts deducted pursuant to clause (k) below in prior periods, the amount of Capital Expenditures or acquisitions of Intellectual Property accrued or made in cash during such period by the Borrower and its Restricted Subsidiaries, except to the extent that such Capital Expenditures or acquisitions were financed with the proceeds of long-term Indebtedness of the Borrower or the Restricted Subsidiaries (unless such Indebtedness has been repaid other than with the proceeds of long-term Indebtedness (other than revolving Indebtedness)) other than intercompany loans between or among the Borrower and any of its Restricted Subsidiaries that are permitted by Section 10.1 hereof (“Permitted Intercompany Loans”) and revolving Indebtedness; provided that any amount deducted pursuant to this clause (b) in respect of an accrued but unpaid amount shall not be deducted in calculating Excess Cash Flow for the period in which such accrued amount is actually paid,
(c)the aggregate amount of all principal payments of Indebtedness of the Borrower and the Restricted Subsidiaries (including (1) the principal component of payments in respect of Capitalized Lease Obligations, (2) the amount of any scheduled repayment of Term Loans pursuant to Section 2.5, and (3) the amount of a mandatory prepayment of Term Loans pursuant to Section 5.2(a) to the extent required due to an Asset Sale that resulted in an increase to Consolidated Net Income and not in excess of the amount of such increase but excluding (A) all other prepayments of Term Loans and (B) all prepayments of Revolving Loans (and any other revolving loans (unless there is an equivalent permanent reduction in commitments thereunder)) made in cash during such period, except to the extent financed with the proceeds of other long-term Indebtedness of the Borrower or the Restricted Subsidiaries,
(d)an amount equal to the aggregate net non-cash gain on Asset Sales by the Borrower and the Restricted Subsidiaries during such period (other than Asset Sales in the ordinary course of business) to the extent included in arriving at such Consolidated Net Income,
(e)increases in Consolidated Working Capital for such period (other than (1) reclassification of items from short-term to long-term or vice versa and (2) any such increases arising from acquisitions or Asset Sales by the Borrower and its Restricted Subsidiaries completed during such period or the application of purchase accounting),
(f)cash payments by the Borrower and its Restricted Subsidiaries during such period in respect of any purchase price holdbacks, earn-out obligations, and long-term liabilities of the Borrower and its Restricted Subsidiaries other than Indebtedness, to the extent not already deducted from Consolidated Net Income, except to the extent financed with the proceeds from
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the issuance or incurrence of long-term Indebtedness (other than revolving Indebtedness),
(g)without duplication of amounts deducted pursuant to clause (k) below in prior periods, the aggregate amount of cash consideration (including earn-out payments) paid by the Borrower and the Restricted Subsidiaries (on a consolidated basis) in connection with Investments (including acquisitions (but excluding Permitted Investments of the type described in clauses (i), (ii) and (xi) thereof) made during such period constituting Permitted Investments or made pursuant to Section 10.5 to the extent that such Investments were not financed with the proceeds received from the issuance or incurrence of long-term Indebtedness (other than Permitted Intercompany Loans or revolving Indebtedness),
(h)the amount of dividends or other like distributions paid in cash during such period (on a consolidated basis) by the Borrower and the Restricted Subsidiaries (other than dividends or other like distributions made pursuant to the usage of the Available Amount (unless made pursuant to clause (G) of the definition of Available Amount)), to the extent such dividends or other like distributions were not financed with the proceeds received from the issuance or incurrence of long-term Indebtedness (other than Permitted Intercompany Loans or revolving Indebtedness),
(i)the aggregate amount of expenditures actually made by the Borrower and the Restricted Subsidiaries in cash during such period (including expenditures for the payment of financing fees) to the extent that such expenditures are not expensed during such period and are not deducted in calculating Consolidated Net Income, except to the extent financed with the proceeds from the issuance or incurrence of long-term Indebtedness (other than revolving Indebtedness),
(j)the aggregate amount of any premium, make-whole, or penalty payments actually paid in cash by the Borrower and the Restricted Subsidiaries during such period that are made in connection with any prepayment of Indebtedness to the extent that such payments are not deducted in calculating Consolidated Net Income, except to the extent financed with the proceeds from the issuance or incurrence of long-term Indebtedness (other than revolving Indebtedness),
(k)without duplication of amounts deducted from Excess Cash Flow in other periods, (1) the aggregate consideration required to be paid in cash by the Borrower or any of its Restricted Subsidiaries pursuant to binding contracts, commitments, letters of intent or purchase orders (the “Contract Consideration”) entered into prior to or during such period and (2) any planned cash expenditures by the Borrower or any of the Restricted Subsidiaries (including cash expenditures made after the end of such period and prior to the time such Excess Cash Flow prepayment is due) (the “Planned Expenditures”) including, in the case of each of clauses (1) and (2), for Permitted Acquisitions, Permitted Investments or other Investments made pursuant to Section 10.5 (in each case excluding Permitted Investments of the type described in clauses (i), (ii) and (xi) of the definition thereof), Capital Expenditures, dividends or other like distributions (other than Permitted Investments or other Investments made pursuant to Section 10.5 and other than dividends or other like distributions made pursuant to the usage of the Available Amount (unless made pursuant to clause
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(G) of the definition of Available Amount)), restructurings or acquisitions of Intellectual Property, and in the case of each clauses (1) and (2), to be consummated or made during the period of four consecutive fiscal quarters of the Borrower following the end of such period (except to the extent financed with any of the proceeds received from (A) the issuance or incurrence of long-term Indebtedness (other than Permitted Intercompany Loans or revolving Indebtedness) or (B) the issuance of Equity Interests); provided that to the extent that the aggregate amount of cash actually utilized to finance any of the foregoing during such following period of four consecutive fiscal quarters is less than the Contract Consideration and Planned Expenditures, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such period of four consecutive fiscal quarters,
(l)the amount of taxes (including penalties and interest) paid in cash (including payments made in connection with the Transactions) or tax reserves set aside or payable (without duplication) in such period to the extent such amounts exceed the amount of tax expense deducted in determining Consolidated Net Income for such period; provided that any amount deducted pursuant to this clause (l) in respect of a tax reserve or a payable but unpaid amount shall not be deducted in calculating Excess Cash Flow for the period in which the related tax is actually paid,
(m)cash expenditures by the Borrower and its Restricted Subsidiaries in respect of Hedge Agreements during such period to the extent not deducted in arriving at such Consolidated Net Income, and
(n)decreases in current and non-current deferred revenue to the extent included or not deducted in arriving at such Consolidated Net Income.
Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
Excluded Contribution” shall mean net cash proceeds, the Fair Market Value of marketable securities, or the Fair Market Value of Qualified Proceeds received by the Borrower from (i) contributions to its common equity capital and (ii) the sale (other than to a Subsidiary of the Borrower or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Borrower) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Borrower, in each case designated as Excluded Contributions pursuant to an officer’s certificate executed by either a senior vice president or the principal financial officer of the Borrower on the date such capital contributions are made or the date such Equity Interests are sold, as the case may be, which are excluded from the calculation set forth in clause (iii) of Section 10.5(a) and are not relied upon in order to incur Indebtedness pursuant to Section 10.1 or to make a Restricted Payment other than pursuant to Section 10.5(b)(10); provided that (i) for the purposes of Section 10.5(b)(10) only, any non-cash assets shall qualify only if acquired by a parent of the Borrower in an arm’s-length transaction within six months prior to such contribution and (ii) no Cure Amount shall constitute an Excluded Contribution.
Excluded Property” shall have the meaning set forth in the Security Agreement.
Excluded Stock and Stock Equivalents” shall mean (i) any Capital Stock or Stock Equivalents with respect to which, in the reasonable judgment of the Administrative Agent and the Borrower (as agreed to in writing), the cost or other consequences of pledging such Capital Stock or Stock Equivalents in favor of the Secured Parties under the Security Documents shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (ii) voting Equity
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Interests in Foreign Subsidiaries in excess of 65% of the total issued and outstanding voting Equity Interests of such Foreign Subsidiaries, (iii) any Capital Stock or Stock Equivalents to the extent the pledge thereof would violate any applicable Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority unless such consent has been obtained), (iv) in the case of (A) any Capital Stock or Stock Equivalents of any Person (other than the Borrower) to the extent such Capital Stock or Stock Equivalents are subject to a Lien permitted by clause (ix) of the definition of Permitted Lien or (B) any Capital Stock or Stock Equivalents (other than Capital Stock or Stock Equivalents of the Borrower or a wholly owned Subsidiary of the Borrower), in each case, to the extent that a pledge thereof to secure the Obligations (I) is prohibited by any applicable Contractual Requirement (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law and other than proceeds thereof the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition or restriction), and/or (II) requires the consent of any other party; provided that this clause (II) shall not apply if (x) such other party is a Credit Party or Wholly-Owned Subsidiary or (y) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to obligate the Borrower or any Subsidiary to obtain any such consent) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, or (III) a pledge thereof to secure the Obligations would give any other party (other than a Credit Party or Wholly-Owned Subsidiary) to any contract, agreement, instrument, or indenture governing such Capital Stock or Stock Equivalents the right to terminate its obligations thereunder (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law and other than proceeds thereof the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition or restriction), (v) any Capital Stock or Stock Equivalents of any Subsidiary to the extent that the pledge of such Capital Stock or Stock Equivalents would result in materially adverse tax consequences to Holdings, the Borrower or any Subsidiary as reasonably determined by the Borrower in consultation with the Collateral Agent, (vi) any Capital Stock or Stock Equivalents that are margin stock, and (vii) any Capital Stock and Stock Equivalents of any Excluded Subsidiary other than as provided in clause (ii) above.
Excluded Subsidiary” shall mean (i) each Subsidiary, in each case, for so long as any such Subsidiary does not constitute a Material Subsidiary, (ii) each Subsidiary that is not a Wholly-Owned Subsidiary (for so long as such Subsidiary remains a non-Wholly-Owned Restricted Subsidiary), (iii) each Foreign Subsidiary and each Subsidiary of a Foreign Subsidiary that is a CFC, (iv) each Subsidiary that is not permitted by any applicable Contractual Requirement or Requirements of Law from guaranteeing or granting Liens to secure the Obligations, which, in the case of any such Contractual Requirements, exist on the Closing Date or at the time such Subsidiary becomes a Subsidiary (and for so long as such restriction or any replacement or renewal thereof is in effect) or would require unaffiliated third party or governmental consent, approval, license or authorization to provide such Guarantee, (v) each Subsidiary with respect to which, as reasonably determined by the Borrower, the consequence of providing a Guarantee of the Obligations would adversely affect the ability of the Borrower and its Subsidiaries to satisfy applicable Requirements of Law, (vi) each Subsidiary with respect to which, as reasonably determined by the Borrower, providing such a Guarantee would result in material adverse tax consequences, (vii) each other Subsidiary with respect to which, in the reasonable judgment of the Collateral Agent and the Borrower, as agreed in writing, the cost or other consequences of providing a Guarantee of the Obligations shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (viii) each Unrestricted Subsidiary, (ix) each Receivables Subsidiary, (x) each other Subsidiary acquired pursuant to a Permitted Acquisition or other Investment permitted hereunder and financed with assumed secured Indebtedness permitted hereunder, and each Restricted Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to the
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extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from guaranteeing the Obligations and such prohibition was not created in contemplation of such Permitted Acquisition or other Investment permitted hereunder and (xi) each not-for-profit Subsidiary and captive insurance Subsidiary.
Excluded Swap Obligation” shall mean, with respect to any Credit Party, (a) any Swap Obligation if, and to the extent that, all or a portion of the Obligations of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Swap Obligation (or any Obligations thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between the relevant Credit Parties and Hedge Bank applicable to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Obligation or security interest is or becomes illegal or unlawful.
Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, (i) Taxes imposed on or measured by its overall net income, net profits, or branch profits (however denominated, and including (for the avoidance of doubt) any backup withholding in respect thereof under Section 3406 of the Code or any similar provision of state, local, or foreign law), and franchise (and similar) Taxes imposed on it (in lieu of net income Taxes), in each case by a jurisdiction (including any political subdivision thereof) as a result of such recipient being organized in, having its principal office in, or in the case of any Lender, having its applicable lending office in, such jurisdiction, or as a result of any other present or former connection with such jurisdiction (other than any such connection arising solely from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Loan or Credit Document), (ii) any United States federal withholding Tax imposed on any payment by or on account of any obligation of any Credit Party hereunder or under any Credit Document that is required to be imposed on amounts payable to or for the account of a Lender pursuant to laws in force at the time such Lender acquires an interest in any Credit Document (or designates a new lending office) (or if such Lender is an intermediary partnership or other flow-through entity for U.S. tax purposes, the date on which the relevant beneficiary, partner or member of such Lender becomes a beneficiary, partner or member thereof if later) other than in the case of a Lender that is an assignee pursuant to a request by the Borrower under Section 13.7 (or that designates a new lending office pursuant to a request by the Borrower), except to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from the Credit Parties with respect to such withholding Tax pursuant to Section 5.4, (iii) any Taxes attributable to a recipient’s failure to comply with Section 5.4(e), or (iv) any withholding Tax imposed under FATCA.
