AMENDMENT NO. 5 TO CREDIT
AGREEMENT
This
Amendment No. 5 to Credit Agreement (this “
Amendment ”) is entered into as of August 28,
2009, by and among West Corporation, a Delaware corporation (the
“ Borrower ”), the Guarantors party hereto, the
Lenders party hereto and Wachovia Bank, National Association, as
administrative agent (in such capacity, the “
Administrative Agent ”).
WHEREAS,
the Borrower, the Lenders, the Administrative Agent, as successor
to Lehman Commercial Paper Inc., and other agents and parties party
thereto have entered into the Credit Agreement, dated as of
October 24, 2006, as amended by Amendment No. 1 on
February 14, 2007, as amended by Amendment No. 2 on
May 11, 2007, as amended by Amendment No. 3 on
May 16, 2008, as amended by Amendment No. 4 effective as
of August 10, 2009 (as further amended, restated, supplemented
or otherwise modified from time to time, the “ Credit
Agreement ”);
WHEREAS,
the Borrower desires to amend the Credit Agreement (such term and
other terms used in these Recitals and not otherwise defined having
the meaning set forth in Section 1 below) to extend the
maturity of certain of the Term B-2 Loans and make certain other
changes set forth herein;
WHEREAS,
each Term B-2 Lender who executes and delivers this Amendment as a
“Term B-4 Lender” has agreed to extend the maturity of
all or a portion of such Term B-2 Lender’s Term B-2 Loans in
accordance with the terms and subject to the conditions set forth
herein; and
WHEREAS,
each Lender who executes and delivers this Amendment has agreed to
amend the Loan Documents to reflect the terms set forth herein,
subject to the conditions set forth herein.
NOW,
THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which hereby are acknowledged, the parties hereto
hereby agree as follows:
1.
Definitions . Capitalized terms not otherwise defined in
this Amendment have the same meanings as specified in the Credit
Agreement.
2.
Amendments . The Credit Agreement is, effective as of the
Effective Date, hereby amended as follows:
(a) Section 1.01
is hereby amended as follows:
(i) The following
definitions shall be added in appropriate alphabetical order to
read as follows:
“‘
Additional Senior Secured Notes ’ means senior secured
notes (which notes may have the same lien priority as or junior
lien priority to the Obligations) to be issued by the Borrower at
any time and from time to time after the Amendment No. 5
Effective Date and any exchange notes issued in respect thereof on
substantially the same terms; provided that (i) such
Additional Senior Secured Notes mature no earlier than, and do not
require any scheduled amortization or other scheduled payments of
principal prior to, the date that is ninety one days following the
latest Maturity Date in effect at the time of incurrence (it being
understood that such Additional Senior Secured Notes may have
mandatory prepayment, repurchase or redemptions provisions
satisfying the requirement of
clause
(ii) hereof); (ii) such Additional Senior Secured Notes
have customary covenants, events of default, guarantees, collateral
and other terms (other than interest rate and redemption premiums),
which, taken as a whole, are not more restrictive to the Borrower
and the Subsidiaries than those in this Agreement, provided
that a certificate of a Responsible Officer delivered to the
Administrative Agent at least five Business Days prior to the
incurrence of such Additional Senior Secured Notes (or such shorter
period as the Administrative Agent may reasonably agree), together
with a reasonably detailed description of the material terms and
conditions of such Additional Senior Secured Notes or drafts of the
documentation relating thereto, stating that the Borrower has
determined in good faith that such terms and conditions satisfy the
foregoing requirement shall be conclusive evidence that such terms
and conditions satisfy the foregoing requirement unless the
Administrative Agent notifies the Borrower within such five
Business Day period that it disagrees with such determination
(including a reasonable description of the basis upon which it
disagrees); (iii) prior to and immediately after the
incurrence of such Additional Senior Secured Notes, no Default or
Event of Default shall exist; (iv) the Borrower shall be in
compliance with each of the covenants set forth in
Section 7.11 determined on a Pro Forma Basis as of the date of
incurrence of such Additional Senior Secured Notes and the last day
of the most recent Test Period, as if such Additional Senior
Secured Notes had been outstanding on the last day of such fiscal
quarter of the Borrower for testing compliance therewith;
(v) such Additional Senior Secured Notes shall be subject to
an Additional Senior Secured Notes Intercreditor Agreement; and
(vi) Net Cash Proceeds from the Additional Senior Secured
Notes shall be applied in accordance with
Section 2.05(b)(iii). The Additional Senior Secured Notes
shall be secured by the Collateral by amending or modifying the
Collateral Documents (which amendments or modifications may include
collateral trust arrangements pursuant to which a collateral
trustee replaces or is appointed by the Administrative Agent)
pursuant to amendments or modifications reasonably acceptable to
the Administrative Agent.”
