EX-10.1 2 uhs-ex101_23.htm EX-10.1

Exhibit 10.1

EXECUTION VERSION

EIGHTH AMENDM ENT TO

AMEND ED AND RESTATED CREDIT AND SECURITY AGREE M ENT

This E IGHTH AMENDMENT TO AMENDED AND RESTATED CRED IT AND SECUR ITY AGREEMENT (this “A m e ndm e nt”), dated as of April 26, 2021, is entered into by and a mong the following parties:

(i)the Borrowers i dentified on the si gnature pages hereto; (ii)UHS Receivables Corp., as Collection Agent;

(iii)UHS of Delaware, Inc., as Servicer;

(iv)Universal Health Services, I nc., as Performance Guarantor; and

(v) PNC Bank, National Association (“P N C”), as Liquidity Bank, LC Partici pant for PNC’s Lender Group, Co-Agent for PNC’s Lender Group, LC B ank, and Administrative Agent.

Capitaliz ed terms used but not otherwise defined herein ha ve the respective meanin gs set forth in the Credit and Security Agr e ement defined below.

BACKGROUND

1. The parties he reto ha ve entered into that c erta in Amended and R est a t ed Credit and S ecurity Agr eement, da t ed as of Oc tober 27, 2010 (as ame nded, suppl emented and otherw ise modif i ed from time to time, the “C re d i t a nd S ec u r i t y A g r ee m e nt”).

2. Pursuant to that c e r t ain letter agr e ement, dated as of Mar ch 31, 2021, among the pa rties to the C redit and S ecur i ty Ag r eement at that time, (i) each of Victory R eceivables Corpo ration, MUFG Bank, Ltd., T ruist B ank, A tlantic Ass et S ecuritiz a tion L LC and Credit A g r i cole Corpora te and Investment B ank c eased to be parties to the C redit and S ec u rity Agreement, (ii) the Agg r egate P r incipal w as re p aid in full, (iii) the Agg r ega te Commitment was reduced to z ero ($0), (iv) not w ithst anding the f o r e goin g, n either the F inal Pa yout Da te nor the Ter mina tion Date oc curred, and all Trans a ction Documents survived the transactions contemplated by such l etter a g r eement, and (v) PNC remains a p ar ty to the C redit and Se curity Agreement as a Liquidity B ank, LC P articip ant for P N C’s L end er Group, Co-A g ent for PNC’s L end er G roup, LC B ank and Administ rative A g e nt.

3. The pa rties he reto d esi re to amend the C r edit a nd S ecurity Agree m ent as set for th he r e in.

4. Concurrently with this Amendment, the parties hereto (other than the P erformance Gua rantor) are entering into an a m ended and rest a t ed F ee L etter (the “A&R F e e L e t t e r”).

NOW, THEREFORE, for good and valuable consideration, the receipt a nd adequa cy of which are h e r e by acknowledged, the pa rties hereto a g r ee as follows:

SECT ION 1. Am e ndm e nts to t he C re dit a nd S ec u r i t y A g r e e m e nt.The Credit a nd

Security A g r e ement is here by amend ed as follows:

(a)Section 1.3 is amended by deleting the second para g raph thereof in its entiret y.

(b)New Section 4.5 (B e n c h mark R e pla c e m e nt S e tting) set forth on Exhibit A

attached hereto is added immediately after existing Section 4.4 (D e fault Rate).

(c)The following new para graph is added to the end of Section 6.2 (C onditions Pr ece d e nt t o All Ad v an ce s and L e t t e r of C redit Issuanc e s):

In addition, the first Adv ance ma de or Letter of C redit issued after April 26, 2021 shall be subj ect to the fu r ther condition precedent that the S ervicer shall have d elivered to the Administrative Agent a Monthly R eport r eflecti ng d ata with respe ct to the R eceiv ables in the Coll ate r al as of the last day of the most recently end ed ca l endar month.

(d)The following new paragraph is added to the end of Section 7.1(d) (Audi ts):

No later than nine ty (90) da ys af t er the f i rst Advance m ade or L etter of C redit issued after Apr il 26, 2021, such Loan P ar ty shall deliver to the Administrative Ag ent the results of an a udit or field e x am of the R eceivables and the ser vicing and or i gination pra ctices of the Orig inato rs from a third-pa r ty consultant selected by the Administ rative Agent (in consultation with the S ervicer).

(e)Section 9.1(s) is replaced in its entirety with the following:

(s) The Consolidated Leverage Ratio, as at the last day of any period of four consecutive fiscal quarters of the P arent exceeds 3.75:1.0.