Existing Revolving Credit Class” shall have the meaning provided in Section 2.14(g)(ii).
Existing Revolving Credit Commitment” shall have the meaning provided in Section 2.14(g)(ii).
Existing Revolving Credit Loans” shall have the meaning provided in Section 2.14(g)(ii).
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Existing Secured Indebtedness” shall mean (a) the Credit Agreement, dated as of January 26, 2017, among the Borrower, Holdings, the lenders party thereto and Keybank National Association, as administrative agent, (b) the Credit Agreement, dated as of August 31, 2015, as amended on February 17, 2017, among Corporate Risk Acquisition, LLC, Corporate Risk Holdings, LLC, the lenders party thereto and Cerberus Business Finance, LLC, as administrative agent, (c) the Indenture, dated as of July 3, 2014, between Corporate Risk Holdings, LLC and Wilmington Trust, National Association, as trustee, governing the 9.50% Senior First Lien Secured Notes due 2019 and (d) the Indenture, dated as of July 3, 2014, between Corporate Risk Holdings, LLC and Wilmington Trust, National Association, as trustee, governing the 13.50% PIK/11.50% Cash Pay Senior Second Lien Secured Notes due 2020, in each case, as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof.
Existing Term Loan Class” shall have the meaning provided in Section 2.14(g)(i).
Extended Revolving Credit Commitments” shall have the meaning provided in Section 2.14(g)(ii).
Extended Revolving Credit Loans” shall have the meaning provided in Section 2.14(g)(ii).
Extended Term Loan Commitment” shall mean the commitments of the Lenders to make Extended Term Loans.
Extended Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(c).
Extended Term Loans” shall have the meaning provided in Section 2.14(g)(i).
Extending Lender” shall have the meaning provided in Section 2.14(g)(iii).
Extension Amendment” shall have the meaning provided in Section 2.14(g)(iv).
Extension Date” shall have the meaning provided in Section 2.14(g)(v).
Extension Election” shall have the meaning provided in Section 2.14(g)(iii).
Extension Request” shall mean a Term Loan Extension Request or a Revolving Credit Extension Request, as the context may require.
Extension Series” shall mean all Extended Term Loans or Extended Revolving Credit Commitments that are established pursuant to the same Extension Amendment (or any subsequent Extension Amendment to the extent such Extension Amendment expressly provides that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, provided for therein are intended to be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees, and amortization schedule.
Fair Market Value” shall mean with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm’s length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset, as determined in good faith by the Borrower, whose determination shall be conclusive.
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FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code (or any amended or successor version described above), and any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing.
Federal Funds Effective Rate” shall mean, for any day, the weighted average of the per annum rates on overnight federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal Reserve Bank of New York; provided that (i) 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 (ii) 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.
Fees” shall mean all amounts payable pursuant to, or referred to in, Section 4.1.
“First Amendment” shall mean the First Amendment to this Agreement, dated as of June 3, 2022, among the Borrower, Holdings, the other Credit Parties party thereto, each Revolving Credit Lender party thereto, each Letter of Credit Issuer party thereto, each 2022 Incremental Revolving Credit Lender party thereto, the Administrative Agent and the Collateral Agent.
“First Amendment Effective Date” shall mean the date on which all of the conditions precedent in Section III of the First Amendment are satisfied or waived, which date is June 3, 2022.
First Lien Intercreditor Agreement” shall mean a First Lien Intercreditor Agreement substantially in the form of Exhibit I-2 among the Administrative Agent, the Collateral Agent, and the representatives for purposes thereof for holders of one or more classes of First Lien Obligations (other than the Obligations) (with any material modification that is (i) reasonably acceptable to the Borrower and the Administrative Agent, (ii) posted for review by the Lenders and (iii) deemed acceptable to the Lenders if not objected to by the Required Lenders within four Business Days thereafter).
First Lien Leverage Ratio” shall mean as of any date of determination with respect to any Person, the ratio of (i) Total First Lien Debt of such Person as of such date of determination minus all cash and Cash Equivalents on the consolidated balance sheet of such Person and its Restricted Subsidiaries that are not “restricted” for purposes of GAAP to (ii) Consolidated EBITDA of such Person for the Test Period most recently ended on or prior to such date of determination, in each case on a Pro Forma Basis, and subject to the application, if applicable, of any Cure Amount, as set forth in Section 11.14.
First Lien Obligations” shall mean the Obligations and the Permitted Other Indebtedness Obligations that are secured by Liens on the Collateral that rank on an equal priority basis (but without regard to the control of remedies) with Liens on the Collateral securing the Obligations.
Fixed Amounts” shall have the meaning provided in Section 1.11(b).
Fixed Charges” shall mean, with respect to any Person for any period, the sum of:
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(i)Consolidated Interest Expense of such Person for such period,
(ii)all cash dividend payments (excluding items eliminated in consolidation) on any series of preferred stock (including any Designated Preferred Stock) or any Refunding Capital Stock of such Person made during such period, and
(iii)all cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Stock made during such period.
Flood Laws” shall mean, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 and (v) the Biggert –Waters Flood Insurance Reform Act of 2012, as now or hereafter in effect of any successor statute thereto, in each case, together with all statutory and regulatory provisions consolidating, amending, replacing, supplementing, implementing or interpreting any of the foregoing, as amended or modified from time to time.
Foreign Subsidiary” shall mean each Subsidiary of the Borrower (a) that is not organized or existing under the laws of the United States, any state thereof, or the District of Columbia, (b) that is a Subsidiary of any Foreign Subsidiary or (c) that has no material assets other than securities or indebtedness of one or more Foreign Subsidiaries (or Subsidiaries thereof) and/or cash relating to an ownership interest in any such securities or Subsidiaries.
Fronting Exposure” shall mean, at any time there is a Defaulting Lender, with respect to the Letter of Credit Issuer, such Defaulting Lender’s Revolving Credit Commitment Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.
Fronting Fee” shall have the meaning provided in Section 4.1(d).
Fund” shall mean any Person (other than a natural Person) that is engaged or advises funds or other investment vehicles that are engaged in making, purchasing, holding, or investing in commercial loans and similar extensions of credit in the ordinary course.
Funded Debt” shall mean all Indebtedness of the Borrower and the Restricted Subsidiaries for borrowed money that matures more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the option of the Borrower or any Restricted Subsidiary, to a date more than one year from the date of its creation or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date (including all amounts of such Funded Debt required to be paid or prepaid within one year from the date of its creation), and, in the case of the Credit Parties, Indebtedness in respect of the Loans.
GAAP” shall mean generally accepted accounting principles in the United States, as in effect from time to time; provided that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Furthermore, at
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any time after the Closing Date, the Borrower may elect to apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP and GAAP concepts shall thereafter be construed to refer to IFRS and corresponding IFRS concepts (except as otherwise provided in this Agreement); provided that any such election, once made, shall be irrevocable; provided, further, that any calculation or determination in this Agreement that requires the application of GAAP for periods that include fiscal quarters ended prior to the Borrower’s election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. Notwithstanding any other provision contained herein, the amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations shall be determined in accordance with the definition of Capitalized Lease Obligations.
Governmental Authority” shall mean any nation, sovereign, or government, any state, province, territory, or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, taxing, regulatory, or administrative functions of or pertaining to government, including a central bank or stock exchange (including any supranational body exercising such powers or functions, such as the European Union or the European Central Bank).
Granting Lender” shall have the meaning provided in Section 13.6(g).
Guarantee” shall mean (i) the First Lien Guarantee made by each Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties, substantially in the form of Exhibit B, as the same may be amended, supplemented, restated or otherwise modified from time to time and (ii) any other guarantee of the Obligations made by a Restricted Subsidiary in form and substance reasonably acceptable to the Administrative Agent.
guarantee obligations” shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness of any primary obligor in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (i) to purchase any such Indebtedness or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such Indebtedness or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness, or (iv) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; provided that the term guarantee obligations shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations or product warranties in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any guarantee obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.
Guarantors” shall mean (i) each Subsidiary of the Borrower that is party to the Guarantee on the Closing Date, (ii) each Restricted Subsidiary of the Borrower that becomes a party to the Guarantee after the Closing Date pursuant to Section 9.11, (iii) each Discretionary Guarantor, if any, (iv) the Borrower (solely with respect to (x) Obligations arising under Secured Cash Management Agreements or Secured Hedge Agreements entered into by a Restricted Subsidiary and (y) Obligations of a Co-Borrower) and (v) Holdings; provided that in no event shall any Excluded Subsidiary be required to be a Guarantor (unless such Subsidiary is no longer an Excluded Subsidiary).
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Hazardous Materials” shall mean (i) any petroleum or petroleum products, radioactive materials, friable asbestos, polychlorinated biphenyls, and radon gas; (ii) any chemicals, materials, or substances defined as or included in the definition of “hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous waste,” “restricted hazardous waste,” “toxic substances,” “toxic pollutants,” “contaminants,” or “pollutants,” or words of similar import, under any applicable Environmental Law; and (iii) any other chemical, material, or substance, which is prohibited, limited, or regulated due to its dangerous or deleterious properties or characteristics, by any Environmental Law.
Hedge Agreements” shall mean (i) 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, 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 (ii) 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.
Hedge Bank” shall mean (i) (a) any Person that, at the time it enters into a Hedge Agreement with the Borrower or a Restricted Subsidiary, is a Lender, an Agent or an Affiliate of a Lender or an Agent and (b) with respect to any Hedge Agreement entered into prior to the Closing Date, any Person that is a Lender or an Agent or an Affiliate of a Lender or an Agent on the Closing Date and (ii) any Person that is designated by the Borrower as a “Hedge Bank” by written notice to the Administrative Agent substantially in the form of Exhibit M-1 or such other form reasonably acceptable to the Administrative Agent.
Hedging Obligations” shall mean, with respect to any Person, the obligations of such Person under any Hedge Agreements (other than with respect to any Credit Party’s obligations that constitute Excluded Swap Obligations solely with respect to such Credit Party).
Historical Financial Statements” shall mean (I) (a) the audited consolidated balance sheets of Holdings and its consolidated Subsidiaries as at December 31, 2015, December 31, 2016 and December 31, 2017, and the related audited consolidated statements of income, comprehensive income, members’ deficit and cash flows of Holdings and its consolidated Subsidiaries for the years ended December 31, 2015, December 31, 2016 and December 31, 2017 and (b) the unaudited interim consolidated balance sheet of Holdings and its consolidated Subsidiaries for the fiscal quarter ended March 31, 2018, and the related unaudited consolidated statement of operations and comprehensive loss and cash flows of Holdings and its consolidated Subsidiaries for such fiscal quarter and (II) (a) the audited consolidated balance sheets of the Target and its consolidated Subsidiaries as at September 30, 2015, September 30, 2016 and September 30, 2017, and the related audited consolidated statements of income, comprehensive income, members’ deficit and cash flows of the Target and its consolidated Subsidiaries for the years ended September 30, 2015, September 30, 2016 and September 30, 2017 and (b) the unaudited interim consolidated balance sheets of the Target and its consolidated Subsidiaries for the fiscal quarters ended December 31, 2018 and March 31, 2018, and the related unaudited consolidated statements of operations and comprehensive loss and cash flows of the Target and its consolidated Subsidiaries for such fiscal quarters.
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Holdings” shall have the meaning given to such term in the preamble to this Agreement.
IFRS” shall have the meaning given to such term in the definition of GAAP.
Immediate Family Members” shall mean, with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.
Impacted Loans” shall have the meaning provided in Section 2.10(a).
Increased Amount Date” shall mean the date of effectiveness of any New Loan Commitments.
Incurrence-Based Amounts” shall have the meaning provided in Section 1.11(b).
Indebtedness” shall mean, with respect to any Person, (i) any indebtedness (including principal and premium) of such Person, whether or not contingent (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures, or similar instruments or letters of credit or bankers’ acceptances (or, without double counting, reimbursement agreements in respect thereof), (c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), or (d) representing the net amount, if any, that would be payable by any Person to its counterparty to any Hedging Obligation upon termination of such Hedging Obligation; provided that Indebtedness of any direct or indirect parent company appearing upon the balance sheet of Holdings solely by reason of pushdown accounting under GAAP shall not constitute Indebtedness of Holdings, (ii) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, any of the obligations of the type referred to in clause (i) of another Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business, and (iii) to the extent not otherwise included, the obligations of the type referred to in clause (i) of another Person secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person; provided that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business, (2) obligations under or in respect of Permitted Receivables Facilities, (3) prepaid or deferred revenue arising in the ordinary course of business, (4) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of such asset, (5) any balance that constitutes a trade payable or similar obligation to a trade creditor, accrued in the ordinary course of business, (6) any earn-out obligation until such obligation, within 60 days after becoming due and payable, has not been paid and such obligation is reflected as a liability on the balance sheet of such Person in accordance with GAAP, (7) any obligations attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, (8) accrued expenses and royalties or (9) asset retirement obligations and obligations in respect of workers’ compensation (including pensions and retiree medical care) that are not overdue by more than 60 days. The amount of Indebtedness of any Person for purposes of clause (iii) above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith.