“‘
Additional Senior Secured Notes Documentation ’ means
the Additional Senior Secured Notes, and all documents executed and
delivered with respect to the Additional Senior Secured
Notes.”
“‘
Additional Senior Secured Notes Intercreditor Agreement
’ means any Pari Passu Intercreditor Agreement and any Junior
Priority Intercreditor Agreement.”
“‘
Amendment No. 5 ’ means Amendment No. 5 to
this Agreement, dated as of August 28, 2009, among the
Borrower, the Subsidiary Borrowers and the Administrative
Agent.”
“‘
Amendment No. 5 Effective Date ’ has the meaning
specified in Amendment No. 5.”
“‘
Electing Lender ’ has the meaning specified in
Section 2.17(f)(i).”
“‘
Extended Revolving Credit Commitment ’ has the meaning
set forth in Section 2.17(b).”
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“‘
Extended Term Loan ’ has the meaning set forth in
Section 2.17(b).”
“‘
Extending Lender ’ has the meaning set forth in
Section 2.17.”
“‘
Extension ’ has the meaning set forth in
Section 2.17(a).”
“‘
Extension Amendment ” has the meaning set forth in
Section 2.17(a).”
“‘
Further Election ’ has the meaning specified in
Section 2.17(f)(i).”
“‘
Initial New Revolving Commitment ’ has the meaning set
forth in Section 2.17(f)(iii).”
“‘
Junior Priority Intercreditor Agreement ’ means a
customary intercreditor, collateral trust or other similar
agreement entered into in connection with the issuance of any
Additional Senior Secured Notes secured by Liens ranking junior to
the Liens securing the Obligations, that provides, for terms
substantially similar to those set forth on Exhibit M to this
Agreement, with such changes (so long as such changes, taken as a
whole, are not materially adverse to the Lenders), if any, as may
be reasonably satisfactory to the Administrative
Agent.”
“‘
New Revolving Amount ’ has the meaning specified in
Section 2.17(f)(i).”
“‘
New Revolving Commitment Lenders ’ has the meaning
specified in Section 2.17(f)(i).”
“‘
New Revolving Credit Commitment ’ has the meaning
specified in Section 2.17(f)(i).”
“‘
Non-Electing Lender ’ has the meaning specified in
Section 2.17(f)(i).”
“‘
Pari Passu Intercreditor Agreement ’ means an
intercreditor, collateral trust or other similar agreement,
substantially in the form of Exhibit N, entered into in
connection with the issuance of any Additional Senior Secured Notes
secured by Liens ranking pari passu to the Liens securing the
Obligations, appropriately modified to reflect the terms of the
applicable issue of Additional Senior Secured Notes and with such
other changes (so long as such changes, taken as a whole, are not
materially adverse to the Lenders), if any, as may be reasonably
satisfactory to the Administrative Agent.”
“‘
Post Effectiveness ’ has the meaning specified in
Section 2.17(f)(ii).”
“‘
Pre-Effectiveness ’ has the meaning specified in
Section 2.17(f)(ii).”
“‘
Pro Rata Extension Offer ’ has the meaning set forth
in Section 2.17.”
“‘
Revolving Pro Rata Extension Offers ’ has the meaning
specified in Section 2.17(a).”
