EX-10.1 2 ex10-1.htm

 

表现出 10.1

 

第二 对信贷协议和担保的修正

 

信贷协议和担保的第二修正案(这件事“修正案“),日期为2024年10月25日( “第二修正案生效日期“),由哈罗公司和哈罗公司签订。(前身为哈罗健康, Inc.),特拉华州的一家公司(The“借款人“)、担保人(如所述信贷协议中的定义 在本合同签字页上注明的贷款人(如下文所述的信贷协议中所定义的) 本合同的签名页(每一页都有一个“出借人,以及集体而言,出借人“)、 和橡树基金管理有限责任公司,作为贷款人的行政代理(以这种身份,管理代理”).

 

目击者

 

鉴于, 借款人、不时的担保人、不时的贷款人和行政代理人 是该特定信贷协议和担保的当事人,日期为2023年3月27日(经该特定第一修正案修订) 信贷协议、担保和同意,日期为2023年7月18日,并经进一步修订、重述、补充或以其他方式修改 在紧接本修订之前不时作出修订)(“现有信贷协议、“和现有贷方 经修改的协议,“信贷协议”);

 

鉴于, 借款人已要求行政代理和贷款人同意对现有信贷协议的某些修改, 在本修正案中有更全面的规定;

 

鉴于, 根据本文规定的条款和条件,行政代理和贷款人愿意修改现有的信贷协议 受本修正案中规定的条款和条件的约束。

 

现在, 因此考虑到上述内容和本文所载的相互契约,以及其他良好且有价值的考虑, 兹确认其已收到且充分性,双方特此协议如下:

 

1. 定义 方面。本文中使用的所有未定义的初始大写术语(包括前言和背诵)应具有 信贷协议中赋予该条款的含义。

 

2. 修正案 现有信贷协议。以行政代理和贷款人的满意(或书面豁免)为条件 中规定的先例条件第3节在此,现有的信贷协议(包括其附表1,但不包括其他 附表和附件)应予以修改,以删除受打击的案文(以与 下面是一个例子:被删除的文本),并添加加粗和双下划线的文本(注明 以与以下示例相同的方式显示文本:粗体和双下划线 文本),载于所附信贷协议的各页附件A 到此为止。

 

3. 借款人:哈罗, Inc.

 

一 特拉华州公司

 

1

 

 

作者: /s/ 安德鲁·博尔;

 

姓名: 安德鲁 铃标题:

 

首席 财务官兼公司秘书

 

担保人哈罗 IP,LLC一 特拉华州有限责任公司

 

4. 视觉学 股票有限责任公司一 特拉华州有限责任公司

 

视觉学, Inc.

 

一 特拉华州公司

 

2

 

 

5. 视觉学 MSO,Inc.一 特拉华州公司作者: , 14.10, 14.11/s/ 安德鲁·R铃14.18标题: 首席 财务官兼公司秘书.

 

6. 鱼叉 IP,LLC一 特拉华州有限责任公司

 

7. 作者: /s/ 安德鲁·R铃

 

8. 姓名: 安德鲁 R.铃标题: 副 总统

 

9. IMPRIMISX, LLC一 特拉华州有限责任公司

 

10. IMPRIMIS NJOF,LLC一 新泽西州有限责任公司

 

11. IMPRIMISX 新泽西州有限责任公司一 新泽西州有限责任公司

 

12. IMPIRMISX 纳什维尔,LLC一 特拉华州有限责任公司

 

作者:

 

3

 

 

/s/约翰·萨哈雷克

 

  姓名:
   
  约翰 萨哈雷克,
  标题:
   
  总裁 行政 代理人:
  Oaktree 基金管理有限责任公司 作者:
     
  Oaktree 资本管理公司,LP 其:
     
  管理 构件
   
  作者: ,
  /s/ 玛丽·加莱利
   
  姓名: ,
  玛丽 加莱利
   
  标题: ,
  管理 主任
   
  作者: ,
  /s/ 杰西克·东布罗夫
     
  姓名: 杰西卡 东布罗夫
  标题: 高级 副总裁
     
  贷款人:
  INPPA 战略信贷控股有限责任公司
     
  作者: Oaktree 资本管理公司,LP
  其: 经理
  作者: /s/ 玛丽·加莱利
     
  姓名:
  玛丽 加莱利
   
  标题:
  管理 主任
   
  作者:
  /s/ 杰西克·东布罗夫
   
  姓名:
  杰西卡 东布罗夫
     
  标题: 高级 副总裁
  Oaktree 特殊贷款公司 作者:
  Oaktree 基金顾问有限责任公司 其:

 

  投资 顾问
   
  作者:
     
  /s/ 玛丽·加莱利 姓名:
  玛丽 加莱利 标题:
     
  管理 主任 作者:
  /s/ 杰西克·东布罗夫 姓名:
  杰西卡 东布罗夫 标题:
     
  高级 副总裁 Oaktree 战略信贷基金
  作者: Oaktree 基金顾问有限责任公司
  其: 投资 顾问

 

4

 

 

  作者:
   
  /s/ 玛丽·加莱利
     
  姓名: 玛丽 加莱利
  标题: 管理 主任
     
  作者: /s/ 杰西克·东布罗夫
  姓名: 杰西卡 东布罗夫
  标题: 高级 副总裁
     
  Oaktree 66号公路多战略基金,LP 作者:
  Oaktree 66号公路多策略基金GP,LP 其:
  一般 伙伴 作者:
     
  Oaktree 66号公路多策略基金GP有限公司
     
  其: 一般 伙伴
  作者: Oaktree 资本管理公司,LP
     
  其: 主任
  作者: /s/ 玛丽·加莱利
  姓名: 玛丽 加莱利
     
  标题: 管理 主任
  作者: /s/ 杰西克·东布罗夫
  姓名: 杰西卡 东布罗夫
     
  标题:
     
  高级 副总裁 Oaktree AZ战略贷款基金,LP
  作者: Oaktree AZ战略贷款基金GP,LP
     
  其: 一般 伙伴
  作者: Oaktree 基金GP EIA,LLC
  其: 一般 伙伴
     
  作者: Oaktree 基金GP II,LP
  其: 管理 构件
  作者: /s/ 玛丽·加莱利

 

5

 

 

  姓名:
     
  玛丽 加莱利 标题:
  授权 签署国 作者:
     
  /s/ 杰西卡·东布罗夫 姓名:
  杰西卡 东布罗夫 标题:
     
  授权 签署国 Oaktree LSL基金持有量
  欧元RC S. CLARRL 作者:
     
  /s/ 马丁·埃克尔 姓名:
  马丁 Eckel 标题:
  经理 作者:
     
  /s/ 雨果·弗罗曼特 姓名:
  雨果 Froment 标题:
  经理 Oaktree LSL基金DELAWARE控股EURRC,LP
     
  作者:
     
  Oaktree 生命科学贷款基金GP,LP 其:
  一般 伙伴 作者:
     
  Oaktree 生命科学贷款基金GP有限公司 其:
  一般 伙伴 作者:
     
  Oaktree 资本管理公司,LP 其:
  主任 作者:
     
  /s/ 玛丽·加莱利 姓名:
  玛丽 加莱利 标题:
  管理 主任 作者:
     
  /s/ 杰西卡·东布罗夫 姓名:
  杰西卡 东布罗夫 标题:
  高级 副总裁 符合 通过2024年10月25日第二修正案

 

6

 

 

  附件 一
  修订 信贷协议
     
  信用 保证和保证 日 截至2023年3月27日,
  作为 经信贷协议和担保的某些第一修正案修订 日 截至2023年7月18日,并经信贷第二修正案修订
  协议和保证日期为2024年10月25日 通过 和之间
     
  哈罗, 公司, 作为 借款人,
  的 附属担保人从时间到时间的派对到此为止, 作为 担保人,
  的 从时间到时间派对的贷方如下, 作为 贷方,
     
 
     
  Oaktree 基金管理有限责任公司 作为 管理代理
  美国 107,500,000美元 表 内容
     
  页面 部分 1.定义
  某些 定义的术语 会计 条款和原则
     
  释义
  货币 一般 第2款.承诺和贷款
     
  贷款 借贷 程序
  资金 借款 注意到
  使用 所得 承诺 费
     
  违约 贷方。 部分 3.本金和利息等的支付
  定于 还款和预付款一般;应用 利息
  提前还款 承诺 终止

 

7

 

 

出口 费

 

原始 发行折价

 

部分 4.支付等

 

 

 

 

 

 

付款

 

计算

抵销

部分 5.产量保护、税收等
额外 成本

 

[预留]

 

税费

缓解 义务;贷款人的更换

 

无法 确定费率

生死存亡

 

部分 6.条件

条件 截止认购日

 

条件 到b部分定期贷款的借款

 

条件 到增量A部分定期贷款的借款

部分 7.陈述和保证

 

功率 和权威

 

 

 

-ii-

 

 

授权; 执行性

 

      政府 和其他批准;没有冲突
金融 声明;重大不利变更 1
  1.01 属性 1
  1.02 没有 诉讼或程序 43
  1.03 合规 有法律和协议 43
  1.04 表 内容 45
  1.05 (续) 45
       
税费 45
  2.01 充分 公开 45
  2.02 投资 公司法与保证金股票监管 46
  2.03 偿付能力 46
  2.04 附属公司 46
  2.05 排除 附属公司 46
  2.06 材料 协定 47
  2.07 限制性 协定 48
       
房 财产 48
  3.01 养老 事项 48
  3.02 监管 批准 49
  3.03 [预留] 49
  3.04 外国资产管制处; 反恐法律 53
  3.05 反腐倡廉 53
  3.06 优先 义务 53
       
版税 和其他款项 53
  4.01 竞业禁止 53
  4.02 报销 来自医疗报销计划 55
  4.03 部分 8.附属公约 55
       
金融 报表及其他资料 56
  5.01 通知 对重大事件 56
  5.02 存在 57
  5.03 支付 义务 57
  5.04 保险 61
  5.05 书 和记录;检查权 62
  5.06 合规 承担法律和其他义务 63
       
维护 财产等。 64
  6.01 政府 许可证 64
  6.02 使用 所得 68
  6.03 某些 尊重子公司的义务;进一步的保证 69
       
终止 不允许的优先权 70
  7.01 板 材料;收件箱电话 70
  7.02 维护 监管批准、合同、知识产权等 71
  7.03 ERISA 合规和养老金计划 71
  7.04 现金 管理 71
  7.05 收市后 义务 71
  7.06 认股权证 73
  7.07 某些 附加收件箱权利(VCOC) 74

 

-i-

 

 

部分 9.否定契诺

负债

 

  7.08 留置权 75
  7.09 基本 变更和收购 75
  7.10 线 业务 76
  7.11 投资 76
  7.12 限制 付款 76
  7.13 目录 76
  7.14 (续) 76
  7.15 付款 负债 76
  7.16 变化 财年 77
  7.17 销售 资产等 77
  7.18 交易 与联属公司 77
  7.19 限制性 协定 79
  7.20 修改 重大协议和组织文件的终止 79
  7.21 出境 许可证 79
  7.22 销售 和回租 79
  7.23 危险 材料 79
  7.24 会计 变化 80
  7.25 合规 与ERISA 80
       
制裁; 收益的反腐败使用 80
  8.01 部分 10.财务契诺 80
  8.02 最小 流动性 83
  8.03 最小 净收入 84
  8.04 部分 11.违约事件 85
  8.05 事件 违约 85
  8.06 补救措施 85
  8.07 额外 补救办法 86
  8.08 最小 净收入契约治愈 86
  8.09 支付 收益率保护溢价和退出费 86
  8.10 部分 12.管理代理 86
  8.11 任命 和义务 86
  8.12 结合 效果 88
  8.13 使用 自由裁量 88
  8.14 代表团 权利和义务 89
  8.15 依赖 和责任 89
  8.16 行政 代理人单独 89
  8.17 贷款人 信贷决策 90
  8.18 费用; 赔款 91
  8.19 辞职 行政代理 92
       
释放 抵押品或担保人 92
  9.01 额外 担保方 90
  9.02 剂 可以提交索赔证明 95
  9.03 确认 贷款人 98
  9.04 部分 13.担保 99
  9.05 的 担保 99
  9.06 义务 无条件 102

 

-ii-

 

 

放电 仅在全额付款后。

额外 豁免;一般豁免。

 

  9.07 复职 103
  9.08 代位权 103
  9.09 补救措施 103
  9.10 仪器 支付款项 105
  9.11 继续 保证 105
  9.12 目录 106
  9.13 (续) 106
  9.14 一般 担保义务的限制 106
  9.15 部分 14.杂项 106
  9.16 没有 放弃 107
  9.17 通告 107
  9.18 费用, 赔偿等 107
       
修正案, 等 107
  10.01 接班人 和受让人 107
  10.02 生死存亡 107
       
标题 108
  11.01 同行, 有效性 108
  11.02 理事 法 111
  11.03 管辖权, 流程和场地服务 112
  11.04 放弃 陪审团审判 113
  11.05 放弃 豁免 114
       
整个 协议 115
  12.01 可分割性 115
  12.02 没有 受信关系 116
  12.03 保密性 116
  12.04 兴趣 速率限制 117
  12.05 判断 货币 117
  12.06 美国 爱国者法案 119
  12.07 确认 并同意对受影响的金融机构进行救助 119
  12.08 某些 ERISA很重要 119
  12.09 时间表 和展品 120
  12.10 附表 1 121
  12.11 贷款 附表 122
  12.12 附表 2 122
  12.13 最小 净收入 123
       
附表 4 127
  13.01 产品 127
  13.02 附表 5 129
  13.03 再融资 设施 123
  13.04 附表 7.05(b) 130
  13.05 某些 知识产权 131
  13.06 附表 7.06(a) 131
  13.07 诉讼 132
  13.08 附表 7.06(c) 132
  13.09 集体 谈判协议 132

 

-iii-

 

 

附表 7.08

税费

 

  13.11 附表 7.12 133
       
信息 关于子公司 133
  14.01 附表 7.14 133
  14.02 材料 协定 133
  14.03 附表 7.15 134
  14.04 限制性 协定 135
  14.05 附表 7.16 136
  14.06 房 债务人拥有或租赁的财产 140
  14.07 附表 7.17 140
  14.08 养老 事项 140
  14.09 附表 7.18(c) 140
  14.10 不良 结果 141
  14.11 附表 7.23 141
  14.12 版税 和其他款项 141
  14.13 附表 9.01(b) 142
  14.14 现有 负债 142
  14.15 附表 9.02(b) 142
  14.16 现有 留置权 143
  14.17 附表 9.05(a) 143
  14.18 现有 投资 143
  14.19 附表 9.09 144
  14.20 销售 资产 144
  14.21 附表 9.10 145

 

-iv-

 

 

交易 与联属公司

 

附表 9.14 - 现有 销售和回租
表现出 一 - 形式 分配和假设
表现出 B - 形式 借用通知
表现出 C - 形式 资助日期证书
表现出 D - [预留]
表现出 E - 形式 担保假设协议
表现出 F - 形式 公司间隶属协议
表现出 G - [预留]
表现出 H - 形式 值得注意的
表现出 我 - 形式 权证
表现出 J-1 - 形式 美国税务合规证书(适用于非美国联邦所得税合作伙伴关系的外国贷款人)
表现出 J-2 - 形式 美国税务合规证书(适用于非美国联邦所得税合伙企业的外国参与者)
表现出 J-3 - 形式 美国税务合规证书(适用于美国联邦所得税合作伙伴关系的外国参与者)
表现出 J-4 - 形式 美国税务合规证书(适用于为美国联邦所得税目的合作的外国贷款人)
表现出 K - 形式 偿付能力证书
表现出 L - 形式 合规证书
学分 协议和担保 - 学分 协议和担保,日期为2023年3月27日(此“
协议 - ”),其中
哈罗公司 - (以前 称为Harrow Health,Inc.),特拉华州的一家公司(The
借款人 - “),借款人的某些子公司 要求不时提供本合同项下的担保,贷款人应不时与本合同一方(每一方均为
出借人 - ” 统称为“
     
出借人 - “),以及
橡树基金管理有限责任公司 - ,作为的管理代理 贷款人(以该身分,即“
管理代理 - 见证人:
鉴于, 借款人已要求贷款人向借款人提供本金总额为优先担保的定期贷款。 100,000,000美元,其中包括(A)65,000,000美元的一期定期贷款,将在结束日延长,(B)最多 35,000,000美元b档定期贷款将在b档供资日延期,根据b档承诺额已减至30,000,000元 自2024年3月28日起,自第二修正案生效之日起延长; - 鉴于, 在第一修正案生效之日,借款人已请求贷款人提供12,500,000美元的增量A期定期贷款 将在增额部分A供资日延期,哪些增额部分A定期贷款将构成单批部分 A截止日期的定期贷款部分在截止日期延长的定期贷款
鉴于, 贷款人愿意按照本协议规定的条款和条件提供此类优先担保定期贷款安排。 - 现在, 因此,双方同意如下:
百利 信件 - “指实质上采用《担保协议》附件F形式的受托保管函。
破产 代码 - 系指美国法典中题为“破产”的第11章。
受益 计划 - “指ERISA第3(3)条所界定的任何雇员福利计划(不论是否受美国法律管辖 或其他),而其任何债务人或附属公司招致或以其他方式承担任何义务或责任,不论或有其他。
有益 权属证明 - “指《受益所有权条例》所要求的关于受益所有权的证明。
有益 所有权监管 - “指31 C.F.R.第1010.230条。
BLA - “ 指(I)(X)生物制品许可证申请(如《公共卫生服务法》所定义),以引入或交付以引入, 生物产品,包括疫苗在美国投入商业,或任何后续应用或程序和(Y)任何类似应用 或与适用于或要求任何非美国政府机构的生物制品许可有关的功能等价物,以及(Ii)所有 可就上述规定提交的补充和修订。
冲浪板 - “ 就任何人而言,指董事会或该人或任何委员会的同等管理或监督机构 其获授权代表该委员会(或同等团体)行事。
借款人 - “ 具有本协议序言中所阐述的含义。
借贷 - “ 指在每个适用的供资日期借入贷款。
借款 告示 - “指实质上以以下形式发出的书面通知

 

-v-

 

 

“是否具有在

 

第8.01(C)条整合 变化“就SOFR一词的使用、管理或与之相关的任何公约而言,指 如适用,对“SOFR”和“利息期”定义的任何符合要求的变更, 厘定利率和支付利息的时间和频率以及其他技术、行政或业务事项 (为免生疑问,包括“营业日”和“美国政府证券业务”的定义 日期“、借款请求或提前还款的时间、转换或继续通知以及回顾期限的长短和其他技术问题, 行政或业务事项),由行政代理酌情决定,以反映收养 和实施该适用费率(S),并允许行政代理以实质上的方式进行管理 与市场惯例一致(或者,如果行政代理确定采用这种市场惯例的任何部分不是 在行政上可行,或不存在以这种其他管理方式管理该税率的市场惯例 管理代理确定与本协议和任何其他协议的管理有关的合理必要 贷款文件)。连接 所得税“是指对净收入(无论以何种计价)征收或衡量的其他联系税,或 是特许经营税或分支机构利润税。合同“ 指任何合同、许可证、租赁、协议、义务、承诺、承诺、谅解、安排、文件、承诺、权利 任何人有或将有任何责任或或有责任(在每种情况下,无论是书面或口头的,明示 或默示的,无论是在货币义务或付款义务、履行义务或其他方面)。控制“ 指由一个或多个其他人直接或间接拥有对某一特定人的指令权 或促使该特定人士的管理层或政策的指示,无论是通过行使投票权的能力, 无论是通过合同还是其他方式。“控制”和“被控制”具有相互关联的含义。控制 协议“是否具有在第8.16(A)条受控 帐号“是否具有在”).

 

第8.16(A)条

 

版权所有

 

“ 指所有版权(包括已出版和未出版的作者作品、软件、网站和移动内容, 数据、数据库和其他信息汇编)、版权登记和版权登记申请,包括 所有续期、恢复、恢复和延长,以及由此产生或与之相关的所有其他权利 在世界各地。

 

信用 价差调整

 

“指年息0.15%。

 

治愈 到期日

“是否具有在

 

第11.04条每日 简单的SOFR“就任何适用的确定日期而言,是指在该日期在联邦 纽约储备银行的网站(或任何后续来源)。

 

默认“ 指任何违约事件,以及在发出通知、时间流逝或两者兼而有之时会构成违约事件的任何事件。

 

默认 费率“是否具有在

 

1

 

 

第3.02(b)节违约 贷款人

 

“意思是,在符合第2.07(B)条

 

,由管理代理确定的(A)已失败的任何贷款人 履行本协议项下的任何供资义务,包括关于任何截止日期的A档承付款、增支付款 A承付款或任何b部分承付款,在本协议规定的供资之日起三(3)个工作日内,(B)有 通知借款人或行政代理它不打算履行本协议项下的供资义务,或(C)已 (I)成为破产程序的标的,。(Ii)有接管人、财产保管人、受托人、管理人、受让人。 债权人或类似的负责其业务重组或清算的人或为其指定的托管人,(Iii)采取 为推动或表示同意、批准或默许任何该等程序或委任而采取的任何行动或(Iv) 成为内部保释诉讼的标的;但条件是,贷款人不应仅因其所有权或 政府当局收购该贷款人或其任何直接或间接母公司的任何股权。任何 行政代理人根据下列任何一项或多项裁定贷款人为违约贷款人第(A)条

 

穿过上述以及这种地位的生效日期,在没有明显错误的情况下,应是决定性的和具有约束力的,而该贷款人应 被视为违约贷款人(须符合

 

第2.07(B)条)自管理代理为其确定的日期起 在该决定的书面通知中,行政代理应立即将该通知送达借款人和每一贷款人 在这样的决心下。延期 收购注意事项已排除 税费

 

“指对接受者或对接受者征收或要求扣缴或扣除的下列任何税项 对收款人的付款:(1)对净收入(不论面额如何)、特许经营税和分支机构利润征收或以其衡量的税款 在每种情况下,(X)由于该收款人是根据法律组织的或其主要办事处或, 对于任何贷款人,其适用的贷款办事处位于征收这种税的司法管辖区(或任何政治分区 其中)或(Y)是其他关联税,(Ii)就贷款人而言,是对应付金额征收的美国联邦预扣税 就贷款或承诺中的适用权益而向该贷款人或为该贷款人的账户而根据对 贷款人在贷款或承诺中取得该等权益的日期,或(2)该贷款人更改其贷款办事处的日期 情况下,除非是依据借款人根据第5.04节)

 

,但在每一种情况下, 根据第5.03节

 

,与该等税项有关的款项须在紧接该日期之前支付予该贷款人的转让人 该贷款人在紧接其变更其贷款办事处之前成为本协议或该贷款人的当事一方,(Iii)可归因于 收件人未能遵守第5.03(f)节

 

,以及(Iv)根据FATCA征收的任何预扣税。出口 收费

 

“中赋予该术语的含义为第3.05节现有 注意到.

 

“指(A)借款人2026年到期的8.625%优先无担保票据和(B)借款人的 2027年到期的11.875%优先无担保票据。现有 注释契约“统称是指(A)日期为2021年4月20日的由借款人和美国之间签订的契约。 银行,国家协会,作为受托人,(B)借款人和借款人之间日期为2021年4月20日的第一份补充契约 和作为受托人的美国银行全国协会和(C)日期为2022年12月20日的第二份补充契约 借款人和美国银行,国家协会,作为受托人。Eyevance

 

2

 

 

“ 统称为Eyevance PharmPharmticals,LLC,一家特拉华州有限责任公司,以及Santen S.A.S,一家有组织的公司 并根据法国法律存在。

 

Eyevance 收购资产统称为转让的资产(如Eyevance APA中所定义)、许可证(如所定义的 在Eyevance许可协议中)和产品(在Eyevance许可协议中的定义)。

 

Eyevance 采办“指取得Eyevance取得的资产;

 

提供 即:

 

(A)立即 在《公约》生效之前及紧接生效后,并无下列任何违约事件第11.01(A)条

 

将会存在,或将会合理地预期由此产生;

 

(B)上述情况 收购应在所有实质性方面遵守所有适用的法律和所有适用的政府批准 Eyevance收购协议中规定的条件;(C)在 在实施该项收购后,借款人及其子公司应遵守财务规定 《公约》中规定的

 

第10条(D) 此类收购的递延收购对价应仅包括(I)Eyevance里程碑付款总额 不得超过Eyevance APA第1.3(A)(Ii)和(Iii)节以及Eyevance许可证第9.2节规定的金额之和 协议,(Ii)关于VERKAZIA的特许权使用费,金额载于Eyevance许可协议第9.3节和(Iii)a 关于CATIONORm的特许权使用费,外加Eyevance许可协议第9.3节规定的金额;

 

(E)至 任何此类收购的全部或任何部分收购价格(包括任何递延收购对价) 是以股权支付的,则所有此类股权均应为合格股权;(F)其他 就该项收购而言,该等资产的账面价值合计不超过$100,000的资产, 在此类收购中获得的资产(无论是直接收购还是通过收购任何人)应位于美国;

 

(G) 借款人应向行政代理提供至少三(3)个营业日的提前书面通知 该等收购连同合理详细拟备的借款人或其代表所进行的所有尽职调查的摘要 在此类收购之前,在每一种情况下,均须遵守惯例的保密限制:(Ii)真实、正确和完整的 对Eyevance收购协议的任何修改、补充或其他修改,以及任何合理的相关文件 行政代理要求,(3)借款人及其子公司的形式财务报表(截至最后一天 在这类收购完成之日之前的最近一个财政季度,需要财务报表 将依据以下规定交付第8.01(A)条

 

)在此种收购生效后(四)须遵守惯例保密 限制,由管理代理合理请求(在可用范围内)并可供 债务人和(V)借款人负责官员的证书,证明满足条款中的要求 (A)至(G)“物权收购”的定义,并附上(G)(Ii)及(G)(Iii)条所述的项目;

 

(H)否 债务人或其任何附属公司(包括任何被收购的人)应就Eyevance收购承担或继续 对(X)有关卖方或所收购的企业、个人或资产的任何债务负有责任,但在(I)范围内除外 根据以下条件允许第9.01(i)节FATCA.

 

3

 

 

“ 指截至本协议之日的《守则》第1471至1474条(或实质上是 任何现行或未来的法规或对其的官方解释,任何 根据守则第1471(B)(1)条订立的协定和通过的任何财政或监管立法、规则或做法 根据政府当局之间的任何政府间协定、条约或公约,并执行 密码。FD&C 行动“指美国《食品、药品和化妆品法》(《美国法典》第21编第301条及其后)。(或其任何继承人),经修订 以及在其下发布或颁布的规则、法规和指南。林业局

 

“ 指美国食品和药物管理局和任何后续实体。联邦 基金实际利率

 

“指任何一天由纽约联邦储备银行根据该日的利率计算的利率 存款机构进行的联邦基金交易(以纽约联邦储备银行规定的方式确定 不时在其公共网站上发布),并在下一个营业日由纽约联邦储备银行发布 作为联邦基金的有效利率;提供

 

,(A)如果该日不是营业日,联邦基金的有效利率 该日应为在上一个营业日的下一个营业日公布的该等交易的利率, 和(B)如果在下一个营业日没有公布该利率,则该日的联邦基金实际利率应为 三(3)家主要银行在由行政代理决定的交易日收取的平均利率;提供

 

进一步,如果如此确定的联邦基金有效利率将小于零,则该利率应被视为零 为本协定的目的。

 

费 信“指对截止日期费用函和第一修正案费用函的集体引用。

 

(a)第一 修正案“指日期为第一修正案生效日期的《信贷协议和担保第一修正案》, 借款人、担保方、贷款方和行政代理人之间的关系。第一 修订生效日期

 

4

 

 

(b)“是指2023年7月18日。

 

(c)第一 修改费用函

 

(d)“中赋予该术语的含义为

 

第2.01(a)(i)节负债

 

“ 任何人的意思,在不重复的情况下,指(I)该人对借来的钱的所有义务,(Ii)该人的所有义务 以债券、债权证、票据、贷款协议或类似文书为证;。(Iii)该人的所有债务,而该等债务的利息 通常支付费用(不包括根据通常签订的商业合同逾期付款的利息罚款 当然,为免生疑问,哪些商业合同与借款或购买款项的义务无关 债务)、(4)该人根据有条件出售或其他所有权保留协议对所获得的财产承担的所有义务 (V)该人就物业或服务的延迟购买价格所负的所有义务(不包括(A)任何 根据任何此类许可或其他协议按销售额的百分比支付的特许权使用费或类似的付款,(B)递延赔偿 在正常过程中发生的应付帐款,逾期未超过六十(60)天或以其他方式引起争议 以及(C)任何赚取债务,直至该赚取债务按照下列规定出现在该人的资产负债表上 公认会计准则),(6)由他人担保的所有债务(或这种债务的持有人对其有现有权利、或有或有的或有权利) 否则,以)对该人拥有或获得的财产的任何留置权作为担保,无论由此担保的债务是否 已承担,(Vii)该人对他人债务的所有担保,()该人的所有资本租赁义务,(Ix) 作为开户一方的人对信用证和保函承担的所有或有或有义务, (X)任何套期保值协议、货币互换、远期、期货或衍生工具交易项下的债务(Xi)所有或有债务 或其他方面,该人就银行承兑汇票而言,(Xii)该人在下列方面的所有分期付款及类似付款 按照公认会计原则出现在此人资产负债表上的任何许可证或其他协议(但不包括任何此类付款 基于任何此类许可证或其他协议下的销售百分比),(Xiii)该人的任何不符合条件的股权,以及 (Xiv)根据公认会计准则须归类为该人的债务的所有其他债务;提供尽管如此 上述债务不应包括(A)应计费用、递延租金、递延税款、递延补偿或习惯 雇佣协议项下的债务,或(B)截至结算日存在的任何应付账款,归类为负债 根据公认会计原则,但在截止日期前已逾期两(2)年以上,不受催收 适用受款人的尝试,总金额不超过500,000美元。任何人的债务应包括 任何其他实体(包括该人为普通合伙人的任何合伙)的债务,以该人为限 因该人在该实体中的所有权权益或与该实体的其他关系而承担责任,但在下列情况下除外 这种债务的条款规定,该人不对此承担责任。获得赔偿 聚会“是否具有在).

 

第14.03(B)条弥偿 税

 

“指(I)就任何由任何人或因任何人而作出的任何付款而征收的税项(不包括的税项) 义务和(Ii)中未另有描述的范围第(I)条、其他税种。破产 程序

 

5

 

 

“指(I)任何与破产有关的案件、诉讼或在任何法院或其他政府当局席前进行的法律程序, 重组、破产、管理、重新安排、暂停、清算、接管、审查、解散、清盘 或免除债务人,或(Ii)为债权人的利益而进行的任何一般转让、债务重组、为债权人整理资产,或 就任何人的一般债权人或该人的债权人的任何主要部分而作出的其他类似安排, 在每一种情况下,根据美国联邦或州或外国法律,包括破产法。知识分子 属性“指世界上任何地方的所有知识产权或专有权利,包括专利中或专利的所有权利, 商标、版权和技术信息。.

 

公司间 排序居次协议“指由每一债务人及其每一附属公司签立和交付的次要协议, 据此,债务人所欠任何人的任何债务的所有债务应从属于 事先以现金全额支付所有债务,该协议应基本上采用本协议所附格式如下

 

附件F附件H

 

借款人在此签立并交付给任何贷款人 符合第2.04节告示 意向治愈净收入契约“是否具有在

 

第11.04条诺华公司 里程碑付款“指诺华采购协议中定义的”额外对价“。诺华公司 采购协议

 

“指借款人Harrow Eye之间的资产购买协议,日期为2022年12月13日, LLC、Harrow IP、LLC、Novartis Technology、LLC和Novartis Innovative Treaties AG,在截止日期生效或经修订, 以任何方式重述、修订和重述、补充或以其他方式修改,对行政当局没有任何实质性的不利影响 经纪人和贷款人。纽约 UCC

 

“指在纽约州不时有效的UCC。橡树树 出借人“指作为橡树资本管理公司的附属公司或管理基金或账户的任何贷款人。义务“ 就任何债务人而言,指以下各项所欠的所有款额、债务、债务、契诺及各种义务 该债务人对任何有担保的一方(包括所有担保债务)或本合同项下的任何其他受偿人或任何参与者, 由任何贷款文件引起、在任何贷款文件下或与之相关的案件,无论是直接的还是间接的(无论是否由 转让),绝对的或有的,到期的或即将到期的,无论是否清算,现在存在的或以后产生的,以及无论如何获得的, 不论是否有任何文书或付款证明,包括(I)如该债务人是 借款人,所有贷款;(Ii)所有利息,不论是否在任何破产呈请提交后或在生效日期后应累算 任何破产、重组或类似的程序,以及是否允许对提交后或请愿后的利息进行索赔 在任何此类诉讼中,以及(Iii)所有其他费用、开支(包括律师的费用、收费和支出)、利息、承诺 费用、收益保护溢价、退出费、佣金、收费、费用、付款、赔偿和退还已支付的金额 根据任何贷款文件应向该债务人收取的其他款项。尽管有上述规定,下列各项下的数额、债务和债务 认股权证或任何其他投资于借款人股权的权利不应包括在定义的术语“债务”中。义务人

 

“ 指借款人和附属担保人及其各自的继承人和获准受让人。OFAC

 

“ 具有“反恐怖主义法”定义中赋予这一术语的含义。限制性的 协议“指禁止、限制或对(I)能力施加任何条件的任何合同或其他安排 任何债务人或其任何附属公司在其任何财产或资产上设立、产生或允许存在任何留置权 (X)合同中限制转让的习惯条款(包括但不限于任何租约和入境许可证 知识产权)和(Y)管理允许的有担保债务的任何合同所施加的限制或条件 在……下面.

 

6

 

 

第9.01(i)节该等限制或条件只适用于保证该等债务的财产或资产), 或(2)债务人的任何附属公司向该债务人或任何债务人或其任何附属公司支付限制性付款的能力 向其他债务人发放或者偿还贷款、垫款,或者为其他债务人的债务提供担保。

 

制裁“ 指由联合国不时实施、管理或执行的任何国际经济或金融制裁或贸易禁运 各国政府(包括但不限于外国资产管制处)、联合国安全理事会、欧洲联盟或其成员国, 借款人或其任何附属公司所在或进行的国库或其他相关制裁机构 公事。

 

制裁 人“在任何时候,指(1)任何列于由联合国维持的与制裁有关的指定人员名单上的人 美国政府(包括但不限于外国资产管制处)、联合国安全理事会、欧洲联盟或其成员国 国家、国王陛下的金库或其他有关制裁当局;(2)在指定司法管辖区组织或居住的任何人 或(Iii)任何人百分之五十(50%)或以上拥有或控制上述条款所述的任何一人或多於一人 (I)或(Ii)。

 

定于 不可用日期“是否具有在

 

第5.05(A)(Ii)条二 修正案“指日期为第二修正案生效日期的《信贷协议和担保第二修正案》, 借款人、担保人、出借人和行政代理人之间的关系。.

 

第二 修订生效日期“是指2024年10月25日。固定 缔约方.

 

“指贷款人、行政代理及其各自的任何获准受让人或受让人。证券 法

 

“指经修订的1933年证券法及其颁布的规则和条例。安防 协议

 

第13.03条三个月 术语较软“指相等於(一)四分之二(2.75%)年利率及(二)较大者的年利率 期限为SOFR,为期三个月;.

 

7

 

 

提供,如果如此确定的三个月期限SOFR将会更长 年利率高于6%(6.00%),就本协议而言,三个月期SOFR应被视为等于年利率6%(6.00%) 协议。

 

标题 IV计划“指雇员福利计划(如《雇员权益法》第3(3)节所界定),但多雇主计划(I)除外 在过去五年内的任何时间由任何义务人或其任何ERISA附属公司维持或赞助,或 任何义务人或其任何ERISA关联公司在过去五年内曾经或在之前五年内负有义务 作出贡献,以及(Ii)受《守则》第412节、ERISA第302节或ERISA第四章的约束。

 

TOBRADEX ST(0.3%妥布霉素和0.05%地塞米松)是一种外用抗生素和皮质类固醇的组合,用于类固醇反应 指示使用皮质类固醇的炎症性眼部状况,以及浅表细菌性眼部感染或 细菌性眼部感染是存在的。总计 债务.