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For all purposes hereof, the Indebtedness of Holdings, the Borrower and the Restricted Subsidiaries shall exclude all intercompany Indebtedness having a term not exceeding 365 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice.
Indemnified Liabilities” shall have the meaning provided in Section 13.5(a).
Indemnified Person” shall have the meaning provided in Section 13.5(a).
Indemnified Taxes” shall mean all Taxes imposed on or with respect to any payment by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, other than Excluded Taxes or Other Taxes.
Initial Investors” shall mean (i) General Atlantic Service Company, LLC, General Atlantic (GS) Collections, L.P., Stone Point Capital LLC and their respective Affiliates (including, as applicable, related funds and general partners thereof and limited partners thereof, but solely to the extent any such limited partners are directly or indirectly participating as investors pursuant to a side-by-side investing arrangement), (ii) RWC Holdings Inc., RWC BGC Holdings Inc., RWC Dexter Holdings Inc. and their respective Affiliates and (iii) members of management of Holdings and its Subsidiaries and certain shareholders, including management and former shareholders of Subsidiaries acquired in connection with Permitted Acquisitions or other Investments permitted under this Agreement (or their respective direct or indirect parent or management vehicle), who are holders of Equity Interests of Holdings (or its direct or indirect parent company or management investment vehicle) and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members (so long as the relevant foregoing Person has the ability (by ownership, voting agreement or otherwise) to control such group), and each of their respective Affiliates.
Initial Term Loan” shall have the meaning provided in Section 2.1(a).
Initial Term Loan Commitment” shall mean, in the case of each Lender that is a Lender on the Closing Date, the amount set forth opposite such Lender’s name on Schedule 1.1(a) as such Lender’s Initial Term Loan Commitment. The aggregate amount of the Initial Term Loan Commitments as of the Closing Date is $835,000,000.
Initial Term Loan Lender” shall mean a Lender with an Initial Term Loan Commitment or an outstanding Initial Term Loan.
Initial Term Loan Maturity Date” shall mean July 12, 2025 or, if such date is not a Business Day, the immediately preceding Business Day.
Initial Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(b).
Initial Term Loan Repayment Date” shall have the meaning provided in Section 2.5(b).
Initial Test Date” shall have the meaning provided in Section 10.7.
Insolvent” shall mean, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is “insolvent” within the meaning of Section 4245 of ERISA.
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Intellectual Property” shall mean U.S. intellectual property, including all (i) (a) patents, inventions, processes, developments, technology, and know-how; (b) copyrights; (c) trademarks, service marks, trade names, brand names, corporate names, Internet domain names, logos, trade dress, and other source indicators, and the goodwill of any business symbolized thereby; and (d) trade secrets, confidential, proprietary, or non-public information and (ii) all registrations, issuances, applications, renewals, extensions, substitutions, continuations, continuations-in-part, divisionals, re-issues, re-examinations, or similar legal protections related to the foregoing.
Interest Coverage Ratio” shall mean as of any date of determination with respect to any Person, the ratio of (i) Consolidated EBITDA of such Person for the Test Period most recently ended on or prior to such date of determination to (ii) the sum of (x) solely to the extent paid in cash during the applicable period, Consolidated Interest Expense of such Person for the Test Period most recently ended on or prior to such date of determination plus (y) all regularly scheduled cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Stock made during such period, in each case on a Pro Forma Basis.
Interest Period” shall mean, with respect to any Loan, the interest period applicable thereto, as determined pursuant to Section 2.9.
Investment” shall mean, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances, or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel, and similar advances to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests, or other securities issued by any other Person and investments that are required by GAAP to be classified on the consolidated balance sheet (excluding the footnotes) of such Person in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property; provided that Investments shall not include, in the case of the Borrower and the Restricted Subsidiaries, intercompany loans (including guarantees), advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business. In no event shall a guarantee of an operating lease of the Borrower or any Restricted Subsidiary be deemed an Investment.
For purposes of the definition of Unrestricted Subsidiary and Section 10.5,
(i)Investments shall include the portion (proportionate to the Borrower’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Borrower at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to have a permanent Investment in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Borrower’s Investment in such Subsidiary at the time of such redesignation less (b) the portion (proportionate to the Borrower’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and
(ii)any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer.
The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment, or other amount received by the Borrower or a Restricted Subsidiary in respect of such
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Investment (provided that, with respect to amounts received other than in the form of Cash Equivalents, such amount shall be equal to the Fair Market Value of such consideration).
Investment Grade Rating” shall mean a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other ratings agency.
Investment Grade Securities” shall mean:
(i)securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (other than Cash Equivalents),
(ii)debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or instruments constituting loans or advances among the Borrower and its Subsidiaries,
(iii)investments in any fund that invests at least 90% in investments of the type described in clauses (i) and (ii) which fund may also hold immaterial amounts of cash pending investment or distribution, and
(iv)corresponding instruments in countries other than the United States customarily utilized for high-quality investments.
Investors” shall mean the Sponsors and certain other investor entities arranged and designated by the Sponsors.
IPO” shall mean the initial underwritten public offering (other than a public offering pursuant to a registration statement on Form S-8) of common Equity Interests in the Borrower or a Parent Entity (including Holdings).
IPO Entity” shall mean, at any time at and after an IPO, the Borrower or a parent entity of the Borrower, as the case may be, the Equity Interests in which were issued or otherwise sold pursuant to the IPO.
IPO Listco” shall mean a Parent Entity or a Wholly-Owned Subsidiary of the Borrower formed in contemplation of an IPO to become the IPO Entity.
IPO Reorganization Transactions” shall mean, collectively, the transactions taken in connection with and reasonably related to consummating an IPO, including (a) formation and ownership of IPO Shell Companies, (b) entry into, and performance of, (i) a reorganization agreement among any of Holdings, the Borrower, its Subsidiaries and/or IPO Shell Companies implementing IPO Reorganization Transactions and other reorganization transactions in connection with an IPO and (ii) customary underwriting agreements in connection with an IPO and any future follow-on underwritten public offerings of common Equity Interests in the IPO Entity, including the provision by IPO Entity and the Borrower of customary representations, warranties, covenants and indemnification to the underwriters thereunder, (c) the merger of one or more IPO Subsidiaries with one or more direct or indirect holders of Equity Interests in the Borrower with the surviving entity in any such merger holding Equity Interests in the Borrower, and the merger of such entities with any IPO Shell Company or IPO Subsidiary, (d) the issuance of Equity Interests of IPO Shell Companies to holders of Equity Interests of the Borrower in connection with any IPO Reorganization Transactions, (e) the entry into of an exchange agreement, pursuant to which holders of Equity Interests of the Borrower will be permitted to exchange such interests for certain economic/voting Equity Interests in IPO Listco, and (f) the
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entry into of, and performance of, any Tax Receivable Agreement by any IPO Shell Company or IPO Subsidiary, in each case, so long as after giving Pro Forma Effect to such agreement and the transactions contemplated thereby, the security interests of the Lenders in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be materially impaired.
IPO Shell Company” shall mean each of IPO Listco and IPO Subsidiary.
IPO Subsidiary” shall mean a wholly owned subsidiary of IPO Listco formed in contemplation of, and to facilitate, IPO Reorganization Transactions and an IPO.
ISP” shall mean, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).
Issuer Documents” shall mean with respect to any Letter of Credit, the Letter of Credit Request, and any other document, agreement, and instrument entered into by the applicable Letter of Credit Issuer and the Borrower (or any Restricted Subsidiary) or in favor of such Letter of Credit Issuer and relating to such Letter of Credit.
Joinder Agreement” shall mean an agreement substantially in the form of Exhibit A.
Joint Lead Arrangers and Bookrunners” shall mean, collectively, Bank of America, N.A., Credit Suisse Loan Funding LLC, Citizens Bank, N.A., Capital One, National Association and Fifth Third Bank. Notwithstanding anything herein to the contrary, the parties hereby agree that Bank of America, N.A. may, without notice to or the consent of the Borrower, any Lender, any Letter of Credit Issuer or any other Person, assign its rights and obligations as a Joint Lead Arranger and Bookrunner under this Agreement and the other Credit Documents to any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement.
Judgment Currency” shall have the meaning provided in Section 13.19.
Junior Debt” shall mean any Indebtedness (other than any permitted intercompany Indebtedness owing to the Borrower or any Restricted Subsidiary) in respect of Subordinated Indebtedness.
Latest Term Loan Maturity Date” shall mean, at any date of determination, the latest maturity or expiration date applicable to any Term Loan hereunder at such time, including the latest maturity or expiration date of any New Term Loan or any Extended Term Loan, in each case as extended in accordance with this Agreement from time to time.
L/C Borrowing” shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing.
L/C Facility Maturity Date” shall mean the date that is three Business Days prior to the Revolving Credit Maturity Date; provided that the L/C Facility Maturity Date may be extended beyond such date with the consent of the applicable Letter of Credit Issuer.
L/C Obligations” shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unpaid Drawings, including all L/C Borrowings. For all purposes of this Agreement, if on any date of
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determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the International Standby Practices (ISP98), such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 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.
L/C Participant” shall have the meaning provided in Section 3.3(a).
L/C Participation” shall have the meaning provided in Section 3.3(a).
L/C Sublimit” shall mean up to $40,000,000 in aggregate amount of Letters of Credit that may be issued under the Revolving Credit Facility.
LCT Election” shall have the meaning provided in Section 1.12(b).
LCT Test Date” shall have the meaning provided in Section 1.12(b).
Lender” shall have the meaning provided in the preamble to this Agreement.
Lender Default” shall mean (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans (including, in the case of Revolving Credit Lenders, any Revolving Credit Loans issued under Section 3.4(a) to repay Unpaid Drawings), which refusal or failure is not cured within two Business Days after the date of such refusal or failure, unless such Lender notifies the Administrative Agent in writing that such refusal or failure is the result of such Lender’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in writing) has not been satisfied, (ii) the failure of any Lender to pay over to the Administrative Agent, any Letter of Credit Issuer or any other Lender any other amount required to be paid by it hereunder within two Business Days after the date when due, unless the subject of a good faith dispute, (iii) a Lender has notified, in writing, the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, or a Lender has publicly announced that it does not intend to comply with its funding obligations under other loan agreements, credit agreements or similar facilities generally, (iv) a Lender has failed to confirm in a manner reasonably satisfactory to the Administrative Agent that it will comply with its funding obligations under this Agreement, (v) a Distressed Person has admitted in writing that it is insolvent or such Distressed Person becomes subject to a Lender-Related Distress Event or (vi) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.
Lender Presentation” shall mean the lender presentation of the Borrower dated June 14, 2018.
Lender-Related Distress Event” shall mean, with respect to any Lender or any other Person that directly or indirectly controls such Lender (each, a “Distressed Person”), other than via an Undisclosed Administration, a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person’s assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person or is subject to a forced liquidation of such Distressed Person, makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any governmental authority having regulatory authority over such Distressed Person to be, insolvent or bankrupt; provided that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any Lender or any
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Person that directly or indirectly controls such Lender by a governmental authority or an instrumentality thereof.
Letter of Credit” shall have the meaning provided in Section 3.1(a).
Letter of Credit Commitment” shall mean (a) with respect to Bank of America, N.A., in its capacity as a Letter of Credit Issuer, as set forth on Schedule 1.1(b) opposite its name therein, as may be reduced from time to time pursuant to Section 3.1, (b) with respect to Credit Suisse AG, Cayman IslandsNew York Branch, in its capacity as a Letter of Credit Issuer, as set forth on Schedule 1.1(b) opposite its name therein, as may be reduced from time to time pursuant to Section 3.1 and (c) with respect to Citizens Bank, N.A., in its capacity as a Letter of Credit Issuer, as set forth on Schedule 1.1(b) opposite its name therein, as may be reduced from time to time pursuant to Section 3.1.
Letter of Credit Expiration Date” shall mean the day that is three Business Days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility.
Letter of Credit Exposure” shall mean, with respect to any Lender, at any time, the sum of (i) the amount of the principal amount of any Unpaid Drawings in respect of which such Lender has made (or is required to have made) payments to the Letter of Credit Issuer pursuant to Section 3.4(a) at such time and (ii) such Lender’s Revolving Credit Commitment Percentage of the Letters of Credit Outstanding at such time (excluding the portion thereof consisting of Unpaid Drawings in respect of which the Lenders have made (or are required to have made) payments to the Letter of Credit Issuer pursuant to Section 3.4(a)).
Letter of Credit Fee” shall have the meaning provided in Section 4.1(b).