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“‘
Term B-4 Base Rate Loan ’ mean a Base Rate Loan
designated as such pursuant to Section 4 of Amendment
No. 5.”
“‘
Term B-4 Eurocurrency Rate Loan ’ mean a Eurocurrency
Rate Loan designated as such pursuant to Section 4 of
Amendment No. 5.”
“‘
Term B-4 Lender ’ means, at any time, any Lender that
has a Term B-4 Loan Commitment or a Term B-4 Loan at such
time.”
“‘
Term B-4 Loan ’ means any Term B-4 Base Rate Loan or
any Term B-4 Eurocurrency Rate Loan, as
applicable.”
“‘
Term B-4 Loan Commitment ’ means, as to each Term B-4
Lender, its obligation to exchange and convert Term B-2 Loans for
and into Term B-4 Loans pursuant to Section 2.17(a) in an
aggregate amount not to exceed the amount set forth in such Term
B-4 Lender’s Lender Addendum delivered by such Term B-4
Lender on the Amendment No. 5 Effective Date as provided in
Amendment No. 5, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement. The aggregate
Term B-4 Commitments of all Term B-4 Lenders on the Amendment
No. 5 Effective Date is $750,000,000.”
“‘
Term B-4 Note ’ means a promissory note of the
Borrower and the Subsidiary Borrowers payable to any Term B-4
Lender or its registered assigns, in substantially the form of
Annex B to Amendment No. 5, evidencing the aggregate
Indebtedness of the Borrower and the Subsidiary Borrowers (which
shall be allocated among them ratably in accordance with the
Designated Amounts) to such Term B-4 Lender resulting from the Term
B-4 Loans made or held by such Term B-4 Lender.”
“‘
Term Pro Rata Extension Offers ’ has the meaning
specified in Section 2.17(a).”
(ii) The
definition of “Applicable Rate” is hereby amended by
(1) renumbering the existing clause (c) as clause
(d) and (2) inserting the following as a new clause (c)
thereof:
“(c) with
respect to Term B-4 Loans, (i) commencing on the Amendment
No. 5 Effective Date, (A) for Eurocurrency Rate Loans,
3.875% and (B) for Base Rate Loans, 2.875% and
(ii) thereafter, the following percentages per annum based on
the Borrower’s Corporate Family Rating from Moody’s and
Issuer Credit Rating from S&P as set forth below:
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Applicable Rate
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Eurocurrency
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Pricing Level
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Rating
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Rate
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Base Rate
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B1 or higher by
Moody’s and B+ or higher by S&P
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3.625
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%
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2.625
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%
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Less than
Pricing Level 1 but at least B2 by Moody’s and B by
S&P
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3.875
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%
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2.875
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%
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B3 or lower by
Moody’s or B- or lower by S&P
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4.25
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%
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3.25
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%
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Changes in the
Applicable Rate for Term B-4 Loans resulting from changes in
ratings by Moody’s or S&P shall become effective on the
Business Day following the public announcement of such new rating.
If one or more of such rating agencies shall not have in effect a
Corporate Family Rating or an Issuer Credit Rating, as applicable
(other than by reason of the circumstances referred to in the
following sentence), then the rating assigned by the other rating
agency shall be used to establish the Applicable Rate for the Term
B-4 Loans. If the rating system of Moody’s or S&P shall
change, or if either rating agency shall cease to be in the
business of providing corporate ratings, the Borrower and the
Administrative Agent shall negotiate in good faith to amend this
definition to reflect such changed rating system or the
unavailability of ratings from such rating agency and, pending the
effectiveness of any such amendment, the rating of such rating
agency shall be determined by reference to the rating most recently
in effect prior to such change or cessation. At the option of the
Administrative Agent or the Required Lenders, the highest Pricing
Level shall apply as of the first Business Day after an Event of
Default under Section 8.01 (a) shall have occurred and be
continuing, and shall continue to so apply to but excluding the
date on which such Event of Default is cured or waived (and
thereafter the Pricing Level otherwise determined in accordance
with this definition shall apply).”