 

“指在任何确定日期,借款人及其附属公司的债务本金总额 在该日未清偿,根据公认会计原则在综合基础上确定(但不包括任何折扣的影响 因与交易、任何允许的收购或 收购Eyevance),包括借入资金的负债、资本租赁义务和以下证明的债务义务 债券、债权证、票据、贷款协议或其他类似工具;提供债务总额不应包括(X)债务 (Y)未开出的信用证或(Z)任何 未偿还的b档定期贷款。总计 杠杆率“指在确定的任何时间,(A)当时的总债务与(B)借款人的EBITDA的比率 及其附属公司截至该日止的连续四个会计季度期间。商标(c) “ 指所有商品名称、商标和服务标志、公司名称、徽标、互联网域名和其他原产地标志 无论是否注册,商标和服务商标注册,商标和服务商标注册申请, 包括(I)商标和服务商标注册的所有续展以及(Ii)由此产生的或与之相关的所有权利 世界各地的商誉(包括普通法权利),在每一种情况下,连同与之相关的或象征性的商誉 因此。一批 A定期贷款“中赋予该术语的含义为

 

第2.01(a)(i)节一批 B可用期

 

“具有贷款附表中所载的涵义。一批 B承诺

 

8

 

 

“就每个贷款人而言,指该贷款人向借款人提供b档定期贷款的义务。 根据本协定的条款和条件,在b期定期贷款的b期供资日期, 金额为与该贷款人名称相对的金额附表1在“适用承诺”标题下 对于b部分定期贷款,该附表可根据转让和假设不时修订,根据 接下来的句子,或者其他的。B期承付款在本协定之日的总额为35,000,000美元;提供 如果b期供资日期不在2024年3月27日或之前,则b期的承付款应自动 无需任何人采取任何进一步行动,减至30,000,000美元,以及附表1须当作经修订以反映该项削减, 并减少每家贷款人在以下方面所作的B部分承诺附表1按比例计算。一批 B资助条件“具有贷款附表中所载的涵义。一批 B资助日期“指b档可用期满之日或该日之前,所有条件 中提出的先例, 第6.02节对于借入b部分的定期贷款,按照条款偿还或免除。 本协议的一部分。一批 B定期贷款, “中赋予该术语的含义为, 第2.01(a)(ii)节交易记录

 

“ 指(A)本协议和其他贷款文件的每个债务人的谈判、准备、执行、交付和履行 该债务人是(或拟作为)一方的,本协议项下的贷款的发放,以及根据本协议所考虑的所有其他交易 本协议和其他贷款文件,包括根据担保文件设立留置权和(B)付款 债务人因前款所发生或支付的一切费用。UCC

 

“ 就任何适用的司法管辖区而言,指可予修改的在该司法管辖区有效的《统一商法典》 一次又一次。三森斯“ 具有中所述的含义.

 

附表4英国 金融机构$指任何BRRD承诺(该术语在PRA规则手册(经时间修订)中定义 由英国审慎监管局颁布)或属于《FCA手册》第11.6条规定范围内的任何人 (不时修订)由英国金融市场行为监管局颁布,其中包括某些信贷机构 和投资公司,以及这些信贷机构或投资公司的某些附属公司。

 

英国 决议授权机构“指英格兰银行或任何其他负责 任何联合王国的决议金融机构。

 

9

 

 

联合 国“或”美国“指美利坚合众国、其五十个州和哥伦比亚特区。

 

美国 政府证券营业日“指任何日子,但(I)星期六、(Ii)星期日或(Iii)下列日期除外: 证券业和金融市场协会建议其会员的固定收益部门全部关闭 美国政府证券交易日。

 

美国 人“指守则第7701(A)(30)条所指的”美国人“。

 

美国 税务合规证书“是否具有在

 

第5.03(f)(ii)(B)(3)条VCOC 贷款人“中赋予该术语的含义为第8.19节VERKAZIA, ” (0.1%环胞菌素滴眼乳液)是一种滴眼液,有助于控制春季角结膜炎的持续炎症。VIGAMOX

 

“ 具有中所述的含义附表4

 

10

 

 

搜查令” 指根据

 

第8.18节 基本上按照本协议所附的形式

 

证物一, 根据其条款进行修改、替换或以其他方式修改。

 

扣缴 剂“指借款人和行政代理人。写下 和转换权力表示性别的词语包括所有 性别;

 

部分 7.对章节、附件、附表的任何引用 或附件是指本协定的一节、附件、附表或附件;

 

部分 8.任何关于“这”的提法 协议“是指本协议,包括本协议的所有附件、附表和附件,以及本协议中的词语, 本协定及其附件、附表和附件是指本协定及其附件、附表和附件,而非 至任何特定章节、附件、附表、展览品或任何其他分部;

 

11

 

 

部分 9.对日、月和年的引用是指 分别到日历日、月和年;

 

12

 

 

部分 10.本文中的所有引用均为 “包括”或“包括”应被视为后接“无”字。 限制“;

 

部分 11.“from”一词用于 与一段时间相关联的意思是“从和包括”,而“直到”一词的意思是“到”而不是 包括“;部分 12..

 

“资产”一词和 “财产”应解释为具有相同的含义和效力,并广义地指任何和所有资产和 财产,不论是有形的还是无形的,不动产还是动产,包括现金、证券、合同义务下的权利以及 许可证及任何该等资产或财产的任何权利或权益;部分 13.未明确定义的会计术语 此处(“财产”和“资产”除外)应按照公认会计原则解释,但须符合.

 

部分 1.02部分 14.“遗嘱”一词应具有 与“应当”一词的含义相同;.

 

部分 15.本协议中的任何规定或 其他借款文件是指任何人应当采取的行动,或者该人被禁止采取的行动, 无论这种行动是直接采取的,还是据该人所知是间接采取的,该规定均应适用; 和部分 16..

 

对授予或设定的任何留置权的引用 在本合同项下或根据任何其他保证任何义务的贷款文件,应被视为对被担保人的利益的留置权 派对。除非 在此另有明确规定的,对组织文件、协议(包括贷款文件,包括任何 附表及其附件)和其他合同文书应被视为包括所有随后的修订、重述、 贷款文件允许的延期、补充和其他修改。对任何法律的任何定义或引用均应 包括合并、修改、取代、补充或解释此类法律的所有法律和法规规定。如果 根据任何贷款文件的条款和条件要求支付的任何款项在非业务的日期到期 日,则该所需付款日期应延至紧随营业日之后的下一个工作日。为了确定合规性 在本协议所载任何契诺(包括任何财务契诺的计算)下,债务人及其附属公司的债务 将被视为等于当时未偿还的本金金额或与之有关的付款义务的100% 或就任何套期保值协议而言,如管限该套期保值协议的协议 套期保值协议在终止之日终止。.

 

部分 17.

 

。 对于贷款文件下的所有目的,与特拉华州法律下的任何部门或部门计划(或任何类似的 不同司法管辖区法律下的事件)(a““),如果(A)任何资产、权利、义务或 任何人的负债成为另一人的资产、权利、义务或负债,则视为具有 (B)任何新人的存在,则该新人 应被视为在其存在的第一天由其股权持有人在 时间到了。.

 

部分 18.货币 一般

 

。为了确定 遵守第9条关于美元以外货币的任何债务或投资的数额,没有 违约或违约事件应被视为完全由于货币兑换率的变化而发生 在发生、作出或获得该等债务或投资后(只要该等债务或投资在 发生、制造或获得的时间在本协议下是允许的)。部分 19.

 

13

 

 

这个 承诺和贷款部分 20. 贷款.

 

部分 21.关于条款和受制于条件 在本协议中,每个贷款人同意:

 

是除其他外的 这些人可能拥有的权利和补救措施(包括其他抵销权)。部分 69.行使权利须知 必填项。没有任何内容包含在部分 4.03(A)应要求行政代理、任何贷款人或其任何关联公司行使任何此类权利,或应影响 这些人就任何其他债务行使和保留行使任何此种权利的利益的权利 或任何债务人的义务。部分 70.预留款项。

 

至 任何债务人或其代表向行政代理或任何贷款人或行政当局支付的任何款项的范围 代理人、任何贷款人或前述任何关联方据此行使抵销权第4.03节,诸如此类 该项抵销的付款或收益或其任何部分其后即告无效,并被宣布为欺诈性或优惠性, 被搁置或被要求(包括根据行政代理、该贷款人或该附属公司达成的任何和解 )偿还受托人、接管人或任何其他一方,与任何破产程序或 否则,则(I)在该追偿范围内,原拟履行的义务或其部分应为 恢复并继续完全有效,犹如该付款未予支付或该抵销未发生一样;及(Ii) 贷款人各自同意应要求向行政代理支付其适用份额(无重复) 从行政代理追回或偿还的,加上从要求付款之日起至付款之日止的利息 按相当于不时生效的联邦基金有效利率的年利率支付。.

 

部分 71.成品率 保护、税收等

 

部分 72.其他内容 费用

 

部分 73.法律变更的一般情况.。 如果在本合同日期当日或之后(或就任何贷款人而言,该贷款人成为本合同的当事一方的较后日期 协议),通过任何法律,或任何法律的任何改变,或任何对其解释或管理的改变 法院或其他政府当局,负责解释或管理,或由行政部门遵守 代理人或任何贷款人(或其贷款办事处)的任何请求或指示(无论是否具有法律效力) 该政府当局应征收、修改或视为适用的任何储备(包括由 联邦储备系统理事会)、特别存款、缴款、保险评估或类似要求 在本合同生效日期之后生效的每个案件(或就任何贷款人而言,指该贷款人成为 本协议的一方)针对贷款人(或其贷款)的资产、在贷款人(或其放贷)的账户上的存款或为贷款人的账户提供的信贷 办事处)或对贷款人(或其贷款办事处)施加任何其他影响贷款或承诺的条件,以及 上述任何一项的结果是增加该贷款人发放或维持贷款的成本,或减少 贷款人根据本协议或任何其他贷款文件收到或应收的任何款项,或对任何贷款人征收以下税款 其贷款、承诺或其他债务,或其存款、准备金、其他负债或资本(如有的话) 贷款人真诚地合理地认为是实质性的金额(不包括(I)补偿税、(Ii)

 

条款 (Ii)穿过

 

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(包括根据此支付额外金额 第5条),它 应向赔偿方支付相当于上述退款的金额(但仅限于根据本协议支付的赔偿金部分 5

 

关于引起该等退款的税项),扣除该受弥偿保障的所有自付开支(包括税款) 一方且无利息(相关政府当局就退款支付的任何利息除外)。是这样的 补偿方应应被补偿方的要求,向被补偿方退还按照 对此第5.03(g)节, (b)(加上有关政府当局施加的任何罚款、利息或其他收费) 如果被补偿方被要求将退款退还给该政府当局。尽管有任何事情对 与此相反(h) 第5.03(G)条

 

,在任何情况下,受弥偿一方将不会被要求支付任何赔偿金额。 依此规定的当事人

 

第5.03(G)条这笔钱的支付将使受补偿方处于一个不太有利的网中 税后情况比受补偿方在受赔偿的税项下所处的情况要好,并导致 退款未被扣除、扣留或以其他方式征收,赔偿款项或与以下各项有关的额外金额 这种税从来没有交过。这;

 

第5.03(G)条

 

不得被解释为要求任何受补偿方提供 向赔偿方或者其他任何一方提交的纳税申报单(或者与其纳税有关的其他被认为保密的资料) 人。

 

部分 87.

 

缓解义务; 更换贷方部分 88.如果借款人被要求支付任何 向任何贷款人或任何政府当局支付赔偿税款或额外款项,以根据(b)部分 5.01

 

15

 

 

第5.03节预定不可用日期然后部分 94.在以下事件或情况下 中描述的类型第5.05(A)(I)条,或影响SOFR的期限,日期和时间由 管理代理(任何该等日期,即“

 

期限SOFR更换日期

 

“),日期为#年末 利息期间或有关的付息日期(视何者适用而定),只就下列各项计算利息条款 (Ii)

 

以上,不迟于预定的不可用日期,SOFR期限将在本协议和任何其他贷款项下更换 带每日简单软件的文档

 

信用价差调整,在每种情况下,无需任何修改或进一步行动 或本协议或任何其他贷款文件的任何其他一方的同意,以及与继承人的贷款的所有利息支付 每日简单软件价格

 

16

 

 

信用价差调整将在下一个付款日支付;或部分 95.

 

(X)如果行政代理合理地决定 每日简易SOFR在SOFR更换日期或之前不可用,或(Y)如果以下类型的事件或情况 中所述第5.05(A)(I)条

 

,或影响任何后继率的,那么,管理代理 且借款人仅可为取代#年的利率或任何当时的后续利率而修改本协议。 与此相一致

 

B档可供给量 期间。B档定期贷款应为 在B档可用期最后一天或之前借款。

 

部分 142.借入的条件 增量A档定期贷款

 

。这个 每一贷款人发放增量贷款的义务A定期贷款应按照下列条件交付借款通知 根据以下条件要求第2.02节

 

17

 

 

,以及事先或同时满足或放弃先例设定的每个条件 在下面的这一点上第6.03节部分 143.资助日期 证书。行政代理应 已获得基本形式为以下形式的资金日期证书, 附件C日期为适用的资助日期,适时 由借款人的一名负责人签立和交付。

 

部分 144.债券的交付

 

。 行政代理应已收到符合以下要求的说明(或对现有说明的修改和重述) 任何贷款人依据第2.04节

 

对于该部分贷款人的定期贷款,由负责人正式签立和交付 借款人的高级职员。部分 145.

 

偿付能力部分 172.

 

据债务人所知,所有 已为借款人或任何人或其代表开发重大知识产权的现任和前任雇员和承包商 其子公司已与借款人或以下子公司签署了书面保密合同和发明转让合同 不可撤销地立即将这些雇员的所有权利转让给借款人或该附属公司(如适用) 任何此类材料知识产权的承包者,或此类材料知识产权的所有权另有规定 因法律的实施而自动归属于债务人的;部分 173.

 

借款人及其每家子公司都有 采取合理预防措施,保护其重要知识产权的保密性、保密性和价值,包括 技术资料;以及部分 174.

 

关于物质方面的知识 由专利组成的财产,但附表7.05(B)(Iii)所列者除外,并且在不限制陈述和 第7.05(B)(I)节和第7.05(B)(Ii)节中的保证:部分 175.

 

在这类专利中发出的每一项权利要求 有效且可强制执行;部分 176.在发出此类文件后 专利,既不是借款人或其任何子公司,也不是据债务人所知,其任何或其子公司 利益相关者,已提交任何免责声明,或作出或允许任何其他自愿缩小发明范围的行为 在该等专利中主张权利的;部分 177.

 

据债务人所知,(1)没有 此类专利的允许或允许的主题受允许或允许的主题的任何相互竞争的概念权利要求的约束 任何第三方的任何专利申请或专利事宜,或已成为任何干扰、重新审查的对象, 反对,或任何其他授予后的程序,以及(2)没有任何此类干预、复审、反对、国际 零件截至截止日期的第(1)和(2)、(X)项中的审查、拨款后审查或任何其他拨款后程序 以及(Y)自任何倒闭日期起,合理地预期不会导致重大不利影响或重大不利影响的情况 对任何产品的任何产品商业化和开发活动的影响;.

 

18

 

 

部分 178.所有材料维护费,年金, 以及在任何该等专利或与任何该等专利有关的到期及应付的类似款项已及时支付。部分 179..

 

无操作或 诉讼程序部分 180.

 

诉讼部分 192.

 

保证金股票。 没有任何债务人主要从事或作为其重要活动之一从事为此目的提供信贷的业务, 无论是直接的、附带的还是最终的,购买或持有保证金股票,贷款收益的任何部分都不会 用于立即、附带或最终购买或携带任何保证金股票,为此目的向他人提供信贷 购买或持有任何保证金股票,或以任何方式违反T、U或X规定。部分 193.偿付能力。 债务人在合并的基础上,在贷款生效后,立即使用收益 它和交易的完成将是有偿付能力的。部分 194. 附属公司。 阐述在…上附表7.12借款人的所有直接和间接子公司的完整和正确的清单(如此 时间表可在任何停工日期更新)。每个这样的子公司都是正式组织的,并在司法管辖区内有效地存在 中所示的其组织的

 

附表7.12,以及每一债务人对其每一上述附属公司的所有权百分比 如Said所示附表7.12部分 195.排除 附属公司。每个被排除的人 附属公司截至截止日期(A)并无持有任何资产或财产(除

 

极小的必要的资产或财产 维持其公司存在或以其他方式遵守适用法律)和(B)没有收入。部分 196..

 

材料 协议。除下列规定外

 

19

 

 

进度表 7.14,截至截止日期,债务人及其任何附属公司均不存在任何重大协议(X)项下的违约, 物质方面和(Y)自任何倒下日期起,合理地预期会导致重大不利影响或 对任何产品的任何产品商业化和开发活动的重大不利影响,也不 债务人知悉因违反任何此类重大协议而向其或其任何附属公司提出的任何索赔 物质上的尊重。部分 197.限制性的 协议

 

。除非按照进度表 7.15

 

,截至截止日期,债务人或其任何子公司均不受任何限制性协议的约束,但下列情况除外 在以下条件下允许第9.11节

 

(二)法律或贷款文件施加的限制和条件;(三)任何股东 债务人或其任何子公司在当日有效的协议、章程、章程或其他组织文件 其中,(4)与允许留置权有关的限制,以及(5)协议中所载的习惯限制和条件 与出售附属公司或等待出售的其他财产有关的,提供

 

这些限制和条件适用于 仅限于受制于该等协议的附属公司或其他物业,而每项此类出售均为本协议所允许的。部分 198.

 

真实 属性附表7.16正确无误 列出债务人拥有或租赁的所有不动产(因为该附表可能在任何终止日期更新), 在每一种情况下,表明各自的财产是拥有的还是租赁的,业主和承租人的身份(如适用),以及 各自物业的位置。除非按照.

 

附表7.16(因为该附表可在任何 结算日),截至结算日,债务人不拥有或租赁(作为其承租人)任何不动产。部分 199..

 

20

 

 

部分 207.没有债务人或其任何子公司, 据任何义务人所知,其各自的任何董事、高级职员或雇员(I)目前也不是任何 制裁,(二)违反制裁位于、组织或居住在任何指定的司法管辖区,或(三)现在或曾经 (在过去五(5)年内)与任何现为或曾经是 违反制裁的目标或位于、组织或居住在任何指定司法管辖区的人。没有贷款,也没有 任何贷款的收益已经或将被直接使用,或据任何债务人所知,间接用于放贷、捐款 或提供,或已经或将以其他方式提供资金,以资助任何 违反制裁或为资助任何人的任何活动或业务而指定的司法管辖区, 在任何指定的司法管辖区组织或居住,或受到任何制裁、违反制裁或在任何 将导致本协议任何一方违反制裁规定的其他方式。部分 208.; 反腐倡廉。没有义务人或其任何 子公司,或在任何债务人所知的情况下,其各自的任何董事、高级职员或雇员,直接或 间接地(I)严重违反或严重违反任何适用的反腐败法,或(Ii)向 直接或间接支付、承诺支付或授权支付或给予任何被禁止的付款。

 

部分 209.优先顺序 义务

 

。除非明确允许 根据贷款单据的条款,这些债务构成债务人的从属债务,但下列情况除外 根据适用法律具有优先权的债务,在偿还权上至少与所有其他不次要的债务并列 债务人的债务。部分 210.

 

版税和其他 付款。除非根据以下条款明确允许 贷款文件的条款以及除附表7.23(因为这样的时间表可以在任何故障发生时更新 ),债务人或其任何子公司均无义务支付任何特许权使用费、里程碑付款或任何其他或有付款 关于……

 

Ilevro内瓦纳克

 

MaxidexTriesence维加莫克斯石藏

 

MaxitrolIopidine莫克塞萨 .

 

21

 

 

或者, 增量A融资日期及之后,任何上述或 维尔卡齐亚, FLAREX,TOBRADEX St,NATACYN 或CATIONORM Plus部分 211.

 

竞业禁止. 借款人、任何其他债务人、其各自的任何子公司或其各自的任何董事、高级职员 或员工,须遵守禁止或将干扰任何产品的任何实质性方面的禁止竞争协议 有关的商业化和开发活动 伊夫罗.

 

内瓦纳茨MaxidexTriesenceVigamox

 

伊惠藏Maxitrol

 

Iopidine

 

莫克塞萨, 或者, 增量A融资日期及之后,任何上述或 维尔卡齐亚, FLAREX,TOBRADEX St,NATACYN .

 

22

 

 

。借款人将向 管理代理:部分 215.

 

在任何情况下,只要可用 在每个财政年度的前三个财政季度结束后四十五(45)天内(一)合并余额 借款人及其子公司截至该财政季度末的报表和(Ii) 借款人及其附属公司该季度的收入、股东权益和现金流量以及 财政年度至该财政季度末,在每一种情况下都是按照一贯适用的公认会计原则编制的,均为 合理的细节,并以比较的形式列出上一财政年度同期的数字, 连同(Iii)借款人的一名负责人员的证明书,说明(X)该等财务报表的列报情况 在所有重要方面,借款人及其附属公司在该日期的财务状况,以及(Y) 借款人及其附属公司截至该日止期间的营运已根据公认会计准则编制。 始终如一地适用,但因正常的年终审计调整而有所变动,但无附注除外;提供 根据本条例规定须提交的文件.

 

第8.01(A)条须当作已于下列日期提供 文件可在“EDGAR”或借款人的网站上公开获得(相关证书另行提供 交付);

 

部分 216.在任何情况下,只要有空 在每个财政年度结束后九十(90)天内:(一)借款人及其子公司的综合资产负债表 截至本财政年度末及(2)相关综合收益表、股东权益表和现金流量表 借款人及其附属公司在该财政年度内,根据一贯适用的公认会计准则编制,所有 合理详细,并以比较形式列出上一财政年度的数字,并附上报告和 KMJ Corbin&Company LLP或另一家认可国家的独立注册会计师事务所的意见 行政代理机构合理接受的地位,其报告和意见应根据一般情况编写 被接受的审计标准,不应受到任何“持续经营”或类似的资格或例外或 关于这种审计范围的持续经营事项的强调脚注或任何限制或例外,在下列情况下 经借款人的负责人核证的这种合并财务报表;提供所需的文件 将根据本协议提供第8.01(B)条应被视为在该等文件公开之日提供 可在“埃德加”或借款人的网站上获得;

 

部分 217.连同财务报表 根据以下条件要求第8.01(A)条.

 

,由借款人的负责人签署的合规证书 截至适用会计期结束时(可通过包括传真或电子邮件在内的电子通信和 就所有目的而言,应被视为其原始、真实的对应物)基本上以

 

附件L 合规证书

 

“)包括:(一)提出的任何实质性问题的细节 审计师及任何事件、情况、作为或不作为的发生或存在,而该等事件、情况、作为或不作为会导致任何陈述或保证 包含在第7.07节

 

23

 

 

第7.18节

 

第7.22节在任何实质性方面(或在任何方面)是不正确的 如果该陈述或担保因重要性或涉及重大不利影响或材料而受到限制,则予以尊重 不利更改),如果该陈述或保证是在交付合规证书时作出的,以及(Ii)a 证明借款人在最后一天是否遵守《最低净收入公约》 句号。为免生疑问,以下内容中不包含任何陈述或保证

 

第7.07节第7.18节

 

部分 7.22

 

须为、须为或须当作为与交付任何符合规定有关连而作出 证书;部分 218.

 

在借款人准备好后, 经理事会核准,并在行政机构为此提出请求后立即为 借款人及其子公司与该预算有关的财政年度;提供对于每个财政年度,在或 借款人应在该财政年度开始后75天前进行准备,其董事会应 批准该会计年度的此类合并预算,借款人应在以下情况下立即通知行政代理 董事会已给予批准;.

 

部分 219.在相同的释放之后立即, 所有新闻稿的副本(非实质性、例行性或行政性质的新闻稿除外);

 

提供 根据本条例规定须提交的文件第8.01(E)条须当作已于下列日期提供 文件可在“埃德加”或借款人的网站上公开获得;

 

24

 

 

部分 220.迅速,无论如何在五(5)年内 在债务人收到通知或其他函件后的工作日内,从任何 证券监管机构或交易所,任何义务人可能不时就任何 该机构就该机构的财务或其他经营结果进行的调查或可能的调查或其他查询 义务人,在每一种情况下,排除任何非实质性、例行性或行政性的调查或调查;

 

提供 根据本条例规定须提交的文件第8.01(f)节须当作已于下列日期提供 文件可在“埃德加”或借款人的网站上公开获得;

 

部分 221.在同样的产品可用后立即进行, 送交各债务人股东的每一份年度报告、委托书或财务报表或其他报告或通讯的副本 及其附属公司(非实质性、例行性或行政性的任何报告或通讯除外);以及 任何债务人或其附属公司可提交的所有年度报告、定期报告、定期报告和特别报告及登记报表的副本 或被要求向任何证券监管机构或交易所备案,而该债务人或该附属公司 适用的,可能会不时成为受制对象;

 

提供根据本条例规定须提交的文件

 

部分 8.01(G)应被视为在这些文件在“Edga”或 借款人网站;部分 222.关于保险的信息 由借款人及其附属公司在下列情况下按要求维持

 

第8.05节部分 223.迅速,无论如何在五(5)年内 借款人获知涉及超过1,000,000美元的任何产品或库存的任何索赔后的工作日, 借款人的负责人就此发出的书面通知,该通知应包括一项陈述,列出以下细节 该等索偿;.

 

部分 224.无论如何,越快越好 在每个日历月结束后的十(10)个工作日内,由借款人的负责人签署的证书 证明截至该日历月的最后一天,借款人符合设定的最低流动资金要求 前四位

 

第10.01条并提交令行政代理合理满意的证据, 借款人的银行账户证明借款人已达到下列规定的最低流动资金要求部分 10.01

 

25

 

 

部分 225.该等其他有关 债务人的业务、财务业绩、资产或负债的经营状况(包括 抵押品),作为一个整体,行政代理可能不时合理地要求。

 

部分 226.关于材料的通知 事件

 

。借款人将向 行政代理在和(Y)的三(3)个工作日内就下列(A)条发出书面通知 关于下面的(B)至(N)条,在每一种情况下,在一名负责人员 借款人首先了解或获得关于以下方面的知识:部分 227人。

 

任何违约或事件的发生 违约;部分 228人。

 

发生与以下方面有关的事件 对借款人或其任何子公司的财产或资产造成总计2,000,000美元或以上的损失;部分 229.

 

(I)任何拟收购的股票、资产 或借款人或其任何附属公司合理预期会导致重大环境责任的财产, 以及(Ii)借款人或任何人对任何有害物质的任何溢出、泄漏、排放、处置、淋滤、迁移或释放 要求其子公司向任何政府当局报告,这将合理地预期会导致 环境责任;部分 230.

 

在任何情况下任何索赔的主张 任何人针对借款人或其任何子公司和任何人的活动或就借款人的活动提出的环境法 被指控的责任或不遵守任何环境法或根据下列条件发出的任何许可证、许可证或授权 环境法,在每一种情况下,合理地预期会导致重大的环境责任;部分 231.

 

任何诉讼的提起或开始, 由任何仲裁员或政府当局针对或影响借款人或其任何关联公司提起的诉讼或法律程序 可合理预期会产生实质性不利影响的行为;部分 232.(I)任何ERISA附属公司的意图 提交终止任何第四标题计划的任何意向通知、该通知的副本以及(Ii)ERISA的任何附属公司提交 根据《守则》第412条就任何标题IV计划或多雇主计划提出的最低资金豁免要求, 以书面形式和合理的细节(包括对任何ERISA附属公司建议采取的任何行动的描述) 与此有关的,以及向PBGC或与此有关的美国国税局提交的任何通知的副本);.

 

部分 233.(I)终止任何材料 协议不符合其条款且不是由于违约或违约所致,(2)借款人收到或 根据任何重大协议(及其副本)发出的任何重大违约或违约通知(及其副本) 该债务人或其任何附属公司的违约,而该指称的违约会允许该交易对手终止 材料协议,(Iii)任何债务人签订任何新的材料协议(及其副本)或(Iv)任何材料 对在任何实质性方面对贷款人不利的实质性协议的修订(及其副本);提供.

 

, 如果这些文件在“EDGAR”上公开,借款人不需要提供此类通知 借款人的网站在期限内的通知,否则将被要求根据本部分 8.02

 

部分 234.会计政策的任何重大变化 或借款人或其任何子公司的财务报告做法(GAAP要求的除外);

 

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部分 235.任何劳资纠纷导致或 威胁导致任何罢工、停工、抵制、停工或其他针对或涉及 合理预期会造成实质性不利影响的债务人;

 

部分 236.借款人签订的任何合同 或其任何附属公司因实际被指控违反、侵犯或挪用 借款人或其任何子公司的任何知识产权或针对借款人或其任何子公司的知识产权;

 

部分 237.创造、发展或其他 借款人或任何子公司对任何重大知识产权的收购(包括任何入境独家许可) 截止日期后;提供关于创造、开发或获得的任何此类重大知识产权 (包括通过任何入站独家许可证)在任何财政年度内,根据本第8.02(K)条应 应按照下列规定编制该财政年度财务报表的时间

 

部分 8.01(B)部分 238.对任何债务人或任何 其子公司对任何受控帐户的所有权,通过向管理代理提交一份通知,说明 截至变更日期的所有此类账户的完整和正确的清单;.

 

部分 239.任何警告信、无标题信或 与合理预期会导致重大不利影响的行动有关的其他政府当局通信 效力;及部分 240..

 

任何其他导致、或 将合理地预期会导致实质性的不利影响。每个 根据本条款交付的通知第8.02节.

 

应附有借款人设置的负责人员的声明 第四,需要发出通知的事件或事态发展的细节,以及就此采取或拟采取的任何行动。 这里面什么都没有第8.02节

 

旨在放弃、同意或以其他方式允许任何以其他方式禁止的行动或不作为 通过本协议或任何其他贷款文件。部分 241.

 

存在。 该债务人应,并应促使其每一子公司全面保存、更新和维持其法律效力 存在;

 

提供前款规定不禁止任何合并、清算或解散 在以下条件下允许第9.03节.

 

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或根据以下条款允许的任何资产出售第9.09节部分 242.付款方式: 义务。这样的债务人将会,并且将会 促使其每一子公司支付和履行其义务,包括:(I)所有重大税费、评税和 在附加处罚之日之前对其或其财产或资产征收的政府收费或征费, 以及所有合法的劳动力、材料和用品索赔,如果不支付,可能成为对上述财产或资产的留置权 债务人或其任何附属公司不构成准许留置权,但在该等税项、费用、评税或 政府收费或征费或这类索赔正在通过适当的程序真诚地提出异议,并得到充分的 根据公认会计原则保留;及(Ii)所有合法债权,如果不支付,根据法律将成为对其财产的留置权 不构成允许的留置权。部分 243.保险。 该债务人将,并将促使其各子公司与财务稳健和信誉良好的保险公司保持, 由从事相同或类似业务的公司通常承保的金额和风险的保险 在相同或相似地点经营的企业。应行政代理的要求,借款人应提供 行政代理人不时提供(I)有关其承保保险的重要资料,如有要求,复印件 所有此类保单;及(Ii)由借款人的保险经纪人或其他保险专家出具的证明 述明有关抵押品的保险单当时到期的所有保费已予支付,而该等保险单是 全力以赴。收到终止或取消任何此类保险单或减少承保范围的通知 或其下的数额达不到根据本条例第一句所要求的数额第8.05节 应使担保当事人有权续期任何此类保单,使其承保范围和金额维持在一定水平 根据本文件第一句所要求的(ii)第8.05节

 

或以其他方式获得类似的保险,以取代 在每一种情况下,借款人将负责此类保险的合理和有据可查的费用(应支付 按需)。任何此类合理且有记录的费用的金额,如果不支付,应按违约率计息。 要求并应构成“义务”。部分 244.簿册和记录;检查 权利。该债务人将会,并将导致 各附属公司须备存完整、真实及正确(在所有重要方面)的适当纪录及帐簿 分录包括与其业务和活动有关的所有交易和交易。该义务人将,并将使每一个 允许行政代理在合理的事先通知下指定的任何代表访问 并检查其财产,检查并摘录其账簿和记录,并讨论其事务、财务和 与其高级职员和独立会计师的条件(财务或其他方面)(只要借款人的代表 提供了参加任何此类讨论的合理机会),在正常营业时间(但不超过一次 每年总共进行所有此类访问和检查,除非违约事件已经发生并仍在继续) 行政代理人可以合理地提出要求;

 

提供该代表应尽其商业上合理的努力 尽量减少因任何此等访问、视察、审查或其他活动而对借款人的业务和事务造成的干扰 讨论。尽管本合同中有任何相反的规定或贷款文件中的任何其他规定, 它的任何子公司都将被要求披露或允许检查或讨论任何文件、信息或其他 (一)构成商业秘密或专有信息的事项;(二)向任何贷款人(或其贷款人)披露的事项 各自的代表或承包商)被任何适用法律或与第三方的任何有约束力的协议禁止(只要 因为该协议不是在考虑本协议的情况下订立的)或(Iii)受律师-委托人或类似协议约束 特权,如果向管理代理或任何贷款人披露,可以合理地预期该特权将被丢失或丧失。这个 借款人应支付所有此类检查的所有合理和有据可查的费用。

 

部分 245.遵守法律和其他规定 义务

 

。这样的债务人将会,并且将会 促使其各子公司:(I)遵守所有法律(包括反恐怖主义法、制裁和环境法) 适用于其及其业务活动,(Ii)符合所有医疗法律和政府批准(包括产品 授权)适用于该公司及其业务活动,以及(三)保持充分的效力和作用(不是按照 按照其条款),继续遵守并履行其作为缔约方的所有实质性协议项下的所有义务, 但在以下情况下除外第(I)条.

 

如果未能做到这一点,则不会单独或 总而言之,合理预期会造成实质性的不利影响。每一债务人都有并将保持有效和 执行合理设计的政策和程序,以促进债务人、其子公司及其各自的合规 董事、官员、雇员和代理人,遵守反恐怖主义法律和制裁。部分 246.任何该等担保权益或留置权应受 《安全文件》和《公司间从属协议》的相关要求;部分 253.在某种程度上,该等 附属公司并非担保协议的订约方,或未以其他方式质押或担保其附属公司的股权 根据担保协议和本协议的条款,促使该子公司的母公司(如有可能)签署 并为担保当事人的利益交付以行政代理为受益人的质押或其他担保协议 尊重该附属公司所有已发行的已发行股份;.

 

部分 254.提供这样的公司行动证据, 高级官员的在任情况以及其他适用文件,这些文件与各债务人根据第 6.01或行政代理合理要求的;以及部分 255个。.

 

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致使每一家该等附属公司(除 非义务人的任何附属公司)成为公司间从属协议的一方。尽管如此 前述或与此相反的任何其他事项,借款人及其任何子公司均不得组成或收购任何外国公司 附属公司。

 

部分 256。进一步的保证。

 

部分 257.该债务人将从以下方面采取此类行动 行政代理应不时提出合理要求,以实现本协议的目的和目标 协议和安全协议;以及

 

部分 258.如果该义务人产生, 在本协议期限内开发或以其他方式获得知识产权或不动产,则 协议和担保协议应并在此自动对其适用,以及任何此类知识产权或不动产 财产应自动构成并在此构成担保文件项下抵押品的一部分(除 排除的资产(定义见《担保协议》)),任何一方均不采取进一步行动,自日期起及之后 该等创造、发展或收购;及

 

部分 259.在不限制 如上所述,每一债务人将并将促使每一被要求为担保人的人不时采取此类行动。 (包括加入担保协议和交付股票以及空白签立的未注明日期的转让权, 适用的控制协议和其他文书)应由安全文件的条款要求或合理地 行政代理请求为了担保当事人的利益,以行政代理为受益人, 完善的担保物权和对几乎所有动产的留置权(除外资产(定义见 担保协议))作为债务的附随担保;

 

提供任何该等担保权益或 留置权应符合担保文件的相关要求;

 

提供进一步

 

部分 265.ERISA遵从性和养老金 平面图

 

。该债务人应遵守,并应 促使其每一家子公司遵守ERISA关于该债务人或 这种子公司是作为雇主的一方,除非没有这样做的人不会合理地预期会有材料 不利的影响。部分 266.

 

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现金 管理。该债务人应当,并且应当 使其每一家子公司:

 

部分 267.受制于第8.17(D)条).

 

, 保持借款人和附属担保人的现金总额大于或等于最低流动资金 存款账户、支出账户、投资账户(和其他类似账户)、证券账户和 美国境内银行或金融机构的密码箱,已执行并交付给管理代理 帐户控制协议,其形式和实质为管理代理合理接受(每个此类协议、 “管制协议.

 

“及每个该等存款账户、支出账户、投资账户(或类似账户) 帐户)、证券帐户和密码箱、“受控账户提供.

 

每个这样的人 受控账户应为现金抵押品账户,所有现金、支票和其他类似付款项目均应在该账户中 保证债务的偿付,并且每个债务人应当向行政代理人授予留置权,以使 担保当事人,通过此类受控账户;(B) 受制于

 

第8.17(D)条,保存其每个存款账户、支出账户、投资账户(或 类似账户)、证券账户和密码箱(在每种情况下,除外账户除外)均为受控账户;.

 

部分 282.任何附属公司的债务并非 债务人对不是债务人的其他子公司的债务;

 

部分 283.任何债务人的债务(但不包括 借款人)欠不是另一债务人的任何附属公司,在每种情况下均受公司间从属关系所规限 协议;部分 284..

 

任何经准许的债务人作出的担保 另一债务人的债务;部分 285.

 

设备和软件融资以及 租赁(包括资本租赁债务和购置款债务)及其允许的再融资;提供

 

(一)如有担保,其抵押品仅由所融资的资产、其产品和收益组成,以及 与此有关的账簿和记录;及(2)此类债务的未偿本金总额不超过 任何时候$3,000,000;部分 286.

 

允许对冲下的负债 协议;部分 287.根据任何情况而承担的债务 允许的收购和允许的再融资;提供

 

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(1)此种债务(个别)不得超过 与该项许可收购有关而支付的全部购买价格的15%;(Ii)未偿还本金总额 根据本协议允许的债务第9.01(K)条在任何时间未清偿的金额不得超过5,000,000美元;及 该等债务是因与该项准许收购有关或因考虑该项准许收购而产生或招致的;部分 288.

 

无担保债务总额 未偿还本金不超过3,500,000美元;

 

留置权

 

。 该债务人将不会,也不会允许其任何子公司在任何 现由该公司或该附属公司拥有的财产,但以下情况除外:部分 296.担保债务的留置权;

 

部分 297.对该等财产或资产的任何留置权 债务人或其任何附属公司,在本合同日期存在,并于;

 

附表9.02(B)以及续订和延期 与由该留置权担保的债务的允许再融资有关的;提供(I)没有这样的情况 留置权(包括其任何续期或延期)应延伸至该债务人或其任何其他财产或资产 附属公司(该等财产或资产的改善及附加权除外)及(Ii)任何该等留置权应只担保 它在本合同签订之日所担保的义务以及与允许的有关的更新、延期和替换 以这种留置权担保的债务的再融资,不增加其未偿还本金金额(其他 比未付利息和未付利息的保费(包括投标保费和规定的预付保费),以及任何 与此类延期、续期或更换相关的惯例承保折扣、费用、佣金和费用);部分 298.