Letter of Credit Issuer” shall mean (i) with respect to standby Letters of Credit, each of Bank of America, N.A., Credit Suisse AG, Cayman IslandsNew York Branch and Citizens Bank, N.A., (ii) any Affiliates or branches of either of the foregoing and (iii) any replacement, additional issuer, or successor pursuant to Section 3.6. In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other Credit Documents to the Letter of Credit Issuer shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires.
Letter of Credit Request” shall mean a notice executed and delivered by the Borrower pursuant to Section 3.2, and substantially in the form of Exhibit L or another form which is acceptable to the applicable Letter of Credit Issuer in its reasonable discretion.
Letters of Credit Outstanding” shall mean, at any time the sum of, without duplication, (i) the aggregate Stated Amount of all outstanding Letters of Credit and (ii) the aggregate amount of the principal amount of all Unpaid Drawings.
LIBOR Loan” shall mean any Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate and “LIBOR Revolving Credit Loan” and “LIBOR Term Loan” shall have corresponding meanings.
LIBOR Quoted Currency” shall mean Dollars and each other currency that is approved by the applicable Persons as a quoted currency in accordance with the definition of Alternative Currency.
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LIBOR Rate” shall mean:
(i)for any Interest Period with respect to a LIBOR Loan in any LIBOR Quoted Currency, the LIBOR Screen Rate as of the Specified Time on the Quotation Day for such currency with a term equivalent to such Interest Period;
(ii)for any Interest Period with respect to a LIBOR Loan in any Non-Quoted Currency, the applicable Local Screen Rate for such Non-Quoted Currency as of the Specified Time and on the Quotation Day for such currency with a term equivalent to such Interest Period; and
(iii)for any interest calculation with respect to an ABR Loan on any date, the rate per annum equal to the LIBOR Screen Rate, at or about 11:00 a.m., London time, determined on such date for Dollar deposits with a term of one month commencing that day;
provided that if a LIBOR Screen Rate or a Local Screen Rate, as applicable, shall not be available at the applicable time for the applicable Interest Period, then the LIBOR Rate for such currency and Interest Period shall be such other successor or comparable rate as approved by the Administrative Agent pursuant to the fourth through sixth paragraphs of Section 13.1.
LIBOR Screen Rate” shall mean with respect to each Interest Period for a LIBOR Loan, (i) the rate per annum equal to the London interbank offered rate for deposits in such LIBOR Quoted Currency appearing on Reuters screen page LIBOR 01 (or on any successor or substitute page of such service or any successor to such service, or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time in its reasonable discretion) at approximately 11:00 A.M. (London time) two (2) Business Days prior to the first day of such Interest Period, with a maturity comparable to such Interest Period (provided that if such rate is less than zero, such rate shall be deemed to be zero) provided that if the rate referred to in clause (i) above is not available at any such time for any reason, then the rate referred to in clause (i) shall instead be the interest rate per annum, as determined by the Administrative Agent, to be the arithmetic average of the rates per annum at which deposits in U.S. Dollars in an amount equal to the amount of such Eurodollar loan are offered by major banks in the London interbank market to the Administrative Agent at approximately 11:00 A.M. (London time) two (2) Business Days prior to the first day of such Interest Period.
“LIBOR Successor Rate” shall have the meaning provided in Section 13.1.
Lien” shall mean with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority, or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in, and any filing of, or agreement to give, any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease or a license, sub-license or cross-license to Intellectual Property be deemed to constitute a Lien.
Limited Condition Transaction” shall mean (a) any acquisition by one or more of the Borrower and its Restricted Subsidiaries of any assets, business or Person or an Investment by one or more of the Borrower and its Restricted Subsidiaries, in each case, permitted to be made under this Agreement and whose consummation is not conditioned on the availability of, or on obtaining, third party financing, (b) any redemption, satisfaction and discharge or repayment of Indebtedness or preferred stock requiring irrevocable notice in advance of such redemption
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satisfaction and discharge or repayment or (c) any dividend or other Restricted Payment declared in respect of Capital Stock no more than 90 days in advance thereof.
Loan” shall mean any Revolving Loan, Term Loan or any other loan made by any Lender pursuant to this Agreement.
Local Screen Rates” shall mean any screen rate for any Non-Quoted Currency that is approved in accordance with the definition of Alternative Currency (provided that if any such rate is less than zero, such rate shall be deemed to be zero).
Master Agreement” shall have the meaning provided in the definition of Hedge Agreement.
Material Adverse Effect” shall mean a circumstance or condition affecting the business, assets, operations, properties, or financial condition of the Borrower and its Subsidiaries, taken as a whole, that would, individually or in the aggregate, materially adversely affect (i) the ability of the Borrower and the other Credit Parties, taken as a whole, to perform their payment obligations under this Agreement or any of the other Credit Documents or (ii) the rights and remedies of the Administrative Agent and the Lenders under the Credit Documents.
Material Subsidiary” shall mean, at any date of determination, each Restricted Subsidiary (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 5.0% of the Consolidated Total Assets of the Borrower and the Restricted Subsidiaries at such date or (ii) whose revenues during such Test Period were equal to or greater than 5.0% of the consolidated revenues of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP (and with respect to any such determination on the Closing Date, determined as of the last day of the most recent fiscal period set forth in the Historical Financial Statements); provided that if, at any time and from time to time after the Closing Date, Restricted Subsidiaries that are not Material Subsidiaries (other than Subsidiaries that are Excluded Subsidiaries by virtue of any of clauses (ii) through (xi) of the definition of Excluded Subsidiary) have, in the aggregate, (a) total assets at the last day of such Test Period equal to or greater than 10.0% of the Consolidated Total Assets of the Borrower and the Restricted Subsidiaries at such date or (b) revenues during such Test Period equal to or greater than 10.0% of the consolidated revenues of the Borrower and the Restricted Subsidiaries for such period, in each case determined in accordance with GAAP, then the Borrower shall, on the date on which financial statements for such quarter are delivered pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Restricted Subsidiaries as Material Subsidiaries for each fiscal period until this proviso is no longer applicable.
Maturity Date” shall mean the Initial Term Loan Maturity Date, any New Term Loan Maturity Date, the Revolving Credit Maturity Date, any New Revolving Credit Maturity Date or the maturity date of an Extended Term Loan or Extended Revolving Credit Loan, as applicable.
Maximum Incremental Facilities Amount shall mean, at any date of determination (which may be, at the option of the Borrower, on the date of incurrence or the date of establishment of commitments in respect thereof), an aggregate principal amount of up to:
(a)an amount such that (i) if such New Loan Commitment is secured by Liens on the Collateral that rank pari passu with the Liens on the Collateral securing the Credit Facilities (without giving effect to the control of remedies), after giving effect to the incurrence of such amount the Borrower would be in compliance on a Pro Forma Basis with respect to the last day of the most recently ended Test Period with a First Lien Leverage Ratio of no greater than the greater of (x) 4.75 to 1.00 and (y) if such New Loan
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Commitment is incurred to finance a Permitted Acquisition or other permitted Investment (other than Specified Investments), the First Lien Leverage Ratio immediately prior to such Permitted Acquisition or other permitted Investment (other than Specified Investments), (ii) if such New Loan Commitment is secured by Liens on the Collateral that rank junior to the Liens on the Collateral securing the Credit Facilities, after giving effect to the incurrence of such amount the Borrower would be in compliance on a Pro Forma Basis with respect to the last day of the most recently ended Test Period with a Total Secured Leverage Ratio of no greater than the greater of (x) 6.00 to 1.00 and (y) if such New Loan Commitment is incurred to finance a Permitted Acquisition or other permitted Investment (other than Specified Investments), the Total Secured Leverage Ratio immediately prior to such Permitted Acquisition or other permitted Investment (other than Specified Investments) or (iii) if such New Loan Commitment is unsecured or is secured by assets that do not constitute Collateral, after giving effect to the incurrence of such amount the Borrower would be in compliance on a Pro Forma Basis with respect to the last day of the most recently ended Test Period with either (A) a Total Leverage Ratio of no greater than the greater of (x) 6.00 to 1.00 and (y) if such New Loan Commitment is incurred to finance a Permitted Acquisition or other permitted Investment (other than Specified Investments), the Total Leverage Ratio immediately prior to such Permitted Acquisition or other permitted Investment (other than Specified Investments) or (B) an Interest Coverage Ratio of no less than the lesser of (x) 2.00 to 1.00 and (y) if such New Loan Commitment is incurred to finance a Permitted Acquisition or other permitted Investment (other than Specified Investments), the Interest Coverage Ratio immediately prior to such Permitted Acquisition or other permitted Investment (other than Specified Investments), plus
(b)the sum of (I) an amount equal to the greater of (x) 100% of Consolidated EBITDA calculated on a Pro Forma Basis for the then most recently ended Test Period and (y) $175,000,000 (less the sum of (i) the aggregate principal amount of New Loan Commitments incurred pursuant to Section 2.14(a) in reliance on clause (b)(I) of this definition prior to such date of determination, (ii) the aggregate principal amount of Permitted Other Indebtedness issued or incurred (including any unused commitments obtained) pursuant to Section 10.1(x)(i)(a) prior to such date of determination, (iii) the amount, if any, incurred under any Second Lien New Term Loan Commitments that were incurred pursuant to, and in accordance with, Section 2.14(a) of the Second Lien Credit Agreement in reliance on clause (b)(I) of the definition of “Maximum Incremental Facilities Amount” set forth in the Second Lien Credit Agreement and (iv) the aggregate principal amount of Permitted Other Indebtedness (as defined in the Second Lien Credit Agremeent) issued or incurred (including any unused commitments obtained) pursuant to Section 10.1(x)(i)(a) of the Second Lien Credit Agreement prior to such date of determination); plus (II) [Reserved], plus
(c)the sum of (I) without duplication, the aggregate amount of (A) voluntary prepayments of (i) Term Loans that are secured by Liens on the Collateral that rank pari passu with the Liens on the Collateral securing the Obligations, (ii) Indebtedness issued or incurred pursuant to clause (i) of the first paragraph of Section 10.1 or pursuant to Section 10.1(x)(i)(a) in each case which are secured by Liens on the Collateral that rank pari passu (without regard to the control of remedies) with the Liens on the Collateral securing the Obligations and (iii) any refinancing, refunding, renewal or extension of any Indebtedness specified in clauses (i) and (ii) above that is secured by Liens on the Collateral that rank pari passu (without regard to the control of remedies) with the Liens on the Collateral securing the Obligations, (B) voluntary permanent reductions of Revolving Credit Commitments that are secured by Liens on the Collateral that rank pari passu (without regard to the control of remedies) with the Liens on the Collateral securing the Obligations and (C) all debt buybacks of any of the foregoing (which, in the
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case of revolving credit facilities, are accompanied by a permanent commitment reduction or termination thereof, as applicable), with credit given to the principal amount of the debt purchased, in each case that are funded other than from proceeds of the incurrence of long-term Indebtedness (other than revolving Indebtedness unless used to replace other revolving Indebtedness), plus (II)(A) in the case of any New Term Loan or New Revolving Credit Commitments that effectively extend the maturity of any Term Loan, any Revolving Credit Facility or any Indebtedness issued or incurred pursuant to clause (i) of the first paragraph of Section 10.1 (in each case that is secured by Liens on the Collateral that rank pari passu (without regard to the control of remedies) with the Liens on the Collateral securing the Obligations, an amount equal to the portion of the Term Loan, Revolving Credit Facility or Indebtedness issued or incurred pursuant to clause (i) of the first paragraph of Section 10.1 to be replaced with such New Term Loan or New Revolving Credit Commitments and (B) in the case of a New Term Loan or New Revolving Credit Commitments that effectively replace any Revolving Credit Commitment terminated under Section 13.7 of this Agreement, an amount equal to the portion of the relevant terminated Revolving Credit Commitments.
Notwithstanding any of the foregoing, and for the avoidance of doubt, (i) unless the Borrower elects otherwise, New Loan Commitments shall be established or incurred under clause (a) of the preceding paragraph prior to utilizing clause (b) of the preceding paragraph; (ii) the calculation of the First Lien Leverage Ratio, the Total Secured Leverage Ratio, the Total Leverage Ratio or the Interest Coverage Ratio on a Pro Forma Basis pursuant to clause (a) of the preceding paragraph may be determined, at the option of the Borrower, without giving effect to any simultaneous establishment or incurrence of any New Loan Commitments incurred under clause (b) or clause (c) of the preceding paragraph, any simultaneous establishment or incurrence of any Second Lien New Term Loan Commitment incurred under clause (b) or clause (c) of the first paragraph of the definition of “Maximum Incremental Facilities Amount” set forth in the Second Lien Credit Agreement, or any simultaneous establishment or incurrence of Indebtedness incurred under any basket or exception to Section 10.1 of this Agreement or Section 10.1 of the Second Lien Credit Agreement that is not subject to compliance with a financial ratio (but giving full Pro Forma Effect to the use of proceeds of the entire amount of the New Loan Commitment that will be incurred in reliance on any of clauses (a), (b) and (c) of the preceding paragraph and the related transactions); (iii) any New Loan Commitment that was previously incurred in reliance on clauses (b) or (c) of the preceding paragraph will, unless the Borrower elects otherwise, automatically be reclassified as having been incurred under the applicable sub-clause in clause (a) of the preceding paragraph so long as the Borrower meets the requirements of such applicable sub-clause in clause (a) of the preceding paragraph on a Pro Forma Basis at such time (and the available amount under the applicable clause (b) or (c) of the preceding paragraph shall be increased by the amount so reclassified); and (iv) any New Loan Commitment incurred pursuant to clause (a) of the preceding paragraph shall be calculated assuming all commitments are fully drawn and funded without netting of the cash proceeds of such commitments or of any Indebtedness incurred substantially concurrently with such incurrence.