(iii) Clause
(c) of the definition of “Change of Control” is
hereby amended by adding the words “, any Additional Senior
Secured Notes” after the words “pertaining to the New
Notes”.
(iv) The
definition of “Class” is hereby amended by amending and
restating in its entirety as follows:
“‘
Class ’ (a) when used with respect to Lenders,
refers to whether such Lenders are Revolving Credit Lenders,
Existing Term Lenders, Term B-2 Lenders, Incremental Term B-3
Lenders, Term B-4 Lenders, Extending Lenders with Extended Term
Loans or Extended Lenders with Extended Revolving Credit
Commitments, (b) when used with respect to Commitments, refers
to whether such Commitments are Revolving Credit Commitments, Term
B-2 Commitments, Incremental Term B-3 Commitments, Term B-4
Commitment, any commitments in respect of any Extended Term Loans
or any Extended Revolving Credit Commitments and (c) when used
with respect to Loans or a Borrowing,
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refers to
whether such Loans, or the Loans comprising such Borrowing, are
Revolving Credit Loans, Existing Term Loans, Term B-2 Loans,
Incremental Term B-3 Loans, Term B-4 Loans, Extended Term Loans or
Loans in respect of Extended Revolving Credit
Commitments.”
(v) The definition
of “Consolidated Senior Secured Debt” is hereby amended
by amending and restating in its entirety as follows:
“‘
Consolidated Senior Secured Debt ’ means, as of any
date of determination, the outstanding principal amount, without
duplication, of (a) all Indebtedness under the Facility,
(b) all other Consolidated Total Debt permitted under
Sections 7.03(b)(i), (e), (h), (n) and (s) and any
Guarantee under Section 7.03(c) in respect of such
Consolidated Total Debt, in each case, that is secured by a Lien
and (c) any Additional Senior Secured Notes.”
(vi) The
definition of “Designated Amount” is hereby amended by
inserting after “Term B-2 Loans” in clause
(a) thereof the words “and any Term B-4 Loans issued in
exchange therefor, determined based on the aggregate principal
amount of all Term B-2 Loans, Term B-4 Loans and any Extended Term
Loans with respect to the aforementioned”
(vii) The
definition of “Facility” is hereby amended by amending
and restating in its entirety as follows:
“‘
Facility ’ means the Existing Term Loans, the Term B-2
Loans, the Incremental Term B-3 Loans, the Term B-4 Loans, any
Extended Term Loans, the Revolving Credit Facility, a facility
comprised of Extended Revolving Credit Commitments, the Swing Line
Sublimit or the Letter of Credit Sublimit, as the context may
require.”
(viii) The
definition of “Lender Addendum” is hereby amended by
amending and restating in its entirety as follows:
““
Lender Addendum ” means, with respect to any
applicable Lender, (i) a Lender Addendum, substantially in the
form of Exhibit K, executed and delivered by such Lender on
the Closing Date as provided in Section 10.23, (ii) a
Lender Addendum, substantially in the form of Annex D to Amendment
No. 1, executed and delivered by such Lender on the Amendment
No. 1 Effective Date as provided in Amendment No. 1,
(iii) a Lender Addendum, substantially in the form of Annex B
to Amendment No. 2, executed and delivered by such Lender on
the Amendment No. 2 Effective Date as provided in Amendment
No. 2, (iv) a Lender Addendum, substantially in the form
of Annex C to Amendment No. 3, executed and delivered by such
Lender on the Amendment No. 3 Effective Date as provided in
Amendment No. 3 or (v) a Lender Addendum, substantially
in the form of Annex A to Amendment No. 5, executed and
delivered by such Lender on the Amendment No. 5 Effective Date
as provided in Amendment No. 5.”