(f)The following new para g raph is added to the end of Section 8.5 (M onth l y

Reports):

Notwithst anding the for e goin g, t he S ervic er sh all not be requir ed to deliver a ny Monthly R eport or listing of a ll Rec eivables pursu ant to this S ec tion 8.5 unless and un til the f i rst Advance is m ade or L etter of C r edit is issued af t er Ap r il 26, 2021.

(g)The definition of “Aggre gate Commitment” in Exhibit I is replaced in its entirety with the following:

“Aggregate Comm it m ent” m ea ns, on a n y d a t e of d e te r min a tion, the a g g r e g a te a mount of t he L e nd e r G r o u p C om m itm e nts of a l l L e nd e r G r oups (e x c l uding the L e n d e r G r oup C o m mitm e nt of a n y D e f a ulting L e n d er’s L e n d e r G r o u p). As of A p ril 26, 2021, the A gg r e g a te C om m itm e nt is $20,000,000.

(h) The definition of “Facility Termination Date” in Exhibit I is replaced in its entirety with the following:

“Facility Termin a tion Date” m ea ns t h e e ar l i e r of (i) A p r il 25,

2022 and (ii) the Amortiz ation Da t e.

(i) Existing Schedule A is r eplaced with new Schedule A attached hereto. SECT ION 2. Am e nd e d a nd R e s t a t e d Adm i nis t ra tive A g e nt F e e L e tt e r. Each party

hereto a g r ees that no fe es shall accrue or be pa y able under that certain A m ended and R estated Administ rative Agent Fee L ett er, dated as of April 26, 2018, by and among the Administ rative Agent, the Collection A g ent, the S ervi cer and t he B o rrow ers, until othe rwise a g r eed among the par ti es thereto.

SECT ION 3. R e p re s e nt a t i ons a nd Wa rra nti e s. E ach Borr ower, the Collection A g ent, the Servicer and the Performance Gu arantor h ereby r epre s ents and warrants to the L enders, the Co-Agents and the Administrative Agent as follows:

(a) R e p re s e nt a t i ons a nd W a r ra nt i e s. The representations and warranties made by such Person in the Transaction Documents are true and correct as of the date hereof and after giving effect to this Amendment (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).

(b) En f o rc e a bi li t y. The e xecution and delivery by such Person of this Amendment, and the performance of each of its obligations under this Amendment and the other Transaction Documents to which such Person is a part y, as amended hereb y, are within each of its organi zational powers and have been duly authorized by all necessary organizational action on its part. This Amendment and the other Transaction Documents to which such Person is a part y, as amended hereb y, are such Person’s valid and legally binding obligations, enforceable in accordance with its terms.

(c) No Amo r t iz a t i on Ev e nt. After giving effect to this Amendment and the transactions contemplat ed hereb y, no Amortization Event or Unmatured Amorti zation Event has occurred and is continuing.

SECT ION 4. E ffec tiv e n e s s. This Amendment shall become effective on the d ate he r eof (the “E f f ec tive D a t e”) upon receipt by the Administrative Ag ent of the counterparts to this Amendment and the A&R Fee L ett er e x ecuted by each of the parties h ere to and thereto.

SECT ION 5. C H O I CE O F L A W; C O N S ENT TO J U R I S D I C T I O N.

(a) TH IS AMENDMENT SHALL BE GOVERNED AND C ONSTRUED IN ACCORDANCE W ITH THE LAWS OF THE STATE OF NEW YORK, W ITHOUT REGARD TO ANY P RINC I P LES OF C ONFLI CTS OF LAWS THEREOF.

(b) EACH PARTY TO TH IS AMENDMENT HE REBY I RREVOC A BLY SUBM ITS TO THE NON-EXC LUS IVE JUR I S D I C T ION OF ANY UN ITED STATES FEDERAL OR NEW YORK STATE COURT S ITT I NG IN THE BOROUGH OF MANHATTAN, NEW YORK, IN ANY ACTION OR PROCEED ING AR I S I NG OUT OF OR R E LAT I NG TO TH IS AMENDMENT OR ANY DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO TH IS AMENDMENT, AND EACH SUCH PARTY HEREBY I RR EVOCAB LY AGREES THAT ALL C L A IMS IN RESPECT OF SUCH ACT ION OR P ROCEED ING MAY BE HEARD AND DETERM I NED IN ANY SUCH COURT AND I RREVOCABLY WA I VES ANY OB JECT I ON IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH S U IT, AC T ION OR PROCEED ING B ROUGHT IN SUCH A C OURT OR THAT SUCH COURT IS AN INCONVEN IENT FORUM. NOTH ING HER E IN SHALL LI M IT THE R IGHT OF ANY AGENT OR ANY LENDER TO B R I NG PROCEED INGS AGA INST ANY L OAN PARTY IN THE COURTS OF ANY OTHER JUR I S D I C T ION. ANY JUD I C I AL PROCEEDING BY ANY L OAN PARTY AGA INST THE AGENT OR ANY LENDER OR ANY AFFILI ATE OF THE AGENT OR ANY LENDER I NVO L V ING, D IRECT LY OR I ND I RECT L Y, ANY MATTER IN ANY WAY AR I S I NG OUT OF, R E LATED TO, OR CONNECTED W I TH TH IS AMENDMENT OR ANY DOCUMENT EXECUTED BY SUCH L OAN PARTY PURS UANT TO TH IS AMENDMENT SHALL BE BROUGHT ON LY IN A COURT IN THE BOROUGH OF MANHATTAN, NEW YORK.