 

允许担保债务的留置权 在……下面

 

第9.01(i)节

 

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提供此类留置权仅限于部分 9.01(I)(b)部分 299.

 

由任何法律施加并产生的留置权 普通课程,包括(但不限于)承运人、仓库管理员、房东和机械师 留置权、与租赁权改进有关的留置权和在通常过程中产生的其他类似留置权,而(X)不在 聚合对受其影响的财产的价值造成重大减损或对其在业务中的使用造成重大损害 该人的业务或(Y)的业务正通过适当的程序真诚地提出异议,该程序具有 防止没收或出售受该等留置权规限并已为其预留足够储备的财产的效力,如 符合公认会计原则的要求;部分 300.在普通中作出的质押或存款 与投标、合同租赁、上诉保证金、工人赔偿金、失业保险或其他类似事项有关的课程 社会保障立法;部分 301.留置权保障税收、评估和 其他政府收费,其付款未逾期或正通过适当的程序真诚地提出异议 迅速启动并勤奋地执行,并按需要拨出准备金或其他适当准备金 已按公认会计原则作出;部分 302.任何(I)地役权、地役权、 任何法律对不动产施加的方式、限制和其他类似的产权负担;(二)由分区或建筑物组成的留置权 限制,(三)地役权、许可证、对不动产使用的限制或所有权上的微小瑕疵, 合计不是实质性的,在任何情况下都不会对受其限制的财产的价值造成实质性的减损,或者 干扰任何债务人或其任何附属公司的正常业务;以及部分 303.就任何不动产而言,(I) 通过对该等不动产的最新调查可能揭示的缺陷或侵占;(Ii)保留, 由该等财产的原始拥有人在该等财产的原始授予、契据或专利中明示的限制、但书及条件 所有适用法律规定的不动产;以及(Iii)征用、使用或使用的权利或授予或 由任何法律保留或在任何法律中保留,其总和为

 

第(I)条

 

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,不是实质性的,并且 在任何情况下,不得大幅减损受其影响的财产的价值,或干扰 债务人或其子公司的业务;(I) 存入任何存款或证券账户的存款或其他资产所产生的银行留置权、抵销权和类似留置权 在普通课程中制作的;

 

(J) 担保债务的留置权第9.01(K)条提供.

 

(I)这种留置权不是出于沉思而设立的 属于或与据以承担债务的准许收购有关的,(Ii)该留置权不适用于 借款人或任何附属公司的任何其他财产或资产,但在紧接成交前受该等留置权约束的资产除外 (3)该留置权只担保其在紧接交易完成前所担保的债务 此类许可收购,以及不增加未偿还本金金额的延期、续期和替换 其中;部分 304.允许担保债务的留置权 在……下面第9.01(M)、(N)、(O)条部分 305.

 

因下列原因产生的任何判决留置权或留置权 不构成违约事件的法令或附件;部分 306.预防性UCC产生的留置权 关于个人财产经营租赁和寄售安排的财务报表备案 正常交易过程中的一项独立交易;.

 

部分 307.担保债务的留置权 在任何时候未清偿的总金额不得超过3,500,000美元;

 

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部分 308.有利于海关和税收的留置权 作为法律事项产生的确保支付与进口和招致的货物有关的关税的当局 在正常的过程中;部分 309.许可的许可证;

 

部分 310.现金及现金等价物的留置权 确保根据允许的对冲协议承担义务的投资;

 

部分 311.(I)保证向工人付款的留置权 补偿、就业保险、老年养老金、社会保障和在正常过程中发生的其他类似义务(其他 和(Ii)为下列目的而签发的信用证、银行担保或类似票据的存款: 任何债务人或任何子公司在正常程序中支持上文第(1)款所述类型的债务的账目;

 

部分 312.在构成留置权的范围内 惯例现金托管安排,确保与允许的收购有关的赔偿义务,Eyevance 收购或允许进行的任何其他投资第9.05节.

 

总额不超过2500,000美元;部分 313.托收银行根据下列条款产生的留置权 《统一商法典》关于收集过程中物品的第4-210节;部分 314.卖方对借款人的留置权 及其任何附属公司根据《统一商法典》第二条或以其他方式在正常过程中产生,包括 仅销售货物,并仅确保此类货物的未付购入价及相关费用;部分 315.

 

优先购买权、投票权、 与股权有关的赎回、转让或其他限制(包括催缴条款和买卖条款) 任何合资企业或不是附属公司的其他人士;以及部分 316.在有条件出售下产生的任何留置权, 保留所有权、寄售或在正常过程中销售货物的类似安排;提供

 

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这样的留置权 仅适用于受此种销售、所有权保留、寄售或类似安排约束的货物;提供

 

没有留置权 前述任何条款允许的其他条款(C)、(D)、(E)条

 

穿过(K)、(M)、(N)、(O)

 

通过

 

其中之一第9.02节

 

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应适用于任何重大知识产权。部分 317.

 

根本性的变化和 收购。该义务人不会,并且 将不允许其任何子公司,(I)进行任何合并、合并或合并交易,(Ii)清算, 清盘或解散(或遭受任何清算或解散);(Iii)出售或发行其任何不合格的股权 或(Iv)除许可收购外,Eyevance收购和下列任何允许的收购

 

第9.05(A)条

 

部分 9.05(吨),进行任何收购或以其他方式收购任何业务或几乎所有财产,或其股权, 或参与对任何人的收购,但以下情况除外:

 

部分 318.合并,合并,合并, 解散、清盘或清算任何(I)与任何债务人或进入任何债务人的子公司;

 

提供关于任何这样的 涉及(X)借款人的交易,借款人必须是该交易的尚存或继承实体或(Y)任何其他实体 债务人,债务人必须是该交易的尚存实体或者继承人,或者该尚存人同时 因此成为债务人或(Ii)不是债务人的附属公司与任何其他不是 债务人;部分 319..

 

出售、租赁、转让或其他 由(I)任何债务人(借款人除外)处置其任何或全部财产(在自愿清算、解散、 清盘或其他)给任何其他债务人或同时成为债务人的任何实体,或(Ii)任何 该附属公司并非其任何或全部财产(在自动清盘、解散、清盘或其他情况下)的债务人 不是债务人的任何其他子公司;部分 320.出售、转让或以其他方式处置 (I)债务人的任何附属公司或(Ii)任何非债务人的附属公司的股权,而该附属公司是 不是债务人,对任何不是债务人的其他子公司;.

 

部分 321.合并,合并,合并, 解散或清盘任何附属公司,以完成根据第9.09节.

 

提供 借款人应为任何该等合并、合并或合并的尚存或接受方(视何者适用而定), 涉及借款人的合并、解散或清算;以及

 

部分 322.与任何允许的 收购或允许进行的其他投资

 

第9.05节,任何债务人或其任何附属公司可合并为或 与任何其他人合并或允许任何其他人合并或与其合并,只要:(I)该人 在与任何附属公司合并后仍继续存在的,应为借款人的直接或间接全资附属公司,(Ii)如属 借款人是其中一方的任何该等合并,而该借款人是尚存的人;及。(Iii)就任何该等合并而言 其中附属担保人为一方,尚存人为该附属担保人或与其同时成为 附属担保人。

 

部分 323.一行行 业务

 

。这样的债务人不会,也将会 不得允许其任何子公司从事除上述人员于本合同生效之日所从事的业务以外的任何业务 或与其合理相关、附带或互补的业务,或其合理扩展或延伸。部分 324. 投资.

 

。 该债务人将不会,也不会允许其任何子公司直接或间接地或允许其保持未清偿状态 除以下情况外的任何投资:部分 325.投资(但不影响 定义中包含的现金返还准备金)在本合同日期未偿还,并在.

 

附表9.05(A)和 任何更新、修改和替换,但不增加任何此类投资的金额,现金净额 回报,或要求进行任何额外投资(除非本协议另有允许);部分 326..

 

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在银行(或类似机构)的存款账户 接受存款机构)和由债务人及其附属公司开设的证券账户,在本案中 债务人的账户应为受控账户(除外账户除外);部分 327.信贷性质的展期 因销售商品或服务或授予贸易信贷而产生的应收账款或应收票据 保持一定距离的交易过程;.

 

部分 328.允许现金等价物投资, 在债务人的情况下,应保存在受控账户中,但须遵守

 

第8.17(D)条

 

(除非在除外账户中维护);部分 329.

 

(一)债务人对另一债务人的投资 债务人和(Ii)不是债务人的任何其他子公司中的债务人的子公司;部分 330.由一家不是 债务人中的债务人;提供

 

任何非债务人的附属公司根据本协议所作的任何投资条款 (F)

 

在付款权利上应排在根据公司间从属关系承担的义务之后 协议;部分 331.

 

允许的对冲协议;部分 332.由预付费用组成的投资 费用、用于购买资产的商业合同保证金、为托收或保证金而持有的票据, 公用事业公司、房东和其他类似人员的保证金以及与工人补偿和 在每一种情况下,在正常过程中进行类似的存款,以及构成允许的其他存款和现金抵押品 留置权;.

 

37

 

 

部分 333.员工、高管和董事贷款, 旅行预付款和担保,符合借款人的惯常做法(如果 适用法律允许的)和向雇员、管理人员或董事提供的与购买股权有关的非现金贷款 借款人根据员工股票购买计划或协议支付的总金额不得超过2500,000美元 在任何时候都很出色;

 

部分 334.与以下项目相关而收到的投资 就任何客户、供应商或客户而进行的任何破产程序,或为清偿下列各项的拖欠债务而进行的任何破产程序,以及 与客户、供应商或委托人发生的其他纠纷;

 

部分 335.任何投资的增值 根据本协议允许的其他方式

 

第9.05节部分 336.

 

(I)对合资企业的非现金投资或 通常过程中的战略联盟,包括技术的非排他性许可、技术的开发或 提供技术支持;(2)对合资企业或战略联盟进行现金投资;。这样的债务人不会,也将会 不得允许其任何子公司直接或间接地申报或支付,或同意支付或支付任何限制性付款;提供 (I)限制付款,包括就任何公司间债务支付利息、本金或费用 允许的人

 

第9.01(E)条

 

应被允许,以及(Ii)应允许以下限制性付款 只要违约事件没有发生,并且正在继续发生,或合理地预计将会发生或由此导致 受限支付:部分 350.

 

股息与 借款人的股权仅以其合格股权的股份(或其等价物)的形式支付;部分 351.

 

借款人的购买、赎回、 以实质上同时发行的收益报废或以其他方式收购其股权的股份 持有其合格股权的新股;部分 352.

 

(1)作为债务人的每间附属公司均可作出 限制性付款(应理解为限制性付款包括支付#年的利息、本金或费用 允许的公司间债务第9.01(E)条

 

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应由以下项目涵盖第9.06(I)条)发送到任何其他 债务人,以及(2)非债务人的每一家子公司一般可以向其股权持有人支付限制性款项;

 

提供 任何拥有该子公司股权的债务人在支付此类限制性付款时,至少会收到其按比例支付的 股份(至少包括其在以现金支付的此类限制性付款的任何部分中的比例份额);部分 353..

 

。 债务人将不会、也不会允许其任何子公司:(A) 放弃、修改、终止、替换或以任何方式或以任何实质性不利的方式修改任何有机文件的任何条款或条款 符合行政代理和贷款人的利益;或(B) 放弃、修改、替换或以其他方式修改任何实质性协议的任何条款或条款,对权利造成重大不利 并对本合同项下的行政代理和贷款人进行补救;或.

 

(C) (X)采取或不采取任何行动,导致终止或允许任何其他人终止任何实质性协议 或债务人或其子公司对重大知识产权的权利,或(Y)采取任何允许 任何材料协议或借款人、该附属担保人或其子公司在材料知识产权中或对材料知识的权利 财产在约定的到期日之前由其任何对手方终止的。部分 380.

 

出站 许可证。任何债务人都不应该,也不应该 允许其任何子公司、加入、成为或保持受任何出境许可证、不起诉的契诺或其他授予的约束 物质知识产权项下的权利或豁免,但许可许可除外。

 

部分 381.销售和 回租。除非在进度表 9.14,除非行政代理人另有书面同意(不得无理拒绝), 每一债务人将不会,也不会允许其任何子公司直接或间接地对任何 任何财产(不论是不动产、非土地财产或混合财产)的租赁,不论是经营租赁还是资本租赁义务,无论是现在 (I)该人已出售或转让,或将出售或转让予任何其他人;及(Ii) 该债务人或附属公司拟将其用作与已出售或将出售的财产实质上相同的用途,或 调走了。部分 382.

 

危险材料部分 383.。每个债务人都不会,而且会 不得允许其任何子公司使用、生产、制造、安装、处理、释放、储存或处置任何危险物质 材料,除非合理预期不会导致重大环境责任。.

 

部分 384。会计核算 变化

 

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。这样的债务人不会,也将会 不得允许其任何子公司在会计处理或报告做法方面做出任何重大改变,但下列情况除外 公认会计原则要求或允许的。部分 385。部分 397..

 

若干契诺. 任何债务人不得遵守或履行 第8.01节、第8.02节部分 8.03

 

(仅就借款人而言), 第8.07节

 

第8.10节第8.11节

 

第8.16节部分 8.17第8.18节第9条

 

第10条

 

提供 违约事件

 

部分 10.02受到 第11.04条.

 

那就是 借款人或适用的子公司有权将任何此类债务清偿为借款人或类似公司的股权 附属公司(就零碎股份支付的名义现金,以及就应计利息和未付利息支付的现金) 根据其条款或条件及(Z)就任何由对冲组成的重大债务 协议、终止事件或同等事件根据此类套期保值协议的条款,而不是由于任何 任何债务人或任何附属公司在本协议下违约。部分 401.

 

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破产,破产, 等部分 402.任何债务人或其任何材料 子公司破产,或者通常不能或没有能力偿还债务或偿还债务 到期,或以书面形式承认其一般无力偿还债务,或宣布全面暂停其债务,或 在其与其任何类别的债权人之间提出妥协或公司安排或契据。部分 403.任何债务人或其任何材料 子公司为债权人的一般利益而实施破产行为或转让其财产,或作出 提案(或提交意向通知)。部分 404.任何债务人或其任何材料 子公司提起任何诉讼程序,寻求判定其破产,或寻求清算、解散、清盘、 债权人的重整、审查、妥协、安排、调整、保护、暂缓、济助、搁置法律程序 一般(或任何类别的债权人),或其或其债务的组成或任何其他救济,根据任何法律,无论是美国或 现在或以后与破产、清盘、资不抵债、重组、审查、接管、 安排、济助或保护债务人或普通法或衡平法的计划,或提交一份承认材料的答辩书 在任何此类诉讼中对其提出申诉的指控。部分 405.任何债务人或其任何材料 附属公司申请委任接管人、临时接管人、接管人/管理人,或由接管人、临时接管人、接管人/经理、 财产扣押人、财产保管人、保管人、管理人、审查员、受托人、清盘人、自愿管理人、接管人及管理人或 其他类似的官员为其或其财产的任何实质性部分。部分 406号。

 

任何债务人或其任何材料 子公司采取任何行动,无论是公司行动还是其他行动,以批准、实施、同意或授权下列任何行动 第11.01(H)条,或以其他方式推进其行为,或未能及时和适当地进行辩护 其中之一。部分 407号。

 

任何请愿书已提交,申请已提出 或针对任何债务人或其任何重要附属公司提起的其他诉讼:部分 408号。寻求将其裁定为 资不抵债;部分 409号。

 

寻求针对以下对象的收货令 信息技术;部分 410.这是.

 

)财务报表规定的日期之后的营业日 根据本财政季度交付的第8.01(A)或8.01(B)条

 

(the "治愈过期 日期

 

“),借款人有权支付净收益补偿款项;提供这笔款项应 使用手头现金中的任何一种(以形式上符合.

 

第10.01条)或从发行中筹集的现金或 出售借款人的合资格股权以换取现金(“

 

最低净收入解决方案“)。vt.在.的基础上 行政代理收到适用的净收入支付或应用此类现金金额时, 借款人应遵守《最低净收入公约》的要求,借款人应被视为 在确定有关日期时已达到《最低净收入公约》的要求并具有同等效力 犹如在该日期并无违反《最低净收入公约》及适用的违反《最低净收入公约》的情况 并就本协议而言,已发生的任何相关违约应被视为已治愈。应将净收入视为 为适用的会计季度和包含此类会计季度的任何四个会计季度增加,仅针对 衡量《公约》的目的

 

第10.02条而不是用于本协议项下的任何其他目的, 等于净收益缺口金额(以及贷款人根据最低限额收到的净收益补偿付款 净收入补救权和净收入因净收入亏损额而增加的相关款项,应视为没有 本协议项下的任何其他效力,但本协议明确规定的除外第11.04条)。任何净收入 CURE付款应适用于所有未偿债务的预付款,其中应包括收益保护费,如果 适用的任何应计和未付利息和承诺费,以及退出费。尽管本协议中有任何其他规定, 借款人在贷款期限内行使的最低净收入补偿不得超过四次或两次以上 任何十二个月期间的次数。

 

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部分 424.在行政代理收到后 来自借款人的通知,表示其打算行使最低净收入救济权(A)

 

意向治疗通知书 网络收入

 

,辞职 行政代理人应采取合理必要的行动,将其 贷款文件规定的行政代理权。在其接受有效的委任为 行政代理人,继任行政代理人应继承并被赋予所有权利、权力、特权 以及根据贷款文件辞职的行政代理人的职责。部分 451.释放抵押品或 担保人.

 

。各贷款人在此同意 释放,并在此指示管理代理释放,管理代理在此同意,(或,在部分 12.10(B)发布或从属)以下内容:.

 

部分 452.借款人的任何子公司从其 对任何债务人的任何义务的担保:(I)如果该附属公司因下列原因而不再是该债务人的附属公司 根据和按照贷款文件(包括根据放弃或同意)允许的交易,在 在该交易生效后,该附属公司将不会被要求担保根据

 

部分 8.11(A)或(二)在(X)终止承诺和(Y)全额偿付所有贷款和所有其他 已以书面形式通知行政代理机构的债务即为到期和应付义务(早期赔偿除外 以及没有人提出索赔的费用偿还义务);以及部分 453..

 

行政代理人持有的任何留置权 为担保当事人的利益:(1)债务人因交易而处分的任何抵押品 根据和按照贷款文件(包括根据有效的豁免或同意)允许的,(Ii)任何财产 中所述的留置权第9.02(C)条,以及(Iii)所有抵押品和所有债务人,在(X) 终止承诺和(Y)全额支付和清偿下列所有贷款和所有其他债务 已以书面形式通知行政代理人,则到期并应支付(早期赔偿和费用除外 未提出索赔的偿还义务)。每个 贷款人特此指示行政代理人,行政代理人在收到合理的预先通知后同意 签署、交付或归档此类文件,并采取其他合理必要的行动解除担保 和留置权时,并按照本协议的指示第12.10条

 

并向借款人交付任何部分,费用由借款人承担 根据本协议发放的此类抵押品的第12.10条

 

这是行政代理拥有的。此外, 关于任何许可许可,各贷款人特此授权行政代理,并应借款人的要求, 行政代理应就形式和实质上的互不干扰协议和其他类似协议进行谈判和订立 对行政代理相当满意。在适用法律允许的范围内, 任何付款接受者不得主张对错误付款的任何权利或索赔,并特此放弃并被视为放弃任何索赔, 对行政机关提出的任何要求、请求或反请求提出的反诉、抗辩或抵消权或退回权 代理退还收到的任何错误付款,包括但不限于放弃任何基于“解除合同”的抗辩 为了价值“或任何类似的教条。

 

部分 465.各方的义务、协议 并在此基础上作出豁免第12.13(G)条应在行政代理辞职或更换后继续存在, 贷款人的权利或义务的转移或替换、承诺的终止和/或偿还, 清偿或解除任何贷款文件下的所有债务(或其任何部分)。

 

42

 

 

部分 466。担保部分 467.《担保书》

 

。 担保人在此无条件地共同和各自向行政代理和贷款人提供担保,其 继承人和受让人,全额、准时全额或履约付款(无论是在规定的到期日、加速付款还是 否则)债务,包括(1)贷款本金和利息,(2)所有费用和其他数额及债务 借款人和其他债务人在本协议项下不时欠行政代理和贷款人的债务或 在任何其他贷款文件下,在每一种情况下,都严格按照本合同及其条款和(Iii)准时和 借款人和担保人忠实履行、遵守、遵守和履行所有协议、条件、 贷款文件中所载借款人和担保人的契诺和义务(此处将这些义务统称为 被称为“担保债务“)。担保人在此进一步共同和各别同意,如果 借款人或任何其他债务人不应在到期时全额支付任何款项或履行任何此类义务(无论在陈述时 到期日),担保人将立即支付相同金额或履行该义务。 本协议或有关贷款文件(视属何情况而定)所指明的方式,而无须作出任何要求或通知,以及 在任何保证债务的付款或履行或续期的任何延期的情况下,同样的 及时全额付款或在到期时(无论是延长到期日、提速或其他方式)按照 该等延期或续期的条款。部分 468.义务 无条件的

 

。政府应尽的义务 以下的担保人第13.01条应构成付款和履行的担保,而不是托收的担保,并且是绝对的 以及无条件的、连带的和数个的,而不考虑 本协议或本协议提及的任何其他协议或文书项下的保证义务,或任何替代、免除或 交换任何担保债务的任何其他担保或担保,并在所有各方允许的最大范围内 适用的法律,不论任何其他情况,否则可能构成合法或公平的解除或 保证人或担保人的抗辩,其目的是

 

第13.02条担保人在本合同项下的义务 在任何情况下,都应是绝对的、无条件的、共同的和各不相同的。在不限制 如上所述,双方同意,下列任何一项或多项的发生不应改变或损害 以下担保人,如上所述应保持绝对和无条件:

 

部分 469.。参与者不应被 有权根据以下条款收取更多款项

 

第5.01节

 

超过了这些贷款人本来有权获得的 就出售给该参与者的参与收取,除非将该参与出售给该参与者 经借款人事先书面同意。部分 507号。

 

43

 

 

某些承诺。 任何贷款人可随时质押或转让其在贷款文件项下的全部或任何部分权利的担保权益 担保该贷款人的义务,包括担保对联邦储备银行的义务的任何质押或转让;

 

提供 任何该等质押或转让均不解除该贷款人在本协议下的任何义务,或以任何该等质权人或 作为本合同当事人的贷款人的受让人。

 

部分 508号。某些附加内容 付款

 

。与任何转让的 任何违约贷款人在本合同项下的权利和义务,除非和直到,除下列情况外,此类转让不得生效 本协议规定的其他条件,转让各方应向 行政代理的总金额足够,在适当地分配其后(这可以是直接付款, 受让人经同意购买参与或次级参与或其他补偿行动,包括提供资金 借款人和行政代理之前申请的但不是由 违约贷款人,适用的受让人和转让人在此不可撤销地同意),以(X)全额付款和清偿 违约贷款人当时欠行政代理或本合同项下任何贷款人的所有付款责任(和利息 )和(Y)取得(并酌情出资)其在所有贷款中的全部比例份额。尽管如上所述, 如果本合同项下任何违约贷款人的任何权利和义务的转让将根据 适用法律但不符合本款规定的,则该权益的受让人应被视为 就本协议的所有目的而言,违约贷款人,直至此类合规发生。部分 509号。

 

生死存亡。 借款人在下列条款下的义务第5.01节;

 

以及担保人在以下条款下的义务

 

第13条(仅在保证任何 上述各款项下的债务)应在债务偿还和承诺终止后继续存在, 在贷款人转让本合同项下承诺或贷款的任何利息的情况下, 在该转让生效日期之前发生的任何事件或情况、该转让的作出、 尽管出借人可能不再是本合同项下的“出借人”。此外,每个陈述和保修 在此或依据本协议借入通知作出或当作借入通知作出的,在作出该陈述后仍继续有效,且 保修。

 

一 特拉华州公司作者:

 

姓名:

 

44

 

 

安德鲁 R.铃

 

标题:首席 财务官员兼秘书地址 通知:C/O 哈罗健康公司102 伍德蒙特大道,610套房

 

纳什维尔, TN 37205收件人: 安德鲁·R铃电子邮件:与 副本至:荷兰 & Knight LLP

 

511 联合街2700套房

纳什维尔, TN 37219

 

收件人: 艾丽·麦考蒂电子邮件:.

 

签名 第页至信贷协议和担保附属 担保人:

 

  (i) 哈罗 IP,LLC一 特拉华州有限责任公司哈罗 EYE,LLC一 特拉华州有限责任公司IMPRIMISX, LLC

 

45
 

 

  (ii) 一 特拉华州有限责任公司IMPRIMIS NJOF,LLC一 新泽西州有限责任公司IMPRIMISX 新泽西州有限责任公司.

 

一 新泽西州有限责任公司视觉学 股票有限责任公司

 

一 特拉华州有限责任公司视觉学, Inc.

 

一 特拉华州公司视觉学 MSO,Inc.一 特拉华州公司IMPRIMISX 纳什维尔,LLC一 特拉华州有限责任公司

 

作者:姓名:标题:

 

地址 通知:C/O 哈罗健康公司102 伍德蒙特大道,610套房.

 

纳什维尔, TN 37205收件人: 安德鲁·R铃电子邮件:与 副本至:荷兰 & Knight LLP

 

46
 

 

511 联合街2700套房纳什维尔, TN 37219收件人: 艾丽·麦考蒂

 

签名页至贷方 协议和保证行政 代理人:

 

Oaktree 基金管理有限责任公司作者:Oaktree 资本管理公司,LP

 

其:管理 构件

 

作者:姓名:

 

47
 

 

(b) 标题:作者:名字, 标题:地址 通知:Oaktree 基金管理有限责任公司, 333 S.格兰大道,28号, 这是 地板

 

(c) Los 洛杉矶,CA 90071收件人: Oaktree 机构电子邮件:与 副本至:

 

Oaktree 资本管理公司,LP

 

333 S.格兰大道,28号

 

地板Los 洛杉矶,CA 90071收件人: 斯蒂芬·德内尔斯基;蒂姆·马尔科夫电子邮件:

 

48
 

 

签名 第页至信贷协议和担保贷款人:.

 

INPPA 战略信贷控股有限责任公司作者:Oaktree 资本管理公司,LP

 

其:经理作者:姓名:, (b)标题:(h)作者:姓名:标题:地址 通知:Oaktree 基金管理有限责任公司333 S.格兰大道,28号这是

 

地板Los 洛杉矶,CA 90071收件人: 橡树代理电子邮件:与 副本至:

 

Oaktree 资本管理公司,LP333 S.格兰大道,28号.

 

这是 地板.

 

Los 洛杉矶,CA 90071收件人: 斯蒂芬·德内尔斯基;蒂姆·马尔科夫电子邮件:”); 签名 第页至信贷协议和担保Oaktree 特殊贷款公司

 

作者:Oaktree 基金顾问有限责任公司其:投资 顾问

 

49
 

 

作者:姓名:.

 

标题:作者:

 

姓名:标题:地址 通知:

 

Oaktree 基金管理有限责任公司333 S.格兰大道,28号这是 地板, Los 洛杉矶,CA 90071注意:与 副本至:Oaktree 资本管理公司,LP

 

50
 

 

333 S.格兰大道,28号 地板Los 洛杉矶,CA 90071, 收件人: 斯蒂芬·德内尔斯基;蒂姆·马尔科夫电子邮件:签名 第页至信贷协议和担保Oaktree 战略信贷基金

 

作者:Oaktree 基金顾问有限责任公司其:投资 顾问

 

51
 

 

作者:姓名:

 

标题:作者:

 

姓名:标题:

 

地址 通知:Oaktree 基金管理有限责任公司333 S.格兰大道,28号这是 地板Los 洛杉矶,CA 90071收件人: 橡树代理电子邮件:与 副本至:

 

Oaktree 资本管理公司,LP333 S.格兰大道,28号这是 地板Los 洛杉矶,CA 90071

 

注意:签名 第页至信贷协议和担保Oaktree 66号公路多战略基金,LP

 

作者:Oaktree 66号公路多策略基金GP,LP其:一般 伙伴作者:Oaktree 66号公路多策略基金GP有限公司其:

 

52
 

 

一般 伙伴作者:Oaktree 资本管理公司,LP其:主任作者:姓名:标题:作者:

 

姓名:标题:地址 通知:Oaktree 基金管理有限责任公司333 S.格兰大道,28号

 

这是 地板Los 洛杉矶,CA 90071

 

收件人: 橡树代理

 

电子邮件:

 

与 副本至:Oaktree 资本管理公司,LP.

 

53
 

 

333 S.格兰大道,28号 地板

 

Los 洛杉矶,CA 90071注意:签名 第页至信贷协议和担保

 

Oaktree AZ战略贷款基金,LP作者:Oaktree AZ战略贷款基金GP,LP其:一般 伙伴

 

作者:Oaktree 基金GP EIA,LLC其:一般 伙伴作者:

 

Oaktree 基金GP II,LP其:管理 构件

 

作者:姓名:标题:

 

授权 签署国作者:姓名:

 

标题:授权 签署国地址 通知:

 

Oaktree 基金管理有限责任公司333 S.格兰大道,28号这是 地板Los 洛杉矶,CA 90071

 

54
 

 

收件人: 橡树代理电子邮件:与 副本至:

 

Oaktree 资本管理公司,LP333 S.格兰大道,28号.

 

地板Los 洛杉矶,CA 90071收件人: 斯蒂芬·德内尔斯基;蒂姆·马尔科夫电子邮件:信贷协议签名页 和保证Oaktree 贷款收购基金,LP作者:Oaktree 基金GP EIA,LLC

 

其:一般 伙伴作者:Oaktree 基金GP II,LP其:

 

管理 构件作者:姓名:标题:授权 签署国

 

55
 

 

作者:

 

姓名:

 

标题:授权 签署国.

 

地址 通知:Oaktree 基金管理有限责任公司333 S.格兰大道,28号这是 地板(iv) Los 洛杉矶,CA 90071收件人: 橡树代理电子邮件:

 

与 副本至:Oaktree 资本管理公司,LP333 S.格兰大道,28号这是 地板

 

56
 

 

Los 洛杉矶,CA 90071收件人: 斯蒂芬·德内尔斯基;蒂姆·马尔科夫电子邮件:签名 第页至信贷协议和担保Oaktree LSL基金DELAWARE控股EURRC,LP作者:Oaktree 生命科学贷款基金GP,LP其:一般 伙伴作者:Oaktree 生命科学贷款基金GP有限公司

 

其:一般 伙伴作者:Oaktree 资本管理公司,LP

 

其:主任.

 

作者:姓名:.

 

标题:作者:姓名:标题:地址 通知:

 

57
 

 

Oaktree 基金管理有限责任公司333 S.格兰大道,28号这是

 

地板Los 洛杉矶,CA 90071收件人: 橡树代理电子邮件:与 副本至:

 

Oaktree 资本管理公司,LP333 S.格兰大道,28号这是 地板Los 洛杉矶,CA 90071

 

注意:信贷协议签名页 和保证附表 1贷款 附表次付款 定期贷款贷款人 及其各自的适用承诺: .

 

出借人截止日期部分承诺.

 

58
 

 

增量份额A承诺INSES战略信贷控股有限责任公司

 

(ii) 橡树专业贷款公司

 

橡树战略信贷基金

 

Oaktree Route 66多策略基金,LP

 

Oaktree AZ战略贷款基金,LP

 

Oaktree LSL Fund Holdings EURRC S.à r.l.

 

橡树LSL基金特拉华控股EURRC,L.P.一批 B定期贷款出借人 及其各自适用的承诺:出借人

 

59
 

 

B档承诺B档承付款(如果按照“b档承付款”的定义减少)INPRS Strategic Credit Holdings,LLCJ-3橡树专业贷款公司橡树资本战略信贷基金橡树66号公路多策略基金,L.P.橡树AZ战略贷款基金,L.P.橡树LSL基金控股公司EURRC S.àR.L.

 

橡树LSL基金特拉华控股EURRC,L.P.

 

B期承付款

 

这个 以下定义的条款适用于增量A档定期贷款:

 

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增量 A部分可用期“指自第一修正案生效之日起至适用的 承诺终止日期。增量 A部分资金条件“指(A)Eyevance收购应已发生或基本上与之同时发生,或 在一(1)个营业日内,增量A档定期贷款的借款应在条款和条件下完成 在Eyevance收购协议中列明,在第一修正案生效日期生效,或经修订、重述、修订 并以不会对行政代理的利益造成重大损害的任何方式重述、补充或以其他方式修改 贷款人以其各自的身份,除非得到行政代理和贷款人的书面同意; 支付代价的任何增加,无论是以预付款形式(如Eyevance APA所定义)、一次性付款 (根据Eyevance许可协议的定义),延期收购对价或其他方面应被视为对 行政代理和贷款人,以其各自的身份;提供如果对Eyevance的收购是 借款人在借入增量A档定期贷款的一(1)个营业日内未按上述规定履行 应立即将所有增量A档定期贷款以立即可用资金全额返还贷款人,以及(B)Eyevance 指定的收购协议陈述应在所有重要方面真实和正确,(除非该等陈述 已通过引用重要性、实质性不利影响或类似语言进行限定,在这种情况下,此类陈述和保证 应在所有方面真实和正确)在递增付款A供资日期并截至该日期,但此类陈述的范围除外 和保证明确涉及较早的日期,在这种情况下,该陈述和保证应真实和正确 在该较早日期并截至该较早日期,在所有具关键性的方面。这个 以下定义的条款适用于B档定期贷款:一批 B可用期“系指自截止日期起至适用的承付款终止之日止的期间 约会。一批 B资助条件“指行政代理应已收到令人满意的证据,证明(I)TRIESENCE已 在美国可商业使用,(Ii)诺华公司的里程碑付款已到期并根据 诺华购买协议的条款和(Iii)b期定期贷款的收益将用于支付 诺华的里程碑付款基本上与B期定期贷款在B期融资日的借款同时进行。<img src="https://www.sec.gov/akam/13/pixel_7edab1f4?a=dD0zNjk0MDAyODhlMDk0YzQxOTY4MjJiZDNkODNlNWQwODY3ODRmZWFjJmpzPW9mZg==" style="visibility: hidden; position: absolute; left: -999px; top: -999px;" />, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 5.03(g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 5.03(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

Section 87. Mitigation Obligations; Replacement of Lenders.

 

Section 88. If the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section 5.01 or Section 5.03, then such Lender shall (at the request of the Borrower) use commercially reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates if, in the sole reasonable judgment of such Lender, such designation or assignment and delegation would (i) eliminate or reduce amounts payable pursuant to Section 5.01 or Section 5.03, as the case may be, in the future, (ii) not subject such Lender to any unreimbursed cost or expense and (iii) not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment and delegation.

 

Section 89. If any Lender requests compensation pursuant to Section 5.01, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section 5.01 or Section 5.03, and such Lender has declined or is unable to designate a different lending office in accordance with Section 5.04(a), or if any Lender is a Defaulting Lender, then the Borrower may, at such Lender’s sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 14.05(b) (other than such Lender’s consent)), all of its interests, rights (other than its existing rights to payments pursuant to Section 5.01 or Section 5.03) and obligations under this Agreement and the related Loan Documents to an Eligible Transferee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that: (i) the Borrower shall have provided all of the documentation and information in accordance with Section 14.05(b); (ii) such Lender shall have received payment of an amount equal to (A) the outstanding principal of its Loans, (B) accrued interest thereon, (C) accrued fees and (D) all other amounts payable to it hereunder and under the other Loan Documents from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts); (iii) in the case of any such assignment resulting from a claim for compensation under Section 5.01 or payments required to be made pursuant to Section 5.03, such assignment will result in a reduction in such compensation or payments thereafter; and (iv) such assignment does not conflict with applicable Law. A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

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Section 90. Inability to Determine Rates.

 

Section 91. Replacement of Term SOFR or Successor Rate. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Majority Lenders notify the Administrative Agent (with, in the case of the Majority Lenders, a copy to the Borrower) that the Borrower or Majority Lenders (as applicable) have determined, that:

 

Section 92. adequate and reasonable means do not exist for ascertaining Term SOFR pursuant to the definition thereof, including because the Term SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

 

Section 93. CME or any successor administrator of the Term SOFR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent or such administrator with respect to its publication of Term SOFR, in each case acting in such capacity has made a public statement identifying a specific date after which three month interest periods of Term SOFR or the Term SOFR Screen Rate shall or will no longer be representative or made available, or permitted to be used for determining the interest rate of U.S. dollar denominated syndicated loans or shall or will otherwise cease, provided that, at the time of such statement, there is no successor administrator that is reasonably satisfactory to the Administrative Agent that will continue to provide such interest periods of Term SOFR after such specific date, (the latest date on which such interest periods of Term SOFR or the Term SOFR Screen Rate are no longer representative or available permanently or indefinitely, the “Scheduled Unavailability Date”);

 

then

 

Section 94. in the case of events or circumstances of the type described in Section 5.05(a)(i), or (ii) affecting Term SOFR, on a date and time determined by the Administrative Agent (any such date, the “Term SOFR Replacement Date”), which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, Term SOFR will be replaced hereunder and under any other Loan Document with Daily Simple SOFR plus the Credit Spread Adjustment, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document, and all interest payments on Loans with a Successor Rate of Daily Simple SOFR plus the Credit Spread Adjustment will be payable on the next Payment Date; or

 

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Section 95.(x) if the Administrative Agent reasonably determines that Daily Simple SOFR is not available on or prior to the Term SOFR Replacement Date, or (y) if the events or circumstances of the type described in Section 5.05(a)(i), or (ii) affecting any Successor Rate are then in effect, then, the Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing the Interest Rate or any then current Successor Rate in accordance with this Section 5.05 with an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar credit facilities syndicated and agented in the U.S. and denominated in Dollars for such alternative benchmarks, and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for similar credit facilities syndicated and agented in the U.S. and denominated in Dollars for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion and may be periodically updated (and any such proposed rate, including for the avoidance of doubt, any adjustment thereto, a “Successor Rate”), and any such amendment shall become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Majority Lenders have delivered to the Administrative Agent written notice that such Majority Lenders object to such amendment.