Maximum Rate” shall have the meaning provided in Section 5.6(c).
Merger” shall have the meaning provided in the recitals hereto.
Merger Sub” shall have the meaning provided in the recitals hereto.
Minimum Borrowing Amount” shall mean with respect to a Borrowing, $1,000,000.
Minimum Collateral Amount” shall mean, at any time, (i) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to
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102% of the Fronting Exposure of the Letter of Credit Issuer with respect to Letters of Credit issued and outstanding at such time and (ii) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided in accordance with the provisions of Section 3.8(a)(i), (a)(ii), or (a)(iii), an amount equal to 102% of the outstanding amount of all L/C Obligations.
Minimum Equity Amount” shall have the meaning provided in the recitals of this Agreement.
MIRE Event” shall mean, if there are any Mortgaged Properties at such time, any increase, extension or renewal of any of the Commitments or Loans (including pursuant to Section 2.14 or any other incremental credit facilities hereunder, but excluding (i) any continuation or conversion of borrowings, (ii) the making of any Loan or (iii) the issuance, renewal or extension of Letters of Credit).
Moody’s” shall mean Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.
Mortgage” shall mean a mortgage, deed of trust, deed to secure debt, trust deed, or other security document entered into by the owner of a Mortgaged Property and the Collateral Agent for the benefit of the Secured Parties in respect of that Mortgaged Property to secure the Obligations, in form and substance reasonably acceptable to the Collateral Agent and the Borrower, together with such terms and provisions as may be required by local laws.
Mortgaged Property” shall have the meaning provided in Section 9.14(c).
Multicurrency Exposure” shall mean with respect to any Lender at any time, the aggregate principal amount of Revolving Credit Loans of such Lender then outstanding denominated in any Alternative Currency.
Multicurrency Sublimit” shall mean $20,000,000.
Multiemployer Plan” shall mean a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Credit Party or ERISA Affiliate makes or is obligated to make contributions, or during the five preceding calendar years, has made or been obligated to make contributions.
Net Cash Proceeds” shall mean, with respect to any Prepayment Event and any incurrence of Permitted Other Indebtedness, (i) the gross cash proceeds (including payments from time to time in respect of installment obligations, if applicable, but only as and when received) received by or on behalf of the Borrower or any of its Restricted Subsidiaries in respect of such Prepayment Event or incurrence of Permitted Other Indebtedness, as the case may be, less (ii) the sum of:
(a)the amount, if any, of all taxes (including in connection with any repatriation of funds) paid or estimated to be payable by the Borrower or any of its Restricted Subsidiaries or by any Parent Entity or, without duplication, any Permitted IPO Tax Distributions or Permitted Tax Distributions arising, in each case, in connection with such Prepayment Event or incurrence of Permitted Other Indebtedness,
(b)the amount of any reasonable reserve established in accordance with GAAP against any liabilities (other than any taxes deducted pursuant to clause (a) above) (1) associated with the assets that are the subject of such Prepayment Event and (2) retained by the Borrower or any of the Restricted Subsidiaries; provided that the
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amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such a Prepayment Event occurring on the date of such reduction,
(c)the amount of any Indebtedness (other than the Loans, Indebtedness under the Second Lien Credit Agreement and Permitted Other Indebtedness) secured by a Lien on the assets that are the subject of such Prepayment Event to the extent that the instrument creating or evidencing such Indebtedness requires that such Indebtedness be repaid upon consummation of such Prepayment Event,
(d)in the case of any Asset Sale Prepayment Event or Casualty Event or Permitted Sale Leaseback, the amount of any proceeds of such Prepayment Event that the Borrower or any Restricted Subsidiary has reinvested (or intends to reinvest within the Reinvestment Period or has entered into a binding commitment prior to the last day of the Reinvestment Period to reinvest) in the business of the Borrower or any of the Restricted Subsidiaries; provided that any portion of such proceeds that has not been so reinvested within such Reinvestment Period (with respect to such Prepayment Event, the “Deferred Net Cash Proceeds”) shall, unless the Borrower or a Restricted Subsidiary has entered into a binding commitment prior to the last day of such Reinvestment Period to reinvest such proceeds no later than 180 days following the last day of such Reinvestment Period, (1) be deemed to be Net Cash Proceeds of an Asset Sale Prepayment Event, Casualty Event, or Permitted Sale Leaseback occurring on the last day of such Reinvestment Period or, if later, 180 days after the date the Borrower or such Restricted Subsidiary has entered into such binding commitment, as applicable (such last day or 180th day, as applicable, the “Deferred Net Cash Proceeds Payment Date”), and (2) be applied to the repayment of Term Loans in accordance with Section 5.2(a)(i);
(e)in the case of any Asset Sale Prepayment Event, Casualty Event, or Permitted Sale Leaseback by a non-Wholly-Owned Restricted Subsidiary, the pro rata portion of the Net Cash Proceeds thereof (calculated without regard to this clause (e)) attributable to non-controlling interests and not available for distribution to or for the account of the Borrower or a Wholly-Owned Restricted Subsidiary as a result thereof;
(f)in the case of any Asset Sale Prepayment Event or Permitted Sale Leaseback, any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition; provided that the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such a Prepayment Event occurring on the date of such reduction solely to the extent that the Borrower and/or any Restricted Subsidiaries receives cash in an amount equal to the amount of such reduction; and
(g)all fees and out-of-pocket expenses paid by the Borrower or a Restricted Subsidiary in connection with any of the foregoing (for the avoidance of doubt, including, (1) in the case of the issuance of Permitted Other Indebtedness, any fees, underwriting discounts, premiums, and other costs and expenses incurred in connection with such issuance and any costs associated with unwinding any related Hedging Obligations in connection with such transaction, and (2) attorney’s fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, underwriting discounts and commissions, other customary expenses, and brokerage, consultant, accountant, and other customary fees),
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in each case, only to the extent not already deducted in arriving at the amount referred to in clause (i) above.
Net Income” shall mean, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends.
New Loan Commitments” shall have the meaning provided in Section 2.14(a).
New Project” shall mean (a) each facility or operating location which is either a new facility, location or office or an expansion, relocation, remodeling or substantial modernization of an existing facility, location or office owned by the Borrower or its Subsidiaries which in fact commences operations and (b) each creation (in one or a series of related transactions) of a business unit to the extent such business unit commences operations or each expansion (in one or a series of related transactions) of business into a new market.
New Revolving Credit Commitment” shall have the meaning provided in Section 2.14(a).
New Revolving Credit Loan” shall have the meaning provided in Section 2.14(b).
New Revolving Credit Maturity Date” shall mean the date on which any tranche of Revolving Credit Loans made pursuant to any New Revolving Credit Commitments matures.
New Revolving Loan Lender” shall have the meaning provided in Section 2.14(b).
New Term Loan” shall have the meaning provided in Section 2.14(c).
New Term Loan Commitments” shall have the meaning provided in Section 2.14(a).
New Term Loan Lender” shall have the meaning provided in Section 2.14(c).
New Term Loan Maturity Date” shall mean the date on which a New Term Loan matures.
New Term Loan Repayment Amount” shall have the meaning provided in Section 2.5(c).
Non-Bank Tax Certificate” shall have the meaning provided in Section 5.4(e)(ii)(B)(3).
Non-Consenting Lender” shall have the meaning provided in Section 13.7(b).
Non-Defaulting Lender” shall mean and include each Lender other than a Defaulting Lender.
Non-Extension Notice Date” shall have the meaning provided in Section 3.2(d).
Non-Quoted Currency” shall mean each currency that is approved by the relevant Persons as a non-quoted currency in accordance with the definition of Alternative Currency.
Non-U.S. Lender” shall mean any Lender that is not a “United States person” as defined by Section 7701(a)(30) of the Code.
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Notice of Borrowing” shall mean a Notice of Borrowing substantially in the form of Exhibit K (or such other form reasonably acceptable to the Administrative Agent, including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent) and delivered in accordance with Section 2.3(a) or 2.3(b).
Notice of Conversion or Continuation” shall have the meaning provided in Section 2.6(a).
Obligations” shall mean all advances to, and debts, liabilities, obligations, covenants, and duties of, any Credit Party arising under any Credit Document or otherwise with respect to any Loan, Revolving Credit Commitment or Letter of Credit or under any Secured Cash Management Agreement or Secured Hedge Agreement (other than with respect to any Credit Party’s obligations that constitute Excluded Swap Obligations solely with respect to such Credit Party), in each case, entered into with Holdings, the Borrower or any of the Restricted Subsidiaries, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Credit Parties under the Credit Documents (and any of their Subsidiaries to the extent they have obligations under the Credit Documents) include the obligation (including guarantee obligations) to pay principal, interest, charges, expenses, fees, attorney costs, indemnities, and other amounts payable by any Credit Party under any Credit Document.
OFAC” shall mean the Office of Foreign Assets Control of the United States Department of the Treasury.
Original Revolving Credit Commitments” shall mean all Revolving Credit Commitments, Existing Revolving Credit Commitments and Extended Revolving Credit Commitments, other than any New Revolving Credit Commitments (and any Extended Revolving Credit Commitments related thereto).
Other Acceptable Intercreditor Agreement” shall mean (i) an intercreditor agreement the terms of which are consistent with market terms (as determined by the Borrower and the Administrative Agent in good faith) governing arrangements for the sharing and subordination of liens and/or arrangements relating to the distribution of payments, as applicable, at the time the intercreditor agreement is proposed to be established in light of the type of indebtedness subject thereto or (ii) any other intercreditor agreement that is reasonably acceptable to the Borrower and the Administrative Agent, so long as, in the case of each of clauses (i) and (ii), such intercreditor agreement is posted for review by the Lenders and not objected to by the Required Lenders within four Business Days thereafter.
Other Taxes” shall mean all present or future stamp, registration, court or documentary Taxes or any other excise, property, intangible, mortgage recording, filing or similar Taxes arising from any payment made hereunder or under any other Credit Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Agreement or any other Credit Document; provided that such term shall not include any of the foregoing Taxes (i) that result from an assignment, grant of participation pursuant to Section 13.6 or transfer or assignment to or designation of a new lending office or other office for receiving payments under any Credit Document (“Assignment Taxes”) to the extent such Assignment Taxes are imposed as a result of a connection between the assignor/participating Lender and/or the assignee/Participant and the taxing jurisdiction (other than a connection arising solely from any Credit Documents or any transactions contemplated thereunder), except to the
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extent that any such action described in this proviso is requested or required by the Borrower or Holdings or (ii) Excluded Taxes.
Overnight Rate” shall mean, for any day, the greater of (a) the Federal Funds Effective Rate and (b) an overnight rate determined by the Administrative Agent or the applicable Letter of Credit Issuer, as the case may be, in accordance with banking industry rules on interbank compensation.
Parent Entity” shall mean any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership), including Holdings, of the Borrower and which directly or indirectly owns and controls a majority of the voting capital stock of the Borrower.
Pari Passu Indebtedness” shall mean Indebtedness secured by Liens on the Collateral that rank pari passu (without regard to the control of remedies) with the Liens on the Collateral securing the Obligations.
Participant” shall have the meaning provided in Section 13.6(c)(i).
Participant Register” shall have the meaning provided in Section 13.6(c)(ii).
Participating Member State” shall mean any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.
Patriot Act” shall have the meaning provided in Section 13.18.
PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
Pension Plan” shall mean any “employee pension benefit plan” (as defined in Section 3(2) of ERISA, but excluding any Multiemployer Plan) that is subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code, in respect of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4062 or Section 4069 of ERISA, be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
Permitted Acquisition” shall have the meaning provided in clause (iii) of the definition of Permitted Investment.
Permitted Asset Swap” shall mean the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Borrower or a Restricted Subsidiary and another Person; provided that any cash or Cash Equivalents received must be applied in accordance with Section 10.4.
Permitted Debt Exchange” shall have the meaning provided in Section 2.15(a).
Permitted Debt Exchange Notes” shall have the meaning provided in Section 2.15(a).
Permitted Debt Exchange Offer” shall have the meaning provided in Section 2.15(a).