SECT ION 6. E ffec t of A m e ndm e nt. All provisions of the Credit and Security Agreement, as e xpressly amended and modified by this Amendment, shall remain in full force and ef f ect. After this Amendment becomes effe ctive, all refe r enc es in the Credit and Security Agreement (or in a ny other Trans action Document) to “this A g r e ement”, “here o f”, “h erein” or words of similar effect refe r ring to the Credit and Security A g reement shall be deemed to be ref e rences to the Credit and Security A g r e ement as amended by this Amendment. This Amendment shall not be deemed, either e xpressly or impliedl y, to waive, amend or supple m ent a ny p rovision of the Cre dit and Security Agr e ement other than as set forth herein.

SECT ION 7. C ount er p ar ts. This Amendment may be e xecuted in a ny number of counterpa rts and by di fferent parties on se p arate counterparts, each counterpart shall be dee m ed to be an or i ginal, and all such count erparts sh all together constitute but one and the s ame agree m ent. D elive ry of an e x ecuted counterpa rt of a sig n ature pa ge to this Amendment by facsimile or other elec t ronic means shall be effective as delive ry of a manually e x ecuted counterpa rt of this Ame ndment.

SECT ION 8. T ra ns ac tion D o c um e nt. This Amendment shall constitute a Transa ction

Document for a ll purposes.

SECT ION 9. S ec tion Hea di n g s. The various headings of this Amendment are includ ed for convenie n ce only a nd shall not affect the me aning or inter p retation of this Amendment, the Credit and Security A g reement or a ny provision h ereof or the r eof.

SECT ION 10. S e v era bil i t y. If a ny one or more of the agree m ents, provisions or terms of this Amendment shall for a ny r e ason whatso e v er be h eld invalid or un enfor c eable, th en such agree m ents, provisions or terms shall be deemed severable from the remaining ag r eements, provisions and terms of this Amendment and shall in no w ay a ff e ct the v alidity or e n forceability of the provisions of this Amendment or the Credit and Security A g reeme nt.

SECT ION 11. R a t i fic a tion. After giving effect to this Amendm ent and each of the other agree m ents, documents and instruments contemplated in connection he r ewith, the Performance Undertakin g, along with each of the provisions thereof, remains in full force and ef f ect and is here by r atified and reaff i rmed by the Perf o rmance Guarantor and e ach of the other parties hereto.

[Signature pages follow.]

IN WITNESS WHEREOF, the parties ha ve executed this Amendment a s of the date first written above.

AIKEN REGIONAL RECEIVABLES, L.L.C.,

DISTRICT HOSPITAL PARTNERS RECEIVABLES, L.L.C.,

FORT DUNCAN MEDICAL RECEIVABLES, L.L.C., LANCASTER HOSPITAL RECEIVABLES, L.L.C., LAREDO REGIONAL RECEIVABLES, L.L.C., MANATEE MEMORIAL RECEIVABLES, L.L.C., MCALLEN HOSPITALS RECEIVABLES, L.L.C.,

NORTHWEST TEXAS HEA L THCARE RECEIVABLES, L.L.C., SPARKS FAMILY HOSPITAL RECEIVABLES, L.L.C., SUMMERLIN HOSPITAL RECEIVABLES, L.L.C.,

TEMECULA VALLEY HOSPITAL RECEIVABLES, L.L.C.,

TEXOMA HEALTHCARE SYSTEM RECEIVABLES, L.L.C., UHS OF OKLAHOMA RECEIVABLES, L.L.C.,

UHS-CORONA RECEIVABLES, L.L.C., RANCHO SPRINGS RECEIVABLES, L.L.C.,

VALLEY HEALTH SYSTEM RECEIVABLES, L.L.C. A N D

WELLINGTON REGIONAL RECEIVABLES, L.L.C.,

AS BORROWE RS

By: /s/ Cheryl Ramagano

Name: Cheryl Ramagano

Title: Treasurer

|  | S-1 Eigh th Amend m e nt to ri&R Credit and S e c urity Agreeme n t |

(U HS Rece ivab les C01p.)