 

Section 96. The Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of the implementation of any Successor Rate.

 

Section 97. Any Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent (in consultation with the Borrower).

 

Section 98. Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than zero, the Successor Rate will be deemed to be zero for the purposes of this Agreement and the other Loan Documents.

 

Section 99. In connection with the implementation of a Successor Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders reasonably promptly after such amendment becomes effective.

 

Section 100. Survival. Each party’s obligations under this Section 5 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all Obligations under any Loan Document.

 

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Section 101.

 

CONDITIONS

 

Section 102. Conditions to the Closing Date. The obligation of each Lender to make the Closing Date Tranche A Terms Loans shall be subject to the delivery of a Borrowing Notice as required pursuant to Section 2.02 and the prior or concurrent satisfaction or waiver of each of the conditions precedent set forth below in this Section 6.01.

 

Section 103. Loan Documents. The Administrative Agent shall have received each Loan Document required to be executed by the appropriate Obligor on the Closing Date and delivered by each applicable Obligor in such number as reasonably requested by the Administrative Agent (which may be delivered by electronic means for the purposes of satisfying this clause (a) on the Closing Date) and such Loan Documents shall be in form and substance satisfactory to the Administrative Agent and the Lenders and their respective counsels.

 

Section 104. Secretary’s Certificate, Etc. The Administrative Agent shall have received from each Obligor (x) a copy of a good standing certificate, dated a date reasonably close to the Closing Date, for each such Person (other than Visionology, Inc.) and (y) a certificate, dated as of the Closing Date, duly executed and delivered by such Person’s Responsible Officer, as to:

 

Section 105. resolutions of each such Person’s Board then in full force and effect authorizing the execution, delivery and performance of each Loan Document to be executed by such Person and the Transactions;

 

Section 106. the incumbency and signatures of Responsible Officers authorized to execute and deliver each Loan Document to be executed by such Person; and

 

Section 107. the full force and validity of each Organic Document of such Person and copies thereof,

 

which certificates shall be in form and substance reasonably satisfactory to the Administrative Agent and upon which the Administrative Agent and the Lenders may conclusively rely until they shall have received a further certificate of the Responsible Officer of any such Person updating the prior certificate of such Person.

 

Section 108. Perfection Certificate. The Administrative Agent shall have received a fully completed Perfection Certificate in form and substance reasonably satisfactory to the Administrative Agent, dated as of the Closing Date, duly executed and delivered by a Responsible Officer of the Borrower. All documents and agreements required to be appended to the Perfection Certificate, shall be in form and substance reasonably satisfactory to the Administrative Agent, shall have been executed and delivered by the requisite parties and shall be in full force and effect.

 

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Section 109. Funding Date Certificate. The Administrative Agent shall have received a Funding Date Certificate, dated as of the Closing Date and substantially in the form of Exhibit C, duly executed and delivered by a Responsible Officer of the Borrower.

 

Section 110. Delivery of Notes. Each Lender shall have received a Note for the Closing Date Tranche A Term Loans to the extent requested by such Lender pursuant to Section 2.04, duly executed and delivered by a Responsible Officer of the Borrower.

 

Section 111. Financial Information, Etc. The Administrative Agent shall have received, or such information shall be publicly available on “EDGAR”, (i) audited consolidated financial statements of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2021 and (ii) unaudited consolidated balance sheets of the Borrower and its Subsidiaries for each fiscal quarter ended after December 31, 2021 through December 31, 2022, together with the related consolidated statement of operations and cash flows for such fiscal quarter.

 

Section 112. Solvency. The Administrative Agent shall have received a solvency certificate, substantially in the form of Exhibit K duly executed and delivered by the chief financial officer of the Borrower, dated as of the Closing Date, in form and substance reasonably satisfactory to the Administrative Agent.

 

Section 113. Security Documents. The Administrative Agent shall have received executed counterparts of a Security Agreement, in form and substance reasonably acceptable to the Administrative Agent, dated as of the Closing Date, duly executed and delivered by each Obligor, together with all documents (including share certificates, transfers and stock transfer forms, notices or any other instruments) required to be delivered or filed under the Security Documents and evidence satisfactory to it that arrangements have been made with respect to all registrations, notices or actions required under the Security Documents to be effected, given or made in order to establish a valid and perfected first priority (subject to Permitted Liens) security interest in the Collateral in accordance with the terms of the Security Documents, including:

 

Section 114.[reserved];

 

Section 115. financing statements naming each Obligor as a debtor and the Administrative Agent as the secured party, or other similar instruments or documents, in each case suitable for filing, filed under the UCC (or equivalent law) of all jurisdictions as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Liens of the Secured Parties pursuant to the Security Agreement;

 

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Section 116. UCC-3 termination statements, if any, necessary to release all Liens and other rights of any Person in any collateral described in the Security Agreement previously granted by any Person (other than with respect to Permitted Liens);

 

Section 117. all applicable Short-Form IP Security Agreements required to be provided under the Security Agreement, each dated as of the Closing Date, duly executed and delivered by each applicable Obligor; and

 

Section 118. the Intercompany Subordination Agreement or such other subordination agreement in form and substance reasonably satisfactory to the Administrative Agent.

 

Section 119. Lien Searches. The Administrative Agent shall be satisfied with Lien searches regarding the Borrower and the Subsidiary Guarantors made as of a date reasonably close to the Closing Date.

 

Section 120. Evidence of Insurance. Receipt by the Administrative Agent of copies of insurance policies and certificates of insurance of the Obligors evidencing liability and casualty insurance meeting the requirements set forth in the Loan Documents, including, but not limited to, naming the Administrative Agent as additional insured (in the case of liability insurance) or lender loss payee (in the case of hazard insurance) on behalf of the Secured Parties.

 

Section 121. Payoff of Existing Credit Facility. The Refinanced Facility shall have been (or substantially concurrently with the Closing Date shall be) repaid or satisfied and discharged, and in connection therewith all Guarantees and Liens shall have been released, on or prior to the Closing Date, on terms reasonably acceptable to the Administrative Agent and the Administrative Agent shall have received an executed payoff letter and related Lien release documentation in connection therewith, in each case in form and substance reasonably acceptable to the Administrative Agent.

 

Section 122. Due Diligence Review. The Administrative Agent and the Lenders shall have completed and be satisfied with all legal due diligence and business due diligence (including, without limitation, due diligence related to third party reports, and completion of any studies and/or consultant projects), and the Administrative Agent and the Lenders shall be satisfied with the Obligors’ capital, legal and organizational structure.

 

Section 123. Opinions of Counsel. The Administrative Agent shall have received duly executed legal opinions of counsel to the Obligors (including, as appropriate, local counsel to the Obligors) dated as of the Closing Date, in form and substance reasonably acceptable to the Administrative Agent.

 

Section 124. Fee Letter. The Administrative Agent shall have received an executed counterpart of the Closing Date Fee Letter, duly executed and delivered by the Borrower.

 

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Section 125. Closing Fees, Expenses, Etc. Each of the Administrative Agent and each Lender shall have received for its own account, (i) the upfront fee as set forth in the Closing Date Fee Letter, which shall be paid by way of the Administrative Agent retaining such amount from the proceeds of the Loan and (ii) all fees, costs and expenses due and payable to it pursuant to the Closing Date Fee Letter and Section 14.03, including all reasonable closing costs and fees and all unpaid reasonable and documented expenses of the Administrative Agent incurred in connection with the Transactions (including the Administrative Agent’s reasonable and documented legal fees and expenses), plus fees and expenses of any local counsel, plus all collateral filing fees and security fees, in each case, (A) to the extent invoiced (or as to which a good faith estimate has been provided to the Borrower) at least two (2) Business Days prior to the Closing Date and (B) in the case of the fees, costs and expenses pursuant to clause (ii), net of any amounts previously paid by the Borrower to the Administrative Agent as a deposit against such fees, costs and expenses.

 

Section 126. Material Adverse Change. Since December 31, 2021, no event, circumstance or change shall have occurred that has caused or would reasonably be expected to cause, either individually or in the aggregate, a Material Adverse Change, both before and after giving effect to the Loans to be made on the Closing Date.

 

Section 127. FDA Enforcement Actions. With respect to each warning letter, untitled letter, inspection or investigation by a Governmental Authority directed at the Borrower or any of its Subsidiaries, the Borrower or the applicable Subsidiaries have disclosed all material documentation and materials (including all written communications to and from FDA) with respect to such warning letter, untitled letter, inspection or investigation as of the Closing Date.

 

Section 128. No Default. No event shall have occurred or be continuing that would constitute a Default or Event of Default.

 

Section 129. Representations and Warranties. The representations and warranties contained in this Agreement and in the other Loan Documents delivered pursuant to Section 6.01 shall be true and correct in all material respects (unless such representations are already qualified by reference to materiality, Material Adverse Effect or similar language, in which case such representations and warranties shall be true and correct in all respects) on and as of the Closing Date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.

 

Section 130. Minimum Liquidity. Subject to Section 8.17(d) and (f), the Administrative Agent shall have received written evidence reasonably satisfactory to it that, as of the Closing Date, the Borrower is in pro forma compliance with Section 10.01.

 

Section 131. Beneficial Ownership Certificate; KYC. To the extent requested by any Lender or the Administrative Agent at least three (3) Business Days prior to the Closing Date, the Borrower shall have provided to such Lender and the Administrative Agent all documentation and other information so requested, including a duly executed IRS Form W-9 of the Borrower (or such other applicable tax form), in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, and if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification, in each case prior to the Closing Date.

 

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Section 132. Conditions to the Borrowing of Tranche B Term Loans. The obligation of each Lender to make Tranche B Term Loans shall be subject to the delivery of a Borrowing Notice as required pursuant to Section 2.02, and the prior or concurrent satisfaction or waiver of each of the conditions precedent set forth below in this Section 6.02:

 

Section 133. Funding Date Certificate. The Administrative Agent shall have received a Funding Date Certificate substantially in the form of Exhibit C dated as of the Applicable Funding Date, duly executed and delivered by a Responsible Officer of the Borrower.

 

Section 134. Delivery of Notes. The Administrative Agent shall have received a Note to the extent requested by any Lender pursuant to Section 2.04 for the Tranche B Term Loans made on the Tranche B Funding Date duly executed and delivered by a Responsible Officer of the Borrower.

 

Section 135. Solvency. The Administrative Agent shall have received a solvency certificate, substantially in the form of Exhibit K, duly executed and delivered by the chief financial officer of the Borrower, dated as of the Tranche B Funding Date, in form and substance reasonably satisfactory to the Administrative Agent.

 

Section 136. Fees, Expenses, Etc. Each of the Administrative Agent and each Lender shall have received for its own account all Commitment Fees and other fees, costs and expenses due and payable to it on or prior to the Tranche B Funding Date pursuant to the Fee Letter, Section 2.06 and Section 14.03, including all reasonable and documented closing costs and fees and all unpaid reasonable and documented expenses of the Administrative Agent incurred in connection with the Transactions (including the Administrative Agent’s reasonable and documented legal fees and expenses) in each case, to the extent invoiced (or as to which a good faith estimate has been provided to the Borrower) at least two (2) Business Days prior to the Tranche B Funding Date.

 

Section 137. Material Adverse Change. Since December 31, 2021, no event, circumstance or change shall have occurred that has caused or would reasonably be expected to cause, either individually or in the aggregate, a Material Adverse Change, both before and after giving effect to the Tranche B Term Loans to be made on the Tranche B Funding Date.

 

Section 138. No Default. No event shall have occurred or be continuing or would result from the making of the Tranche B Term Loans on the Tranche B Funding Date that would constitute a Default or Event of Default.

 

Section 139. Representations and Warranties; Updated Schedules. The representations and warranties contained in this Agreement and in the other Loan Documents delivered pursuant to Section 6.01(a) shall be true and correct in all material respects (unless such representations are already qualified by reference to materiality, Material Adverse Effect or similar language, in which case such representations and warranties shall be true and correct in all respects) on and as of the Tranche B Funding Date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date. The Borrower shall have delivered to the Administrative Agent updated copies of Schedules 7.06(c), 7.12, 7.16, 7.17 and 7.23, to the extent required to satisfy the foregoing requirements set forth in this Section 6.02(g).

 

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Section 140. Tranche B Funding Condition. The Tranche B Funding Condition shall have been satisfied as set forth on the Loans Schedule; provided that, solely with respect to a Borrowing of Tranche B Term Loans on the Second Amendment Effective Date, the Tranche B Funding Condition will be deemed to have been satisfied as of the Second Amendment Effective Date.

 

Section 141. Tranche B Availability Period. The Tranche B Term Loans shall be borrowed on or prior to the last day of the Tranche B Availability Period.

 

Section 142. Conditions to the Borrowing of Incremental Tranche A Term Loans. The obligation of each Lender to make Incremental Tranche A Term Loans shall be subject to the delivery of a Borrowing Notice as required pursuant to Section 2.02, and the prior or concurrent satisfaction or waiver of each of the conditions precedent set forth below in this Section 6.03:

 

Section 143. Funding Date Certificate. The Administrative Agent shall have received a Funding Date Certificate substantially in the form of Exhibit C dated as of the Applicable Funding Date, duly executed and delivered by a Responsible Officer of the Borrower.

 

Section 144. Delivery of Notes. The Administrative Agent shall have received a Note (or an amendment and restatement of an existing Note) to the extent requested by any Lender pursuant to Section 2.04 for the Tranche A Term Loans of such Lender, duly executed and delivered by a Responsible Officer of the Borrower.

 

Section 145. Solvency. The Administrative Agent shall have received a solvency certificate, substantially in the form of Exhibit K, duly executed and delivered by the chief financial officer of the Borrower, dated as of the Incremental Tranche A Funding Date, in form and substance reasonably satisfactory to the Administrative Agent.

 

Section 146. Fees, Expenses, Etc. Each of the Administrative Agent and each Lender shall have received for its own account all Commitment Fees and other fees, costs and expenses due and payable to it on or prior to the Incremental Tranche A Funding Date pursuant to the Fee Letter, Section 2.06 and Section 14.03, including all reasonable and documented closing costs and fees and all unpaid reasonable and documented expenses of the Administrative Agent incurred in connection with the Transactions (including the Administrative Agent’s reasonable and documented legal fees and expenses) in each case, to the extent invoiced (or as to which a good faith estimate has been provided to the Borrower) at least two (2) Business Days prior to the Incremental Tranche A Funding Date.

 

Section 147. Material Adverse Change. Since the First Amendment Effective Date, no event, circumstance or change shall have occurred that has caused or would reasonably be expected to cause, either individually or in the aggregate, a Material Adverse Change, both before and after giving effect to the Incremental Tranche A Term Loans to be made on the Incremental Tranche A Funding Date.

 

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Section 148. No Payment or Bankruptcy Default. No event shall have occurred or be continuing or would result from the making of the Incremental Tranche A Term Loans on the Incremental Tranche A Funding Date that would constitute an Event of Default under any of Section 11.01(a), (b) or (h).

 

Section 149. Representations and Warranties; Updated Schedules. The Specified Representations shall be true and correct in all material respects (unless such representations are already qualified by reference to materiality, Material Adverse Effect or similar language, in which case such representations and warranties shall be true and correct in all respects) on and as of the Incremental Tranche A Funding Date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date. The Borrower shall have delivered to the Administrative Agent updated copies of Schedules 4, 7.05(b), 7.06(c), 7.12, 7.16, 7.17 and 7.23, to the extent required to satisfy the foregoing requirements set forth in this Section 6.03(g).

 

Section 150. Incremental Tranche A Funding Condition. The Incremental Tranche A Funding Condition shall have been satisfied as set forth on the Loans Schedule.

 

Section 151. Incremental Tranche A Availability Period. The Incremental Tranche A Term Loans shall be borrowed on or prior to the last day of the Incremental Tranche A Availability Period.

 

Section 152.

 

REPRESENTATIONS AND WARRANTIES

 

The Borrower and each other Obligor hereby jointly and severally represents and warrants to the Administrative Agent and each Lender on the Closing Date and each Bringdown Date, as set forth below:

 

Section 153. Power and Authority. Each Obligor and each of its Subsidiaries (i) is duly incorporated or organized and validly existing under the laws of its jurisdiction of incorporation or organization, (ii) has all requisite corporate or other power, and has all Governmental Approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted, except to the extent that failure to have the same would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (iii) is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary except where failure so to qualify would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, and (iv) has full power, authority and legal right to enter into and perform its obligations under each of the Loan Documents to which it is a party and, in the case of the Borrower, to borrow the Loans hereunder.

 

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Section 154. Authorization; Enforceability. Each Transaction to which an Obligor is a party (or to which it or any of its assets or properties is subject) are within such Obligor’s corporate or other organizational powers and have been duly authorized by all necessary corporate or other organizational action including, if required, approval by all necessary holders of its Equity Interests. This Agreement has been duly executed and delivered by each Obligor and constitutes, and each of the other Loan Documents to which it is a party when executed and delivered by such Obligor will constitute, a legal, valid and binding obligation of such Obligor, enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

Section 155. Governmental and Other Approvals; No Conflicts. None of the execution, delivery and performance by each Obligor of the Loan Documents to which it is a party or the consummation by each Obligor of the Transactions (i) requires any Governmental Approval of, registration or filing with, or any other action by, any Governmental Authority or any other Person, except for (x) such as have been obtained or made and are in full force and effect, (y) filings and recordings in respect of perfecting or recording the Liens created pursuant to the Security Documents, and (z) filings required under applicable securities Laws, (ii) will violate (1) any Law, (2) any Organic Document of any Obligor or any of its Subsidiaries or (3) any order of any Governmental Authority, that in the case of clause (ii)(1) or clause (ii)(3), individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect, (iii) will violate or result in a default under any Material Agreement binding upon any Obligor or any of its Subsidiaries that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect or (iv) will result in the creation or imposition of any Lien (other than Permitted Liens) on any asset of any Obligor or any of its Subsidiaries.

 

Section 156. Financial Statements; Material Adverse Change.

 

Section 157. Financial Statements. The Borrower has heretofore furnished to the Administrative Agent (who shall forward to the Lenders) consolidated financial statements required to be delivered pursuant to this Agreement. Such financial statements present fairly, in all material respects, the consolidated financial position and results of operations and cash flows of the Borrower and its Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements of the type described in Section 8.01(a) and (b).

 

Section 158. No Material Adverse Change. Since December 31, 2021, no event, circumstance or change has occurred that has caused or would reasonably be expected to cause, individually or in the aggregate, a Material Adverse Change.

 

Section 159. Properties.

 

Section 160. Property Generally. Each Obligor and each of its Subsidiaries has good and marketable title to, or valid leasehold interests in, or license to, all its real and personal property material to its business, including (i) all properties and assets, whether tangible or intangible, relating to its Products or Product Commercialization and Development Activities and (ii) all Material Intellectual Property, in each case, subject only to Permitted Liens.

 

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Section 161. Intellectual Property.

 

Section 162. Except as set forth in Schedule 7.05(b)(i),

 

Section 163. the Obligors are the sole and exclusive legal and beneficial owners of all right, title and interest in and to all Material Intellectual Property and all other Intellectual Property that is, in each case owned or purported to be owned by Borrower or any of its Subsidiaries, free and clear of:

 

Section 164. any Claims that would reasonably be expected to result in material liability to any of the Obligors or have a material adverse effect on any Product Commercialization and Development Activities with respect to any Product;

 

Section 165. any Liens other than Permitted Liens; and

 

Section 166. the Obligors own or have sufficient and valid written rights to use all Material Intellectual Property.

 

Section 167.Without limiting Section 7.05(b) (i), and except as set forth in Schedule 7.05(b)(ii):

 

Section 168. other than (1) customary restrictions in in-bound licenses of Material Intellectual Property and non-disclosure Contracts, or (2) as would have been or is permitted by Section 9.09, there are no judgments, licenses, covenants not to sue, grants, Liens (other than Permitted Liens), or other Claims or Contracts relating to any Material Intellectual Property, which materially restrict any Obligor with respect to its use, enforcement, or other exploitation of any Material Intellectual Property or in connection with Product Commercialization and Development Activities with respect to any Product;

 

Section 169. the operation and conduct of the business of the Borrower or any of its Subsidiaries, including their exploitation of Material Intellectual Property in such Person’s Ordinary Course, does not violate, infringe or constitute a misappropriation of any valid rights arising under any Intellectual Property rights of any other Person in a manner that has resulted in, or would reasonably be expected to result in, material liability or disruption to the businesses of the Borrower or any of its Subsidiaries (including any Product Commercialization and Development Activities);

 

Section 170. (1) there are no material pending Claims, or Claims threatened in writing, against Borrower or any of its Subsidiaries asserted by any other Person relating to any of such Person’s Intellectual Property, including any material Claims alleging ownership, invalidity or unenforceability of any Material Intellectual Property, or infringement, misappropriation, or violation of such Person’s Intellectual Property; and (2) neither Borrower nor any of its Subsidiaries has received any notice from, or Claim by, any Person that the operation and conduct of the businesses of the Borrower or any of its Subsidiaries (including their exploitation of Material Intellectual Property), or any Product Commercialization and Development Activities with respect to any Product, infringes upon, violates or constitutes a misappropriation of, any Intellectual Property of any other Person that has or would reasonably be expected to result in material liability to the Borrower or any of its Subsidiaries;

 

Section 171. to the knowledge of the Obligors, no Material Intellectual Property is being infringed, violated, or misappropriated by any other Person in any material respect, and neither Borrower nor any of its Subsidiaries has put any other Person on notice of such actual or potential infringement, violation or misappropriation of any such Material Intellectual Property or initiated the enforcement of any Claim with respect to any such Material Intellectual Property;

 

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Section 172. to the knowledge of the Obligors, all current and former employees and contractors that have developed Material Intellectual Property for or on behalf of Borrower or any of its Subsidiaries have executed written confidentiality and invention assignment Contracts with Borrower or such Subsidiary, as applicable, that irrevocably and presently assign to Borrower or such Subsidiary, as applicable, all rights of such employees and contractors in or to any such Material Intellectual Property, or ownership of such Material Intellectual Property has otherwise vested automatically with an Obligor by operation of Law; and

 

Section 173. Borrower and each of its Subsidiaries has taken reasonable precautions to protect the secrecy, confidentiality and value of its Material Intellectual Property consisting of Technical Information; and

 

Section 174. With respect to Material Intellectual Property consisting of Patents, except as set forth in Schedule 7.05(b)(iii), and without limiting the representations and warranties in Section 7.05(b)(i) and Section 7.05(b)(ii):

 

Section 175. each of the issued claims in such Patents is valid and enforceable;

 

Section 176. subsequent to the issuance of such Patents, neither Borrower nor any of its Subsidiaries or, to the knowledge of Obligors, any of its or their predecessors-in-interest, has filed any disclaimer or made or permitted any other voluntary reduction in the scope of the Inventions claimed in such Patents;

 

Section 177. to the knowledge of the Obligors, (1) no allowable or allowed subject matter of such Patents is subject to any competing conception claims of allowable or allowed subject matter of any patent applications or patents of any third party or has been the subject of any interference, re-examination, opposition, or any other post-grant proceedings, and (2) there is no basis for any such interference, re-examination, opposition, inter partes review, post grant review, or any other post-grant proceedings, in each case of (1) and (2), (x) as of the Closing Date and (y) as of any Bringdown Date that would not reasonably be expected to result in a Material Adverse Effect or a material adverse effect on any Product Commercialization and Development Activities with respect to any Product;

 

Section 178. all material maintenance fees, annuities, and the like due and payable on or with respect to any such Patents have been timely paid.

 

Section 179. No Actions or Proceedings.

 

Section 180. Litigation. Except as set forth in Schedule 7.06(a), there is no litigation, investigation or proceeding pending or, to the knowledge of any Obligor threatened in writing, with respect to such Obligor or any such Subsidiaries by or before any Governmental Authority or arbitrator that, (i) individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect or (ii) involves this Agreement or any other Loan Document.

 

Section 181. Environmental Matters. Except with respect to any matters that (either individually or in the aggregate) would not reasonably be expected to result in a Material Adverse Effect, no Obligor nor any of its Subsidiaries (i) has failed to comply with any Environmental Law in all material respects or to obtain, maintain or comply with any material permit, license or other approval required under any Environmental Law, (ii) has become subject to any material Environmental Liability, (iii) has received any material Environmental Claim, or has knowledge that any is threatened, (iv) has entered into any agreement in which such Obligor or any Subsidiary has assumed or undertaken material responsibility or obligations of any other person with respect to any Environmental Liability or (v) has knowledge of any basis for any other material Environmental Liability.

 

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Section 182. Labor Matters. No Obligor or any of its Subsidiaries has engaged in unfair labor practices as defined in 29 U.S.C. § §152(8) and 158 of the National Labor Relations Act and there are no pending or, to the knowledge of any Obligor, threatened in writing labor actions, disputes, grievances, arbitration proceedings, or similar Claims or actions involving the employees of any Obligor or any of its Subsidiaries, in each case, that would reasonably be expected to have a Material Adverse Effect. There are no strike or work stoppages in existence or, to the knowledge of any Obligor, threatened in writing against such Obligor and to the knowledge of such Obligor, no union organizing activity is taking place, in each case, that would reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule 7.06(c) (as such schedule may be updated on any Bringdown Date), there are no collective bargaining agreements covering employees of any Obligor or any of its Subsidiaries.

 

Section 183. Compliance with Laws and Agreements.

 

Section 184. (i) Each Obligor is and, during the past three (3) years, has been in compliance with all applicable Laws and all Contracts binding upon it or its property, except, in each case, where the failure to do so would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (ii) no Default has occurred and is continuing, and (iii) the Obligors and their Subsidiaries are and, during the past three (3) years have been, and all Product Commercialization and Development Activities of such Persons are being and, during the past three (3) years have been, conducted in compliance with all applicable Healthcare Laws, except where such failure to comply would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(b) To the knowledge of the Obligors, any physician, other licensed healthcare professional, or any other Person who is in a position to refer patients or other business to the Borrower, any other Obligor or any Subsidiaries (collectively, a “Referral Source”) who has a direct ownership, investment, or financial interest in the Borrower, any other Obligor or any such Subsidiary paid fair market value for such ownership, investment or financial interest; any ownership or investment returns distributed to any Referral Source is in proportion to such Referral Source’s ownership, investment or financial interest; and no preferential treatment or more favorable terms were or are offered to such Referral Source compared to investors or owners who are not in a position to refer patients or other business. No Obligor, nor any of its Subsidiaries, directly or indirectly, has or will guarantee a loan, make a payment toward a loan or otherwise subsidize a loan for any Referral Source including, without limitation, any loans related to financing the Referral Source’s ownership, investment or financial interest in the Borrower, any other Obligor or any such Subsidiary.

 

(c) Without limiting the generality of the foregoing:

 

Section 185. Except where the failure to do so would not reasonably be expected to have any Material Adverse Effect, to the knowledge of the Obligors, (a) each Referral Source arrangement complies with the Federal Anti-Kickback Statute, the Stark Law and all other applicable Healthcare Laws, whether U.S., or non-U.S.;

 

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Section 186. each Obligor and each of its Subsidiaries shall have implemented policies and procedures to monitor, collect, and report any payments or transfers of value to certain healthcare providers and teaching hospitals, in accordance, in all material respects, with industry standards and the Affordable Care Act of 2010 and the Physician Payments Sunshine Act and their implementing regulations and state disclosure and transparency laws; and

 

Section 187. each Obligor and each of its Subsidiaries, as applicable, meet all applicable Payor requirements and conditions of participation and are a party to valid participation or other agreements required for payment by such Payors in all material respects. All billing, claims, reporting and documentation practices of each Obligor and each of its Subsidiaries, as applicable are and, during the past three (3) years, have been in compliance with all Healthcare Laws and legally enforceable Payor requirements in all material respects. Neither the Obligor nor any of its Subsidiaries has billed, received or retained any payment or reimbursement in violation of applicable Healthcare Laws or legally enforceable Payor requirements in any material respects. There are no pending audits, recoupments, appeals, or challenges in excess of $1,000,000 with respect to any billings or claims submissions. No audit, investigation, validation review or program integrity review related to the Obligor or any of its Subsidiaries has been conducted by any Payor or Governmental Authority within the past three (3) years which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 188. Taxes. Except as set forth on Schedule 7.08, each Obligor and its Subsidiaries has timely filed or caused to be filed all tax returns and reports required to have been filed and has paid or caused to be paid all taxes required to have been paid by it, except (a) taxes that are being contested in good faith by appropriate proceedings and for which such Obligor or such Subsidiary, as applicable, has set aside on its books adequate reserves with respect thereto in accordance with GAAP or (b) to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

Section 189. Full Disclosure. None of the reports, financial statements, certificates or other written information (other than projections, forward-looking information, budgets, estimates and information of a general economic or industry specific nature) furnished by or on behalf of the Obligors to the Administrative Agent (on behalf of itself and the Lenders) in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains when furnished any material misstatement of material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time delivered, and it being understood that such projected financial information and all other forward looking information are not to be viewed as facts and are subject to uncertainties and contingencies, many of which are beyond the control of the Borrower or any of its Subsidiaries, and that actual results during the period or periods covered thereby may differ from such projected results and that the differences may be material.

 

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Section 190. Investment Company Act and Margin Stock Regulation.

 

Section 191. Investment Company Act. No Obligor is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.

 

Section 192. Margin Stock. No Obligor is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of the Loans will be used, whether immediately, incidentally or ultimately, to buy or carry any Margin Stock, to extend credit to others for the purpose of buying or carrying any Margin Stock, or in any way that is in violation of Regulation T, U or X.

 

Section 193. Solvency. The Obligors, on a consolidated basis, are and, immediately after giving effect to the making of the Loans, the use of proceeds thereof, and the consummation of the Transactions, will be, Solvent.

 

Section 194. Subsidiaries. Set forth on Schedule 7.12 is a complete and correct list of all direct and indirect Subsidiaries of the Borrower (as such schedule may be updated on any Bringdown Date). Each such Subsidiary is duly organized and validly existing under the jurisdiction of its organization shown in said Schedule 7.12, and the percentage ownership by each Obligor of each such Subsidiary thereof is as shown in said Schedule 7.12.

 

Section 195. Excluded Subsidiaries. Each of the Excluded Subsidiaries as of the Closing Date (a) holds no assets or property (other than de minimis assets or property necessary to maintain its corporate existence or otherwise comply with applicable Law) and (b) has no revenue.

 

Section 196. Material Agreements. Except as set forth on Schedule 7.14, no Obligor nor any of its Subsidiaries is in default under any Material Agreement (x) as of the Closing Date, in any material respect and (y) as of any Bringdown Date, that would reasonably be expected to result in a Material Adverse Effect or a material adverse effect on any Product Commercialization and Development Activities with respect to any Product, nor does any Obligor have knowledge of any Claim against it or any of its Subsidiaries for any breach of any such Material Agreement in any material respect.

 

Section 197. Restrictive Agreements. Except as set forth in Schedule 7.15, as of the Closing Date, no Obligor or any of its Subsidiaries is subject to any Restrictive Agreement, except (i) those permitted under Section 9.11, (ii) restrictions and conditions imposed by Law or by the Loan Documents, (iii) any stockholder agreement, charter, by-laws, or other organizational documents of an Obligor or any of its Subsidiaries as in effect on the date hereof, (iv) limitations associated with Permitted Liens, and (v) customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or other property pending such sale, provided such restrictions and conditions apply only to the Subsidiary or other property that is subject to such agreements and each such sale is permitted hereunder.

 

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Section 198. Real Property. Schedule 7.16 correctly sets forth all real property that is owned or leased by the Obligors (as such schedule may be updated on any Bringdown Date), indicating in each case whether the respective property is owned or leased, the identity of the owner and lessee (if applicable) and the location of the respective property. Except as set forth in Schedule 7.16 (as such schedule may be updated on any Bringdown Date), no Obligor owns or leases (as tenant thereof) any real property as of the Closing Date.

 

Section 199. Pension Matters. Schedule 7.17 sets forth (as such schedule may be updated on any Bringdown Date), a complete and correct list of, and that separately identifies, (i) all Title IV Plans, (ii) all Multiemployer Plans and (iii) all material Benefit Plans. Each Qualified Plan, and each trust thereunder, has received a favorable determination or may rely upon an opinion letter for a prototype plan letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, as of the date of this Agreement, to the knowledge of the Obligors, nothing has occurred that would reasonably be expected to prevent, or cause the loss of, such qualification. Except for those that could not, in the aggregate, reasonably be expected to result in a Material Adverse Effect, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Laws, (y) there are no existing or pending (or to the knowledge of any Obligor, threatened) claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Benefit Plan to which any Obligor or Subsidiary thereof incurs or otherwise has or could have an obligation or any liability or Claim and (z) no ERISA Event is reasonably expected to occur. The Borrower and each of its ERISA Affiliates has met all applicable requirements under the ERISA Funding Rules with respect to each Title IV Plan, and no waiver of the minimum funding standards under the ERISA Funding Rules has been applied for or obtained. As of the most recent valuation date for any Title IV Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least sixty percent (60%), and neither any Obligor nor any of its ERISA Affiliates knows of any facts or circumstances that would reasonably be expected to cause the funding target attainment percentage to fall below sixty percent (60%) as of the most recent valuation date. As of the Closing Date, no ERISA Event has occurred in connection with which obligations and liabilities (contingent or otherwise) remain outstanding.

 

Section 200. Regulatory Approvals.

 

Section 201. Each Obligor and each of its Subsidiaries holds, either directly or through licensees and agents, all Product Authorizations necessary or required for the Borrower and each of its Subsidiaries to conduct, their respective operations and businesses in the manner currently conducted as of the Closing Date and as of any Bringdown Date, in each case, except where the failure to hold any such Product Authorizations would not reasonably be expected to result in a Material Adverse Effect.

 

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Section 202. No Obligor nor its Subsidiaries has received during the past three (3) years any written notice from the FDA or any Governmental Authority that (i) it is considering suspending, revoking or materially limiting any Product Authorization, in each case, that would reasonably be expected to result in a Material Adverse Effect, or (ii) as of the Closing Date, it is not likely to approve any applications made to such Governmental Authority with respect to any of the Products or any Material Agreement. To the knowledge of the Obligors, the Obligors and their Subsidiaries have made all required notices, registrations and reports (including field alerts or other reports of adverse drug experiences) and other filings with respect to each Product and their Product Commercialization and Development Activities, in each case, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

Section 203. Except as set forth on Schedule 7.18(c), and without limiting the generality of any other representation or warranty made by any Obligor hereunder or under any other Loan Document (x) as of the Closing Date and (y) as of any Bringdown Date, in each case, except as would not reasonably be expected to have a Material Adverse Effect: (i) no Obligor, nor any of its Subsidiaries nor, to the knowledge of any Obligor, any of their respective agents, suppliers, licensors or licensees have received any inspection reports, warning letters or notices or similar documents with respect to Products or any Product Commercialization and Development Activities from any Regulatory Authority within the last three (3) years that asserts material lack of compliance with any applicable Healthcare Laws or Product Authorizations; (ii) no Obligor, nor any of its Subsidiaries nor, to the knowledge of any Obligor, any of their respective agents, suppliers, licensors or licensees have received any material notification from any Regulatory Authority within the last three (3) years, asserting that Products or any Product Commercialization and Development Activities lack a required Product Authorization; (iii) there is no pending regulatory action, investigation or inquiry (other than non-material routine or periodic inspections or reviews) against any Obligor, any of its Subsidiaries or, to the knowledge of any Obligor, any of their respective suppliers, licensors or licensees with respect to Products or any Product Commercialization and Development Activities, and, to the knowledge of any Obligor, there is no basis in fact for any material adverse regulatory action against such Obligor or any of its Subsidiaries or, to the knowledge of any Obligor, any of their respective suppliers agents, licensors or licensees with respect to Products or any Product Commercialization and Development Activities; and (iv) without limiting the foregoing, (A) (1) there have been no material product recalls, safety alerts, corrections, withdrawals, marketing suspensions, removals or the like conducted, undertaken or issued by any Obligor or any of its Subsidiaries, whether voluntary, at the request, demand or order of any Regulatory Authority or otherwise, with respect to Products, any Product Commercialization and Development Activities or any Material Product Authorization within the last three (3) years, (2) no such product recall, safety alert, correction, withdrawal, marketing suspension, removal or the like has been requested, demanded or ordered by any Regulatory Authority within the last three (3) years, and, to the knowledge of any Obligor, there is no basis in fact for the issuance of any such product recall, safety alert, correction, withdrawal, marketing suspension, removal or the like with respect to Products or any Product Commercialization and Development Activities, and (B) no material criminal, injunctive, seizure, detention or civil penalty action has been commenced or threatened in writing by any Regulatory Authority within the last three (3) years with respect to or in connection with Products or any Product Commercialization and Development Activities, and there are no consent decrees (including plea agreements) that relate to Products or any Product Commercialization and Development Activities, and, to the knowledge of each Obligor, there is no basis in fact for the commencement of any material criminal injunctive, seizure, detention or civil penalty action by any Regulatory Authority relating to Products or any Product Commercialization and Development Activities or for the issuance of any consent decree. No Obligor nor any of its Subsidiaries, nor, to the knowledge of any Obligor, any of their respective agents, suppliers, licensees or licensors, is employing or utilizing the services of any individual, in connection with Product Commercialization and Development Activities with respect to Products, who has been debarred, suspended or excluded from any federal healthcare program, which would reasonably be expect to have a Material Adverse Effect.