(ix) The
definition of “Maturity Date” is hereby amended by
amending and restating in its entirety as follows:
“‘
Maturity Date ’ means (a) with respect to the
Revolving Credit Facility, October 24, 2012, (b) with
respect to the Existing Term Loans, the Term B-2
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Loans and the
Incremental Term B-3 Loans, October 24, 2013 and (c) with
respect to the Term B-4 Loans, July 15, 2016; provided
, however , that such date with respect to the Term B-4
Loans shall automatically become July 15, 2014 if, (i) as
of such date, more than $50.0 million in aggregate principal
amount of the Senior Notes remains outstanding and (ii) the
Senior Secured Leverage Ratio ( provided that for the
purpose of calculating the Senior Secured Leverage Ratio
Consolidated Senior Secured Debt shall be calculated net of
unrestricted cash and cash equivalents as contemplated by clause
(b) of the definition of “Consolidated Total Debt”,
without duplication of any amounts already deducted in arriving at
such Consolidated Senior Secured Debt) as of the last day of the
most recent Test Period for which financial statements have been
delivered under Section 6.01(a) or (b), as applicable, is
greater than 2.8 to 1.0.”
(x) The definition
of “Term Commitment” is hereby amended by amending and
restating in its entirety as follows:
“‘
Term Commitment ’ means any Term B-2 Commitment,
Incremental Term Loan Commitment, Incremental Term B-3 Loan
Commitment, Term B-4 Loan Commitment or any commitment in respect
of Extended Term Loans.”
(xi) The
definition of “Term Lender” is hereby amended by
amending and restating in its entirety as follows:
“‘
Term Lender ’ means any Existing Term Lender, any Term
B-2 Lender, any Incremental Term B-3 Lender, any Term B-4 Lender or
any Extending Lender, as applicable.”
(xii) The
definition of “Term Loan” is hereby amended by amending
and restating in its entirety as follows:
“‘
Term Loan ’ means any Existing Term Loan, any Term B-2
Loan, any Incremental Term B-3 Loan, any Term B-4 Loan or any
Extended Term Loan, as applicable.”
(xiii) The
definition of “Term Note” is hereby amended by amending
and restating in its entirety as follows:
“‘
Term Note ’ means any Existing Term Note, any Term B-2
Note, any Incremental Term B-3 Note or any Term B-4 Note, as
applicable.”
(b)
Section 2.05 is hereby amended as follows:
(i)
Section 2.05(a)(i) is hereby amended by inserting the
following at the end of such clause: “In the event that, on
or prior to the second anniversary of the Amendment No. 5
Effective Date, there shall occur any amendment, amendment and
restatement or other modification of this Agreement which reduces
the Applicable Rate with respect to the Term B-4 Loans (other than
the replacement of Term B-4 Loans with Extended Term Loans) or any
optional prepayment or refinancing of the Term B-4 Loans (other
than a refinancing in full of all of the Facilities) with proceeds
of the substantially concurrent incurrence of new term loans having
lower applicable rates (after giving effect to any premiums,
upfront or similar fees or original issue discount paid on such new
term loans) than the Applicable Rate for the Term B-4 Loans as of
the Amendment
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No. 5
Effective Date, each such amendment, amendment and restatement,
modification, prepayment or refinancing, as the case may be, shall
be accompanied by a fee or prepayment premium, as applicable, equal
to 1.0% of the principal amount of Term B-4 Loans outstanding on
the effective date of such amendment or that are repaid or
refinanced, as applicable. Notwithstanding the foregoing, the
Borrower may not prepay Term B-4 Loans or any Extended Term Loans
unless such prepayment is accompanied by a pro rata prepayment of
Term B-2 Loans or Term Loans of the Class from which such Extended
Term Loans were converted (or such Term Loans of such Class have
otherwise been repaid in full); provided that for the
avoidance of doubt the Borrower may prepay Term Loans other than
Term B-4 Loans without a pro rata prepayment of the Term B-4 Loans,
and may prepay Term Loans of another Class from which Extended Term
Loans may be converted without a pro rata prepayment of such
Extended Term Loans”;
(ii)
Section 2.05(b)(iii) is hereby amended by inserting after
“Section 7.03” the words “or issues or
incurs Indebtedness in respect of Additional Senior Secured Notes
pursuant to Section 7.03(v)”; and
(iii)
Section 2.05(b)(v) is hereby amended by inserting after
“applied” the words “in respect of prepayments
pursuant to Section 2.05(b) (other than prepayments pursuant
to Section 2.05(b)(iii) in respect of the issuance or
incurrence of Indebtedness in respect of Additional Senior Secured
Notes pursuant to Section 7.03(v)), to prepay the Term Loans
pro rata across each Class, and in respect of mandatory prepayments
required pursuant to Section 2.05(b)(iii) in respect of the
issuance or incurrence of Indebtedness in respect of Additional
Senior Secured Notes pursuant to Section 7.03(v), at the
direction of the Borrower either (A) first to prepay the Term
Loans with the earliest Maturity Date pro rata across all such Term
Loans having such identical Maturity Date, and thereafter to prepay
the remaining Term Loans pro rata across each Class of such Term
Loans or (B) to prepay the Term Loans pro rata across each
Class, in each case, applied”.