UHS RECEIVABLES CORP.,

AS COLLECTIO N AG E N T

By: /s/ Cheryl Ramagano

Name: Cheryl Ramagano

Title: Treasurer

UHS OF DELAWARE, INC.,

AS SERVICER

By: /s/ Cheryl Ramagano

Name: Cheryl Ramagano

Title: Senior Vice President and Treasurer

UNIVERSAL HEALTH SERVICES, INC.,

AS PERFORMA N CE G UARA NTOR

By: /s/ Cheryl Ramagano

Name: Cheryl Ramagano

Title: Senior Vice President and Treasurer

|  | S-2 E i g hth Amend m e nt to A&R C r e dit and S e c u r ity Ag r e e m e nt (U HS R e c e i v abl e s Cot p.) |

PNC BANK, NA TIO NAL ASSOCIATION,

AS L C PARTI C IPANT, L I QU I D ITY BANK AND AS L C BANK

By: /s/ Eric Bruno

Name: Eric Bruno

Title: Senior Vice President

PNC BANK, NA TIO NAL ASSOCIATION,

AS CO-AGENT AND ADM I N I S T R ATIVE A GENT

By: /s/ Eric Bruno

Name: Eric Bruno

Title: Senior Vice President

|  | S-3 Ei gh th A m e n d m en t to A&R Cr ed it an d Se c u r ity Ag r e e m e n t (U H S R e c ei vab les C o r p.) |

EXHIBIT A

Section 4.5 B e n c h m ar k R e pl a ce m e nt S e ttin g.

(a) B e n c hmark R e pla c e m e n t. Notwithstanding an ything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replac ement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with c l a use (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Ag reement or any other Transaction Document and (y) if a Benchmark Replacement is determined in accord ance with c l a u s e (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes he reunder and under any Transaction Document in respect of any Benchm ark setting at or after 5:00 p.m. (New York Ci ty time) on the fifth (5th) Business D ay after the date notice of such Ben chmark Replacement is provided to the Co-A gents without any amendm ent to, or further action or consent of any other party to, this A g reement or any other Transaction Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Co-Agents comprising the Required Co-Agents.

(b) B e n c hmark R e p l a ce me nt C onforming C han g e s. In connection with the implementation of a B enchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming C hanges from time to time and, notwithstanding an ythi ng to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Ag reement or any other Transaction Document.

(c) N ot i ce s; Standards for D ec i s ions and D e termination s. The Administrative Agent will prompt ly notify the Collection Agent (on b ehalf of the Borrowers) and the Co-Agents of (i) any occurrence of a Benchmark Transition Event, a Term S OFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacemen t, (iii) the effectiveness of any Benchmark Replacement Conforming Chan ges, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to c l a use (d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Co-Agent (or group of Co-Agents) pursuant to this S ec t i on 4.5, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this S ec t i on 4.5.

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(d) Una v ailability of T e nor of B e n c h m ar k. Notwithstanding an ything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LI BO Rate) and either (A) any tenor for such Benchmark is not displ a yed on a screen or other information service that publishes such rate from time to time as selected by the Administrative A gent in its reasonable discretion or (B) the re gulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such B enchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such t ime to remove such unavailable or non-represent ative tenor and (ii) if a tenor that was removed pursuant to c l a use (i) above either (A) is subsequently displa yed on a screen or information service for a Benchmark (including a B enchmark Replacement) or (B) is not, or is no long er, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative A gent m ay modi fy the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

(e) B e n c hmark U n a v ailabi l i t y P e r i od. Upon the Collection Agent’s receipt of notice of the commencement of a Benchmark Unavailabili ty Period, the Collection Agent (on behalf of the Borrowers) may r evoke any request for a L oan bearing interest based on LI BO Rate, conversion to or continuation of L oans bearing interest based on LIBO Rate to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrowers will be deemed to have converted any such request into a r equest for a L oan of or conversion to L oans bearing interest at the Alternate Base Rate. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component (if an y) of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Alternate Base Rate.

(f) S ec ond a r y T e r m S O F R C onv er s i on. Notwithst anding an ything to the contrary herein or in any other Transaction Document and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (i) the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Transaction Document in respect of such Benchmark setting (t he “S ec o n dary T e rm S O F R C o n ve rs i on Dat e”) and subsequent Benchmark settings, without any amendment to, or further action or consent of a ny other party to, this Ag reement or any other Transaction Document; and (ii) Loans outstanding on the Seconda ry T erm SOFR Conversion Date bearing interest based on the then-current Benchmark shall be deemed to have been converted to Loans bearing interest at the Benchmark Replacement with a tenor approximately the same len gth as the interest pa y ment period of the then-current Benchmark; p r ovid e d that, this c l a use (f) shall not be e ffective unless the Administrative Agent has delivered to the Co-Agents and the Collection Agent (on behalf of the B orrowers) a Term SOFR Notice.