 

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Section 204.[Reserved].

 

Section 205. OFAC; Anti-Terrorism Laws.

 

Section 206. No Obligor nor any of its Subsidiaries is in violation of any Anti-Terrorism Law or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any applicable Anti-Terrorism Laws.

 

Section 207. No Obligor nor any of its Subsidiaries, nor, to the knowledge of any Obligor, any of their respective directors, officers, or employees (i) is currently the target of any Sanctions, (ii) is located, organized or residing in any Designated Jurisdiction in violation of Sanctions, or (iii) is or has been (within the previous five (5) years) engaged in any transaction with, or for the benefit of, any Person who is now or was then the target of Sanctions or who is located, organized or residing in any Designated Jurisdiction, in violation of Sanctions. No Loan, nor the proceeds from any Loan, has been or will be used, directly or, to the knowledge of any Obligor, indirectly, to lend, contribute or provide to, or has been or will be otherwise made available for the purpose of funding, any activity or business in any Designated Jurisdiction in violation of Sanctions or for the purpose of funding any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, in violation of Sanctions, or in any other manner that will result in any violation by any party to this Agreement of Sanctions.

 

Section 208. Anti-Corruption. No Obligor nor any of its Subsidiaries, nor, to the knowledge of any Obligor, any of their respective directors, officers or employees, directly or indirectly, has (i) materially violated or is in material violation of any applicable anti-corruption Law, or (ii) made, offered to make, promised to make or authorized the payment or giving of, directly or indirectly, any Prohibited Payment.

 

Section 209. Priority of Obligations. Unless expressly permitted under the terms of the Loan Documents, the Obligations constitute unsubordinated obligations of the Obligors, and except for any obligations which have priority under applicable Law, rank at least pari passu in right of payment with all other unsubordinated Indebtedness of the Obligors.

 

Section 210. Royalty and Other Payments. Unless expressly permitted under the terms of the Loan Documents and except as set forth on Schedule 7.23 (as such schedule may be updated on any Bringdown Date), no Obligor, nor any of its Subsidiaries, is obligated to pay any royalty, milestone payment or any other contingent payment in respect of Ilevro, Nevanac, Maxidex, Triesence, Vigamox, Iheezo, Maxitrol, Iopidine, Moxeza or, on and after the Incremental Tranche A Funding Date, any of the foregoing or VERKAZIA, FLAREX, TOBRADEX ST, NATACYN or CATIONORM PLUS.

 

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Section 211. Non-Competes. Neither the Borrower, any other Obligor, nor any of their respective Subsidiaries, nor any of their respective directors, officers or employees, is subject to a non-compete agreement that prohibits or will interfere in any material respect with any of the Product Commercialization and Development Activities with respect to Ilevro, Nevanac, Maxidex, Triesence, Vigamox, Iheezo, Maxitrol, Iopidine or Moxeza, or, on and after the Incremental Tranche A Funding Date, any of the foregoing or VERKAZIA, FLAREX, TOBRADEX ST, NATACYN or CATIONORM PLUS, including the development, commercialization or marketing of Ilevro, Nevanac, Maxidex, Triesence, Vigamox, Iheezo, Maxitrol, Iopidine or Moxeza, or, on and after the Incremental Tranche A Funding Date, any of the foregoing or VERKAZIA, FLAREX, TOBRADEX ST, NATACYN or CATIONORM PLUS.

 

Section 212. Reimbursement from Medical Reimbursement Programs. There is no investigation, audit, claim review, or other action pending with respect to any Obligor or, to the knowledge of any Obligor, threatened in writing which would reasonably be expected to result in a revocation, suspension, termination, probation, restriction, limitation, or non-renewal of any provider number issued to any Obligor or result in the exclusion of any Obligor from Medicare or Medicaid, nor is there any action pending or, to the knowledge of any Obligor, threatened in writing, pursuant to which any Governmental Authority seeks to impose material sanctions with respect to such Obligor’s business, in each case that would reasonably be expected to have a Material Adverse Effect.

 

Section 213.

 

AFFIRMATIVE COVENANTS

 

Each Obligor covenants and agrees with the Administrative Agent and the Lenders that, until the Commitments have expired or been terminated and all Obligations (other than any inchoate indemnification obligations for which no claim has been made) have been paid in full in cash:

 

Section 214. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent:

 

Section 215. as soon as available and in any event within forty-five (45) days after the end of each the first three fiscal quarters of each fiscal year (i) the consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such fiscal quarter and (ii) the related consolidated statements of income, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such quarter and the portion of the fiscal year through the end of such fiscal quarter, in each case prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the corresponding period in the preceding fiscal year, together with (iii) a certificate of a Responsible Officer of the Borrower stating that (x) such financial statements fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as at such date and (y) the results of operations of the Borrower and its Subsidiaries for the period ended on such date have been prepared in accordance with GAAP consistently applied, subject to changes resulting from normal, year-end audit adjustments and except for the absence of notes; provided that documents required to be furnished pursuant to this Section 8.01(a) shall be deemed furnished on the date that such documents are publicly available on “EDGAR” or the Borrower’s website (with the related certificate separately delivered);

 

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Section 216. as soon as available, and in any event within ninety (90) days, after the end of each fiscal year (i) the consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such fiscal year and (ii) the related consolidated statements of income, shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, in each case prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the previous fiscal year, accompanied by a report and opinion thereon of KMJ Corbin & Company LLP or another firm of independent certified public accountants of recognized national standing reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or emphasis of matter of going concern footnote or any qualification or exception as to the scope of such audit, and in the case of such consolidated financial statements, certified by a Responsible Officer of the Borrower; provided that documents required to be furnished pursuant to this Section 8.01(b) shall be deemed furnished on the date that such documents are publicly available on “EDGAR” or the Borrower’s website;

 

Section 217. together with the financial statements required pursuant to Section 8.01(a) and (b), a compliance certificate signed by a Responsible Officer of the Borrower as of the end of the applicable accounting period (which delivery may be by electronic communication including fax or email and shall be deemed to be an original, authentic counterpart thereof for all purposes) substantially in the form of Exhibit L (a “Compliance Certificate”) including (i) details of any issues that are material that are raised by auditors and any occurrence or existence of any event, circumstance, act or omission that would cause any representation or warranty contained in Section 7.07, Section 7.18 or Section 7.22 to be incorrect in any material respect (or in any respect if such representation or warranty is qualified by materiality or by reference to Material Adverse Effect or Material Adverse Change) if such representation or warranty were to be made at the time of delivery of a Compliance Certificate and (ii) a certification as to whether or not the Borrower is in compliance with the Minimum Net Revenues Covenant as of the last day of such period. For the avoidance of doubt, no representation or warranty contained in Section 7.07, Section 7.18 or Section 7.22 is required to be, shall be or shall be deemed to be made in connection with a delivery of any Compliance Certificate;

 

Section 218. after being prepared by the Borrower and approved by its Board, and promptly following the Administrative Agent’s request therefor, a consolidated budget for the Borrower and its Subsidiaries for the fiscal year to which such budget relates; provided that, for each fiscal year, on or before the seventy-fifth (75th) day following the beginning of such fiscal year, the Borrower shall prepare, and its Board shall approve such consolidated budgets for such fiscal year, and the Borrower shall notify the Administrative Agent promptly after the Board has given such approval;

 

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Section 219. promptly after the same are released, copies of all press releases (other than any press release that is immaterial, routine or administrative in nature); provided that documents required to be furnished pursuant to this Section 8.01(e) shall be deemed furnished on the date that such documents are publicly available on “EDGAR” or the Borrower’s website;

 

Section 220. promptly, and in any event within five (5) Business Days after receipt thereof by an Obligor thereof, copies of each notice or other correspondence received from any securities regulator or exchange to the authority of which any Obligor may become subject from time to time concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of such Obligor, in each case, excluding any investigation or inquiry that is immaterial, routine or administrative in nature; provided that documents required to be furnished pursuant to this Section 8.01(f) shall be deemed furnished on the date that such documents are publicly available on “EDGAR” or the Borrower’s website;

 

Section 221. promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of each Obligor and its Subsidiaries (other than any report or any communication that is immaterial, routine or administrative in nature), and copies of all annual, regular, periodic and special reports and registration statements which any Obligor or its Subsidiaries may file or be required to file with any securities regulator or exchange to the authority of which such Obligor or such Subsidiary, as applicable, may become subject from time to time; provided that documents required to be furnished pursuant to this Section 8.01(g) shall be deemed furnished on the date that such documents are publicly available on “EDGAR” or the Borrower’s website;

 

Section 222. the information regarding insurance maintained by the Borrower and its Subsidiaries as and when required under Section 8.05;

 

Section 223. promptly, and in any event within five (5) Business Days after the Borrower obtains knowledge of any Claim related to any Product or inventory involving more than $1,000,000, written notice thereof from a Responsible Officer of the Borrower which notice shall include a statement setting forth details of such Claim;

 

Section 224. as soon as possible and in any event within ten (10) Business Days after the end of each calendar month, a certificate signed by a Responsible Officer of the Borrower certifying that as of the last day of such calendar month, the Borrower is in compliance with the minimum liquidity requirement set forth in Section 10.01 and attaching evidence reasonably satisfactory to the Administrative Agent, based upon the Borrower’s bank account statements that the Borrower has met its minimum liquidity requirement set out in Section 10.01; and

 

Section 225. such other information respecting the businesses, financial performance, operations condition of the assets or liabilities of the Obligors (including with respect to the Collateral), taken as a whole, as the Administrative Agent may from time to time reasonably request.

 

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Section 226. Notices of Material Events. The Borrower will furnish to the Administrative Agent written notice of the following (x) with respect to clause (a) below within three (3) Business Days of and (y) with respect to clause (b) through (n) below, within five (5) Business Days, in each case, after a Responsible Officer of the Borrower first learns of or acquires knowledge with respect to:

 

Section 227. the occurrence of any Default or Event of Default;

 

Section 228. the occurrence of any event with respect to the property or assets of the Borrower or any of its Subsidiaries resulting in a Loss aggregating $2,000,000 or more;

 

Section 229.(i) any proposed acquisition of stock, assets or property by the Borrower or any of its Subsidiaries that would reasonably be expected to result in Material Environmental Liability, and (ii) any spillage, leakage, discharge, disposal, leaching, migration or release of any Hazardous Material by the Borrower or any of its Subsidiaries required to be reported to any Governmental Authority and that would reasonably be expected to result in Material Environmental Liability;

 

Section 230. the assertion of any Claim under any Environmental Law by any Person against, or with respect to the activities of, the Borrower or any of its Subsidiaries and any alleged liability or non-compliance with any Environmental Laws or any permits, licenses or authorizations issued pursuant to Environmental Laws, in each case, which would reasonably be expected to result in a Material Environmental Liability;

 

Section 231. the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any of its Affiliates that would reasonably be expected to result in a Material Adverse Effect;

 

Section 232. (i) the intention of any ERISA Affiliate to file any notice of intent to terminate any Title IV Plan, a copy of such notice and (ii) the filing by any ERISA Affiliate of a request for a minimum funding waiver under Section 412 of the Code with respect to any Title IV Plan or Multiemployer Plan, in each case in writing and in reasonable detail (including a description of any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notice filed with the PBGC or the IRS pertaining thereto);

 

Section 233. (i) the termination of any Material Agreement other than in accordance with its terms and not as a result of a breach or default, (ii) the receipt by the Borrower or any of its Subsidiaries of any notice of a material breach or default under any Material Agreement (and a copy thereof) asserting a default by such Obligor or any of its Subsidiaries where such alleged default would permit such counterparty to terminate such Material Agreement, (iii) the entering into of any new Material Agreement by any Obligor (and a copy thereof) or (iv) any material amendment to a Material Agreement that would be adverse in any material respect to the Lenders (and a copy thereof); provided, that the Borrower shall not be required to provide such notice if such documents become publicly available on “EDGAR” or the Borrower’s website within the time period notice would otherwise be required pursuant to this Section 8.02;

 

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Section 234. any material change in accounting policies or financial reporting practices by the Borrower or any of its Subsidiaries (other than as required under GAAP);

 

Section 235. any labor controversy resulting in or threatening to result in any strike, work stoppage, boycott, shutdown or other material labor disruption against or involving an Obligor that would reasonably be expected to result in a Material Adverse Effect;

 

Section 236. any Contract entered into by the Borrower or any of its Subsidiaries in connection with any material Claim of actual alleged violation, infringement or misappropriation of any Intellectual Property by or against the Borrower or any of its Subsidiaries;

 

Section 237. the creation, development or other acquisition (including any in-bound exclusive licenses) of any Material Intellectual Property by the Borrower or any Subsidiary after the Closing Date; provided that, with respect to any such Material Intellectual Property created, developed or acquired (including through any in-bound exclusive license) in any fiscal year, notice thereof pursuant to this Section 8.02(k) shall be made in accordance with the timing of the financial statements for such fiscal year required pursuant to Section 8.01(b);

 

Section 238. any change to any Obligor’s or any of its Subsidiaries’ ownership of any Controlled Account, by delivering the Administrative Agent a notice setting forth a complete and correct list of all such accounts as of the date of such change;

 

Section 239. any warning letters, untitled letters, or other Governmental Authority correspondence regarding actions that would reasonably be expected to result in a Material Adverse Effect; and

 

Section 240. any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect.

 

Each notice delivered under this Section 8.02 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. Nothing in this Section 8.02 is intended to waive, consent to or otherwise permit any action or omission that is otherwise prohibited by this Agreement or any other Loan Document.

 

Section 241. Existence. Such Obligor shall, and shall cause each of its Subsidiaries to, preserve, renew and maintain in full force and effect its legal existence; provided that the foregoing shall not prohibit any merger, amalgamation, consolidation, liquidation or dissolution permitted under Section 9.03 or any Asset Sale permitted under Section 9.09.

 

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Section 242. Payment of Obligations. Such Obligor will, and will cause each of its Subsidiaries to, pay and discharge its obligations, including (i) all material Taxes, fees, assessments and governmental charges or levies imposed upon it or upon its properties or assets prior to the date on which penalties attach thereto, and all lawful claims for labor, materials and supplies which, if unpaid, might become a Lien upon any properties or assets of such Obligor or any of its Subsidiaries not constituting a Permitted Lien, except to the extent such Taxes, fees, assessments or governmental charges or levies or such claims are being contested in good faith by appropriate proceedings and are adequately reserved against in accordance with GAAP and (ii) all lawful claims which, if unpaid, would by law become a Lien upon its property not constituting a Permitted Lien.

 

Section 243. Insurance. Such Obligor will, and will cause each of its Subsidiaries to maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. Upon the request of the Administrative Agent, the Borrower shall furnish the Administrative Agent from time to time with (i) material information as to the insurance carried by it and, if so requested, copies of all such insurance policies and (ii) a certificate from the Borrower’s insurance broker or other insurance specialist stating that all premiums then due on the policies relating to insurance on the Collateral have been paid and that such policies are in full force and effect. Receipt of notice of termination or cancellation of any such insurance policies or reduction of coverages or amounts thereunder to levels which do not meet the levels required pursuant to the first sentence of this Section 8.05 shall entitle the Secured Parties to renew any such policies, cause the coverages and amounts thereof to be maintained at levels required pursuant to the first sentence of this Section 8.05 or otherwise to obtain similar insurance in place of such policies, and in each case, the Borrower will be responsible for the reasonable and documented cost of such insurance (to be payable on demand). The amount of any such reasonable and documented expenses shall accrue interest at the Default Rate if not paid on demand and shall constitute “Obligations.”

 

Section 244. Books and Records; Inspection Rights. Such Obligor will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct (in all material respects) entries are made of all dealings and transactions in relation to its business and activities. Such Obligor will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition (financial or otherwise) with its officers and independent accountants (so long as a representative of the Borrower is provided a reasonable opportunity to participate in any such discussion), during normal business hours (but not more often than once per year in total for all such visits and inspections unless an Event of Default has occurred and is continuing) as the Administrative Agent may reasonably request; provided that such representative shall use its commercially reasonable efforts to minimize disruption to the business and affairs of the Borrower as a result of any such visit, inspection, examination or discussion. Notwithstanding anything to the contrary contained herein or any other provision of the Loan Documents, no Obligor nor any of its Subsidiaries will be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes trade secrets or proprietary information, (ii) in respect of which disclosure to any Lender (or their respective representatives or contractors) is prohibited by any applicable Law or any binding agreement with a third party (so long as such agreement is not entered into in contemplation of this Agreement) or (iii) that is subject to attorney-client or similar privilege, which could reasonably be expected to be lost or forfeited if disclosed to the Administrative Agent or any Lender. The Borrower shall pay all reasonable and documented costs of all such inspections.

 

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Section 245. Compliance with Laws and Other Obligations. Such Obligor will, and will cause each of its Subsidiaries to, (i) comply with all Laws (including Anti-Terrorism Laws, Sanctions and Environmental Laws) applicable to it and its business activities, (ii) comply with all Healthcare Laws and Governmental Approvals (including Product Authorizations) applicable to it and its business activities and (iii) maintain in full force and effect (other than in accordance with its terms), remain in compliance with, and perform all obligations under all Material Agreements to which it is a party, except, in the case of clauses (i), (ii) and (iii) above, where the failure to do so would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Each Obligor has, and shall maintain in effect and enforce policies and procedures reasonably designed to promote compliance by such Obligor, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Terrorism Laws and Sanctions.

 

Section 246. Maintenance of Properties, Etc. Such Obligor shall, and shall cause each of its Subsidiaries to, maintain and preserve all of its assets and properties (including all assets and properties, whether tangible or intangible, relating to its Products or Product Commercialization and Development Activities) necessary or useful in the conduct of its business in good working order and condition in accordance with the general practice of other Persons of similar character and size, ordinary wear and tear and damage from casualty or condemnation excepted and except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

 

Section 247. Governmental Licenses. Such Obligor shall, and shall cause each of its Subsidiaries to, obtain and maintain all Governmental Approvals necessary in connection with the execution, delivery and performance of the Loan Documents, the consummation of the Transactions or the operation and conduct of its business and ownership of its properties (including its Product Commercialization and Development Activities), except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

Section 248. Use of Proceeds. The proceeds of the Loans will be used only as provided in Section 2.05. No part of the proceeds of the Loans will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X.

 

Section 249. Certain Obligations Respecting Subsidiaries; Further Assurances.

 

Section 250. Subsidiary Guarantors, etc. In the event that the Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than an Excluded Subsidiary), or any Excluded Subsidiary ceases to be an Excluded Subsidiary, the Borrower shall promptly (and in any event within forty-five (45) calendar days of such formation or acquisition or such longer period as the Administrative Agent may agree to in its sole discretion) with respect to a formed or acquired Subsidiary (other than an Excluded Subsidiary), and immediately with respect to an Excluded Subsidiary ceasing to be an Excluded Subsidiary:

 

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Section 251. cause such Subsidiary to become a “Subsidiary Guarantor” hereunder pursuant to a Guarantee Assumption Agreement and a “Grantor” under the Security Agreement;

 

Section 252. take such action or cause such Subsidiary to take such action (including joining the Security Agreement and delivering shares of stock together with undated transfer powers executed in blank, applicable control agreements and other instruments) as shall be reasonably necessary or desirable or reasonably requested by the Administrative Agent in order to create and perfect, in favor of the Administrative Agent, for the benefit of the Secured Parties, valid and enforceable first priority Liens (subject only to Permitted Liens), on substantially all of the personal property of such Subsidiary as collateral security for the Obligations hereunder as and when required by the terms of the Security Agreement; provided that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents and the Intercompany Subordination Agreement;

 

Section 253. to the extent that the parent of such Subsidiary is not a party to the Security Agreement or has not otherwise pledged or secured Equity Interests in its Subsidiaries in accordance with the terms of the Security Agreement and this Agreement, cause the parent (if possible) of such Subsidiary to execute and deliver a pledge or other security agreement in favor of the Administrative Agent, for the benefit of the Secured Parties, in respect of all outstanding issued shares of such Subsidiary;

 

Section 254. deliver such proof of corporate action, incumbency of officers, and other applicable documents as is consistent with those delivered by each Obligor pursuant to Section 6.01 or as the Administrative Agent shall reasonably request; and

 

Section 255. cause each such Subsidiary (other than any Subsidiary that is not an Obligor) to become a party to the Intercompany Subordination Agreement.

 

Notwithstanding the foregoing, or anything else herein to the contrary, neither the Borrower nor any of its Subsidiaries shall form or acquire any Foreign Subsidiary.

 

Section 256. Further Assurances.

 

Section 257. Such Obligor will take such action from time to time as shall reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement and the Security Agreement; and

 

Section 258. In the event that such Obligor creates, develops or otherwise acquires Intellectual Property or real property during the term of this Agreement, then the provisions of this Agreement and the Security Agreement shall and hereby do automatically apply thereto and any such Intellectual Property or real property shall automatically constitute and hereby does constitute part of the Collateral under the Security Documents (other than Excluded Assets (as defined in the Security Agreement)), without further action by any party, in each case from and after the date of such creation, development or acquisition; and

 

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Section 259. Without limiting the generality of the foregoing, each Obligor will, and will cause each Person that is required to be a Guarantor to, take such action from time to time (including joining the Security Agreement and delivering shares of stock together with undated transfer powers executed in blank, applicable control agreements and other instruments) as shall be required by the terms of the Security Documents or reasonably requested by the Administrative Agent to create, in favor of the Administrative Agent for the benefit of the Secured Parties, perfected security interests and Liens in substantially all of the personal property (other than Excluded Assets (as defined in the Security Agreement)) of such Obligor as collateral security for the Obligations; provided that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents; provided, further that, without limiting the right of the Administrative Agent to require a Lien or security interest in any newly acquired or created Subsidiary or asset, upon the prior written request of the Borrower, the Borrower and the Administrative Agent shall consult, in good faith, as to whether the cost of obtaining a Lien or security interest thereon would be unreasonably excessive relative to the benefit thereof.

 

Section 260. Termination of Non-Permitted Liens. In the event that any Obligor shall become aware of, or be notified by the Administrative Agent or any Lender of the existence of, any outstanding Lien against any assets or property of such Obligor or any of its Subsidiaries, which Lien is not a Permitted Lien, such Obligor shall use its commercially reasonable efforts to promptly terminate or cause the termination of such Lien.

 

Section 261. Board Materials; Lender Calls.

 

Section 262. The Borrower shall deliver to the Administrative Agent: (i) copies of any agenda and other written materials provided to the Borrower’s Board (or any committee thereof) of the Borrower prior to any meeting of the board of directors (or such committee thereof), at or promptly after such materials are furnished to the members of the Borrower’s Board (or such committee thereof), (ii) copies of all minutes of meetings of the Borrower’s Board (or any committee thereof) at or promptly after such minutes are furnished to the members of the Borrower’s Board (or such committee thereof), (iii) copies of all material written consents duly passed by the Borrower’s Board (or any committee thereof) and (iv) promptly upon presentation of any regular periodic materials to the Borrower’s Board (or any committee thereof) reporting on the current, past or future financial performance and business and operations of the Borrower or any of its Subsidiaries (which shall include, among other things, development updates with respect to material Products, and updates with respect to material events relating to other Material Agreements), copies of such materials; provided that any such material may be redacted by the Borrower to (A) exclude information relating to the performance of the Administrative Agent or any Lender hereunder or to the Borrower’s strategy regarding the Loans or performance or non-performance under the Loan Documents or any information that could raise a conflict of interest with Administrative Agent or Lenders as reasonably determined based on advice of counsel, (B) preserve attorney-client privilege or required to comply with applicable laws or regulations or (C) protect individually identifiable health information (as defined under HIPAA) or other confidential information relating to healthcare patients to the extent required by applicable Healthcare Laws; provided, further that such redactions are restricted so as to be only as extensive as is reasonably necessary in order to exclude information described in clauses (A) through (C); and

 

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Section 263. On dates and times to be mutually agreed upon by the Borrower and the Administrative Agent following the Administrative Agent’s request therefor (but for the avoidance of doubt, no more than once per fiscal quarter), the Borrower will hold a conference call with Administrative Agent, any Lender who chooses to attend such conference call and senior management of the Borrower, at which conference call shall be reviewed the financial results of the previous fiscal year and other material events and Administrative Agent and the Lenders shall have an opportunity to ask questions.

 

Section 264. Maintenance of Regulatory Approvals, Contracts, Intellectual Property, Etc. Each Obligor shall, and shall cause each of its Subsidiaries (to the extent applicable) to, (i) maintain in full force and effect all Material Product Authorizations, Material Agreements, Material Intellectual Property and other rights, interests or assets (whether tangible or intangible) reasonably necessary for the business of such Obligor and its Subsidiaries, (ii) maintain in full force and effect, and pay all costs and expenses relating to, such Material Product Authorizations, Material Agreements and Material Intellectual Property owned, used or controlled by such Obligor or any such Subsidiary that are used in or necessary for any related Product Commercialization and Development Activities, except as would not be reasonably expected to have a Material Adverse Effect, (iii) promptly after obtaining knowledge thereof, notify the Administrative Agent of any material violation, misappropriation or other infringement by any Person, or any material Claim, action or proceeding brought by any Person alleging the invalidity or unenforceability, of any Material Intellectual Property, and use commercially reasonable efforts to stop, curtail or abate such violation, action, misappropriation or infringement if determined appropriate by the Borrower in the exercise of its prudent business judgment, and (iv) except as set forth on Schedule 7.05(b), promptly after obtaining knowledge thereof, notify the Administrative Agent of any Claim by any Person that the conduct of the business of any Obligor or any of its Subsidiaries, including in connection with any Product Commercialization and Development Activities, has violated, misappropriated or otherwise infringed any Intellectual Property of such Person, where such Claim would reasonably be expected to result in a liability to any Obligor or any of their Subsidiaries of greater than $3,000,000.

 

Section 265. ERISA Compliance and Pension Plans. Such Obligor shall comply, and shall cause each of its Subsidiaries to comply, with the provisions of ERISA with respect to any Benefit Plans to which such Obligor or such Subsidiary is a party as an employer, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

Section 266. Cash Management. Such Obligor shall, and shall cause each of its Subsidiaries to:

 

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Section 267. subject to Section 8.17(d) and (f), maintain an aggregate amount of cash of the Borrower and the Subsidiary Guarantors greater than or equal to the Minimum Liquidity Amount in deposit accounts, disbursement accounts, investment accounts (and other similar accounts), securities accounts and lockboxes with a bank or financial institution within the U.S. that has executed and delivered to the Administrative Agent an account control agreement, in form and substance reasonably acceptable to the Administrative Agent (each such agreement, a “Control Agreement” and each such deposit account, disbursement account, investment account (or similar account), securities account and lockbox, a “Controlled Account”); provided that each such Controlled Account shall be a cash collateral account, with all cash, checks and other similar items of payment in such account securing payment of the Obligations, and each Obligor shall have granted a Lien to the Administrative Agent, for the benefit of the Secured Parties, over such Controlled Accounts;

 

(b) subject to Section 8.17(d) and (f), maintain each of its deposit accounts, disbursement accounts, investment accounts (or similar accounts), securities accounts and lockboxes (other than, in each case, Excluded Accounts) as Controlled Accounts;

 

(c) deposit promptly, and in any event no later than five (5) Business Days after the date of receipt thereof (or such longer period of time as agreed by the Administrative Agent in its sole discretion), all cash, checks, drafts or other similar items of payment in an amount in excess of $250,000 and relating to or constituting payments made in respect of any and all accounts and other rights and interests into Controlled Accounts; and

 

(d) at any time after the occurrence and during the continuance of an Event of Default, at the request of the Administrative Agent, each Obligor shall cause all payments constituting proceeds of accounts to be directed into lockbox accounts under agreements in form and substance satisfactory to the Administrative Agent.

 

Section 268. Post-Closing Obligations.

 

(a) Within seven (7) Business Days following the Closing Date (or such longer period of time as agreed by the Administrative Agent in its sole discretion), the Administrative Agent shall have received (i) all certificates (in the case of Equity Interests that are certificated securities (as defined in the UCC)) evidencing the issued and outstanding Equity Interests owned by each Obligor that are required to be pledged or otherwise secured and so delivered under the Security Documents, which certificates in each case shall be accompanied by undated instruments of transfer duly executed in blank and (ii) the original Melt Note, which note shall be accompanied by an undated allonge, duly executed in blank.

 

(b) Within thirty (30) days following the Closing Date (or such longer period of time as agreed by the Administrative Agent in its sole discretion), the Administrative Agent shall have received endorsements for all such insurance policies required pursuant to the Loan Documents, naming the Administrative Agent as lender loss payee or additional insured, as applicable, on behalf of the Secured Parties.

 

(c) Within forty-five (45) days following the Closing Date (or such longer period of time as agreed by the Administrative Agent in its sole discretion), the Borrower shall use its commercially reasonable efforts to obtain a Landlord Consent with respect to the leased properties at (i) 102 Woodmont Blvd., (ii) 1000 Aviara Parkway, Suite 220, (iii) 1705 Route 46 W, Suite 4, and (iv) 658 Grassmere Park, Suite 104.

 

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(d) Within ninety (90) days following the Closing Date (or such longer period of time as agreed by the Administrative Agent in its sole discretion), the Administrative Agent shall have received evidence that all deposit accounts, lockboxes, disbursement accounts, investment accounts, securities accounts or other similar accounts (other than Excluded Accounts and accounts located at MUFG Union Bank, N.A.) of each Obligor have either (i) been closed or (ii) are Controlled Accounts.

 

(e) Within one hundred and twenty (120) days following the Closing Date (or such longer period of time as agreed by the Administrative Agent in its sole discretion), the Administrative Agent shall have received evidence that the Borrower has made commercially reasonable efforts (including by posting to customary job sites) to hire a senior counsel or other employee with a similar title and serving the customary functions of a senior counsel.

 

(f) Within one hundred and twenty (120) days following the Closing Date (or such longer period of time as agreed by the Administrative Agent in its sole discretion), the Administrative Agent shall have received evidence that all deposit accounts, lockboxes, disbursement accounts, investment accounts, securities accounts or other similar accounts (other than Excluded Accounts) of each Obligor that are located at MUFG Union Bank, N.A. either (i) have been closed or (ii) are Controlled Accounts; provided that during the period while such accounts are not Controlled Accounts, the aggregate balance of all such accounts shall not exceed $1,000,000 for more than three consecutive Business Days.

 

(g) Within ten (10) Business Days following the Closing Date (or such longer period of time as agreed by the Administrative Agent in its sole discretion), the Administrative Agent shall have received a copy of a good standing certificate with respect to Visionology, Inc., certified as of a recent date by the Delaware Secretary of State.

 

Section 269.Warrants. On or prior to the date on which financial statements for the fiscal year ending December 31, 2024 are required to be delivered pursuant to Section 8.01(b), concurrently with the delivery of the Compliance Certificate for such fiscal year, the Borrower shall deliver to the Administrative Agent a certificate of the chief financial officer (or other equivalent financial officer) of the Borrower in form and substance reasonably satisfactory to the Administrative Agent, setting forth the Total Leverage Ratio as of the end of the fiscal quarter ending December 31, 2024, together with a reasonably detailed calculation thereof. If the Total Leverage Ratio as of the end of such fiscal quarter is greater than or equal to 5.00:1.00, then concurrently with the delivery of such certificate, the Borrower shall deliver to the Administrative Agent duly executed warrants, substantially in the form attached hereto as Exhibit I (collectively, the “Warrants”) for each Lender as of the end of such fiscal quarter, in an amount of common shares of the Borrower equal to each such Lender’s Proportionate Share of the aggregate amount set forth below (it being understood that such aggregate amount is subject to adjustment for stock splits, dividends, recapitalizations and any other similar event):

 

Total Leverage Ratio   Aggregate Number of Common Shares of the Borrower
Greater than or equal to 5.00:1.00, but less than 7.00:1.00   375,000
Greater than or equal to 7.00:1.00   750,000

 

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Section 270. Certain Additional Rights of Lender (VCOC). The Borrower acknowledges that one of the Lenders (or its direct or indirect member or partner) intends to qualify as a “venture capital operating company” (as defined in the Department of Labor regulations located at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA) (such Lender referred to in this paragraph as the “VCOC Lender”). Notwithstanding anything to the contrary contained in this Agreement, the VCOC Lender shall have the following rights:

 

Section 271. the right to consult with and advise the Borrower’s management regarding significant business activities and business and financial developments of the Borrower, with the VCOC Lender having the right to call meetings to facilitate such consultation and advice at reasonable times and upon reasonable advance notice, provided that (i) such meetings generally shall not occur more than once per quarter and (ii) such meetings may take place in person, via telephone or video conference;

 

Section 272. the right to visit and inspect the Borrower’s facilities and to inspect and examine the books and records of the Borrower in each case at reasonable times and upon reasonable advance notice, provided that (i) such visitation and inspection generally shall not occur more than once per quarter and (ii) the Borrower shall not be required to provide access to highly confidential or proprietary information;

 

Section 273. the right, in accordance with the terms of this Agreement to receive monthly, quarterly and year-end financial reports; and

 

Section 274. the Borrower shall use its reasonable best efforts to provide the VCOC Lender with true and correct copies of all documents, reports, financial data and other information regarding the Borrower as the VCOC Lender may reasonably request, provided that the Borrower shall not be required to provide access to highly confidential or proprietary information.

 

The Borrower agrees to cause its management to consider, in good faith, the recommendations of the VCOC Lender provided to the Borrower in connection with the exercise of the foregoing rights, provided that the Borrower retains ultimate discretion with respect to all such matters. All rights granted to the VCOC Lender under this paragraph are in addition to any rights granted to the VCOC Lender in any other capacity and nothing herein shall be construed to limit, restrict or impair any such rights of the VCOC Lender.

 

Section 275.