(c)
Section 2.07(a) is hereby amended by (i) inserting after
each instance of “Term B-2 Loans” the words “and
Term B-4 Loans (or related predecessor Loans)” and
(ii) inserting “applicable” prior to each instance
of “Term Loans”.
(d)
Section 2.14(a) is hereby amended by inserting “(other
than, for the avoidance of doubt those established in respect of
Extended Term Loans or Extended Revolving Credit Commitments
pursuant to Section 2.17)” following
“Increases” in the last sentence of such
Section.
(e)
Article II is hereby amended by inserting the following new
Section 2.17 at the end thereof:
“Section 2.17
Extension Offers .
(a) Pursuant to
one or more offers made from time to time by the Borrower to all
Term Lenders holding Term Loans of a specified Class(es) with
notice to the Administrative Agent, on a pro rata basis (based on
the aggregate outstanding Term Loans) and on the same terms
(‘ Term Pro Rata Extension Offers ’), the
Borrower is hereby permitted to consummate transactions with
individual Term Lenders from time to time to extend the maturity
date of such Lender’s Term Loans and to otherwise modify the
terms of such Lender’s Term Loans pursuant to the terms of
the relevant Term Pro Rata Extension Offer (including without
limitation increasing the interest rate or fees payable in respect
of such Lender’s Term Loans and/or modifying the amortization
schedule in respect of such Lender’s Term Loans). Pursuant to
one or more offers made from time to time
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by the Borrower
to all Revolving Credit Lenders with notice to the Administrative
Agent, on a pro rata basis (based on the aggregate outstanding
Revolving Credit Commitments) and on the same terms (‘
Revolving Pro Rata Extension Offers ’ and, together
with Term Pro Rata Extension Offers, ‘ Pro Rata Extension
Offers ’), the Borrower is hereby permitted to consummate
transactions with individual Revolving Credit Lenders from time to
time to extend the maturity date of such Lender’s Revolving
Credit Commitments and to otherwise modify the terms of such
Lender’s Revolving Credit Commitments pursuant to the terms
of the relevant Revolving Pro Rata Extension Offer (including
without limitation increasing the interest rate or fees payable in
respect of such Lender’s Revolving Credit Commitments). For
the avoidance of doubt, the reference to “on the same
terms” in the preceding sentences shall mean, (i) when
comparing Term Pro Rata Extension Offers, that the Term Loans are
offered to be extended for the same amount of time and that the
interest rate changes and fees payable in respect thereto are the
same and (ii) when comparing Revolving Pro Rata Extension
Offers, that the Revolving Credit Commitments are offered to be
extended for the same amount of time and that the interest rate
changes and fees payable in respect thereto are the same. Any such
extension (an ‘ Extension ’) agreed to between
the Borrower and any such Lender (an ‘ Extending
Lender ’) will be established under this Agreement
pursuant to an amendment (an ‘ Extension
Amendment’ ) to this Agreement and, as appropriate, the
other Loan Documents, executed by the Borrower, each Extending
Lender and the Administrative Agent (which Extension Amendment, for
the avoidance of doubt, shall not require the consent of any other
Lender).
(b) Each Extension
Amendment shall specify the terms of the applicable extended Term
Loan (any such extended Term Loan, an ‘ Extended Term
Loan
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