(g) L I B O R N otif i c at i on. This S ec tion 4.5 provides a mechanism for determining an alternative rate of interest in the event that the London interbank offered rate is no longer available or in certain other circumstances. The Administrative Agent does not warrant or accept

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any responsibility for and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of "LI BOR Rate" or with respect to any alternative or successor rate thereto, or replacement rate therefor.

(h)C e r t ain D e fin e d T e rms. As used in this S ec tion 4.5:

“A vailable Te nor” m ea n s, a s of a n y d a te of d e t e r m i n a tion a nd wi t h r e sp e c t to the t h e n- c u rre nt B e n c hm ar k, a s a ppli ca bl e, (x) if the th e n c u rre nt B e n c hm ar k is a t er m ra t e or is b a s e d on a t er m ra t e, a n y t e nor f or su c h Be n c h m ar k th a t is or m a y be used f or d e t er m ining the l e n g th of a n I nt e re st P er iod pu r su a nt to this A g ree m e nt a s of su c h d a te a nd not in c ludin g, for t he a void a n c e of doubt, a n y t e nor f or s u c h Be n c h m ar k th a t is t h e n-re mo v e d fr om the d ef ini t ion of “I nt e re st P er iod” pu r su a nt t o c l a u se (d) of th i s S ec tion 4.5, or (y) if the th e n c u rr e nt Be n c hm a r k is not a t er m ra te nor b a sed on a t er m ra t e, a n y p a y m e nt p er iod f or int ere st ca l c u l a t e d with r ef e re n c e to su c h B e n c hm ar k pu r su a nt to this A g r ee m e nt a s of su c h d a t e. F or the a void a n c e of doubt, the Av a il a ble T e nor f or the L I B O R a te d e t er min e d p u r su a nt t o c l a use (y)(A) of the d ef init i on th ere of is one mon t h.

“B e n c h m a rk” m ea ns, initi a l l y, L I B O R a t e; p r ovid e d th a t if a B e n c h m ar k T r a nsition Ev e nt a T er m S O F R T r a ns i tion Ev e nt or a n E a r l y Op t-in El ec tion, a s a p p li ca bl e, a nd i ts r e l a t e d B e n c h m ar k R e pl a ce m e n t Da te h a ve o cc u rre d w ith re sp ec t to L I B O R a t e or the th e n-c u r r e nt B e n c h m ar k, th e n “B e n c h m ar k” m ea ns the a pp l i c a ble Be n c h m ar k R e pl a c e m e nt to the e x t e nt th a t su c h Be n c hma r k R e pl a c e m e nt h a s re p l a c e d su c h p r ior b e n c hm ar k ra te pu r su a nt t o p ar a g ra ph (a) of this S ec tion 4.5.

“B e n c h m a rk R e p l a ce m e n t” m ea ns, f or a n y Av a il a ble T e n o r, the first alt er n a tive s e t f o rth in the o r d e r b e low th a t ca n be d e t er m i n e d b y the Adminis t ra tive A g e nt f or the a ppli ca b l e B e n c h m ar k R e pl a ce m e nt D a t e:

(1)the sum of: (a) Term SOFR and (b) the related Benchmark Replacement

Adjustment;

(2)the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement

Adjustment;

(3) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrowers as the replacement for the then-current Benchmark for the applicable Correspondi ng Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determ ining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar- denominated s yndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;

p r ovid e d tha t, in the c ase of clause (1), such Una djust ed Benchm ark R epla cement is displ a y ed on a scr e en or other inf orma tion service that publishes such rate from time to time as selected by the Administ rative A g ent in its reasonable disc r etion; provided, further, that, with respe ct to a Te rm

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SOFR Transition Event, on the applicable Benchmark Replacement Date, the “B e n chmark Replacement” shall re v ert to and shall be determined as set f o rth in clause (1) of this de finition. If the Be n chmark Repla cement as d etermined pu rsuant to clause (1), (2) or (3) above would be less than the Floor, the B enchmark Replacement will be deemed to be the Floor for the purposes of this Ag r eement and the other Transaction Do c uments.