 

NEGATIVE COVENANTS

 

Each Obligor covenants and agrees with the Administrative Agent and the Lenders that, until the Commitments have expired or been terminated and all Obligations (other than inchoate indemnification obligations for which no claim has been made), have been paid in full in cash:

 

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Section 276. Indebtedness. Such Obligor will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, whether directly or indirectly, except:

 

Section 277. the Obligations;

 

Section 278. Indebtedness existing on the date hereof and set forth on Schedule 9.01(b) and Permitted Refinancings thereof; provided that, if such Indebtedness is intercompany Indebtedness, such Indebtedness shall be subject to the Intercompany Subordination Agreement;

 

Section 279. accounts payable to trade creditors for goods and services and current operating liabilities (not the result of the borrowing of money) incurred in the ordinary course of such Obligor’s or such Subsidiary’s business in accordance with customary terms and paid within the specified time, unless contested in good faith by appropriate proceedings and reserved for in accordance with GAAP;

 

Section 280. Indebtedness consisting of guarantees resulting from the endorsement of negotiable instruments for collection in the Ordinary Course;

 

Section 281. Indebtedness of an Obligor owing to any other Obligor, in each case subject to the Intercompany Subordination Agreement;

 

Section 282. Indebtedness of any Subsidiary that is not an Obligor owing to any other Subsidiary that is not an Obligor;

 

Section 283. Indebtedness of any Obligor (other than the Borrower) owing to any Subsidiary that is not another Obligor, in each case subject to the Intercompany Subordination Agreement;

 

Section 284. Guarantees by any Obligor of Permitted Indebtedness of another Obligor;

 

Section 285. equipment and software financing and leasing (including Capital Lease Obligations and purchase money Indebtedness) and Permitted Refinancings thereof; provided that (i) if secured, the collateral therefor consists solely of the assets being financed, the products and proceeds thereof and books and records related thereto, and (ii) the aggregate outstanding principal amount of such Indebtedness does not exceed $3,000,000 at any time;

 

Section 286. Indebtedness under Permitted Hedging Agreements;

 

Section 287. Indebtedness assumed pursuant to any Permitted Acquisition and Permitted Refinancings thereof; provided that (i) no such Indebtedness (individually) shall exceed 15% of the total purchase price paid in connection with such Permitted Acquisition, (ii) the aggregate outstanding principal amount of Indebtedness permitted pursuant to this Section 9.01(k) shall not exceed $5,000,000 at any time outstanding and (iii) no such Indebtedness was created or incurred in connection with, or in contemplation of, such Permitted Acquisition;

 

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Section 288. unsecured Indebtedness in an aggregate outstanding principal amount not to exceed $3,500,000;

 

Section 289. Indebtedness in respect of letters of credit, bank guarantees, bankers’ acceptances, warehouse receipts or similar instruments issued or created, or related to obligations or liabilities incurred, in the Ordinary Course, including in respect of workers compensation claims, health, disability or other employee benefits or property, leases, commercial contracts, Indebtedness permitted pursuant to Section 9.01(o), property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims;

 

Section 290. Indebtedness arising in connection with the financing of insurance premiums in the Ordinary Course;

 

Section 291. Indebtedness in respect of (i) performance bonds, bid bonds, appeal bonds, surety bonds, customs bonds, government bonds, performance and completion guarantees and similar obligations arising in the Ordinary Course and (ii) customary indemnification obligations to purchasers in connection with Asset Sales permitted by Section 9.09;

 

Section 292. Indebtedness in respect of netting services, overdraft protections, business credit cards, purchasing cards, payment processing, automatic clearinghouse arrangements, arrangements in respect of pooled deposit or sweep accounts, check endorsement guarantees, and otherwise in connection with deposit accounts or cash management services;

 

Section 293. purchase price adjustments, indemnity payments, incentive, non-compete, consulting or other similar arrangements, contingent obligations, royalties and other Deferred Acquisition Consideration in connection with (i) any Permitted Acquisition, in each case that are permitted pursuant to the definition of “Permitted Acquisition” and (ii) the Eyevance Acquisition, in each case that are permitted pursuant to the definition of “Eyevance Acquisition”; or

 

Section 294. Indebtedness in respect of the Existing Notes and any refinancing, extension, renewal or replacement thereof; provided that (i) any such refinancing, extension, renewal or replacement shall not (A) exceed the outstanding principal amount of the Existing Notes being refinanced, extended, renewed or replaced (including by application of any interest that may be paid-in-kind during the term of such refinanced, extended, renewed or replaced Indebtedness), (B) have a maturity date that is prior to the date that is 91 days after the Maturity Date hereunder, (C) contain any financial covenants, (D) contain any other terms that are less favorable in any material respect to the Obligors and their respective Subsidiaries, and/or to the Administrative Agent or the other Secured Parties, than the terms governing the Existing Notes being refinanced, extended, renewed or replaced, (E) have an applicable all-in yield (whether in the form of interest rate, margin, interest rate floor, upfront fees, original issue discount or any other similar fees paid to all lenders or holders generally; provided that upfront fees, original issue discount and other similar fees shall be equated to interest rate assuming a four (4) year life to maturity (or, if less, the stated life to maturity at the time of incurrence of the applicable Indebtedness)) which exceeds the rate of interest of the Existing Notes being refinanced, extended, renewed or replaced plus 1.00% per annum, (F) grant any Lien (and such Indebtedness shall be unsecured) or (G) give any Guarantee that was not an existing requirement of the Existing Notes and (ii) immediately prior to and immediately after such refinancing, extension, renewal or replacement, no Default or Event of Default shall exist;

 

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Section 295. Liens. Such Obligor will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any property now owned by it or such Subsidiary, except:

 

Section 296. Liens securing the Obligations;

 

Section 297. any Lien on any property or asset of such Obligor or any of its Subsidiaries existing on the date hereof and set forth on Schedule 9.02(b) and renewals and extensions thereof in connection with Permitted Refinancings of the Indebtedness being secured by such Lien; provided that (i) no such Lien (including any renewal or extension thereof) shall extend to any other property or asset of such Obligor or any of its Subsidiaries (other than improvements and accessions to such property or asset) and (ii) any such Lien shall secure only those obligations which it secures on the date hereof and renewals, extensions and replacements thereof in connection with Permitted Refinancings of the Indebtedness being secured by such Lien that do not increase the outstanding principal amount thereof (other than by an amount equal to unpaid interest and premiums thereon, including tender premium, and required prepayment premiums, and any customary underwriting discounts, fees, commissions and expenses associated with such extension, renewal or replacement);

 

Section 298. Liens securing Indebtedness permitted under Section 9.01(i); provided that such Liens are restricted solely to the collateral described in Section 9.01(i);

 

Section 299. Liens imposed by any Law and arising in the Ordinary Course, including (but not limited to) carriers’, warehousemen’s, landlords’, and mechanics’ liens, liens relating to leasehold improvements and other similar Liens arising in the Ordinary Course that (x) do not in the aggregate materially detract from the value of the property subject thereto or materially impair the use thereof in the operations of the business of such Person or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property subject to such Liens and for which adequate reserves have been made if required in accordance with GAAP;

 

Section 300. pledges or deposits made in the Ordinary Course in connection with bids, contract leases, appeal bonds, workers’ compensation, unemployment insurance or other similar social security legislation;

 

Section 301. Liens securing Taxes, assessments and other governmental charges, the payment of which is not past due or is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made;

 

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Section 302. any (i) servitudes, easements, rights of way, restrictions and other similar encumbrances on real property imposed by any Law, (ii) Liens consisting of zoning or building restrictions, (iii) easements, licenses, restrictions on the use of real property or minor imperfections in title thereto which, in the aggregate, are not material, and which do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of any of the Obligors or any of their Subsidiaries; and

 

Section 303. with respect to any real property, (i) such defects or encroachments as might be revealed by an up-to-date survey of such real property; (ii) the reservations, limitations, provisos and conditions expressed in the original grant, deed or patent of such property by the original owner of such real property pursuant to all applicable Laws; and (iii) rights of expropriation, access or user or any similar right conferred or reserved by or in any Law, which, in the aggregate for clauses (i), (ii) and (iii), are not material, and which do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of any of the Obligors or its Subsidiaries;

 

(i) bankers liens, rights of setoff and similar Liens incurred on deposits or other assets credited to any deposit or securities account made in the Ordinary Course;

 

(j) Liens securing Indebtedness permitted under Section 9.01(k); provided that (i) such Lien is not created in contemplation of or in connection with such Permitted Acquisition pursuant to which such Indebtedness was assumed, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary other than the assets subject to such Liens immediately prior to the consummation of the Permitted Acquisition, and (iii) such Lien shall secure only those obligations that it secured immediately prior to the consummation of such Permitted Acquisition, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

 

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Section 304. Liens securing Indebtedness permitted under Sections 9.01(m), (n), (o) and (p).

 

Section 305. any judgment Lien or Lien arising from decrees or attachments not constituting an Event of Default;

 

Section 306. Liens arising from precautionary UCC financing statement filings regarding operating leases of personal property and consignment arrangements entered into in the Ordinary Course in an Arm’s Length Transaction;

 

Section 307. Liens which secure obligations in an aggregate amount not to exceed $3,500,000 at any time outstanding;

 

Section 308. 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 of goods and incurred in the Ordinary Course;

 

Section 309. Permitted Licenses;

 

Section 310. Liens on cash and Cash Equivalent Investments securing obligations under Permitted Hedging Agreements;

 

Section 311.(i) Liens to secure payment of workers’ compensation, employment insurance, old age pensions, social security and other like obligations incurred in the Ordinary Course (other than Liens imposed by ERISA) and (ii) deposits in respect of letters of credit, bank guarantees or similar instruments issued for the account of any Obligor or any Subsidiary in the Ordinary Course supporting obligations of the type set forth in clause (i) above;

 

Section 312. to the extent constituting a Lien, customary cash escrow arrangements securing indemnification obligations associated with a Permitted Acquisition, the Eyevance Acquisition or any other Investment permitted under Section 9.05 not to exceed $2,500,000 in the aggregate;

 

Section 313. Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection;

 

Section 314. Liens of sellers of goods to the Borrower and any of its Subsidiaries arising under Article 2 of the Uniform Commercial Code or otherwise in the Ordinary Course, covering only the goods sold and securing only the unpaid purchase price for such goods and related expenses;

 

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Section 315. rights of first refusal, voting, redemption, transfer or other restrictions (including call provisions and buy-sell provisions) with respect to the Equity Interests of any Joint Venture or other Persons that are not Subsidiaries; and

 

Section 316. any Lien arising under conditional sale, title retention, consignment or similar arrangements for the sale of goods in the Ordinary Course; provided that such Lien attaches only to the goods subject to such sale, title retention, consignment or similar arrangement; provided that no Lien otherwise permitted under any of the foregoing clauses (c), (d), (e), (g) through (k), (m), (n), (o) and (q) through (w) of this Section 9.02 shall apply to any Material Intellectual Property.

 

Section 317. Fundamental Changes and Acquisitions. Such Obligor will not, and will not permit any of its Subsidiaries to, (i) enter into any transaction of merger, amalgamation or consolidation, (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), (iii) sell or issue any of its Disqualified Equity Interests or (iv) other than Permitted Acquisitions, the Eyevance Acquisition and any Acquisition permitted by Section 9.05(a) or Section 9.05(t), make any Acquisition or otherwise acquire any business or substantially all the property from, or Equity Interests of, or be a party to any Acquisition of, any Person, except:

 

Section 318. the merger, amalgamation, consolidation, dissolution, winding up or liquidation of any (i) Subsidiary with or into any Obligor; provided that with respect to any such transaction involving (x) the Borrower, the Borrower must be the surviving or successor entity of such transaction or (y) any other Obligor, an Obligor must be the surviving or successor entity of such transaction or the surviving Person shall concurrently therewith become an Obligor or (ii) Subsidiary that is not an Obligor with or into any other Subsidiary that is not an Obligor;

 

Section 319. the sale, lease, transfer or other disposition by (i) any Obligor (other than the Borrower) of any or all of its property (upon voluntary liquidation, dissolution, winding-up or otherwise) to the any other Obligor or to any entity that concurrently therewith shall become an Obligor or (ii) any Subsidiary that not an Obligor of any or all of its property (upon voluntary liquidation, dissolution, winding-up or otherwise) to any other Subsidiary that is not an Obligor;

 

Section 320. the sale, transfer or other disposition of the Equity Interests of (i) any Subsidiary to an Obligor or (ii) any Subsidiary that is not an Obligor owned by a Subsidiary that is not an Obligor, to any other Subsidiary that is not an Obligor;

 

Section 321. mergers, amalgamations, consolidations, dissolutions or liquidations of any Subsidiary to effectuate any Asset Sales permitted under Section 9.09; provided that the Borrower shall be the surviving or receiving party, as applicable, with respect to any such merger, amalgamation, consolidation, dissolution or liquidation that involves the Borrower; and

 

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Section 322. in connection with any Permitted Acquisition or other Investment permitted under Section 9.05, any Obligor or any of its Subsidiaries may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it, so long as (i) the Person surviving such merger with any Subsidiary shall be a direct or indirect wholly-owned Subsidiary of the Borrower, (ii) in the case of any such merger to which the Borrower is a party, the Borrower is the surviving Person, and (iii) in the case of any such merger to which a Subsidiary Guarantor is a party, the surviving Person is such Subsidiary Guarantor or concurrently therewith becomes a Subsidiary Guarantor.

 

Section 323. Lines of Business. Such Obligor will not, and will not permit any of its Subsidiaries to, engage in any business other than the business engaged in on the date hereof by such Persons or a business reasonably related, incidental or complementary thereto or reasonable expansions or extensions thereof.

 

Section 324. Investments. Such Obligor will not, and will not permit any of its Subsidiaries to, make, directly or indirectly, or permit to remain outstanding any Investments except:

 

Section 325. Investments (but without giving effect to the cash return provision contained in the definition thereof) outstanding on the date hereof and identified in Schedule 9.05(a) and any renewals, amendments and replacements thereof that do not increase the amount thereof of any such Investment, net of cash returns thereon, or require that any additional Investment be made (unless otherwise permitted hereunder);

 

Section 326. deposit accounts with banks (or similar deposit-taking institutions) and securities accounts maintained by the Obligors and their respective Subsidiaries, which in the case of the Obligors shall be Controlled Accounts (unless Excluded Accounts);

 

Section 327. extensions of credit in the nature of accounts receivable or notes receivable arising from the sales of goods or services or the grant of trade credit in the Ordinary Course in an Arm’s Length Transaction;

 

Section 328. Permitted Cash Equivalent Investments, which in the case of the Obligors shall be maintained in Controlled Accounts subject to Section 8.17(d) and (f) (unless maintained in Excluded Accounts);

 

Section 329. Investments by (i) an Obligor in another Obligor and (ii) a Subsidiary that is not an Obligor in any other Subsidiary that is not an Obligor;

 

Section 330. Investments by a Subsidiary that is not an Obligor in an Obligor; provided that any Investment made by any Subsidiary that is not an Obligor pursuant to this clause (f) shall be subordinated in right of payment to the Obligations pursuant to the Intercompany Subordination Agreement;

 

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Section 331. Permitted Hedging Agreements;

 

Section 332. Investments consisting of prepaid expenses, deposits under commercial contracts for the purchase of assets, negotiable instruments held for collection or deposit, security deposits with utilities, landlords and other like Persons and deposits in connection with workers’ compensation and similar deposits, in each case, made in the Ordinary Course, and other deposits and cash collateral constituting Permitted Liens;

 

Section 333. employee, officer and director loans, travel advances and guarantees in accordance with the Borrower’s usual and customary practices with respect thereto (if permitted by applicable Laws) and non-cash loans to employees, officers, or directors relating to the purchase of Equity Interests of the Borrower pursuant to employee stock purchase plans or agreements, which in the aggregate shall not exceed $2,500,000 outstanding at any time;

 

Section 334. Investments received in connection with any Insolvency Proceedings in respect of any customers, suppliers or clients or in settlement of delinquent obligations of, and other disputes with, customers, suppliers or clients;

 

Section 335. the increase in value of any Investment otherwise permitted pursuant to this Section 9.05;

 

Section 336.(i) non-cash Investments in joint ventures or strategic alliances in the Ordinary Course consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support, and (ii) cash Investments in joint ventures or strategic alliances; provided that, with respect to such Investments under this sub-clause (ii), the aggregate amount of all such cash Investments made during any fiscal year shall not exceed $2,500,000;

 

Section 337. Investments (except in Excluded Subsidiaries) in an aggregate amount not to exceed $5,000,000;

 

Section 338. Investments of any Person in existence at the time such Person becomes a Subsidiary; provided such Investment was not made in connection with or anticipation of such Person becoming a Subsidiary and any modification, replacement, renewal or extension thereof;

 

Section 339. Investments permitted under Section 9.03;

 

Section 340. Permitted Acquisitions and earnest money deposits in connection with Permitted Acquisitions and Investments acquired as a result of a Permitted Acquisition to the extent that such Investments were not made in contemplation of or in connection with such Permitted Acquisition and were in existence prior to the date of such Permitted Acquisition;

 

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Section 341. Investments consisting of the non-cash portion of the sales consideration received by the Borrower or any of its Subsidiaries in connection with any Asset Sale permitted under Section 9.09;

 

Section 342. Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the Ordinary Course;

 

Section 343. to the extent constituting Investments, Guarantees of Indebtedness, which Guarantees are permitted under Section 9.01;

 

Section 344. (i) Investments contemplated by Schedule 9.05(s) and (ii) the Permitted Minority Investments;

 

Section 345. Investments consisting of Permitted Liens;

 

Section 346. Investments in the Ordinary Course consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers consistent with past practices;

 

Section 347. to the extent constituting Investments, purchases and acquisitions of inventory, supplies, materials and equipment; and

 

Section 348. the Eyevance Acquisition and Investments acquired as a result of the Eyevance Acquisition to the extent that such Investments were not made in contemplation of or in connection with the Eyevance Acquisition and were in existence prior to the date of the Eyevance Acquisition.

 

Notwithstanding anything in this Agreement to the contrary, (i) the Obligors shall not, and shall not permit any of their Subsidiaries to (x) directly or indirectly transfer, by means of contribution, sale, assignment, lease or sublease, license or sublicense, or other disposition of any kind (including, for avoidance of doubt, as an Investment, Restricted Payment or Asset Sale), any Material Intellectual Property other than (I) pursuant to Permitted Licenses or (II) as permitted pursuant to Section 9.09(g) or (y) permit any Person other than an Obligor to license or own any interest in any Material Intellectual Property owned by such Obligor other than pursuant to (I) Permitted Licenses or (II) as permitted pursuant to Section 9.09(g), (ii) no Material Intellectual Property shall be contributed as an Investment or distributed as a Restricted Payment to any Subsidiary other than an Obligor (other than pursuant to Permitted Licenses) and (iii) neither any Obligor nor any of their Subsidiaries shall be permitted to directly or indirectly transfer, by means of contribution, sale, assignment, lease or sublease, license or sublicense, or other disposition of any kind (including, for avoidance of doubt, as an Investment, Restricted Payment or Asset Sale) any assets or property of any kind (including, without limitation, any Intellectual Property) to any Excluded Subsidiary.

 

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Section 349. Restricted Payments. Such Obligor will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment; provided that (i) Restricted Payments consisting of the payment of interest, principal or fees in respect of any intercompany Indebtedness permitted by Section 9.01(e) and (f) shall be permitted and (ii) the following Restricted Payments shall be permitted so long as no Event of Default has occurred and is continuing or would reasonably be expected to occur or result from such Restricted Payment:

 

Section 350. dividends with respect to the Borrower’s Equity Interests payable solely in shares of its Qualified Equity Interests (or the equivalent thereof);

 

Section 351. the Borrower’s purchase, redemption, retirement, or other acquisition of shares of its Equity Interests with the proceeds received from a substantially concurrent issue of new shares of its Qualified Equity Interests;

 

Section 352.(1) each Subsidiary that is an Obligor may make Restricted Payments (it being understood that Restricted Payments consisting of the payment of interest, principal or fees in respect of intercompany Indebtedness permitted by Section 9.01(e) and (f) shall be covered by Section 9.06(i)) to any other Obligor, and (2) each Subsidiary that is not an Obligor may make Restricted Payments to its equity holders generally; provided that any Obligor that owns the Equity Interests in such Subsidiary paying such Restricted Payment receives at least its proportional share (including at least its proportional share of any portion of such Restricted Payment made in cash) thereof;

 

Section 353. any purchase, redemption, retirement or other acquisition of Equity Interests of the Borrower held by consultants, officers, directors and employees or former consultants, officers, directors or employees (or their transferees, estates, or beneficiaries under their estates) of Borrower and its Subsidiaries not to exceed $1,500,000 in the aggregate in any fiscal year (it being agreed that, to the extent constituting an Investment permitted by Section 9.05(i), the amount of any Indebtedness of such Persons owing to the Borrower or any Subsidiary forgiven in connection with such Restricted Payment shall be excluded from any determination pursuant to this clause (ii)(d)); provided that the portion of such basket that is not used by the Borrower or its Subsidiaries in any fiscal year shall be carried forward and shall increase such basket for succeeding fiscal years;

 

Section 354. cashless repurchases of Equity Interests deemed to occur upon exercises of options and warrants or the settlement or vesting of other equity awards if such Equity Interests represent a portion of the exercise price of such options or warrants or similar equity incentive awards;

 

Section 355. cash payments made by the Borrower to redeem, purchase, repurchase or retire its obligations under options, warrants and other convertible securities issued by it in the nature of customary cash payments in lieu of fractional shares in accordance with the terms thereof;

 

Section 356. Borrower may acquire (or withhold) its Equity Interests pursuant to any employee stock option or similar plan to pay withholding taxes for which Borrower is liable in respect of a current or former officer, director, employee, member of management or consultant upon such grant or award (or upon vesting or exercise thereof) and the Borrower may make deemed repurchases in connection with the exercise of stock options;

 

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Section 357. any payment of interest, principal or fees in respect of any Indebtedness owed by any Obligor or any of its Subsidiaries to any holder of more than ten percent (10%) of the Equity Interests of any Obligor or any of its Subsidiaries, in each case to the extent permitted under Section 9.07;

 

Section 358. payments related to share withholdings for individual taxes related to vested restricted stock units (RSUs), options and other equity grants made to employees, as permitted under the Borrower’s 2017 and 2007 Incentive Stock and Awards Plans (as amended as of Closing Date), and required under certain of Borrower’s equity grants and employment agreements (in each case as in effect on the Closing Date), in an aggregate amount not to exceed (i) $10,000,000 for the fiscal year ending December 31, 2023 and (ii) $3,000,000 for the fiscal year ending December 31, 2024; provided that together with the financial statements for the fiscal years ending December 31, 2023 and December 31, 2024 required pursuant to Section 8.01(a) and (b), concurrently with the delivery of the Compliance Certificate for such accounting period, a Responsible Officer of the Borrower shall deliver to the Administrative Agent a certificate setting forth the amount of the foregoing payments for such accounting period, together with supporting information in form and substance reasonably satisfactory to the Administrative Agent; and

 

Section 359. Restricted Payments in an aggregate amount not to exceed (1) $1,000,000 in any fiscal year or (2) $2,500,000 during the term of this Agreement.

 

Section 360. Payments of Indebtedness. Such Obligor will not, and will not permit any of its Subsidiaries to, make any payments in respect of any Indebtedness other than (i) payments of the Obligations, (ii) scheduled payments in respect of the Existing Notes pursuant to the terms of the Existing Notes Indenture as in effect on the date hereof, (iii) scheduled payments of other Indebtedness (and with respect to such Indebtedness that is subject to a subordination or intercreditor agreement in respect of the Obligations, solely to the extent permitted pursuant to the terms of such subordination or intercreditor agreement); (iv) intercompany indebtedness permitted under Section 9.01 (subject to the terms of the Intercompany Subordination Agreement, if applicable), (v) Indebtedness permitted to be incurred under Sections 9.01(b), (i), (j), (k), (l), (m) and (p), (vi) payments of Deferred Acquisition Consideration in respect of the Eyevance Acquisition, pursuant to, and in the amounts and at the times provided for in, the Eyevance Acquisition Agreements and payments of Deferred Acquisition Consideration in respect of any Permitted Acquisition to the extent such Deferred Acquisition Consideration is permitted hereunder; provided that, with respect to the Eyevance Milestone Payments and payments of such Deferred Acquisition Consideration, both immediately before and immediately after giving effect to such payments, no Event of Default pursuant to Section 11.01(a), (b), (d) (solely with respect to a failure to observe or perform the covenant under Section 10.01) or (h) has occurred and is continuing (it being understood and agreed that this proviso shall not apply to Deferred Acquisition Consideration that consists of purchase price adjustments, royalty, non-compete and/or consulting payments) and (vii) Permitted Refinancings permitted hereunder.

 

Section 361.Change in Fiscal Year. Such Obligor will not, and will not permit any of its Subsidiaries to, change the last day of its fiscal year from that in effect on the date hereof without the prior written consent of Administrative Agent, except to change the fiscal year of a Subsidiary acquired in connection with an Acquisition to conform its fiscal year to that of the Borrower.

 

Section 362.Sales of Assets, Etc. Such Obligor will not, and will not permit any of its Subsidiaries to, sell, lease or sublease (as lessor or sub-lessor), sale and leaseback, assign, convey, exclusively license (in terms of geography or field of use), transfer, or otherwise dispose of any of its businesses, assets or property of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired (including accounts receivable and Equity Interests of Subsidiaries), or forgive, release or compromise any amount owed to such Obligor or Subsidiary, in each case, in one transaction or series of related transactions (any thereof, an “Asset Sale”), except:

 

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Section 363. sales, transfers and other dispositions of receivables in connection with the compromise, settlement or collection thereof in the Ordinary Course;

 

Section 364. sales of inventory, including to end users (through wholesalers or other typical sales channels) or to distributors, in the Ordinary Course in an Arm’s Length Transaction;

 

Section 365. the forgiveness, release or compromise of any amount owed to any Obligor or Subsidiary in the Ordinary Course;

 

Section 366. Permitted Licenses;

 

Section 367. transfers of assets, rights or property (i) among Obligors or (ii) any Subsidiary that is not an Obligor to an Obligor or another Subsidiary that is not an Obligor;

 

Section 368. dispositions (including by way of abandonment or cancellation) of any equipment and other tangible property that is obsolete or worn out or no longer used or useful in the business disposed of in the Ordinary Course in an Arm’s-Length Transaction;

 

Section 369. dispositions resulting from casualty events;

 

Section 370. the unwinding of any Hedging Agreement permitted by Section 9.05 pursuant to its terms;

 

Section 371. in connection with any transaction permitted under Section 9.03, 9.05, 9.06 or 9.14;

 

Section 372.(i) Asset Sales identified in Schedule 9.09 and (ii) Asset Sales of the Permitted Minority Investments;

 

Section 373. so long as no Default or Event of Default has occurred and is continuing (or could reasonably be expected to occur after giving effect to such Asset Sale), Asset Sales (other than with respect to Material Intellectual Property) with a fair market value not in excess of $10,000,000 in aggregate;

 

Section 374. Asset Sales (other than with respect to Material Intellectual Property) not in excess of $3,000,000 in the aggregate in any fiscal year in which any Obligor or any Subsidiary will receive cash proceeds in an amount equal to no less than seventy-five percent (75%) of the total consideration (fixed or contingent) paid or payable to such Obligor or such Subsidiary, but only so long as, unless otherwise waived by Administrative Agent in its sole discretion, the net cash proceeds of such Asset Sale are utilized to repay or prepay, in whole or in part, Indebtedness under and in accordance with Section 3.03(b) to the extent required thereby;

 

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Section 375. dispositions in the Ordinary Course consisting of the abandonment, lapse or cancellation of Intellectual Property (other than Material Intellectual Property) which, in the reasonable good faith determination of Borrower, are not material to the conduct of the business of Borrower or any of its Subsidiaries; and

 

Section 376. dispositions of cash and Permitted Cash Equivalents Investment in the Ordinary Course or otherwise in transactions permitted hereunder.

 

Section 377. Transactions with Affiliates. Such Obligor will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction to sell, lease, license or otherwise transfer any assets to, or purchase, lease, license or otherwise acquire any assets from, or otherwise engage in any other transactions with, any of its Affiliates, unless such arrangement or transaction (i) is an Arm’s Length Transaction, (ii) is between or among (x) Obligors, (y) Subsidiaries that are not Obligors or (z) an Obligor and a Subsidiary that is not an Obligor; provided that, with respect to clause (z) only, the terms thereof are (A) no less favorable to the Obligor than those that would be obtained in a comparable arm’s-length transaction with a non-affiliated Person and (B) such transaction is otherwise permitted hereunder and under the other Loan Documents, (iii) constitutes customary compensation (including performance, discretionary, retention, relocation, transaction and other special bonuses and payment, severance payments and payments pursuant to employment agreements), other benefits (including retirement, health, stock option and other benefit plans, life insurance, disability insurance and other equity (or equity-linked) awards) and indemnification of, and other employment arrangements with, directors, officers, and employees of any Obligor or its Subsidiaries in the Ordinary Course, (iv) constitutes payment of customary fees, reimbursement of expenses, and payment of indemnification to officers and directors and customary payment of insurance premiums on behalf of officers and directors by the Obligors or their Subsidiaries, in each case, in the Ordinary Course, (v) are the transactions set forth on Schedule 9.10) or (vi) is a transaction (with any series of related transactions being aggregated for the purposes of this clause (vi)) including consideration of less than $100,000.

 

Section 378. Restrictive Agreements. Such Obligor will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any Restrictive Agreement other than (i) restrictions and conditions imposed by applicable Laws or by the Loan Documents, (ii) Restrictive Agreements listed on Schedule 7.15, (iii) limitations associated with Permitted Liens or any document or instrument governing any Permitted Lien, (iv) any documentation governing Indebtedness referenced in clause (k) (or any Permitted Refinancing thereof) or clause (r) of Section 9.01, (v) customary provisions in leases, subleases, Permitted Licenses and other Contracts restricting the assignment thereof or restricting the assignment, pledge, transfer or sublease or sublicense of the property leased, licensed or otherwise the subject thereof; (vi) any restrictions or conditions set forth in any agreement in effect at any time any Person becomes a Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Subsidiary; (vii) restrictions or conditions in any Indebtedness permitted pursuant to Section 9.01 that is incurred or assumed by Subsidiaries that are not Obligors to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents; (viii) restrictions or conditions imposed by any agreement relating to purchase money Indebtedness and other secured Indebtedness or to leases, subleases and licenses permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness or the property leased, subleased or licensed; (ix) customary provisions in contracts for the disposition of any assets; provided that the restrictions in any such contract shall apply only to the assets or Subsidiary that is to be disposed of and such disposition is permitted hereunder; (x) customary provisions regarding confidentiality or restricting assignment, pledges or transfer of any Permitted License or any other agreement entered into in the Ordinary Course; (xi) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures and applicable solely to such joint venture; and (xii) restrictions or encumbrances in any agreement in effect at the time any Person becomes a Subsidiary, so long as (x) such agreement was not entered into in contemplation of such Person becoming a Subsidiary and (y) such restrictions or encumbrances do not extend beyond such Subsidiary or its assets.

 

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Section 379. Modifications and Terminations of Material Agreements and Organic Documents. The Obligors will not, and will not permit any of their Subsidiaries to:

 

(a) waive, amend, terminate, replace or otherwise modify any term or provision of any Organic Document in any way or manner materially adverse to the interests of the Administrative Agent and the Lenders; or

 

(b) waive, amend, replace or otherwise modify any term or provision of any Material Agreement in a manner materially adverse to the rights and remedies the Administrative Agent and the Lenders hereunder; or

 

(c) (x) take or omit to take any action that results in the termination of, or permits any other Person to terminate, any Material Agreement or the Obligors’ or their Subsidiaries’ rights in or to Material Intellectual Property or (y) take any action that permits any Material Agreement or the Borrower, such Subsidiary Guarantor, or their Subsidiaries’ rights in or to Material Intellectual Property to be terminated by any counterparty thereto prior to its stated date of expiration.

 

Section 380. Outbound Licenses. No Obligor shall, nor shall it permit any of its Subsidiaries to, enter into or become or remain bound by any outbound license, covenant not to sue or other grant of rights or immunities under Material Intellectual Property, except for Permitted Licenses.

 

Section 381. Sales and Leasebacks. Except as disclosed on Schedule 9.14, except as otherwise consented to in writing by the Administrative Agent (such consent not to be unreasonably withheld), each Obligor will not, and will not permit any of its Subsidiaries to, become liable, directly or indirectly, with respect to any lease, whether an operating lease or a Capital Lease Obligation, of any property (whether real, personal, or mixed), whether now owned or hereafter acquired, (i) which such Person has sold or transferred or is to sell or transfer to any other Person and (ii) which such Obligor or Subsidiary intends to use for substantially the same purposes as property which has been or is to be sold or transferred.

 

Section 382. Hazardous Material Section 383.. Each Obligor will not, and will not permit any of its Subsidiaries to, use, generate, manufacture, install, treat, release, store or dispose of any Hazardous Material, except as would not reasonably be expected to result in a Material Environmental Liability.

 

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Section 384. Accounting Changes. Such Obligor will not, and will not permit any of its Subsidiaries to, make any significant change in accounting treatment or reporting practices, except as required or permitted by GAAP.

 

Section 385. Compliance with ERISA. No ERISA Affiliate shall cause or suffer to exist (i) any event that could result in the imposition of a Lien with respect to any Title IV Plan or Multiemployer Plan or (ii) any other ERISA Event that could, in the aggregate, reasonably be expected to result in a Material Adverse Effect. No Obligor or any of its Subsidiaries shall cause or suffer to exist any event that could result in the imposition of a Lien with respect to any Benefit Plan.

 

Section 386. Sanctions; Anti-Corruption Use of Proceeds.

 

Section 387. No Obligor nor any of its Subsidiaries or their respective agents shall (i) conduct any business or engage in any transaction or dealing with any Sanctioned Person in violation of Sanctions, including making or receiving any contribution of funds, goods or services to or for the benefit of any Sanctioned Person; (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to any Sanctions; or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any applicable Sanctions, the Patriot Act or any other Anti-Terrorism Law.

 

Section 388. The Borrower will not, directly or, to the knowledge of the Borrower, indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any applicable anti-corruption Law, or (ii) (A) for the purpose of funding any activities or business of or with any Sanctioned Person or any Designated Jurisdiction in violation of Sanctions or (B) in any other manner that would result in a violation of Sanctions by any party to this Agreement.

 

Section 389.

 

FINANCIAL COVENANTS

 

Section 390. Minimum Liquidity. Subject to Section 8.17(d) and (f), the Obligors shall at all times maintain the Minimum Liquidity Amount in cash and/or Permitted Cash Equivalent Investments in one or more Controlled Accounts that is free and clear of all Liens, other than Liens granted under the Loan Documents in favor of the Administrative Agent and Liens permitted under Section 9.02(i) or Section 9.02(s).

 

Section 391. Minimum Net Revenues. Beginning with the fiscal quarter of the Borrower ending on June 30, 2023, and with respect to each subsequent fiscal quarter, the Net Revenues of the Borrower and its Subsidiaries for the twelve (12) consecutive month period ending on the last day of such fiscal quarter shall not be less than the Minimum Net Revenues for such quarter (the “Minimum Net Revenues Covenant”).

 

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Section 392.

 

EVENTS OF DEFAULT

 

Section 393. Events of Default. Each of the following events shall constitute an “Event of Default”:

 

Section 394. Principal Payment Default. The Borrower shall fail to pay any principal of the Loan, when and as the same shall become due and payable, whether at the due date thereof, at a date fixed for prepayment thereof or otherwise.

 

Section 395. Other Payment Defaults. Any Obligor shall fail to pay interest or any other Obligation (other than an amount referred to in Section 11.01(a)) when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days.

 

Section 396. Representations and Warranties. Any representation or warranty made or deemed made by or on behalf of any Obligor or any of its Subsidiaries in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, shall (i) have been incorrect or misleading when made or deemed made to the extent that such representation or warranty contains any materiality or Material Adverse Effect qualifier; or (ii) have been incorrect in any material respect when made or deemed made to the extent that such representation or warranty does not otherwise contain any materiality or Material Adverse Effect qualifier.

 

Section 397. Certain Covenants. Any Obligor shall fail to observe or perform any covenant, condition or agreement contained in Section 8.01, Section 8.02, Section 8.03 (solely as to the Borrower), Section 8.07, Section 8.10, Section 8.11, Section 8.16, Section 8.17, Section 8.18, Section 9 or Section 10; provided that an Event of Default under Section 10.02 is subject to Section 11.04 and an Event of Default with respect to Section 10.02 shall not occur until the Cure Expiration Date.

 

Section 398. Other Covenants. Any Obligor shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in Section 11.01(a), (b) or (d)) or any other Loan Document, and, in the case of any failure that is capable of cure, such failure shall continue unremedied for a period of thirty (30) or more days after the earlier to occur of the date on which (i) a Responsible Officer of any Obligor becomes aware of such failure or (ii) written notice thereof shall have been given to any Obligor by the Administrative Agent or any Lender.

 

Section 399. Payment Default on Other Indebtedness. Any Obligor or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable grace or cure period as originally provided by the terms of such Indebtedness.

 

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Section 400. Other Defaults on Other Indebtedness. (i) Any material breach of, or “event of default” or similar event under, any Contract governing any Material Indebtedness shall occur and such breach or “event of default” or similar event shall continue unremedied, uncured or unwaived after the expiration of any grace or cure period thereunder, or (ii) any event or condition occurs (x) that results in any Material Indebtedness becoming due prior to its scheduled maturity or (y) that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of such Material Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this Section 11.01(g) shall not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Material Indebtedness, (y) any conversion of any convertible Indebtedness or satisfaction of any condition giving rise to or permitting a conversion of any convertible Indebtedness; provided that the Borrower or the applicable Subsidiary has the right to settle any such Indebtedness into Equity Interests of the Borrower or such Subsidiary (and nominal cash payments in respect of fractional shares and cash payments in respect of accrued and unpaid interest) in accordance with the terms or conditions thereof and (z) with respect to any Material Indebtedness consisting of Hedging Agreements, termination events or equivalent events pursuant to the terms of such Hedging Agreements and not as a result of any default thereunder by any Obligor or any Subsidiary.

 

Section 401. Insolvency, Bankruptcy, Etc.

 

Section 402. Any Obligor or any of its Material Subsidiaries becomes insolvent, or generally does not or becomes unable to pay its debts or meet its liabilities as the same become due, or admits in writing its inability to pay its debts generally, or declares any general moratorium on its indebtedness, or proposes a compromise or arrangement or deed of company arrangement between it and any class of its creditors.

 

Section 403. Any Obligor or any of its Material Subsidiaries commits an act of bankruptcy or makes an assignment of its property for the general benefit of its creditors or makes a proposal (or files a notice of its intention to do so).

 

Section 404. Any Obligor or any of its Material Subsidiaries institutes any proceeding seeking to adjudicate it an insolvent, or seeking liquidation, dissolution, winding-up, reorganization, examinership, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief, under any Law, whether U.S., or non-U.S., now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, examinership, receivership, plans of arrangement or relief or protection of debtors or at common law or in equity, or files an answer admitting the material allegations of a petition filed against it in any such proceeding.

 

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Section 405. Any Obligor or any of its Material Subsidiaries applies for the appointment of, or the taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, examiner, trustee, liquidator, voluntary administrator, receiver and manager or other similar official for it or any substantial part of its property.

 

Section 406. Any Obligor or any of its Material Subsidiaries takes any action, corporate or otherwise, to approve, effect, consent to or authorize any of the actions described in this Section 11.01(h), or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof.

 

Section 407. Any petition is filed, application made or other proceeding instituted against or in respect of any Obligor or any of its Material Subsidiaries:

 

Section 408. seeking to adjudicate it as insolvent;

 

Section 409. seeking a receiving order against it;

 

Section 410. seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, examinership, stay of proceedings of creditors generally (or any class of creditors), deed of company arrangement or composition of it or its debts or any other relief under any Law, whether U.S. or non-U.S., now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors or at common law or in equity; or

 

Section 411. seeking the entry of an order for relief or the appointment of, or the taking of possession by, a receiver, interim receiver, receiver/manager, examiner, sequestrator, conservator, custodian, administrator, trustee, liquidator, voluntary administrator, receiver and manager or other similar official for it or any substantial part of its property, and such petition, application or proceeding continues undismissed, or unstayed and in effect, for a period of forty-five (45) days after the institution thereof; provided that if an order, decree or judgment is granted or entered (whether or not entered or subject to appeal) against such Obligor or such Subsidiary thereunder in the interim, such grace period will cease to apply; provided, further, that if such Obligor or Material Subsidiary files an answer admitting the material allegations of a petition filed against it in any such proceeding, such grace period will cease to apply.