Permitted Holders” shall mean each of (i) the Initial Investors and their respective Affiliates (other than any portfolio company of an Initial Investor) and members of management of the Borrower and its Subsidiaries (or their respective direct or indirect parent or management investment vehicle) who are holders of Equity Interests of the Borrower (or its direct or indirect
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parent company (including Holdings) or management investment vehicle) and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that, in the case of any such group and without giving effect to the existence of such group or any other group, such Initial Investors, their respective Affiliates (other than any portfolio company of an Initial Investor) and members of management, collectively, have beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Borrower or any other direct or indirect Parent Entity, (ii) any direct or indirect Parent Entity formed not in connection with, or in contemplation of, a transaction (other than the Transactions or IPO Reorganization Transactions) that, assuming such parent was not formed after giving effect thereto, would constitute a Change of Control and (iii) any entity (other than a Parent Entity) through which a Parent Entity described in clause (ii) directly or indirectly holds Equity Interests of the Borrower and has no other material operations other than those incidental thereto.
Permitted Investments” shall mean:
(i)any Investment in the Borrower or any Restricted Subsidiary; provided that the Fair Market Value of any such Investment in a non-Guarantor Restricted Subsidiary by Credit Parties made pursuant to this clause (i), when taken together with all other such Investments in non-Guarantor Restricted Subsidiaries made pursuant to this clause (i) then-outstanding, shall not exceed, when combined with the consideration for Permitted Acquisitions of non-Guarantor Restricted Subsidiaries or of assets that will not be held by the Borrower or a Subsidiary Guarantor pursuant to clause (iii) of the definition of Permitted Investments, the greater of $87,500,000 and 50% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of each such investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value);
(ii)any Investment in cash, Cash Equivalents, or Investment Grade Securities at the time such Investment is made;
(iii)(a) any transactions or Investments otherwise made in connection with the Transactions and (b) any Investment by the Borrower or any Restricted Subsidiary in a Person that is engaged in a Similar Business if as a result of such Investment (a “Permitted Acquisition”), (1) such Person becomes a Restricted Subsidiary or (2) such Person, in one transaction or a series of related transactions, is merged, consolidated, or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Borrower or a Restricted Subsidiary; provided that the aggregate consideration paid or payable for all Permitted Acquisitions of non-Guarantor Restricted Subsidiaries or of assets that will not be held by the Borrower or a Subsidiary Guarantor shall not exceed when combined with the Fair Market Value (measured at the time thereof and without giving effect to subsequent changes in value) of Investments then-outstanding and made in non-Guarantor Restricted Subsidiaries by Credit Parties pursuant to clause (i) of the definition of Permitted Investments at the relevant date of determination, the greater of $87,500,000 and 50% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of such Permitted Acquisition;
(iv)any Investment in securities or other assets not constituting cash, Cash Equivalents, or Investment Grade Securities and received in connection with an Asset Sale made pursuant to Section 10.4 or any other disposition of assets not constituting an Asset Sale;
(v)(a) any Investment existing or contemplated on the Closing Date and, in each case to the extent exceeding $5,000,000 in Fair Market Value, listed on
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Schedule 10.5 and (b) Investments consisting of any modification, replacement, renewal, refinancing, refunding, reinvestment or extension of any such Investment; provided that the amount of any such Investment is not increased from the amount of such Investment on the Closing Date except pursuant to the terms of such Investment (including in respect of any unused commitment), plus any accrued but unpaid interest (including any portion thereof which is payable in kind in accordance with the terms of such modified, extended, renewed, refinanced, refunded or replaced Investment) and premium payable by the terms of such Investment thereon and fees, costs and expenses associated therewith as of the Closing Date;
(vi)any Investment (x) acquired by the Borrower or any Restricted Subsidiary (a) in exchange for any other Investment or accounts receivable held by the Borrower or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization, or recapitalization of such other Investment or accounts receivable, (b) in satisfaction of judgments against other persons or (c) as a result of a foreclosure or other remedial action by the Borrower or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default and (y) received in compromise or resolution of (1) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Borrower or any Restricted Subsidiary, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer or (2) litigation, arbitration or other disputes;
(vii)Hedging Obligations permitted under clause (j) of Section 10.1 and Cash Management Services;
(viii)any Investment in a Similar Business having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (viii) that are at that time outstanding, not to exceed the greater of (a) $61,250,000 and (b) 35% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided that if any Investment pursuant to this clause (viii) is made in any Person that is not a Restricted Subsidiary of the Borrower at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall, at the option of the Borrower, thereafter be deemed to have been made pursuant to clause (i) above and shall cease to have been made pursuant to this clause (viii) for so long as such Person continues to be a Restricted Subsidiary, it being understood and agreed that if such Restricted Subsidiary does not become a Credit Party, such Investment may only be deemed to have been made pursuant to clause (i) above if there is sufficient capacity in the basket set forth in the proviso thereto;
(ix)Investments the payment for which consists of Equity Interests of the Borrower or any direct or indirect parent company of the Borrower (in each case, exclusive of Disqualified Stock of the Borrower); provided that such Equity Interests will not increase the amount available for Restricted Payments under clause (iii) of Section 10.5(a);
(x)guarantees of Indebtedness permitted under Section 10.1;
(xi)any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of Section 9.9 (except transactions described in clause (b), (e) or (l) of such paragraph) and Section 10.3 (other than Section 10.3(g));
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(xii)Investments consisting of purchases and acquisitions of inventory, supplies, materials or equipment or purchases, acquisitions, licenses, sublicenses, leases or subleases of intellectual property, other assets or other rights in the ordinary course of business;
(xiii)additional Investments having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (xiii) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities), not to exceed the greater of (a) $70,000,000 and (b) 40% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided that if any Investment pursuant to this clause (xiii) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Borrower after such date, such Investment shall, at the option of the Borrower, thereafter be deemed to have been made pursuant to clause (i) above and shall cease to have been made pursuant to this clause (xiii) for so long as such Person continues to be a Restricted Subsidiary, it being understood and agreed that if such Restricted Subsidiary does not become a Credit Party, such Investment may only be deemed to have been made pursuant to clause (i) above if there is sufficient capacity in the basket set forth in the proviso thereto;
(xiv)Investments in any Receivables Subsidiary that, in the good faith determination of the board of directors of the Borrower, are necessary or advisable to effect a Permitted Receivables Facility and customary for receivables facilities of the type contemplated by the definition of Permitted Receivables Facility;
(xv)loans and advances to, or guarantees of Indebtedness of, employees, officers, directors, managers and consultants not in excess of the greater of (a) $17,500,000 and (b) 10% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of such Investment;
(xvi)(a) loans and advances to officers, directors, managers, employees and consultants for business-related travel and entertainment expenses, moving and relocation expenses, and other similar expenses, in each case, incurred in the ordinary course of business or consistent with past practices or to fund such Person’s purchase of Equity Interests of the Borrower or any direct or indirect parent company thereof and (b) promissory notes received from stockholders of the Borrower, any direct or indirect parent company of the Borrower or any Subsidiary in connection with the exercise of stock options in respect of the Equity Interests of the Borrower, any direct or indirect parent company of the Borrower and the Subsidiaries;
(xvii)Investments consisting of purchases and acquisitions of assets or services, advances, loans or extensions of trade credit in the ordinary course of business;
(xviii)Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices;
(xix)non-cash Investments in connection with tax planning and reorganization activities; provided that after giving effect to any such activities, the security interests of the Lenders in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be materially impaired;
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(xx)Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing clients, customer contracts and loans or advances made to, and guarantees with respect to obligations of, clients, customers, distributors, suppliers, licensors and licensees in the ordinary course of business;
(xxi)the non-exclusive licensing, sub-licensing and contribution of Intellectual Property pursuant to joint marketing arrangements with other Persons;
(xxii)advances of payroll payments to employees in the ordinary course of business;
(xxiii)contributions to a “rabbi” trust for the benefit of employees, directors, consultants, independent contractors or other service providers or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Borrower;
(xxiv)Investments by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary is redesignated as a Restricted Subsidiary pursuant to the definition of Unrestricted Subsidiary to the extent that such Investments were not entered into or made in contemplation of such redesignation;
(xxv)intercompany current liabilities owed to Unrestricted Subsidiaries, Restricted Subsidiaries that are not Guarantors or joint ventures incurred in the ordinary course of business in connection with the cash management operations of the Borrower and its Subsidiaries;
(xxvi)Investments of a Restricted Subsidiary of the Borrower that is acquired after the Closing Date or of an entity merged into or amalgamated or consolidated with a Restricted Subsidiary of the Borrower in a transaction that is not prohibited by Section 10.3 after the Closing Date to the extent that such Investments were not made in contemplation of such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation;
(xxvii)Investments in joint ventures not in excess of the greater of (a) $17,500,000 and (b) 10% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of such Investment; provided that if any Investment pursuant to this clause (xxvii) is made in any Person that is not a Restricted Subsidiary of the Borrower at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall, at the option of the Borrower, thereafter be deemed to have been made pursuant to clause (i) above and shall cease to have been made pursuant to this clause (xxvii) for so long as such Person continues to be a Restricted Subsidiary, it being understood and agreed that if such Restricted Subsidiary does not become a Credit Party, such Investment may only be deemed to have been made pursuant to clause (i) above if there is sufficient capacity in the basket set forth in the proviso thereto;
(xxviii)additional Investments in Unrestricted Subsidiaries not in excess of the greater of (a) $17,500,000 and (b) 10% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of such Investment; provided that if any Investment pursuant to this clause (xxviii) is made in any Person that is an Unrestricted Subsidiary of the Borrower at the date of the making of such Investment and such Person becomes a Converted Restricted Subsidiary after such date, such Investment shall, at the option of the Borrower, thereafter be deemed to have been made pursuant to clause (i) above and shall cease to have been made pursuant to this clause (xxviii) for so long as such Person continues to be a Restricted Subsidiary, it being understood and agreed that if such
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Restricted Subsidiary does not become a Credit Party, such Investment may only be deemed to have been made pursuant to clause (i) above if there is sufficient capacity in the basket set forth in the proviso thereto;
(xxix)other Investments; provided that after giving Pro Forma Effect to such Investments the Total Leverage Ratio of the Borrower is equal to or less than 5.50 to 1.00; and
(xxx)Investments undertaken in respect of any IPO Reorganization Transaction.
Permitted IPO Tax Distributions” shall mean after an IPO Reorganization Transaction pursuant to clause (a) of the definition thereof, distributions by the Borrower to an IPO Shell Company, the proceeds of which shall be used to pay (i) the tax liability for each relevant jurisdiction in respect of consolidated, combined or affiliated returns filed by or on behalf of the Borrower or such IPO Shell Company, (ii) franchise taxes and other fees, taxes and expenses required to maintain the corporate existence of the Borrower or such IPO Shell Company and (iii) payments pursuant to the terms of the Tax Receivable Agreements, if applicable.
Permitted Joint Venture” shall mean, with respect to any Person, a joint venture (which for the avoidance of doubt is not itself a Restricted Subsidiary) of such Person, which joint venture is engaged in a Similar Business and in respect of which the Borrower or a Restricted Subsidiary beneficially owns at least 20.0% of the shares of Equity Interests of such Person.