“B e n c h m ark R eplace m e nt Adjust m e nt” m ea ns, with re sp e c t t o a n y re p l ace m e nt o f t he th e n-c u r r e nt B e n c hm a r k with a n Un a djus t e d B e n c h m ar k R e p la ce m e n t f or a n y a ppli ca b l e Av a il a ble T e n o r f or a n y setting of su c h Un a d j us te d Be n c h m ar k R e pl a ce m e nt:

(1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent:

(a) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Available Tenor that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;

(b) the spread adjustment (which may be a positive or ne gative val ue or zero) as of the Reference Time such Benchmark Replacement is first set for such Available Tenor that would apply to the fallback rate for a derivative transaction referencing the I SDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

(2) for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or ne gative value or z ero) that has been selected by the Administrative A gent and the Borrowers for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or th en-prevaili ng market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denomi nated s yndicated credit facilities;

p r ovid e d tha t, (x) in the case of clause (1) abov e, such adjustment is displ a y ed on a sc reen or other information service that publishes such Be n chmark R epla c ement Adjustment from time to time as sele cted by the Administ rative A g ent in its reason able disc reti on and (y) if the then- current B enchmark is a term ra t e, more than one tenor of su ch Be n chma rk is available as of the applicable B e n chmark R epl a c ement D ate and the appli cable Unadjust ed B enchma rk R eplacement w ill not be a term rate, the Avail able Tenor of such B enchma rk for pu rposes of this def inition of “B enchma rk R eplacement Adjustment” shall be de emed to be the Available Tenor

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that has approximate ly the same le n g th (disr e g a rding business day adjustments) as the pa yment per iod for inte r est calcul ated with re f ere n ce to su ch Unadjust ed Benchm a rk R eplace m ent.

“B e n c h m ark R eplaceme nt Con for m i ng Ch a nges” m ea ns, w i th re sp ec t to a n y B e n c h m ar k R e pl ace m e n t, a n y t e c hni ca l, a dminis t ra tive or o p era tion a l c h a n g e s (in c ludi n g c h a n g e s to the d ef inition of “Alt er n a te B a se R a t e,” the d ef i nition of “B us i n e ss D a y,” t he d ef i n i tion of “I nt e r e st P e r iod,” tim i ng a nd f re q ue n c y of d e t er min i n g ra t e s a nd m a ki n g p a y m e nts of int ere s t, t i ming of b or r owi n g r e qu e s t s or p r e p a y m e nt, c on v er s i on o r c ontinu a tion no t i ce s, l e n g th of lookb a c k p e r iods, the a ppl i ca bili t y of b rea ka g e p r ovisions, a nd oth e r t ec hni c a l, a dminis t ra tive or op era t i on a l m a t t er s) t h a t the A d min i s t ra t i ve A g e nt d e c i d e s m a y b e a pp r o p r i a te to r ef l ec t the a doption a nd impl e m e nt a t ion of su c h Be n c hm ar k R e p l ac e m e nt a nd to p er mit the a dminis t ra tion t h ere of b y t h e Adm i nist ra t ive A g e nt in a m a nn e r sub st a n ti a l l y c ons i s t e nt with m ar k e t pr ac t i c e (o r, if the Admin i s t ra t i ve A g e nt d ec ides th a t a doption o f a n y po r tion of such m ar k e t p r a c ti c e is not a d minis t r a tiv e l y f e a s i ble or if the Adm i nis t r a t ive A g e nt d e t er min e s th a t no m ar k e t p r ac t i c e f or the a dm i nist ra tion of su c h Be n c h m ar k R e p l ace m e n t e x is t s, in su c h o t h e r m a nn e r of a dminis t ra tion a s the Adminis t ra t i ve Ag e nt d ec i d e s i s r e a son a b l y n ece s s a r y in c onn ec tion wi t h the a dm i nis t ra t i on of th i s A g r e e m e nt and the oth e r T ra ns a c tion Do c um e nts).

“B e n c h m ark R eplaceme nt Date” m ea ns t he e a r li e st to o cc ur of the f o llowing e v e nts with r e sp ec t to t he th e n-c u rre nt B e n c hm a r k:

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date determined by the Administrative Agent, which date shall promptly follow the date of the public statement or publication of information referenced therein;

(3) in the case of a Term SOFR Transition Event, the date that is set forth in the Term SOFR Notice provided to the Co-Agents and the Collection Agent (on behalf of the Borrowers) pursuant to this S ec t i on 4.5, which date shall be at l east 30 d a ys from the date of the Term SOFR Notice; or

(4) in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Co-Agents, so long as the Administrative Agent has not received, by 5:00 p.m. (New York Ci ty time) on the fifth (5th) Business D ay after the date notice of such Early Opt-in Election is provided to the Co-A gents, written notice of objection to such Early Opt-in Election from Co- Agents comprising the Required Co-Agents.