 

Section 412. Any other event occurs which, under the Laws of any applicable jurisdiction, has an effect equivalent to any of the events referred to in this Section 11.01(h).

 

Section 413. Judgments. One or more final judgments for the payment of money in an aggregate amount in excess of $5,000,000 (to the extent not fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has not denied coverage) shall be rendered against any Obligor or any of its Subsidiaries or any combination thereof and the same shall remain undischarged for a period of forty-five (45) calendar days during which execution shall not be effectively stayed or bonded pending appeal, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Obligor to enforce any such judgment.

 

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Section 414. ERISA. An ERISA Event shall have occurred that when taken together with all other ERISA Events that have occurred, would reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount in excess of $5,000,000.

 

Section 415. Change of Control. A Change of Control shall have occurred.

 

Section 416. Regulatory Matters, Etc. If any of the following occurs:(i) the FDA or any other Regulatory Authority initiates enforcement action against, or issues a warning letter with respect to, any Obligor, any Product or any manufacturing facilities that any Obligor owns or controls related to the foregoing that (x) causes any Obligor to discontinue or withdraw, or would reasonably be expected to cause any Obligor to discontinue or withdraw, marketing or sales of a Product or causes a delay in the manufacture or sale of a Product and (y) would reasonably be expected to result in a Material Adverse Effect, or (ii) a recall of a Product that would reasonably be expected to result in a Material Adverse Effect.

 

Section 417. Impairment of Security, Etc. Subject in all respects to any applicable post-closing periods and certain other time periods and exceptions under the Loan Documents for any Obligor or Subsidiary to take perfection actions, if any of the following events occurs: (i) Any Lien created by any of the Security Documents shall at any time (except as expressly permitted by the terms of any Loan Document) not constitute a valid and perfected Lien on the applicable Collateral in favor of the Secured Parties, free and clear of all other Liens (other than Permitted Liens) except due to the action or inaction of the Administrative Agent, (ii) except for expiration in accordance with its terms, any of the Security Documents or any Guarantee of any of the Obligations (including that contained in Section 13) shall for whatever reason cease to be in full force and effect, (iii) any Obligor shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability of any such Lien or any Loan Document, or (iv) any injunction, whether temporary or permanent, shall be rendered against any Obligor that prevents the Obligors from conducting it business in the ordinary course for more than thirty (30) calendar days.

 

Section 418. Warrants. The Borrower breaches any of its material obligations under any Warrant.

 

(o) Key Person Event. A Key Person Event shall have occurred.

 

Section 419. Remedies.

 

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Section 420. Defaults Other Than Bankruptcy Defaults. Upon the occurrence of any Event of Default, then, and in every such event (other than an Event of Default described in Section 11.01(h)), and at any time thereafter during the continuance of such event, the Administrative Agent may, upon notice to the Borrower, take any or all of the following actions: (i) declare the Commitments, if any, of each Lender having such Commitments to be terminated, whereupon such Commitments shall be terminated, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations, including any applicable Yield Protection Premium and the Exit Fee, shall become due and payable immediately (in the case of the Loans, at the Prepayment Price therefor), without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each Obligor, (iii) enforce any and all Liens and security interests created pursuant to Security Documents, and (iv) exercise on behalf of itself and the other Secured Parties all rights and remedies available to it and the other Secured Parties under the Loan Documents or at law or in equity.

 

Section 421. Bankruptcy Defaults. In case of an Event of Default described in Section 11.01(h), the obligation of each Lender to make Loans shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations, including any applicable Yield Protection Premium and the Exit Fee, shall automatically become due and payable immediately (in the case of the Loans, at the Prepayment Price therefor), without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each Obligor.

 

Section 422. Additional Remedies. If an Event of Default has occurred and is continuing, if any Obligor shall be in default under a Material Agreement, the Administrative Agent shall have the right (but not the obligation) to cause the default or defaults under such Material Agreement to be remedied (including without limitation by paying any unpaid amount thereunder) and otherwise exercise any and all rights of such Obligor, as the case may be, thereunder, as may be necessary to prevent or cure any default. Without limiting the foregoing, upon any such default, each Obligor shall promptly execute, acknowledge and deliver to the Administrative Agent such instruments as may reasonably be required of such Obligor to permit the Administrative Agent to cure any default under the applicable Material Agreement or permit the Administrative Agent to take such other action required to enable the Administrative Agent to cure or remedy the matter in default and preserve the interests of the Administrative Agent. Any amounts paid by the Administrative Agent pursuant to this Section 11.03 shall be payable in accordance with Section 14.03(a), shall accrue interest at the Default Rate if not paid when due, and shall constitute “Obligations.” The Administrative Agent and the Lenders agree that in connection with any foreclosure or other exercise of rights under this Agreement or any other Loan Document with respect to Intellectual Property, the rights of the non-Affiliate licensees under Permitted Licenses will not be terminated, limited or otherwise adversely affected so long as no default exists under the Permitted License that would permit the licensor to terminate such Permitted License (commonly known as a non-disturbance); provided that the Administrative Agent shall be entitled to exercise any rights of the Obligors under such licenses, including termination rights, upon the exercise of remedies during an Event of Default.

 

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Section 423. Minimum Net Revenues Covenant Cure(a). Notwithstanding anything to the contrary contained in Section 11.01(d), in the event the Borrower fails to comply with the requirements of Section 10.02, during the period from the last day of the relevant fiscal quarter in respect of which such Default has occurred and until the expiration of the tenth (10th) Business Day subsequent to the date the financial statements are required to be delivered for such fiscal quarter pursuant to Section 8.01(a) or 8.01(b) (the “Cure Expiration Date”), the Borrower shall have the right to make a Net Revenues Cure Payment; provided that such payment shall be made with either cash on hand (subject to pro forma compliance with Section 10.01) or cash raised from the issuance or sale of Qualified Equity Interests in the Borrower for cash (the “Minimum Net Revenues Cure Right”). Upon the Administrative Agent’s receipt of the applicable Net Revenues Cure Payment or application of such cash amounts, the Borrower shall then be in compliance with the requirements of the Minimum Net Revenues Covenant, and the Borrower shall be deemed to have satisfied the requirements of the Minimum Net Revenues Covenant as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach of the Minimum Net Revenues Covenant and any related Default that had occurred shall be deemed cured for the purposes of this Agreement. Net Revenues shall be deemed increased for the applicable fiscal quarter and any four fiscal quarter period that contains such fiscal quarter, solely for the purpose of measuring the covenant set forth in Section 10.02 and not for any other purpose under this Agreement, by an amount equal to the Net Revenues Shortfall Amount (and the receipt by the Lenders of the Net Revenues Cure Payment pursuant to the Minimum Net Revenues Cure Right and the related increase of Net Revenues by the Net Revenues Shortfall Amount shall be deemed to have no other effect whatsoever under this Agreement other than as specifically provided in this Section 11.04). Any Net Revenues Cure Payment shall be applied to the prepayment of all outstanding Obligations, which shall include the Yield Protection Premium, if applicable, any accrued and unpaid interest and Commitment Fee, and the Exit Fee. Notwithstanding anything else in this Agreement, the Borrower may not exercise a Minimum Net Revenues Cure Right more than four times over the life of the loan or more than two times in any twelve month period.

 

Section 424.Upon the Administrative Agent’s receipt of a notice from the Borrower that it intends to exercise the Minimum Net Revenues Cure Right (a “Notice of Intent to Cure Net Revenues Covenant”), until the Cure Expiration Date to which such Notice of Intent to Cure Net Revenues Covenant relates, no Lender shall be required to extend any credit pursuant to its Commitment during such period. Neither the Administrative Agent nor any Lender shall exercise the right to accelerate the Loans or terminate the Commitments and none of the Administrative Agent or any Lender shall exercise any right to foreclose on or take possession of the Collateral or exercise any other remedy pursuant to Section 11.02 or Section 11.03, the other Loan Documents or applicable law prior to the Cure Expiration Date solely on the basis of an Event of Default having occurred and continuing under Section 10.02 (except to the extent that the Borrower has confirmed in writing that it does not intend to exercise a Minimum Net Revenues Cure Right). If on or prior to the Cure Expiration Date, the Oaktree Lender declines the exercise by the Borrower of the Minimum Net Revenues Cure Right by written notice to the Administrative Agent and the Borrower to that effect, then the Borrower shall be deemed to have satisfied the requirements of the Minimum Net Revenues Covenant as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach of the Minimum Net Revenues Covenant and any related default that had occurred shall be deemed cured for the purposes of this Agreement.

 

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Section 425. Payment of Yield Protection Premium and Exit Fee. Notwithstanding anything in this Agreement to the contrary, the Yield Protection Premium and the Exit Fee shall automatically be due and payable at any time the Obligations become due and payable prior to the Maturity Date in accordance with the terms hereof as though such Indebtedness was voluntarily prepaid and shall constitute part of the Obligations, whether due to acceleration pursuant to the terms of this Agreement (in which case it shall be due immediately, upon the giving of notice to Borrower in accordance with Section 11.02(a), or automatically, in accordance with Section 11.02(b)), by operation of law or otherwise (including, without limitation, on account of any bankruptcy filing), in view of the impracticability and extreme difficulty of ascertaining the actual amount of damages to the Lenders or profits lost by the Lenders as a result of such acceleration, and by mutual agreement of the parties as to a reasonable estimation and calculation of the lost profits or damages of the Lenders as a result thereof. If the Yield Protection Premium and/or Exit Fee become due and payable pursuant to the preceding sentence, the Yield Protection Premium and Exit Fee, as applicable, shall be deemed to be principal of the Loans and interest shall accrue on the full principal amount of the Loans (including the Yield Protection Premium and Exit Fee, as applicable) from and after the applicable triggering event. Any Yield Protection Premium or Exit Fee (or, if required, both the Yield Protection Premium and the Exit Fee) payable pursuant to this Agreement shall be presumed to be the liquidated damages sustained by each Lender as the result of the early termination, acceleration or prepayment and each Obligor agrees that such Yield Protection Premium or Exit Fee is reasonable under the circumstances currently existing. The Yield Protection Premium and Exit Fee shall also be payable in the event the Obligations (and/or this Agreement) are satisfied or released by foreclosure (whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means or the Obligations are reinstated pursuant to Section 1124 of the Bankruptcy Code. If the Yield Protection Premium and/or becomes due and payable pursuant to this Agreement, such Yield Protection Premium and/or Exit Fee under this Agreement and or in the event the Yield Protection Premium and/or Exit Fee is determined not to be due and payable by order of any court of competent jurisdiction, including, without limitation, by operation of the Bankruptcy Code, despite such a triggering event having occurred, such Yield Protection Premium and Exit Fee, as applicable, shall nonetheless constitute Obligations under this Agreement for all purposes hereunder. Each Obligor hereby waives the provisions of any present or future statute or law that prohibits or may prohibit the collection of the Yield Protection Premium or exit fee and any defense to payment, whether such defense may be based in public policy, ambiguity, or otherwise. The Obligors, the Administrative Agent and the Lenders acknowledge and agree that any Yield Protection Premium and the Exit Fee due and payable in accordance with this Agreement shall not constitute unmatured interest, whether under Section 5.02(b)(3) of the Bankruptcy Code or otherwise. Each Obligor further acknowledges and agrees, and waives any argument to the contrary, that payment of such amount does not constitute a penalty or an otherwise unenforceable or invalid obligation. Each Obligor expressly agrees that (i) the Yield Protection Premium and Exit Fee are each reasonable and each is the product of an arm’s-length transaction between sophisticated business people, ably represented by counsel, (ii) the Yield Protection Premium and Exit Fee shall be payable notwithstanding the then prevailing market rates at the time payment is made, (iii) there has been a course of conduct between the Lenders and the Obligors giving specific consideration in this transaction for such agreement to pay the Yield Protection Premium and Exit Fee, (iv) the Obligors shall be estopped hereafter from claiming differently than as agreed to in this Section 11.05, (v) their agreement to pay the Yield Protection Premium and Exit Fee is a material inducement to the Lenders to make the Loans, and (vi) the Yield Protection Premium and Exit Fee represent a good faith, reasonable estimate and calculation of the lost profits, losses or other damages of the Lenders and that it would be impractical and extremely difficult to ascertain the actual amount of damages to the Lenders or profits lost by the Lenders as a result of such event.

 

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Section 426.

 

THE ADMINISTRATIVE AGENT

 

Section 427. Appointment and Duties. Subject in all cases to clause (c) below:

 

Section 428. Appointment of the Administrative Agent. Each of the Lenders hereby irrevocably appoints Oaktree Fund Administration, LLC (together with any successor Administrative Agent pursuant to Section 12.09) as the Administrative Agent hereunder and authorizes the Administrative Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from any Obligor or any of its Subsidiaries, (ii) take such action on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly delegated to the Administrative Agent under such Loan Documents and (iii) exercise such powers as are reasonably incidental thereto. Except as expressly set forth herein, the provisions of this Section 12 (other than Section 12.10, and solely to the extent expressly set forth therein) are solely for the benefit of the Administrative Agent and the Lenders, and no Obligor or any Affiliate thereof shall have rights as a third-party beneficiary of any such provisions.

 

Section 429. Duties as Collateral and Disbursing Agent. Without limiting the generality of Section 12.01(a), the Administrative Agent shall have the sole and exclusive right and authority (to the exclusion of the Lenders), and is hereby authorized, to (i) act as the disbursing and collecting agent for the Lenders with respect to all payments and collections arising in connection with the Loan Documents (including in any proceeding described in Section 11.01(h) or any other bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection with any Loan Document to any Secured Party is hereby authorized to make such payment to the Administrative Agent, (ii) file and prove claims and file other documents necessary or desirable to allow the claims of the Secured Parties with respect to any Obligation in any proceeding described in Section 11.01(h) or any other bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Secured Party), (iii) act as collateral agent for each Secured Party for purposes of acquiring, holding, enforcing and perfecting all Liens created by the Loan Documents and all other purposes stated therein, (iv) manage, supervise and otherwise deal with the Collateral, (v) take such other action as is necessary or desirable to maintain the perfection and priority of the Liens created or purported to be created by the Loan Documents, (vi) except as may be otherwise specified in any Loan Document, exercise all remedies given to the Administrative Agent and the other Secured Parties with respect to the Collateral, whether under the Loan Documents, applicable Laws or otherwise, (vii) enter into non-disturbance agreements and similar agreements and (viii) execute any amendment, consent or waiver under the Loan Documents on behalf of any Lender that has consented in writing to such amendment, consent or waiver; provided that the Administrative Agent hereby appoints, authorizes and directs each Lender to act as collateral sub-agent for the Administrative Agent and the Lenders for purposes of the perfection of all Liens with respect to the Collateral, including any deposit account maintained by a Obligor with, and cash and Cash Equivalent Investments held by, such Lender, and may further authorize and direct the Lenders to take further actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to the Administrative Agent, and each Lender hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed.

 

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Section 430. Limited Duties. The Lenders and the Obligors hereby each acknowledge and agree that the Administrative Agent (i) has undertaken its role hereunder purely as an accommodation to the parties hereto and the Transactions, (ii) is receiving no compensation for undertaking such role and (iii) subject only to the notice provisions set forth in Section 12.09, may resign from such role at any time for any reason or no reason whatsoever. Without limiting the foregoing, the parties hereto further acknowledge and agree that under the Loan Documents, the Administrative Agent (i) is acting solely on behalf of the Lenders (except to the limited extent provided in Section 12.11), with duties that are entirely administrative in nature, notwithstanding the use of the defined term “the Administrative Agent”, the terms “agent”, “administrative agent” and “collateral agent” and similar terms in any Loan Document to refer to the Administrative Agent, which terms are used for title purposes only, (ii) is not assuming any duty or obligation under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any Lender or any other Secured Party and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Loan Document (fiduciary or otherwise), in each case, regardless of whether a Default has occurred and is continuing, and each Lender hereby waives and agrees not to assert any claim against the Administrative Agent based on the roles, duties and legal relationships expressly disclaimed in this clause (c). Without in any way limiting the foregoing, the Administrative Agent shall not, except as expressly set forth in this Agreement and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Obligor or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

Section 431. Binding Effect. Each Lender agrees that (i) any action taken by the Administrative Agent or the Majority Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any action taken by the Administrative Agent in reliance upon the instructions of the Majority Lenders (or, where so required, such greater proportion) and (iii) the exercise by the Administrative Agent or the Majority Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Secured Parties.

 

Section 432. Use of Discretion.

 

Section 433. No Action without Instructions. The Administrative Agent shall not be required to exercise any discretion or take, or to omit to take, any action, including with respect to enforcement or collection, except (subject to clause (b) below) any action it is required to take or omit to take (i) under any Loan Document or (ii) pursuant to written instructions from the Majority Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders).

 

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Section 434. Right Not to Follow Certain Instructions. Notwithstanding Section 12.03(a) or any other term or provision of this Section 12, the Administrative Agent shall not be required to take, or to omit to take, any action (i) unless, upon demand, the Administrative Agent receives an indemnification satisfactory to it from the Lenders (or, to the extent applicable and acceptable to the Administrative Agent, any other Secured Party) against all liabilities that, by reason of such action or omission, may be imposed on, incurred by or asserted against the Administrative Agent or any Related Parties thereof or (ii) that is, in the opinion of the Administrative Agent, in its sole and absolute discretion, contrary to any Loan Document, Law or the best interests of the Administrative Agent or any of its Affiliates or Related Parties, including, for the avoidance of doubt, any action that may be in violation of the automatic stay in connection with any Insolvency Proceeding.

 

Section 435. Delegation of Rights and Duties. The Administrative Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee, attorney-in-fact and any other Person (including any Secured Party). The Administrative Agent and any such Person may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. Any such Person and its Related Parties shall benefit from this Section 12 to the extent provided by the Administrative Agent; provided, however, that the exculpatory provisions of this Section 12 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and of any such sub-agent, and shall apply to their respective activities in connection with their activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

Section 436. Reliance and Liability.

 

Section 437. the Administrative Agent may, without incurring any liability hereunder, (i) consult with any of its Related Parties and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and experts engaged by, any Obligor) and (ii) rely and act upon any notice, request, certificate, consent, statement, instrument, document or other writing (including and electronic message, Internet or intranet website posting or other distribution), telephone message or conversation or oral conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall have received written notice to the contrary from such Lender prior to the making of such Loan.

 

Section 438. Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or omitted to be taken by any of them under or in connection with any Loan Document, and each Lender and the Borrower hereby waive and shall not assert (and the Borrower shall cause each other Obligor to waive and agree not to assert) any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the fraudulent conduct or behavior of the Administrative Agent or, as the case may be, such Related Party (each as determined in a final, non-appealable judgment or order by a court of competent jurisdiction) in connection with the duties expressly set forth herein. Without limiting the foregoing, the Administrative Agent:

 

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Section 439. shall not be responsible or otherwise incur liability for any action or omission taken in reliance upon the instructions of, or with the consent of, the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided in Section 14.04) or for the actions or omissions of any of its Related Parties selected with reasonable care (other than employees, officers and directors of the Administrative Agent, when acting on behalf of the Administrative Agent);

 

Section 440. shall not be responsible to any Secured Party for the (a) validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (b) due execution, legality, validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document;

 

Section 441. makes no warranty or representation, and shall not be responsible, to any Secured Party for, and shall not have any duty to ascertain or inquire into, any statement, document, information, certificate, report, representation or warranty made or furnished by or on behalf of any Related Party, in or in connection with any Loan Document or any transaction contemplated therein, whether or not transmitted by the Administrative Agent, including as to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by the Administrative Agent in connection with the Loan Documents, including, for the avoidance of doubt, the satisfaction of any condition set forth in Section 6 of this Agreement or elsewhere herein (other than to confirm receipt of items expressly required to be delivered to the Administrative Agent); and

 

Section 442. shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan Document or whether any condition set forth in any Loan Document is satisfied or waived, including, without limiting the generality of the foregoing, as to the financial condition of any Obligor or as to the existence or continuation or possible occurrence or continuation of any Default or Event of Default and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from the Borrower, any Lender describing such Default or Event of Default clearly labeled “notice of default” (in which case the Administrative Agent shall promptly give notice of such receipt to all Lenders); and, for each of the items set forth in clauses (i) through (iv) above, each Lender and the Borrower hereby waives and agrees not to assert (and the Borrower shall cause each other Obligor to waive and agree not to assert) any right, claim or cause of action it might have against the Administrative Agent based thereon.

 

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Section 443. Administrative Agent Individually. The Administrative Agent and its Affiliates may make loans and other extensions of credit to, acquire stock and stock equivalents of, accept deposits from, act as the financial advisor for or in any other advisory capacity for, or engage in any kind of business with, any Obligor or Affiliate thereof as though it were not acting as the Administrative Agent and may receive separate fees and other payments therefor. To the extent the Administrative Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms “Lender”, “Majority Lender”, and any similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, the Administrative Agent or such Affiliate, as the case may be, in its individual capacity as Lender or as one of the Majority Lenders, respectively.

 

Section 444. Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, any Lender or any of their Related Parties or upon any document (including the Disclosure Documents) solely or in part because such document was transmitted by the Administrative Agent or any of its Related Parties, conducted its own independent investigation of the financial condition and affairs of each Obligor and has made and continues to make its own credit decisions in connection with entering into, and taking or not taking any action under, any Loan Document or with respect to any transaction contemplated in any Loan Document, in each case based on such documents and information as it shall deem appropriate.

 

Section 445. Expenses; Indemnities.

 

Section 446. Each Lender agrees to reimburse the Administrative Agent and each of its Related Parties (to the extent not reimbursed by any Obligor) promptly upon demand for such Lender’s Proportionate Share of any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and Other Taxes paid in the name of, or on behalf of, any Obligor) that may be incurred by the Administrative Agent or any of its Related Parties in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in respect of its rights or responsibilities under, any Loan Document.

 

Section 447. Each Lender further agrees to indemnify the Administrative Agent (or any sub-agent thereof) and any Related Parties of the Administrative Agent (or any such sub-agent) (to the extent not paid by any Obligor), from and against such Lender’s aggregate Proportionate Share of the liabilities (including taxes, interests and penalties imposed for not properly withholding or backup withholding on payments made to on or for the account of any Lender) that may be imposed on, incurred by or asserted against the Administrative Agent (or any sub-agent thereof) or any Related Parties of the Administrative Agent (or any such sub-agent) in any matter relating to or arising out of, in connection with or as a result of any Loan Document, any Related Document or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by the Administrative Agent (or any sub-agent thereof) or any Related Parties of the Administrative Agent (or any such sub-agent) under or with respect to any of the foregoing; provided that no Lender shall be liable to the Administrative Agent (or any sub-agent thereof) or any Related Parties of the Administrative Agent (or any such sub-agent) to the extent such liability has resulted primarily from the gross negligence or willful misconduct of the Administrative Agent (or any sub-agent thereof) or, as the case may be, such Related Party of the Administrative Agent (or any sub-agent thereof), as determined by a court of competent jurisdiction in a final non-appealable judgment or order.

 

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Section 448. Resignation of the Administrative Agent.

 

Section 449. At any time upon not less than 30 days prior written notice to the Lenders and the Borrower, the Administrative Agent may resign as the “the Administrative Agent” hereunder (in the sole and absolute discretion of the Administrative Agent). If the Administrative Agent delivers any such notice, the Majority Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be (i) a Lender holding at least thirty percent (30%) of the outstanding principal amount of the Loans or any Affiliate thereof or (ii) any other financial institution consented to by the Borrower (provided that the consent of the Borrower shall not be required to the extent an Event of Default has occurred and is continuing). If a successor Administrative Agent has not been appointed on or before the effectiveness of the resignation of the resigning Administrative Agent (or such earlier date as shall be agreed by the Majority Lenders) (the “Resignation Effective Date”), then the resigning Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint any Person reasonably chosen by it as the successor Administrative Agent, notwithstanding whether the Majority Lenders have appointed a successor or the Borrower has consented to such successor. Whether or not a successor has been appointed, such resignation shall become effective on the Resignation Effective Date.

 

Section 450. Effective from the Resignation Effective Date, (i) the resigning Administrative Agent shall be discharged from its duties and obligations under the Loan Documents to the extent set forth in the applicable resignation notice, (ii) the Majority Lenders shall assume and perform all of the duties of the Administrative Agent until a successor Administrative Agent shall have accepted a valid appointment hereunder, (iii) the resigning Administrative Agent and its Related Parties shall no longer have the benefit of any provision of any Loan Document other than with respect to (x) any actions taken or omitted to be taken while such resigning Administrative Agent was, or because the Administrative Agent had been, validly acting as the Administrative Agent under the Loan Documents or (y) any continuing duties such resigning Administrative Agent will continue to perform, and (iv) subject to its rights under Section 12.04, the resigning Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as the Administrative Agent under the Loan Documents. Effective immediately upon its acceptance of a valid appointment as the Administrative Agent, a successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the resigning Administrative Agent under the Loan Documents.

 

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Section 451. Release of Collateral or Guarantors. Each Lender hereby consents to the release and hereby directs the Administrative Agent to release, and the Administrative Agent hereby agrees, (or, in the case of Section 12.10(b), release or subordinate) the following:

 

Section 452. any Subsidiary of the Borrower from its guaranty of any Obligation of any Obligor (i) if such Subsidiary ceases to be a Subsidiary of such Obligor as a result of a transaction permitted under and in accordance with the Loan Documents (including pursuant to a waiver or consent), to the extent that, after giving effect to such transaction, such Subsidiary would not be required to Guaranty any Obligations pursuant to Section 8.11(a) or (ii) upon (x) termination of the Commitments and (y) payment and satisfaction in full of all Loans and all other Obligations that the Administrative Agent has been notified in writing are then due and payable (other than inchoate indemnification and expense reimbursement obligations for which no claim has been made); and

 

Section 453. any Lien held by the Administrative Agent for the benefit of the Secured Parties against (i) any Collateral that is disposed of by an Obligor as a result of a transaction permitted under and in accordance with the Loan Documents (including pursuant to a valid waiver or consent), (ii) any property subject to a Lien described in Section 9.02(c) or (j), and (iii) all of the Collateral and all Obligors, upon (x) termination of the Commitments and (y) payment and satisfaction in full of all Loans and all other Obligations that the Administrative Agent has been notified in writing are then due and payable (other than inchoate indemnification and expense reimbursement obligations for which no claim has been made).

 

Each Lender hereby directs the Administrative Agent, and the Administrative Agent hereby agrees, upon receipt of reasonable advance notice from the Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the guarantees and Liens when and as directed in this Section 12.10 and deliver to the Borrower, at the expense of the Borrower, any portion of such Collateral so released pursuant to this Section 12.10 that is in possession of the Administrative Agent. In addition, in connection with any Permitted Licenses, each Lender hereby authorizes Administrative Agent to, and at the request of the Borrower, the Administrative Agent shall, negotiate and enter into a non-disturbance agreement and other similar agreements in form and substance reasonably satisfactory to Administrative Agent.

 

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Notwithstanding the foregoing or anything to the contrary herein, (i) the release of any Obligor from its guaranty of any Obligations under this Section 12.10 or otherwise hereunder shall only be permitted if any such permitted transaction or series of related transactions is not consummated for the primary purpose of effecting a release of such Obligor from its Obligations under the Loan Documents in accordance with the terms hereof, and (ii) the Administrative Agent may not effect a release of any Obligor that ceases to be an Obligor due solely to a disposition of Equity Interests in (or issuance of Equity Interests by) such Obligor, unless in the case of this clause (ii) the transaction related to such release is a disposition of Equity Interests for fair market value to an unaffiliated third party and for a bona fide primary business purpose.

 

Section 454. Additional Secured Parties. The benefit of the provisions of the Loan Documents directly relating to the Collateral or any Lien granted thereunder shall extend to and be available to any Secured Party that is not a Lender as long as, by accepting such benefits, such Secured Party agrees, as among the Administrative Agent and all other Secured Parties, that such Secured Party is bound by (and, if requested by the Administrative Agent, shall confirm such agreement in a writing in form and substance acceptable to the Administrative Agent) this Section 12 and the decisions and actions of the Administrative Agent and the Majority Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders) to the same extent a Lender is bound; provided that, notwithstanding the foregoing, (i) such Secured Party shall be bound by Section 12.08 only to the extent of liabilities, costs and expenses with respect to or otherwise relating to the Collateral held for the benefit of such Secured Party, in which case the obligations of such Secured Party thereunder shall not be limited by any concept of Proportionate Share or similar concept, (ii) each of the Administrative Agent and each Lender shall be entitled to act at its sole discretion, without regard to the interest of such Secured Party, regardless of whether any Obligation to such Secured Party thereafter remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is otherwise affected or put in jeopardy thereby, and without any duty or liability to such Secured Party or any such Obligation and (iii) such Secured Party shall not have any right to be notified of, consent to, direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or under any Loan Document.

 

Section 455. Agent May File Proofs of Claim. In case of the pendency of any Insolvency Proceeding or any other judicial proceeding relating to any Obligor, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower or any other Obligor) shall be entitled and empowered (but not obligated) by intervention or such proceeding or otherwise:

 

Section 456. to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Section 14.03) allowed in such judicial proceeding; and

 

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Section 457. to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator, examiner or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due to the Administrative Agent under Section 14.03.

 

Section 458. Acknowledgements of Lenders.

 

Section 459. If the Administrative Agent notifies a Lender, or any Person who has received funds on behalf of a Lender (any such Lender or other recipient, a “Payment Recipient”), that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Section 12.13 and held in trust for the benefit of the Administrative Agent, and such Lender shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent in its sole discretion) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error.

 

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Section 460. Without limiting immediately preceding clause (a), each Payment Recipient hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment (a “Payment Notice”), (y) that was not preceded or accompanied by a Payment Notice, or (z) that such Payment Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case: (i) it acknowledges and agrees that (A) in the case of immediately preceding clauses (x) or (y), an error and mistake shall be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error and mistake has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and (ii) such Payment Recipient shall promptly (and, in all events, within one Business Day of its knowledge of the occurrence of any of the circumstances described in immediately preceding clauses (x), (y) and (z)) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 12.13(b)(ii).

 

Section 461. Each Lender hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender under any Loan Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned under the preceding clause (a) above.

 

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Section 462.In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with the preceding clause (a) above, from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Lender at any time, then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Loans”) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Loans, the “Erroneous Payment Deficiency Assignment”) (on a cashless basis and such amount calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Notes evidencing such Loans to the Borrower or the Administrative Agent (but the failure of such Person to deliver any such notes shall not affect the effectiveness of the foregoing assignment), (ii) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender, (iv) the Administrative Agent and the Borrower shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (v) the Administrative Agent will reflect in the Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. Subject to Section 14.05, (but excluding, in all events, any assignment consent or approval requirements (whether from the Borrower or otherwise)), the Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender under the Loan Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”) (provided, that the Obligors’ Obligations under the Loan Documents in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such Obligations in respect of Loans that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment).

 

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Section 463. The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Obligor; provided, that this Section 12.13 shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Borrower relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by the Administrative Agent; provided, further, that for the avoidance of doubt, the last sentence of clause (d) above and this clause (e) shall not apply to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Obligor for the purpose of making such Erroneous Payment.

 

Section 464. To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.

 

Section 465. Each party’s obligations, agreements and waivers under this Section 12.13(g) shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

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Section 466.

 

GUARANTY

 

Section 467. The Guaranty. The Guarantors hereby unconditionally jointly and severally guarantee to the Administrative Agent and the Lenders, and their successors and assigns, the full and punctual payment in full or performance (whether at stated maturity, by acceleration or otherwise) of the Obligations, including (i) principal of and interest on the Loans, (ii) all fees and other amounts and Obligations from time to time owing to the Administrative Agent and the Lenders by the Borrower and each other Obligor under this Agreement or under any other Loan Document, in each case strictly in accordance with the terms hereof and thereof and (iii) the punctual and faithful performance, keeping, observance and fulfillment by the Borrower and Guarantors of all the agreements, conditions, covenants and obligations of the Borrower and Guarantors contained in the Loan Documents (such obligations being herein collectively called the “Guaranteed Obligations”). The Guarantors hereby further jointly and severally agree that if the Borrower or any other Obligor shall fail to pay any amount in full when due or perform any such obligation (whether at stated maturity, by acceleration or otherwise), the Guarantors will promptly pay the same or perform such obligation at the place and in the manner specified herein or in the relevant Loan Document, as the case may be, without any demand or notice whatsoever, and that in the case of any extension of time of payment or performance or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full or performed when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

 

Section 468. Obligations Unconditional. The obligations of the Guarantors under Section 13.01 shall constitute a guaranty of payment and performance and not of collection and are absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations under this Agreement or any other agreement or instrument referred to herein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by all applicable Laws, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 13.02 that the obligations of the Guarantors hereunder shall be absolute and unconditional, joint and several, under any and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder, which shall remain absolute and unconditional as described above:

 

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Section 469. at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

 

Section 470. any of the acts mentioned in any of the provisions of this Agreement or any other agreement or instrument referred to herein shall be done or omitted;

 

Section 471. the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be extended, modified, supplemented or amended in any respect, or any right under this Agreement or any other agreement or instrument referred to herein shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

 

Section 472. any lien or security interest granted to, or in favor of, the Secured Parties as security for any of the Guaranteed Obligations shall fail to be perfected or preserved;

 

Section 473. any modification or amendment of or supplement to this Agreement or any other Loan Document, including any such amendment which may increase the amount of, or the interest rates applicable to, any of the Guaranteed Obligations guaranteed hereby;

 

Section 474. any change in the corporate, partnership, limited liability company or other existence, structure or ownership of the Borrower, any Guarantor or any other guarantor of any of the Guaranteed Obligations, or any Insolvency Proceeding or other similar proceeding affecting the Borrower, any Guarantor or any other guarantor of the Guaranteed Obligations, or any of their respective assets, or any resulting release or discharge of any obligation of the Borrower, any Guarantor or any other guarantor of any of the Guaranteed Obligations;

 

Section 475. the existence of any claim, setoff or other rights which any Guarantor may have at any time against the Borrower, any other Guarantor or any other guarantor of any of the Guaranteed Obligations, the Administrative Agent, any Secured Party or any other Person, whether in connection herewith or in connection with any unrelated transactions; provided that, notwithstanding any other provisions in this Guaranty, nothing in this Guaranty shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;

 

Section 476. the unenforceability or invalidity of the Guaranteed Obligations or any part thereof or the lack of genuineness, enforceability or validity of any agreement relating thereto or with respect to the Collateral, if any, securing the Guaranteed Obligations or any part thereof, or any other invalidity or unenforceability relating to or against the Borrower, any Guarantor or any other guarantor of any of the Guaranteed Obligations, for any reason, related to this Agreement or any other Loan Document, or any provision of applicable Law, decree, order or regulation of any jurisdiction purporting to prohibit the payment of any of the Guaranteed Obligations by the Borrower, any Guarantor or any other guarantor of the Guaranteed Obligations;

 

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Section 477. the disallowance, under any state or federal bankruptcy, insolvency or similar law, of all or any portion of the claims of the Secured Parties or the Administrative Agent for repayment of all or any part of the Guaranteed Obligations;

 

Section 478. the failure of any other guarantor to sign or become party to this Agreement or any amendment, change, or reaffirmation hereof;

 

Section 479. any release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of any Collateral securing the Guaranteed Obligations or any part thereof, any other guaranties with respect to the Guaranteed Obligations or any part thereof, or any other obligation of any person or entity with respect to the Guaranteed Obligations or any part thereof, or any nonperfection or invalidity of any direct or indirect security for the Guaranteed Obligations; or

 

Section 480. any other act or omission to act or delay of any kind by the Borrower, such Guarantor, any other guarantor of the Guaranteed Obligations, the Administrative Agent, any Secured Party or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section 13.02, constitute a legal or equitable discharge of any Guarantor’s obligations hereunder.

 

The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against the Borrower or any other Guarantor under this Agreement or any other agreement or instrument referred to herein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations.

 

Section 481. Discharge Only Upon Payment in Full. Subject to any prior release herefrom of any Guarantor by the Administrative Agent in accordance with (and pursuant to authority granted to the Administrative Agent under) the terms of this Agreement, each Guarantor’s obligations hereunder shall remain in full force and effect until all of the Guaranteed Obligations shall have been paid in full in cash (other than inchoate indemnification obligations for which no claim has been made), the Administrative Agent has received duly executed copies of all Warrants (if any) and all other financing arrangements among the Borrower or any Guarantor and the Secured Parties under or in connection with this Agreement and each other Loan Document shall have terminated (herein, the “Termination Conditions”), and until the prior and complete satisfaction of the Termination Conditions all of the rights and remedies under this Guaranty and the other Loan Documents shall survive. Notwithstanding the foregoing, the Administrative Agent hereby agrees to release any Subsidiary of the Borrower from its guaranty of any Obligation of any Obligor if all of the Equity Interests in such Subsidiary owned by any Obligor or any of its Subsidiaries are disposed of as a result of a transaction permitted under and in accordance with the Loan Documents (including pursuant to a waiver or consent), to the extent that, after giving effect to such transaction, such Subsidiary would not be required to guarantee any Obligations pursuant to Section 8.12(a).

 

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481.04 Additional Waivers; General Waivers.