Permitted Liens” shall mean, with respect to any Person:
(i)pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws, or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness), or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety, stay, customs or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent or deposits made to secure obligations arising from contractual or warranty refunds, in each case, incurred in the ordinary course of business;
(ii)Liens imposed by law, such as carriers’, warehousemen’s, landlords’, materialmen’s, repairmen’s, mechanics’ and construction contractors’ Liens, in each case, for sums not yet overdue for a period of more than 60 days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review or if due and payable, are being contested in good faith by appropriate proceedings and for which adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP (or, for Foreign Subsidiaries, in conformity with generally accepted accounting principles that are applicable in their respective jurisdictions of organization);
(iii)Liens for taxes, assessments, or other governmental charges not yet overdue for a period of more than 60 days or which are being contested in good faith by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP (or, for Foreign Subsidiaries, in conformity with generally accepted accounting principles that are applicable in their respective jurisdictions of organization) or are not required to be paid pursuant to Section 8.11, or for property taxes on property of the Borrower or one of its
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Subsidiaries has determined to abandon if the sole recourse for such tax, assessment, charge, levy, or claim is to such property;
(iv)Liens on cash in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal or similar bonds or with respect to other regulatory requirements or letters of credit or bankers’ acceptances issued, and completion guarantees provided for, in each case pursuant to the request of and for the account of such Person in the ordinary course of its business;
(v)survey exceptions, encumbrances, ground leases, easements, or reservations of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines, and other similar purposes, or zoning, building codes, or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not incurred in connection with Indebtedness and which do not, in the aggregate, materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person, taken as a whole;
(vi)Liens securing Indebtedness permitted to be outstanding pursuant to the first paragraph of Section 10.1 and clause (a), (b), (d), (n), (r), (w), (x) or (y) of Section 10.1; provided that, (a) in the case of clause (d) of Section 10.1, such Lien may not extend to any property or equipment (or assets affixed or appurtenant thereto) other than the property or equipment being financed or refinanced under such clause (d) of Section 10.1, replacements of such property, equipment or assets, additions and accessions, and the income or proceeds thereof, and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender; (b) in the case of clause (r) of Section 10.1, such Lien may not extend to any assets other than the assets owned by the Restricted Subsidiaries incurring such Indebtedness; (c) in the case of Liens securing Indebtedness incurred pursuant to the first paragraph of Section 10.1, the applicable ratio set forth in the first paragraph of Section 10.1 with respect to the type of Indebtedness being secured shall be satisfied on a Pro Forma Basis; (d) in the case of clause (n) of Section 10.1, if such Indebtedness is Acquired Indebtedness, such Lien may only extend to the assets of the Person so acquired; (e) in the case of clause (b) of Section 10.1, such Lien may only extend to the Collateral and shall be subject to the Closing Date Intercreditor Agreement; and (f) to the extent not already provided above, if any of such Indebtedness is secured by the Collateral, the applicable Liens shall be subject to the First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or Other Acceptable Intercreditor Agreement, as applicable;
(vii)Liens existing on the Closing Date; provided that any Lien securing Indebtedness or other obligations in excess of (a) $10,000,000 individually or (b) $25,000,000 in the aggregate (when taken together with all other Liens securing obligations outstanding in reliance on this clause (b) that are not listed on Schedule 10.2) shall only be permitted under this clause (vii) if set forth on Schedule 10.2, and, in each case, any modifications, replacements, renewals, or extensions thereof;
(viii)Liens on property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming a Subsidiary; provided, further, however, that such Liens may not extend to any other property owned by the Borrower or any Restricted Subsidiary (other than, with respect to such Person, any replacements of such property or assets and additions and accessions thereto, after-acquired property
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subject to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property of such Person, and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition);
(ix)Liens on property at the time the Borrower or a Restricted Subsidiary acquired the property, including any acquisition by means of a merger or consolidation with or into the Borrower or any Restricted Subsidiary or the designation of an Unrestricted Subsidiary as a Restricted Subsidiary; provided that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition, merger, consolidation, or designation; provided, further, however, that such Liens may not extend to any other property owned by the Borrower or any Restricted Subsidiary (other than, with respect to such property, any replacements of such property or assets and additions and accessions thereto, after-acquired property subject to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition);
(x)Liens securing Indebtedness of the Borrower or a Restricted Subsidiary owing to the Borrower or another Restricted Subsidiary permitted to be incurred in accordance with Section 10.1; provided, that any Liens securing obligations of a Credit Party to a Restricted Subsidiary that is not a Credit Party shall be subordinated to the Liens securing the Obligations;
(xi)Liens securing Hedging Obligations and Cash Management Services so long as the related Indebtedness is, and is permitted hereunder to be, secured by a Lien on the same property securing such Hedging Obligations and Cash Management Services;
(xii)Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or letters of credit entered into in the ordinary course of business issued or created for the account of such Person to facilitate the purchase, shipment, or storage of such inventory or other goods;
(xiii)leases, subleases, licenses, or sublicenses, occupancy agreements or assignments (including of Intellectual Property, software and other technology licenses) granted to others in the ordinary course of business;
(xiv)Liens arising from Uniform Commercial Code financing statement filings regarding operating leases or consignments entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business;
(xv)Liens in favor of the Borrower or any other Guarantor;
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(xvi)Liens on equipment of the Borrower or any Restricted Subsidiary granted in the ordinary course of business to the Borrower’s or such Restricted Subsidiary’s client at which such equipment is located;
(xvii)Liens on accounts receivable and related assets sold, conveyed, assigned or otherwise transferred or purported to be sold, conveyed, assigned or otherwise transferred in connection with a Permitted Receivables Facility or the equity of a Receivables Subsidiary owned by another Receivables Subsidiary;
(xviii)Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (vi), (vii), (viii), (ix), (x), and (xv) of this definition of Permitted Liens; provided that (a) such new Lien shall be limited to all or part of the same property that secured (or, under the written arrangements under which the original Lien arose, could secure) the original Lien (plus improvements on such property), and (b) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (1) the outstanding principal amount or, if greater, the committed amount of the Indebtedness described under clauses (vi), (vii), (viii), (ix), (x), and (xv) at the time the original Lien became a Permitted Lien under this Agreement, and (2) an amount necessary to pay any fees and expenses, including premiums and accrued and unpaid interest, related to such refinancing, refunding, extension, renewal, or replacement;
(xix)deposits made or other security provided to secure liabilities to insurance carriers under insurance or self-insurance arrangements in the ordinary course of business;
(xx)other Liens securing obligations (including Capitalized Lease Obligations and/or, at the Borrower’s election, Permitted Other Indebtedness Obligations) which do not exceed the greater of (a) $87,500,000 and (b) 50% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of the incurrence of such Lien; provided that if any of such obligations are secured by the Collateral, the applicable Liens shall be subject to the First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or Other Acceptable Intercreditor Agreement, as applicable;
(xxi)Liens securing judgments for the payment of money not constituting an Event of Default under Section 11.5 or 11.10 and notices of lis pendens and associated rights related to litigation so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired;
(xxii)Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation and exportation of goods in the ordinary course of business;
(xxiii)Liens (a) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection, (b) attaching to pooling, commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, and (c) in favor of banking or other financial institutions or other electronic payment service providers arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking or finance industry;
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(xxiv)Liens deemed to exist in connection with Investments in repurchase agreements permitted under Section 10.1; provided that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement;
(xxv)Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;
(xxvi)Liens that are contractual rights of set-off (a) relating to the establishment of depository relations with banks or other Persons not given in connection with the issuance of Indebtedness, (b) relating to pooled deposits or sweep accounts of the Borrower or any of the Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower and the Restricted Subsidiaries, or (c) relating to purchase orders and other agreements entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business;
(xxvii)Liens (a) solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Agreement or (b) consisting of an agreement to dispose of any property pursuant to a disposition permitted hereunder;
(xxviii)rights reserved or vested in any Person by the terms of any lease, license, franchise, grant, or permit held by the Borrower or any of its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant, or permit, or to require annual or periodic payments as a condition to the continuance thereof;
(xxix)restrictive covenants affecting the use to which real property may be put; provided that the covenants are complied with;
(xxx)security given to a public utility or any municipality or governmental authority when required by such utility or authority in connection with the operations of that Person in the ordinary course of business;
(xxxi)zoning by-laws and other land use restrictions, including, without limitation, site plan agreements, development agreements, and contract zoning agreements;
(xxxii)Liens arising out of conditional sale, title retention, consignment, or similar arrangements for sale of goods entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business;
(xxxiii)Liens arising under the Security Documents;
(xxxiv)Liens on goods purchased in the ordinary course of business, the purchase price of which is financed by a documentary letter of credit issued for the account of the Borrower or any of its Subsidiaries;
(xxxv)any encumbrance or restriction (including put and call arrangements) with respect to capital stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement;
(xxxvi)Liens on cash or Cash Equivalents deposited in order to defease or to irrevocably satisfy and discharge Indebtedness pursuant to the terms of the agreements
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governing such Indebtedness; provided (a) such cash and/or Cash Equivalents are deposited into an account from which payment is to be made, directly or indirectly, to the Person or Persons holding the Indebtedness that is to be satisfied or discharged, (b) such Liens extend solely to the account in which such cash and/or Cash Equivalents are deposited and are solely in favor of the Person or Persons holding the Indebtedness (or any agent or trustee for such Person or Persons) that is to be satisfied or discharged, and (c) the satisfaction or discharge of such Indebtedness is expressly permitted hereunder;
(xxxvii)with respect to any Foreign Subsidiary, other Liens and privileges arising mandatorily by any Requirements of Law;
(xxxviii)to the extent pursuant to any Requirements of Law, Liens on cash or Cash Equivalents securing Hedging Obligations in the ordinary course of business;
(xxxix)    [Reserved];
(xl)Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;
(xli)with respect to any leasehold interest in Real Estate, Liens to which the fee simple interest or any other superior interest are subject;
(xlii)Liens on vehicles or equipment of the Borrower or any of the Restricted Subsidiaries granted in the ordinary course of business;
(xliii)Liens on the Equity Interests of Unrestricted Subsidiaries; and
(xliv)with respect to any Restricted Subsidiary that is not a Credit Party, Liens on the assets of such Restricted Subsidiary that secure obligations of such Restricted Subsidiary that are otherwise not prohibited by this Agreement.
For purposes of determining compliance with this definition, (A) a Lien need not be incurred solely by reference to one category of Permitted Liens described in this definition but is permitted to be incurred in part under any combination thereof and of any other available exemption, (B) in the event that a Lien (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens, the Borrower shall, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this definition (but no such classification or reclassification shall obviate the requirement to enter into and be subject to an intercreditor agreement if such Lien is on assets constituting Collateral), and (C) the principal amount of Indebtedness secured by a Lien outstanding under any category of Permitted Liens shall be determined after giving effect to the application of the proceeds of any such Indebtedness to refinance any such other Indebtedness.
For purposes of this definition, the term “Indebtedness” shall be deemed to include interest on, and fees, expenses and other obligations payable with respect to, such Indebtedness.
Permitted Other Indebtedness” shall mean subordinated or senior Indebtedness (which Indebtedness may (i) be unsecured, (ii) have the same lien priority as the First Lien Obligations (without regard to control of remedies), or (iii) be secured by a Lien ranking junior to the Lien securing the First Lien Obligations), in each case issued or incurred by the Borrower or a Guarantor, (a) the terms of which satisfy the Additional Debt Requirements, to the extent applicable and (b) of which no Subsidiary of the Borrower (other than a Guarantor) is an obligor. For the avoidance of doubt, any Indebtedness permitted to be incurred pursuant to Section 10.1
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that meets the criteria set forth in this definition shall, unless the Borrower elects otherwise, be deemed to be Permitted Other Indebtedness.
Permitted Other Indebtedness Documents” shall mean any document or instrument (including any guarantee, security agreement, or mortgage and which may include any or all of the Credit Documents) issued or executed and delivered with respect to any Permitted Other Indebtedness by any Credit Party.
Permitted Other Indebtedness Obligations” shall mean, if any Permitted Other Indebtedness is issued or incurred, all advances to, and debts, liabilities, obligations, covenants, and duties of, any Credit Party arising under any Permitted Other Indebtedness Document, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising, and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Permitted Other Indebtedness Obligations of the applicable Credit Parties under the Permitted Other Indebtedness Documents (and any of their Restricted Subsidiaries to the extent they have obligations under the Permitted Other Indebtedness Documents) include the obligation (including guarantee obligations) to pay principal, interest, charges, expenses, fees, attorney costs, indemnities, and other amounts payable by any such Credit Party under any Permitted Other Indebtedness Document.
Permitted Other Indebtedness Secured Parties” shall mean the holders from time to time of secured Permitted Other Indebtedness Obligations (and any representative on their behalf).
Permitted Other Provision” shall have the meaning provided in Section 2.14(g)(i).
Permitted Receivables Facility” shall mean a Receivables Facility that meets the following conditions:
(i)    all sales, conveyances, assignments or contributions of accounts receivable and related assets by the Borrower or any Restricted Subsidiary in connection with such Receivables Facility are made at fair market value;
(ii)    the Board of Directors of the Borrower has determined in good faith that such Receivables Facility (including financing terms, covenants, termination events and other provisions) is, in the aggregate, on market terms and economically fair and reasonable to the Borrower and the Restricted Subsidiaries at the time such Receivables Facility is first entered into;
(iii)    no portion of the Indebtedness or any other obligations (contingent or otherwise) under such Receivables Facility: (a) is guaranteed by the Borrower or any Restricted Subsidiary other than a Receivables Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (b) is recourse to or obligates the Borrower or any Restricted Subsidiary (other than a Receivables Subsidiary) in any way other than pursuant to Standard Securitization Undertakings or (c) subjects any property or asset of the Borrower or any Restricted Subsidiary (other than a Receivables Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings; and
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(iv)    the maximum permitted aggregate principal amount of such Receivables Facility, when taken together with the maximum permitted principal amount of all other outstanding Receivables Facilities, does not exceed the greater of (x) $50,000,000 and (y) 30% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of incurrence of such Receivables Facility.
The grant of a security interest (other than a precautionary grant) in any accounts receivable or related assets of the Borrower or any Restricted Subsidiary (other than a Receivables Subsidiary) to secure any Indebtedness will not be deemed a Permitted Receivables Facility.
Permitted Repricing Amendment” shall have the meaning provided in Section 13.1.
Permitted Sale Leaseback” shall mean any Sale Leaseback consummated by the Borrower or any of the Restricted Subsidiaries after the Closing Date; provided that any such Sale Leaseback not between the Borrower and a Restricted Subsidiary that is a Credit Party or between two Restricted Subsidiaries that are not Credit Parties is consummated for fair value as determined at the time of consummation in good faith by (i) the Borrower or such Restricted Subsidiary or (ii) in the case of any Sale Leaseback (or series of related Sale Leasebacks) the aggregate proceeds of which exceed the greater of (a) $26,250,000 and (b) 15% of Consolidated EBITDA (calculated on a Pro Forma Basis) at the time of the incurrence of such Sale Leaseback, the board of directors (or analogous governing body) of the Borrower or such Restricted Subsidiary (which such determination may take into account any retained interest or other Investment of the Borrower or such Restricted Subsidiary in connection with, and any other material economic terms of, such Sale Leaseback).