For the avoidance of doubt, (i) if the event giving rise to the Benchm ark Replacement Date occurs on the same d ay as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time

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for such determination and (ii) the “Benchmark Replacement Date” w ill be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

“B e n c h m ark Transition E ve nt” m ea ns t he o cc u rre n c e of one or m o r e of the f ollowing e v e n t s w i th re sp e c t to the th e n-c u r r e nt B e n c h ma r k:

(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanent ly or indefinitel y, provided that, at t he time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

(2) a public statement or publication of informati on by a Governmental Authority having jurisdiction over the Administrative Ag ent, the re gulatory supervisor for the administrator of such B enchmark (or the published component used in the calculation thereof), the Federal R eserve Board, the Feder al Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a reso lution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitel y, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

(3) a public statement or publication of information by the r e gulatory supervisor for the administrator of such B enchmark (or the published component used in the calculation thereof) or a Governmental Authority having jurisdiction over the Administrative Agent announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of su ch Benchmark (or the published component used in the calculation ther eof).

“B e n c h m ark Unavailabi lity Period” m ea ns the p er iod (if a n y) (x) b e g inn i ng a t t he time th a t a B e n c h m ar k R e pl a c e m e nt D a te pu r su a nt t o cl a uses (1) or (2) of th a t d ef i nition h a s o cc u rre d i f, a t su c h t im e, no B e n c hm ar k R e p l ace m e nt h a s re pl a ce d t h e th e n-c u r r e nt B e n c hm a r k f o r a ll pu r poses h ere un d e r a nd und e r a n y T ra n s ac t i on Do c um e nt in acc o r d a n c e w i th this S ec t i on 4.5 a nd (y) e ndi n g a t the t i me t h a t a Be n c hm ar k R e pl ace m e nt h a s re pl ace d the th e n-c u rre nt

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Benchm ark for all purposes hereunder and under a ny T ransa ction Document in accordance with this S ec tion 4.5.

“Corr esponding Te nor” wi t h re sp ec t to a n y Av a i l a ble T e nor m e a ns, a s a p p li ca bl e, e i t h e r a t e nor (in c lud i n g ov e r ni g h t) or a n int e r e st p a y m e nt p er i od h a vi n g a p p r o x i m a t e l y the s a m e l e n g th (dis r e g ar di n g bus i n e ss d a y a djus t m e n t) a s s u c h A v a il a ble T e no r.

“Daily S i mple SOFR” m ea ns, for a n y d a y, S O F R, with the c onv e nt i o n s f or t his ra te (whi c h w i ll in c lude a l o okb ac k) b e i n g e s t a blish e d b y the Adminis t ra t i ve Ag e nt i n acc o r d a n c e with the c onv e ntions f o r t his ra t e sel e c t e d o r r ec o mm e nd e d b y the R e l e v a nt Gov er nm e ntal B o d y f or d e t e r min i ng “D a i l y Si mple S OF R” f or busin e ss lo a ns; p r ovid e d, th a t if the Admin i s t ra t i ve Ag e nt d ec id e s th a t a n y such c onv e nt i on is not a dminis t ra tiv e l y f ea s i ble f or the Adminis t ra tive Ag e nt, th e n the Adm i nis t ra t ive A g e nt m a y e s t a b l ish a noth e r c onv e nt i on in its rea son a ble disc re ti on.

“Early Opt-in Election” m ea ns, if the t h e n-c u rre nt Be n c h m ar k is L I B O R a t e, t he o cc u r r e n c e o f:

(1) a notification by the Administrative Agent to (or the request by the B orrowers to the Administrative Agent to notif y) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated s yndicated credit facilities at such time contain (as a result of amendment or as ori g inally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOF R) as a benchmark rate (and such s yndicated credit facilities are identified in such notice and are publicly available for review), and

(2) the joint election by the Administrative A gent and the Borrowers to trigg er a fallback from LI BO Rate and the provision by the Admin istrative A gent of written notice of such election to the Co-A gents.

“Floor” m ea ns the b e n c hm ar k r a te f lo o r, i f a n y, p r ovid e d in this A g ree m e nt initi a l l y (a s of the e x ec u t ion of this Ag ree m e nt, the mod i f i c a tion, a m e nd m e nt or r e n e w a l of this A g r e e ment or oth er wise) w i th re sp e c t to LI B O R a t e o r, i f no f loor is spe c i f i e d, z er o.