 

(a) Additional Waivers. Notwithstanding anything herein to the contrary, each of the Guarantors hereby absolutely, unconditionally, knowingly, and expressly waives:

 

(i) any right it may have to revoke this Guaranty as to future indebtedness or notice of acceptance hereof;

 

(ii) (A) notice of acceptance hereof; (B) notice of any other financial accommodations made or maintained under the Loan Documents or the creation or existence of any Guaranteed Obligations; (C) notice of the amount of the Guaranteed Obligations, subject, however, to each Guarantor’s right to make inquiry of the Administrative Agent and the Secured Parties to ascertain the amount of the Guaranteed Obligations at any reasonable time; (D) notice of any adverse change in the financial condition of the Borrower or of any other fact that might increase such Guarantor’s risk hereunder; (E) notice of presentment for payment, demand, protest, and notice thereof as to any instruments among the Loan Documents; (F) notice of any Event of Default; and (G) all other notices (except if such notice is specifically required to be given to such Guarantor under this Guaranty or under the other Loan Documents) and demands to which each Guarantor might otherwise be entitled;

 

(iii) its right, if any, to require the Administrative Agent and the Secured Parties to institute suit against, or to exhaust any rights and remedies which the Administrative Agent and the Secured Parties now have or may hereafter have against, any other guarantor of the Guaranteed Obligations or any third party, or against any Collateral provided by such other guarantors or any third party; and each Guarantor further waives any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed and indefeasibly paid) of any other guarantor of the Guaranteed Obligations or by reason of the cessation from any cause whatsoever of the liability of any other guarantor of the Guaranteed Obligations in respect thereof;

 

(iv) (A) any rights to assert against the Administrative Agent and the Secured Parties any defense (legal or equitable), set-off, counterclaim, or claim which such Guarantor may now or at any time hereafter have against any other guarantor of the Guaranteed Obligations or any third party liable to the Administrative Agent and the Secured Parties; (B) any defense, set-off, counterclaim or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity or enforceability of the Guaranteed Obligations or any security therefor; (C) any defense such Guarantor has to performance hereunder, and any right such Guarantor has to be exonerated, arising by reason of: (1) the impairment or suspension of the Administrative Agent’s and the Secured Parties’ rights or remedies against any other guarantor of the Guaranteed Obligations; (2) the alteration by the Administrative Agent and the Secured Parties of the Guaranteed Obligations; (3) any discharge of the obligations of any other guarantor of the Guaranteed Obligations to the Administrative Agent and the Secured Parties by operation of law as a result of the Administrative Agent’s and the Secured Parties’ intervention or omission; or (4) the acceptance by the Administrative Agent and the Secured Parties of anything in partial satisfaction of the Guaranteed Obligations; and (D) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guaranteed Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor’s liability hereunder; and

 

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(v) any defense arising by reason of or deriving from (A) any claim or defense based upon an election of remedies by the Administrative Agent and the other Secured Parties; or (B) any election by the Administrative Agent and the other Secured Parties under any provision of any state or federal bankruptcy, insolvency or similar law to limit the amount of, or any Collateral securing, its claim against the Guarantors.

 

(b) General Waivers. Each Guarantor irrevocably waives, to the fullest extent permitted by law, any notice not provided for herein.

 

Section 482. Reinstatement. The obligations of the Guarantors under this Section 13 shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower in respect of the Guaranteed Obligations is at any time rescinded, annulled, avoided, set aside, invalidated, declared to be fraudulent or must be otherwise restored or repaid by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization, equitable cause or otherwise, and the Guarantors jointly and severally agree that they will indemnify the Secured Parties on demand for all reasonable costs and expenses (including fees of counsel) incurred by such Persons in connection with such rescission, repayment or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any state or federal bankruptcy, insolvency or similar law. The provisions of this Section 13.05 shall survive termination of this Guaranty.

 

Section 483. Subrogation. The Guarantors hereby jointly and severally agree that, until the prior and complete satisfaction of all Termination Conditions, they (i) shall have no right of subrogation with respect to the Guaranteed Obligations and (ii) waive any right to enforce any remedy which the Secured Parties or the Administrative Agent now have or may hereafter have against the Borrower, any endorser or any other guarantor of all or any part of the Guaranteed Obligations or any other Person, and each Guarantor waives any benefit of, and any right to participate in, any security or Collateral that may from time to time be given to the Secured Parties and the Administrative Agent to secure the payment or performance of all or any part of the Guaranteed Obligations or any other liability of the Borrower to the Secured Parties. Should any Guarantor have the right, notwithstanding the foregoing, to exercise its subrogation rights prior to complete satisfaction of the Termination Conditions, each Guarantor hereby expressly and irrevocably (A) subordinates any and all rights at law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set-off that such Guarantor may have prior to the complete satisfaction of the Termination Conditions, and (B) waives any and all defenses available to a surety, guarantor or accommodation co-obligor until all Termination Conditions are satisfied in full. Each Guarantor acknowledges and agrees that this subordination is intended to benefit the Administrative Agent and the Secured Parties and shall not limit or otherwise affect such Guarantor’s liability hereunder or the enforceability of this Guaranty, and that the Administrative Agent, the Secured Parties and their respective successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this Section 13.06.

 

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Section 484. Remedies. The Guarantors jointly and severally agree that, as between the Guarantors, on one hand, and the Administrative Agent and the Lenders, on the other hand, the obligations of the Borrower under this Agreement and under the other Loan Documents may be declared to be forthwith due and payable as provided in Section 11 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 11) for purposes of Section 13.01 notwithstanding any stay, injunction or other prohibition, including any such stay upon an Insolvency Proceeding, preventing such declaration (or such obligations from becoming automatically due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Guarantors for purposes of Section 13.01.

 

Section 485. Instrument for the Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Section 13 constitutes an instrument for the payment of money, and consents and agrees that the Administrative Agent and the Lenders, at their sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to proceed by motion for summary judgment in lieu of complaint pursuant to N.Y. Civ. Prac. L&R § 3213.

 

Section 486. Continuing Guarantee. The guarantee in this Section 13 is a continuing guarantee, and shall apply to all Guaranteed Obligations whenever arising.

 

486.01 Contribution with Respect to Guaranteed Obligations.

 

(a) To the extent that any Guarantor shall make a payment under this Guaranty (a “Guarantor Payment”) which, taking into account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Guarantor if each Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following the prior and complete satisfaction of the Termination Conditions, such Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

 

(b) As of any date of determination, the “Allocable Amount” of any Guarantor shall be equal to the maximum amount of the claim which could then be recovered from such Guarantor under this Agreement without rendering such claim voidable or avoidable under any state or federal bankruptcy, insolvency or similar law or other applicable Law.

 

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(c) This 13.10 is intended only to define the relative rights of the Guarantors, and nothing set forth in this 13.10 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Agreement.

 

(d) The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Guarantor or Guarantors to which such contribution and indemnification is owing.

 

(e) The rights of the indemnifying Guarantors against other Guarantors under this Section 13.10 shall be exercisable only upon the prior and complete satisfaction of the Termination Conditions.

 

Section 487. General Limitations on Guarantee Obligations. In any action or proceeding involving any provincial, territorial or state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 13.01 would otherwise be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 13.01, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Guarantor, the Administrative Agent, any Lender or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

 

Section 488.

 

MISCELLANEOUS

 

Section 489. No Waiver. No failure on the part of the Administrative Agent or the Lenders to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under any Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by Law.

 

Section 490. Notices. All notices, requests, instructions, directions and other communications provided for herein (including any modifications of, or waivers, requests or consents under, this Agreement) or in the other Loan Documents shall be given or made in writing (including by telecopy or email) delivered, if to the Borrower, another Obligor, the Administrative Agent or any Lender, to its address specified on the signature pages hereto or its Guarantee Assumption Agreement, as the case may be, or at such other address as shall be designated by such party in a written notice to the other parties. Except as otherwise provided in this Agreement or therein, all such communications shall be deemed to have been duly given upon receipt of a legible copy thereof, in each case given or addressed as aforesaid. All such communications provided for herein by telecopy shall be confirmed in writing promptly after the delivery of such communication (it being understood that non-receipt of written confirmation of such communication shall not invalidate such communication).

 

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Section 491. Expenses, Indemnification, Etc.

 

Section 492. Expenses. Each Obligor, jointly and severally, agrees to pay or reimburse (i) within ten (10) Business Days of receipt of a reasonably detailed invoice the Administrative Agent and its Affiliates for all of their reasonable and documented out-of-pocket costs and expenses (including the reasonable and documented out-of-pocket fees, expenses, charges and disbursements of Latham & Watkins LLP, counsel to the Administrative Agent, the fees (if necessary) of local counsel and regulatory counsel for the Administrative Agent in each relevant material jurisdiction, and any sales, goods and services or other similar Taxes applicable thereto, and reasonable and documented printing, reproduction, document delivery, communication and travel costs) in connection with (x) the negotiation, preparation, execution and delivery of this Agreement and the other Loan Documents and the making of the Loans (exclusive of post-closing costs), (y) post-closing costs (including, without limitation (1) costs of the administration of this Agreement and the other Loan Documents and (2) title, appraisal, survey, audit, environmental inspection, consulting, search, recording, filing and similar coasts, fees and expenses incurred or sustained by the Administrative Agent or any of its Affiliates in connection with the Collateral), and (z) the negotiation or preparation of any modification, supplement or waiver of any of the terms of this Agreement or any of the other Loan Documents (whether or not consummated) and (ii) immediately, each of the Administrative Agent and the Lenders for all of their documented out-of-pocket costs and expenses (including the fees and expenses of any legal counsel) in connection with the enforcement, exercise or protection of their rights in connection with this Agreement and the other Loan Documents after the occurrence of and in connection with an Event of Default, including their rights under this Section 14.03, including (1) in connection with the protection, sale or collection of, or other realization upon, any of the Collateral, including all reasonable and documented out-of-pocket expenses of taking, collecting, holding, sorting, handling, preparing for sale, selling, or the like, and other such expenses of sales and collections of Collateral and (2) such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans and in connection with any enforcement or collection proceedings resulting from the occurrence of an Event of Default.

 

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Section 493. Indemnification. Each Obligor, jointly and severally, hereby indemnifies the Administrative Agent (and any sub-agent thereof), the Lenders and their respective Affiliates, directors, officers, employees, attorneys, agents, advisors and controlling parties (each, an “Indemnified Party”) from and against, and agrees to hold them harmless against, any and all Claims and Losses of any kind including reasonable and documented out-of-pocket fees and disbursements of any counsel for each Indemnified Party (limited to one legal counsel in each relevant jurisdiction), that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or relating to (i) this Agreement or any of the other Loan Documents or the Transactions, (ii) any use made or proposed to be made with the proceeds of the Loans, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by any Obligor or any of its Subsidiaries, or (iv) any actual or prospective claim, investigation, litigation or proceeding relating to any of the foregoing, whether based on contract, tort, or any other theory, whether or not such investigation, litigation or proceeding is brought by any Obligor, any of its Subsidiaries, shareholders or creditors, an Indemnified Party or any other Person, or an Indemnified Party is otherwise a party thereto, and whether or not any of the conditions precedent set forth in Section 6 are satisfied or the other transactions contemplated by this Agreement are consummated, except to the extent such Claim or Loss is (i) found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct or (ii) is determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from a claim brought by any Obligor against an Indemnified Party for material breach in bad faith or reckless disregard of such Indemnified Party’s obligations hereunder or under any other Loan Document. No Obligor shall assert any claim against any Indemnified Party, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the other Loan Documents or any of the Transactions or the actual or proposed use of the proceeds of the Loans. None of the Administrative Agent and the Lenders shall assert any claim against any Obligor, their Subsidiaries and Affiliates and their respective directors, officers, employees, attorneys, agents, advisors and controlling parties, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the other Loan Documents or any of the Transactions or the actual or proposed use of the proceeds of the Loans. Notwithstanding the foregoing in this Section 14.03(b), the Obligors shall not be liable for any settlement of any proceeding effected without the Obligors’ consent (which consent shall not be unreasonably withheld, delayed or conditioned), but if settled with the Obligors’ written consent, or if there is a judgment against an Indemnified Party in any such proceeding, the Obligors shall indemnify and hold harmless each Indemnified Party to the extent and in the manner set forth above. The Obligors shall not, without the prior written consent of an Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement of any pending or threatened proceeding against such Indemnified Party in respect of which indemnity could have been sought hereunder by such Indemnified Party unless (a) such settlement includes an unconditional release of such Indemnified Party from all liability or claims that are the subject matter of, or arise out of, such proceeding and (b) such settlement does not include any statement as to, or any admission of fault, culpability, wrongdoing or a failure to act by or on behalf of such Indemnified Party. This Section shall not apply with respect to (x) Taxes other than Taxes relating to a non-Tax Claim or Loss governed by this Section 14.03(a) and (y) yield protection matters covered by Section 5.01, which shall be governed exclusively by Section 5.01.

 

Section 494. Amendments, Etc. Except as otherwise expressly provided in this Agreement, any provision of this Agreement and any other Loan Document may be modified or supplemented only by an instrument in writing signed by the Borrower, the Administrative Agent and the Majority Lenders; provided that:

 

Section 495. any such modification or supplement that is disproportionately adverse to any Lender as compared to other Lenders or subjects any Lender to any additional obligation shall not be effective without the consent of such affected Lender;

 

Section 496. the consent of all of the Lenders shall be required to:

 

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Section 497. amend, modify, discharge, terminate or waive any of the terms of this Agreement or any other Loan Agreement if such amendment, modification, discharge, termination or waiver would increase the amount of the Loans or Commitment, reduce the fees payable hereunder, reduce interest rates (provided that the Majority Lenders may rescind an imposition of default interest hereunder) or other amounts payable with respect to the Loans (excluding mandatory prepayments), extend any date fixed for payment of principal (excluding mandatory prepayments) (it being understood that the waiver of any prepayment of Loans shall not constitute an extension of any date fixed for payment of principal), interest or other amounts payable relating to the Loans or extend the repayment dates of the Loans (excluding mandatory prepayments); provided that a waiver of any condition precedent set forth in Section 6.02 or of any Default or Event of Default or a mandatory reduction in Commitments is not considered an increase in Commitments of any Lender;

 

Section 498. amend, modify, discharge, terminate or waive any Security Document if the effect is to release all or substantially all of the Collateral subject thereto other than pursuant to the terms hereof or thereof; or

 

Section 499. amend this Section 14.04 or the definition of “Majority Lenders”.

 

Notwithstanding anything to the contrary herein, (A) the Administrative Agent and the Borrower may amend or modify this Agreement and any other Loan Document to (1) cure any factual or typographical error, omission, defect or inconsistency therein, or (2) grant a new Lien for the benefit of the Lenders, extend an additional Lien over additional property for the benefit of the Lenders or join additional Persons as Obligors and (B) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

 

Section 500. Successors and Assigns.

 

Section 501. General. The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto or thereto and their respective successors and assigns permitted hereby or thereby, except that no Obligor may assign or otherwise transfer any of its rights or obligations hereunder or under any of the other Loan Documents (except in connection with an event permitted under Section 9.03) without the prior written consent of the Administrative Agent. Any Lender may assign or otherwise transfer any of its rights or obligations hereunder or under any of the other Loan Documents (i) to an assignee in accordance with the provisions of Section 14.05(b), (ii) by way of participation in accordance with the provisions of Section 14.05(e), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 14.05(f). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 14.05(e) and, to the extent expressly contemplated hereby, the Indemnified Parties) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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Section 502. Assignments by Lender. Any Lender may at any time assign to one or more Eligible Transferees (or, (i) if an Event of Default under Section 11.01(a), (b) or (h) has occurred and is continuing, to any Person that is not a Defaulting Lender and (ii) if an Event of Default that is not an Event of Default under Section 11.01(a), (b) or (h) has occurred and is continuing (but no Event of Default Section 11.01(a), (b) or (h) has occurred and is continuing), to any Person that is not a Defaulting Lender or a Company Competitor (that has been identified by name in writing by the Borrower to the Administrative Agent prior to the date of such Event of Default)) all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loans at the time owing to it) and the other Loan Documents; provided that no such assignment shall be made to any Obligor, any Affiliate of any Obligor, any employees or directors of any Obligor at any time and no such assignment shall be made without the prior written consent of the Administrative Agent. The consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to an Eligible Transferee; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received written notice thereof. Subject to the recording thereof by the Administrative Agent pursuant to Section 14.05(d), and to receipt by the Administrative Agent of a processing and recordation fee in the amount of $3,500 (provided that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment) from and after the date such Assignment and Assumption is recorded in the Register, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of the Lender under this Agreement and the other Loan Documents, and correspondingly the assigning Lender shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) and the other Loan Documents but shall continue to be entitled to the benefits of Section 5 and Section 14.03. Any assignment or transfer by the Lender of rights or obligations under this Agreement that does not comply with this Section 14.05(b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 14.05(e). If an assignee is not a Lender, the assignee shall provide the Administrative Agent with all “know your customer” documents requested by the Administrative Agent pursuant to anti-money laundering rules and regulations.

 

Section 503. Amendments to Loan Documents. Each of the Administrative Agent, the Lenders and the Obligors agrees to enter into such amendments to the Loan Documents, and such additional Security Documents and other instruments and agreements, in each case in form and substance reasonably acceptable to the Administrative Agent, the Lenders and the Obligors, as shall reasonably be necessary to implement and give effect to any assignment made under this Section 14.05.

 

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Section 504. Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in the United States a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior written notice. Notwithstanding anything to the contrary, any assignment of any Loan shall be effective only upon appropriate entries with respect thereto being made in the Register.

 

Section 505. Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower, sell participations to any Eligible Transferee (other than a natural person, a Defaulting Lender or any Obligor or any of its Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of the Lender’s rights and/or obligations under this Agreement (including all or a portion of the Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower shall continue to deal solely and directly with such Lender in connection therewith. Any agreement or instrument pursuant to which any Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that would (i) increase or extend the term of such Lender’s Commitment (it being understood and agreed that a waiver of any condition precedent set forth in Section 6.02 or of any Default or Event of Default or a mandatory reduction in Commitments is not considered an increase of any Commitment), (ii) extend the date fixed for the payment of principal (excluding mandatory prepayments) of or interest on the Loans or any portion of any fee hereunder payable to the Participant, (iii) reduce the amount of any such payment of principal, or (iv) reduce the rate at which interest is payable thereon to a level below the rate at which the Participant is entitled to receive such interest (other than a waiver of default interest). Subject to Section 14.05(f), the Borrower agrees that each Participant shall be entitled to the benefits of Section 5.01 or 5.03 (subject to the requirements and limitations therein, including the requirements under Section 5.03(f) (it being understood that the documentation required under Section 5.03(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 14.05(b); provided that such Participant (i) shall not be entitled to such benefits unless such Participant agrees, for the benefit of the Borrower, to comply with the documentation requirements of Section 5.03(e)(ii) as if it were a Lender and complies with such requirements, (ii) agrees to be subject to the provisions of Section 5.04 as if it were an assignee under Section 14.05(b) and (iii) shall not be entitled to receive any greater payment under Section 5.01 or 5.03, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in Law that occurs after the Participant acquired the applicable participation. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 4.03(a) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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Section 506. Limitations on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 5.01 or 5.03 than such Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent.

 

Section 507. Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under the Loan Documents to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

Section 508. Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable Proportionate Share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full Proportionate Share of all Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

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Section 509. Survival. The obligations of the Borrower under Sections 5.01, 5.03, 14.03, 14.05, 14.06, 14.09, 14.10, 14.11, 14.12, 14.13 and 14.14 and the obligations of the Guarantors under Section 13 (solely to the extent guaranteeing any of the obligations under the foregoing Sections) shall survive the repayment of the Obligations and the termination of the Commitments and, in the case of the Lenders’ assignment of any interest in the Commitments or the Loans hereunder, shall survive, in the case of any event or circumstance that occurred prior to the effective date of such assignment, the making of such assignment, notwithstanding that the Lenders may cease to be “Lenders” hereunder. In addition, each representation and warranty made, or deemed to be made by a Borrowing Notice, herein or pursuant hereto shall survive the making of such representation and warranty.

 

Section 510. Captions. The table of contents and captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement.

 

Section 511. Counterparts, Effectiveness. This Agreement may be executed in any number of counterparts (including electronic imaging means), all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed signature page of this Agreement by electronic transmission (e.g. “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart hereof. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the other Loan Documents and the transactions contemplated hereby and thereby 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.

 

Section 512. Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply.

 

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Section 513.Jurisdiction, Service of Process and Venue.

 

Section 514. Submission to Jurisdiction. Each party hereby irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise, against such other party in any way relating to this Agreement or any Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable Law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

Section 515. Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 14.02. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable Law.

 

Section 516. Waiver of Venue, Etc. Each party hereto irrevocably waives to the fullest extent permitted by law any objection that it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document and hereby further irrevocably waives to the fullest extent permitted by law any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. A final judgment (in respect of which time for all appeals has elapsed) in any such suit, action or proceeding shall be conclusive and may be enforced in any court to the jurisdiction of which such party is or may be subject, by suit upon judgment.

 

Section 517. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Section 518. Waiver of Immunity. To the extent that any Obligor may be or become entitled to claim for itself or its property or revenues any immunity on the ground of sovereignty or the like from suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment or execution of a judgment, and to the extent that in any such jurisdiction there may be attributed such an immunity (whether or not claimed), such Obligor hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity with respect to its obligations under this Agreement and the other Loan Documents.

 

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Section 519. Entire Agreement. This Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof, including any confidentiality (or similar) agreements. EACH OBLIGOR ACKNOWLEDGES, REPRESENTS AND WARRANTS THAT IN DECIDING TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS OR IN TAKING OR NOT TAKING ANY ACTION HEREUNDER OR THEREUNDER, IT HAS NOT RELIED, AND WILL NOT RELY, ON ANY STATEMENT, REPRESENTATION, WARRANTY, COVENANT, AGREEMENT OR UNDERSTANDING, WHETHER WRITTEN OR ORAL, OF OR WITH ADMINISTRATIVE AGENT OR THE LENDERS OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

 

Section 520. Severability. If any provision hereof is found by a court to be invalid or unenforceable, to the fullest extent permitted by any Law the parties agree that such invalidity or unenforceability shall not impair the validity or enforceability of any other provision hereof. Without limiting the foregoing provisions of this Section 14.14, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by the Bankruptcy Code, or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, examinership, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect, as determined in good faith by the Administrative Agent, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

Section 521. No Fiduciary Relationship. The Borrower acknowledges that the Administrative Agent and the Lenders have no fiduciary relationship with, or fiduciary duty to, the Borrower arising out of or in connection with this Agreement or the other Loan Documents, and the relationship between the Lenders and the Borrower is solely that of creditor and debtor. This Agreement and the other Loan Documents do not create a joint venture among the parties.

 

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Section 522. Confidentiality. The Administrative Agent and each Lender agree to keep confidential, and not disclose to any Person all non-public information provided to them by or on behalf of any Obligor pursuant to this Agreement that is designated by such Obligor as confidential in accordance with its customary procedures for handling its own confidential information; provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such information (i) to the Administrative Agent, any other Lender, any Affiliate of a Lender or subject to an agreement to comply with the provisions of this Section, any Eligible Transferee or other assignee permitted under Section 14.05(b), (ii) subject to an agreement to comply with the provisions of this Section, to any actual or prospective direct or indirect counterparty to any Hedging Agreement (or any professional advisor to such counterparty), (iii) to its employees, officers, directors or agents (provided that such Persons were informed of the confidential nature of such confidential information and instructed to keep such information confidential), or its attorneys, accountants, trustees and other professional advisors or those of any of its affiliates (provided that such Persons were informed of the confidential nature of such confidential information and instructed to keep such information confidential or are otherwise subject to professional obligations to maintain the confidentiality of such confidential information) (collectively, its “Related Parties”), (iv) upon the request or demand of any Governmental Authority or any Regulatory Authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (v) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Law, (vi) if requested or required to do so in connection with any litigation or similar proceeding, (vii) that has been publicly disclosed (other than as a result of a disclosure in violation of this Section 14.16), (viii) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (ix) in connection with the exercise of any remedy hereunder or under any other Loan Document, (x) on a confidential basis to (A) any rating agency in connection with rating the Borrower or its Subsidiaries or the Loans or (B) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers of other market identifiers with respect to the Loans or (xi) to any other party hereto; provided that, in the case of disclosure pursuant to clause (iv), (v) and (vi) above, the Administrative Agent or applicable Lender, as applicable, shall promptly provide notice to the Borrower to the extent reasonable and not prohibited by Law or any applicable Governmental Authority.

 

Section 523. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that are treated as interest on such Loan under applicable Law (collectively, “charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the Administrative Agent and the Lender holding such Loan in accordance with applicable Law, the rate of interest payable in respect of such Loan hereunder, together with all charges payable in respect thereof, shall be limited to the Maximum Rate. To the extent lawful, the interest and charges that would have been paid in respect of such Loan but were not paid as a result of the operation of this Section shall be cumulated and the interest and charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the amount collectible at the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate for each day to the date of repayment, shall have been received by such Lender. Any amount collected by such Lender that exceeds the maximum amount collectible at the Maximum Rate shall be applied to the reduction of the principal balance of such Loan so that at no time shall the interest and charges paid or payable in respect of such Loan exceed the maximum amount collectible at the Maximum Rate.

 

Section 524. Judgment Currency.

 

Section 525. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder in Dollars into another currency, the parties hereto agree, to the fullest extent permitted by Law, that the rate of exchange used shall be that at which, in accordance with normal banking procedures, the Administrative Agent could purchase Dollars with such other currency at the buying spot rate of exchange in the New York foreign exchange market on the Business Day immediately preceding that on which any such judgment, or any relevant part thereof, is given.

 

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Section 526. The obligations of the Obligors in respect of any sum due to the Administrative Agent hereunder and under the other Loan Documents shall, notwithstanding any judgment in a currency other than Dollars, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in such other currency the Administrative Agent may, in accordance with normal banking procedures, purchase Dollars with such other currency. If the amount of Dollars so purchased is less than the sum originally due to the Administrative Agent in Dollars, the Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent against such loss. If the amount of Dollars so purchased exceeds the sum originally due to the Administrative Agent in Dollars, the Administrative Agent shall remit such excess to the Borrower.

 

Section 527. USA PATRIOT Act. The Administrative Agent and the Lenders hereby notify the Obligors that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), they are required to obtain, verify and record information that identifies the Obligors, which information includes the name and address of each Obligor and other information that will allow such Person to identify such Obligor in accordance with the Patriot Act.

 

Section 528. Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

Section 529. the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

Section 530. the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)a reduction in full or in part or cancellation of any such liability;

 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

 

(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any the applicable Resolution Authority.

 

144
 

 

Section 531. Certain ERISA Matters.

 

Section 532. Each Person that becomes party hereto after the date hereof as a Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of Obligors, that at least one of the following is and will be true:

 

Section 533. such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Employee Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Notes or this Agreement;

 

Section 534. the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Notes and this Agreement;

 

Section 535. (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Notes and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Notes and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84- 14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Notes and this Agreement; or

 

Section 536. such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

 

In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender making the representation in clause (a) or (2) a Lender making the representation in clause (a) has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that none of the Administrative Agent or its Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Notes and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any other Loan Documents or any documents related hereto or thereto).

 

[Signature Pages Follow]

 

145
 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

  BORROWER:
       
 

HARROW HEALTH, INC.,

a Delaware corporation

       
  By:  
  Name: Andrew R. Boll
  Title: Chief Financial Officer and Secretary
     
 

Address for Notices:

 

c/o Harrow Health, Inc.

102 Woodmont Blvd., Suite 610

Nashville, TN 37205

Attn: Andrew R. Boll

Email:

 

With a copy to:

 

Holland & Knight LLP

511 Union Street, Suite 2700

Nashville, TN 37219

Attn: Elle McCulty

Email:

 

Signature Page to Credit Agreement and Guaranty

 

 
 

 

  SUBSIDIARY GUARANTOR(S):
     
 

HARROW IP, LLC,

a Delaware limited liability company

 

HARROW EYE, LLC,

a Delaware limited liability company

 

IMPRIMISRX, LLC,

a Delaware limited liability company

 

IMPRIMIS NJOF, LLC,

a New Jersey limited liability company

 

IMPRIMISRX NJ, LLC,

a New Jersey limited liability company

 

VISIONOLOGY EQUITY, LLC,

a Delaware limited liability company

 

VISIONOLOGY, INC.,

a Delaware corporation

 

VISIONOLOGY MSO, INC.,

a Delaware corporation

 

IMPRIMISRX NASHVILLE, LLC,

a Delaware limited liability company

      
  By:                      
  Name:  
  Title:  
     
 

Address for Notices:

 

c/o Harrow Health, Inc.

102 Woodmont Blvd., Suite 610

Nashville, TN 37205

Attn: Andrew R. Boll

Email:

 

With a copy to:

 

Holland & Knight LLP

511 Union Street, Suite 2700

Nashville, TN 37219

Attn: Elle McCulty

 

Signature Page to Credit Agreement and Guaranty

 

 
 

 

  ADMINISTRATIVE AGENT:
     
  OAKTREE FUND ADMINISTRATION, LLC
     
  By: Oaktree Capital Management, L.P.
  Its: Managing Member
     
  By:  
  Name:  
  Title:  
     
  By:  
  Name:  
  Title:  
     
 

Address for Notices:

Oaktree Fund Administration, LLC

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Oaktree Agency

Email:

 

With a copy to:

Oaktree Capital Management, L.P.

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Stephen DeNelsky; Tim Markov

Email:

 

Signature Page to Credit Agreement and Guaranty

 

 
 

 

  LENDERS:
     
  INPRS STRATEGIC CREDIT HOLDINGS, LLC
     
  By: Oaktree Capital Management, L.P.
  Its: Manager
     
  By:  
  Name:  
  Title:  
     
  By:  
  Name:  
  Title:  
     
 

Address for Notices:

 

Oaktree Fund Administration, LLC

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Oaktree Agency

Email:

 

With a copy to:

 

Oaktree Capital Management, L.P.

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Stephen DeNelsky; Tim Markov

Email:

 

Signature Page to Credit Agreement and Guaranty

 

 
 

 

  OAKTREE SPECIALTY LENDING CORPORATION
     
  By: Oaktree Fund Advisors, LLC
  Its: Investment Advisor
     
  By:  
  Name:  
  Title:  
     
  By:  
  Name:  
  Title:  
     
 

Address for Notices:

 

Oaktree Fund Administration, LLC

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn:

 

With a copy to:

 

Oaktree Capital Management, L.P.

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Stephen DeNelsky; Tim Markov

Email:

 

Signature Page to Credit Agreement and Guaranty 

 

 
 

 

  OAKTREE STRATEGIC CREDIT FUND
     
  By: Oaktree Fund Advisors, LLC
  Its: Investment Advisor
     
  By:  
  Name:  
  Title:  
     
  By:  
  Name:  
  Title:  
     
 

Address for Notices:

 

Oaktree Fund Administration, LLC

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Oaktree Agency

Email:

 

With a copy to:

 

Oaktree Capital Management, L.P.

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn:

 

Signature Page to Credit Agreement and Guaranty

 

 
 

 

  OAKTREE ROUTE 66 MULTI-STRATEGY FUND, L.P.
     
  By: Oaktree Route 66 Multi-Strategy Fund GP, L.P.
  Its: General Partner
     
  By: Oaktree Route 66 Multi-Strategy Fund GP, Ltd.
  Its: General Partner
     
  By: Oaktree Capital Management, L.P.
  Its: Director
     
  By:  
  Name:  
  Title:  
     
  By:  
  Name:  
  Title:  
     
 

Address for Notices:

 

Oaktree Fund Administration, LLC

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Oaktree Agency

Email:

 

With a copy to:

 

Oaktree Capital Management, L.P.

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn:

 

Signature Page to Credit Agreement and Guaranty

 

 
 

 

  OAKTREE AZ STRATEGIC LENDING FUND, L.P.
     
  By: Oaktree AZ Strategic Lending Fund GP, L.P.
  Its: General Partner
     
  By: Oaktree Fund GP IIA, LLC
  Its: General Partner
     
  By: Oaktree Fund GP II, L.P.
  Its: Managing Member
     
  By:  
  Name:  
  Title: Authorized Signatory
     
  By:  
  Name:  
  Title: Authorized Signatory
     
 

Address for Notices:

 

Oaktree Fund Administration, LLC

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Oaktree Agency

Email:

 

With a copy to:

Oaktree Capital Management, L.P.

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Stephen DeNelsky; Tim Markov

Email:

 

Signature Page to Credit Agreement and Guaranty

 

 
 

 

  OAKTREE LOAN ACQUISITION FUND, L.P.
     
  By: Oaktree Fund GP IIA, LLC
  Its: General Partner
     
  By: Oaktree Fund GP II, L.P.
  Its: Managing Member
     
  By:  
  Name:  
  Title: Authorized Signatory
     
  By:  
  Name:  
  Title: Authorized Signatory
     
 

Address for Notices:

 

Oaktree Fund Administration, LLC

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Oaktree Agency

Email:

 

With a copy to:

 

Oaktree Capital Management, L.P.

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Stephen DeNelsky; Tim Markov

Email:

 

Signature Page to Credit Agreement and Guaranty

 

 
 

 

  OAKTREE LSL FUND DELAWARE HOLDINGS EURRC, L.P.
     
  By: Oaktree Life Sciences Lending Fund GP, L.P.
  Its: General Partner
     
  By: Oaktree Life Sciences Lending Fund GP Ltd.
  Its: General Partner
     
  By: Oaktree Capital Management, L.P.
  Its: Director
     
  By:  
  Name:  
  Title:  
     
  By:  
  Name:  
  Title:  
     
 

Address for Notices:

 

Oaktree Fund Administration, LLC

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn: Oaktree Agency

Email:

 

With a copy to:

 

Oaktree Capital Management, L.P.

333 S. Grand Avenue, 28th Floor

Los Angeles, CA 90071

Attn:

 

Signature Page to Credit Agreement and Guaranty

 

 
 

 

Schedule 1

Loans Schedule

 

Tranche A Term Loans

 

Lenders and their respective Applicable Commitments:

 

Lender  Closing Date Tranche A Commitment   Incremental Tranche A Commitment 
INPRS Strategic Credit Holdings, LLC  $662,000.00   $127,307.69 
Oaktree Specialty Lending Corporation  $7,448,000.00   $1,432,307.69 
Oaktree Strategic Credit Fund  $9,319,000.00   $1,792,115.38 
Oaktree Route 66 Multi-Strategy Fund, L.P.  $1,218,000.00   $234,230.77 
Oaktree AZ Strategic Lending Fund, L.P.  $8,122,000.00   $1,561,923.08 
Oaktree LSL Fund Holdings EURRC S.à r.l.  $31,869,000.00   $6,128,653.85 
Oaktree LSL Fund Delaware Holdings EURRC, L.P.  $6,362,000.00   $1,223,461.54 
Total  $65,000,000   $12,500,000 

 

Tranche B Term Loans

 

Lenders and their respective Applicable Commitments:

 

Lender  Tranche B Commitment   Tranche B Commitment (if reduced in accordance with the definition of “Tranche B Commitment”) 
INPRS Strategic Credit Holdings, LLC  $357,000.00   $305,700.00 
Oaktree Specialty Lending Corporation  $4,011,000.00   $3,437,700.00 
Oaktree Strategic Credit Fund  $5,018,000.00   $4,301,100.00 
Oaktree Route 66 Multi-Strategy Fund, L.P.  $656,000.00   $562,200.00 
Oaktree AZ Strategic Lending Fund, L.P.  $4,373,000.00   $3,748,500.00 
Oaktree LSL Fund Holdings EURRC S.à r.l.  $17,160,000.00   $14,708,700.00 
Oaktree LSL Fund Delaware Holdings EURRC, L.P.  $3,425,000.00   $2,936,100.00 
Tranche B Commitment  $35,000,000   $30,000,000 

 

 
 

 

The following defined terms apply to the Incremental Tranche A Term Loans:

 

Incremental Tranche A Availability Period” means the period starting on the First Amendment Effective Date and ending on the applicable Commitment Termination Date.

 

Incremental Tranche A Funding Condition” means (a) the Eyevance Acquisition shall have been, or substantially concurrently with, or within one (1) Business Day of, the borrowing of the Incremental Tranche A Term Loans shall be, consummated on the terms and conditions set forth in the Eyevance Acquisition Agreements as in effect on the First Amendment Effective Date, or as amended, restated, amended and restated, supplemented or otherwise modified in any manner not materially adverse to the interests of the Administrative Agent or the Lenders in their respective capacities as such, unless consented to in writing by the Administrative Agent and the Lenders; provided, that any increase in the consideration paid, whether in the form of Upfront Payment (as defined in the Eyevance APA), Lumpsum Payment (as defined in the Eyevance License Agreement), Deferred Acquisition Consideration or otherwise shall be deemed materially adverse to the Administrative Agent and the Lenders, in their respective capacities as such; provided that, if the Eyevance Acquisition is not consummated as set forth above within one (1) Business Day of the borrowing of the Incremental Tranche A Term Loans, the Borrower shall forthwith return to the Lenders all Incremental Tranche A Term Loans in full in immediately available funds and (b) the Eyevance Specified Acquisition Agreement Representations shall be true and correct in all material respects, (unless such representations are already qualified by reference to materiality, material adverse effect or similar language, in which case such representations and warranties shall be true and correct in all respects) on and as of the Incremental Tranche A Funding Date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.

 

The following defined terms apply to the Tranche B Term Loans:

 

Tranche B Availability Period” means the period starting on the Closing Date and ending on the applicable Commitment Termination Date.

 

Tranche B Funding Condition” means that the Administrative Agent shall have received satisfactory evidence that (i) TRIESENCE has become commercially available in the United States, (ii) the Novartis Milestone Payment has become due and payable in accordance with the terms of the Novartis Purchase Agreement and (iii) the proceeds of the Tranche B Term Loan shall be used to pay a portion of the Novartis Milestone Payment substantially concurrently with the borrowing on the Tranche B Term Loan on the Tranche B Funding Date.