Permitted Tax Distributions” shall mean, for each tax period for which Holdings and any of its Subsidiaries are part of, or for which the income of Holdings and any of its Subsidiaries is included in, a consolidated, combined or similar group for foreign, federal, state or local income and similar tax purposes, an amount equal to the amount that the Borrower, the Restricted Subsidiaries and the Unrestricted Subsidiaries would have been required to pay in respect of such foreign, federal, state and local income and similar taxes for such fiscal year had the Borrower, the Restricted Subsidiaries and the Unrestricted Subsidiaries been a stand-alone taxpayer or stand-alone group (separate from any such direct or indirect parent company of the Borrower) for all fiscal years ending after the Closing Date; provided that, in the case of the Unrestricted Subsidiaries, the Borrower actually receives from such Unrestricted Subsidiaries an amount equal to the taxes attributable to the income of such Unrestricted Subsidiaries.
Person” shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust, or other enterprise or any Governmental Authority.
Plan” shall mean, other than any Multiemployer Plan, any employee benefit plan (as defined in Section 3(3) of ERISA), including any employee welfare benefit plan (as defined in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA), and any plan which is both an employee welfare benefit plan and an employee pension benefit plan, and in respect of which any Credit Party or, with respect to any such plan that is that is subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code, any ERISA Affiliate is (or, if such Plan were terminated, would under Section 4062 or Section 4069 of ERISA be reasonably likely to be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
Plan of Reorganization” shall have the meaning provided in Section 13.6(i)(iii).
Platform” shall have the meaning provided in Section 13.17(b).
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Pledge Agreement” shall mean the Pledge Agreement, entered into by the Credit Parties party thereto and the Collateral Agent for the benefit of the Secured Parties, substantially in the form of Exhibit C.
Post-Acquisition Period” shall mean, with respect to any Permitted Acquisition, the period beginning on the date such Permitted Acquisition is consummated and ending on the last day of the eighth full consecutive fiscal quarter immediately following the date on which such Permitted Acquisition is consummated.
Prepayment Event” shall mean any Asset Sale Prepayment Event, Debt Incurrence Prepayment Event, Casualty Event, or any Permitted Sale Leaseback.
primary obligor” shall have the meaning provided such term in the definition of Contingent Obligations.
Prime Rate” shall mean the “prime rate” referred to in the definition of ABR.
Pro Forma Adjustment” shall mean, for any Test Period that includes all or any part of a fiscal quarter included in any Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA of the Borrower, the pro forma increase or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, projected by the Borrower in good faith as a result of (i) actions taken during such Post-Acquisition Period for the purposes of realizing reasonably identifiable and factually supportable cost savings or (ii) any additional costs incurred during such Post-Acquisition Period, in each case, in connection with the combination of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations of the Borrower and the Restricted Subsidiaries; provided that (a) at the election of the Borrower, such Pro Forma Adjustment shall not be required to be determined for any Acquired Entity or Business or Converted Restricted Subsidiary to the extent the aggregate consideration paid in connection with such acquisition was less than $10,000,000; and (b) so long as such actions are taken during such Post-Acquisition Period or such costs are incurred during such Post-Acquisition Period, as applicable, it may be assumed, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, that the applicable amount of such cost savings will be realizable during the entirety of such Test Period, or the applicable amount of such additional costs, as applicable, will be incurred during the entirety of such Test Period; provided, further, that any such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, shall be without duplication for cost savings or additional costs already included in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, for such Test Period.
Pro Forma Basis,” “Pro Forma Compliance,” and “Pro Forma Effect” shall mean, with respect to compliance with any test, financial ratio, or covenant hereunder, that (i) to the extent applicable, the Pro Forma Adjustment shall have been made and (ii) all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such test or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (1) in the case of a sale, transfer, or other disposition of all or substantially all Capital Stock in any Subsidiary of the Borrower or any division, product line, or facility used for operations of the Borrower or any of its Subsidiaries, shall be excluded, and (2) in the case of a Permitted Acquisition or Investment described in the definition of Specified Transaction, shall be included, (b) any retirement of Indebtedness by the Borrower or any of the Restricted Subsidiaries, and (c) any incurrence or assumption of Indebtedness by the Borrower or any of the Restricted Subsidiaries in connection therewith (it being agreed that if such
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Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination); provided that, without limiting the application of the Pro Forma Adjustment pursuant to clause (a) above, the foregoing pro forma adjustments may be applied to any such test or covenant solely to the extent that such adjustments are consistent with the definition of Consolidated EBITDA and give effect to operating expense reductions that are (x)(1) directly attributable to such transaction, (2) expected to have a continuing impact on the Borrower or any of the other Restricted Subsidiaries, and (3) factually supportable or (y) otherwise consistent with the definition of Pro Forma Adjustment.
Pro Forma Entity” shall have the meaning provided in the definition of Acquired EBITDA.
Pro Forma Financial Statements” shall have the meaning provided in Section 6.12.
Prohibited Transaction” shall have the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the Code.
Projections” shall have the meaning provided in Section 9.1(c).
PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
Public Company Costs” shall mean costs relating to compliance with the provisions of the Securities Act and the Exchange Act, as applicable to companies with equity or debt securities held by the public, the rules of national securities exchange companies with listed equity or debt securities, directors’ or managers’ compensation, fees and expense reimbursement, costs relating to investor relations, shareholder meetings and reports to shareholders or debtholders, directors’ and officers’ insurance and other executive costs, legal, tax and other professional fees, and listing fees.
Purchase Money Obligations” shall mean any Indebtedness incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real or personal) or assets, and whether acquired through the direct acquisition of such property or assets or the acquisition of the Capital Stock of any Person owning such property or assets, or otherwise.
Qualified Proceeds” shall mean assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.
Qualified Stock” of any Person shall mean Capital Stock of such Person other than Disqualified Stock of such Person.
Quotation Day” shall mean, with respect to any LIBOR Loan for any Interest Period, two (2) Business Days prior to the commencement of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days); provided that to the extent such market practice is not administratively feasible for the Administrative Agent, then “Quotation Day” means such other day as otherwise reasonably determined by the Administrative Agent.
Real Estate” shall have the meaning provided in Section 9.1(f).
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Receivables Facility” shall mean any of one or more receivables financing facilities (and any guarantee of such financing facility), as amended, supplemented, modified, extended, renewed, restated, or refunded from time to time, pursuant to which the Borrower or any Restricted Subsidiary sells, directly or indirectly, grants a security interest in or otherwise transfers its accounts receivable and related assets to either (i) one or more Person that is not a Restricted Subsidiary or (ii) one or more Receivables Subsidiary that in turn funds such transfer by purporting to sell its accounts receivable and related assets to a Person that is not a Restricted Subsidiary or by borrowing from such a Person or from another Receivables Subsidiary that in turn funds itself by purporting to sell its accounts receivable and related assets to, or borrowing, from such a Person.
Receivables Fee” shall mean distributions or payments made directly or by means of discounts with respect to any accounts receivable or participation interest issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Permitted Receivables Facility.
Receivables Repurchase Obligation” shall mean any obligation of a seller of receivables in a Permitted Receivables Facility to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller.
Receivables Subsidiary” shall mean any Subsidiary (or another Person) formed solely for the purposes of engaging in a Permitted Receivables Facility with the Borrower or any Restricted Subsidiary and to which the Borrower or any Restricted Subsidiary transfers accounts receivable and related assets, which in each case engages only in activities reasonably related or incidental to the financing of accounts receivable and related assets of the Borrower or any Restricted Subsidiary, and which is designated by the Board of Directors of the Borrower as a Receivables Subsidiary, and:
(i)    with which neither the Borrower nor any Restricted Subsidiary (other than another Receivables Subsidiary) has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to the Borrower or such Restricted Subsidiary (other than another Receivables Subsidiary) than those that might be obtained at the time from Persons that are not Affiliates of the Borrower, other than with respect to Standard Securitization Undertakings; and
(ii)    to which neither the Borrower nor any other Restricted Subsidiary (other than another Receivables Subsidiary) has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results.
Refinanced Term Loans” shall have the meaning provided in Section 13.1.
Refinancing Indebtedness” shall have the meaning provided in Section 10.1(m).
Refunding Capital Stock” shall have the meaning provided in Section 10.5(b)(2).
Register” shall have the meaning provided in Section 13.6(b)(iv).
Regulation T” shall mean Regulation T of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.
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Regulation U” shall mean Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.
Regulation X” shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.
Reimbursement Date” shall have the meaning provided in Section 3.4(a).
Reinvestment Period” shall mean 540 days following the date of receipt of Net Cash Proceeds of an Asset Sale Prepayment Event, Casualty Event, or Permitted Sale Leaseback.
Rejection Notice” shall have the meaning provided in Section 5.2(f).
Related Business Assets” shall mean assets (other than cash or Cash Equivalents) used or useful in a Similar Business; provided that any assets received by the Borrower or the Restricted Subsidiaries in exchange for assets transferred by the Borrower or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.
Related Fund” shall mean, with respect to any Lender that is a Fund, any other Fund that is advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of such entity that administers, advises or manages such Lender.
Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the directors, officers, employees, agents, trustees, and advisors of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.
Release” shall mean any release, spill, emission, discharge, disposal, escaping, leaking, pumping, pouring, dumping, emptying, injection, or leaching into or migration through the environment.
Removal Effective Date” shall have the meaning provided in Section 12.9(b).
Repayment Amount” shall mean the Initial Term Loan Repayment Amount, a New Term Loan Repayment Amount with respect to any Series, or an Extended Term Loan Repayment Amount with respect to any Extension Series, as applicable.
Replacement Term Loan Commitment” shall mean the commitments of the Lenders to make Replacement Term Loans.
Replacement Term Loans” shall have the meaning provided in Section 13.1.
Reportable Event” shall mean any “reportable event”, as defined in Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code), other than those events as to which notice is waived pursuant to DOL Reg. § 4043.
Repricing Transaction” shall mean (i) the incurrence by the Borrower of any Indebtedness in the form of a similar term loan that is broadly syndicated to banks and other institutional investors (a) having an Effective Yield for the respective Type of such Indebtedness
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that is less than the Effective Yield for the Initial Term Loans of the respective equivalent Type, but excluding Indebtedness incurred in connection with an IPO, Change of Control or Transformative Event and (b) 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 Initial Term Loans or (ii) any effective reduction in the Effective Yield for the Initial Term Loans (e.g., by way of amendment, waiver or otherwise, it being understood that (x) any prepayment premium with respect to a Repricing Transaction shall apply to any required assignment by a non-consenting Lender in connection with any such amendment pursuant to Section 13.7 and (y) in each case, the yield shall exclude any structuring, commitment and arranger fees or other similar fees unless such similar fees are paid to all Lenders generally in the primary syndication of such new or replacement tranche of Term Loans), except for a reduction in connection with an IPO, Change of Control or Transformative Event. Any determination by the Administrative Agent with respect to whether a Repricing Transaction shall have occurred shall be conclusive and binding on all Lenders holding the Initial Term Loans.
Required Lenders” shall mean, at any date, Non-Defaulting Lenders having or holding more than 50.0% of the Dollar Equivalent of the sum of (i) the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated, Non-Defaulting Lenders having or holding more than 50.0% of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) in the aggregate at such date), (ii) the Adjusted Total Term Loan Commitment at such date and (iii) the aggregate outstanding principal amount of the Term Loans (excluding Term Loans held by Defaulting Lenders) at such date.
Required Revolving Credit Lenders” shall mean, at any date, Non-Defaulting Lenders holding more than 50.0% of the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, more than 50.0% of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) at such time).
Required Term Loan Lenders” shall mean, at any date, Non-Defaulting Lenders having or holding more than 50.0% of the sum of (i) the Adjusted Total Term Loan Commitment at such date and (ii) the aggregate outstanding principal amount of the Term Loans (excluding Term Loans held by Defaulting Lenders) at such date.
Requirements of Law” shall mean, as to any Person, the certificate of incorporation and by-laws 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 assets or to which such Person or any of its property or assets is subject.
Resignation Effective Date” shall have the meaning provided in Section 12.9(a).
Restricted Investment” shall mean an Investment other than a Permitted Investment.
Restricted Payment” shall have the meaning provided in Section 10.5(a).
Restricted Person” shall have the meaning provided in Section 13.16.
Restricted Subsidiary” of any Person shall mean and include any Subsidiary of such Person other than an Unrestricted Subsidiary. Unless otherwise expressly provided, all references herein to a Restricted Subsidiary shall mean a Restricted Subsidiary of the Borrower.