“I S DA D ef i ni tio n s” m e a ns the 2006 I S D A D efi nitions pub l ish e d b y t h e I nt er n a tion a l S w a ps a nd D er iv a tiv e s As s o c i a t i on, I n c. o r a n y su cce s s or th ere t o, a s a m e nd e d or supp l e m e n t e d fr om t i me to tim e, or a n y s u c c e ssor d ef ini t ion a l bookl e t f or int ere st ra te d er i v a t i v e s published fr om ti m e to t ime b y the I nt e r n a t i on a l S w a ps a nd D er iv a t iv e s As s o c i a t ion, I n c. or su c h su cce s s o r th ere to.

“R efere n ce Ti m e” with re sp ec t to a n y s e tting of t he t h e n-c u r re nt B e n c h ma rk m ea ns (1) if su c h Be n c h m ar k is LI B O R a t e, 11:00 a.m. (L o n don t i m e) on the d a y th a t is two L ondon b a nking d a y s p r e c e ding the d a te of su c h set t in g, a nd (2) i f su c h B e n c hm ar k i s not L I B O R a t e, the time d e t er m i n e d b y the Adm i nis t ra tive Ag e nt in its r e a sonable dis cre t i on.

“R elevant Governmental Body” m ea ns t he F e d era l R e s er ve B o a r d or the Fe d e r a l R e s er ve B a nk of N e w Yo r k, or a c om m itt e e o ff ici a l l y e ndo r s e d or c o nv e n e d b y the Fe d er a l R e s er ve B o a r d or the F e d era l R e s e r ve B a nk of N e w Yo r k, or a n y s u c c e s s or th ere to.

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“SOFR” m ea ns, with r e s p ec t to a n y B us i n e ss D a y, a ra te p e r a nnum e qu a l to the s e c u re d ov er n i g ht f in a n c i n g ra te f or su c h B usin e ss D a y publish e d b y t h e S O F R Adminis t ra tor on t he S O F R Adminis t ra tor’s W e bs i te on the imm e diat e l y su c c e e ding B usin e ss D a y.

“SOFR A dministrator” m ea ns t he Fe d e ra l R e s e r ve Ba nk of N e w Yo r k (or a suc ce s s or a dminis t ra tor of the s ec u re d ov er n i g ht f i n a n c i n g r a t e).

“SOFR A d ministrator’s Websit e” m ea ns t he w e bs i te of the F e d e r a l Re se r ve Ba nk of N e w Yo r k, c u r r e n t l y a t ht t p://www.n e w y o r k f e d.or g, or a n y su c c e s s or sour c e f or t he s ec u re d ov er n i g ht f in a n c i n g r a t e i d e ntifi e d a s s u c h b y the S O F R Adminis t ra tor fr o m ti m e to t im e.

“Term SOFR” m ea ns, f or the a ppli ca ble C or r e spond i ng T e nor a s o f the a ppli ca b l e R efere n c e Ti m e, the f o r w ar d-looking t er m r a te b a s e d on S OF R t h a t h a s b ee n s e l e c t e d or rec omm e nd e d b y t h e R e l e v a nt Gov er n m e nt a l B o d y.

“T e rm S O F R N o t i ce” m ea ns a no t i f i ca tion b y t he Adminis t ra tive Ag e nt to the C o- Ag e nts a nd the C ol l ec t i o n A g e nt (on b e h a lf o f the B o r row e rs) o f the o cc u r r e n c e of a T er m S O F R T ra ns it ion Ev e nt.

“T e rm S O F R Tra n s i t i o n E ve nt” m ea ns the d e t e r m i n a tion b y the Adm i n i s t ra t ive A g e nt th a t (a) T er m S O F R h a s b ee n r e c omm e nd e d for u se b y the R e l e v a nt Go v e r nm e ntal B o d y, a nd is d e t er m i n a ble f or e ac h A v a i l a ble T e no r, (b) the a dminis t ra tion of T e r m S O F R is a dmin i s t ra t i v e l y fea s i b l e f or the Admin i s t ra tive A g e nt a nd (c) a B e n c hm ar k T r a nsition Ev e nt h a s p re viou s l y o cc u r r e d re su lt i n g in a B e n c h m ar k R e p la ce m e nt i n acc o r d a n c e with this S ec tion 4.5 t h a t is not T er m S O F R.

“Unadjust ed B e n ch mark R eplace m e nt” m ea ns t he a ppl i ca b l e B e n c hm a r k R e pl ace m e nt e x c luding the re l a t e d Be n c hm ar k R e pl a ce m e nt A djus t m e nt.

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SCHEDULE A COMMITMENTS

PNC’S L E NDER G R O UP | CO MMITME NT
Lend er G roup Commit m ent | $20,000,000
PNC’s Commitment as a Liquidity Bank | $20,000,000
PNC’s Commitment as an LC Participant | $20,000,000

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