Teledyne Credit Agreement
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EXECUTION VERSION CREDIT AGREEMENT Dated as of December 11, 2016 among TELEDYNE TECHNOLOGIES INCORPORATED, as the Borrower, CERTAIN OF ITS SUBSIDIARIES, as Guarantors, BANK OF AMERICA, N.A., as Administrative Agent, and THE OTHER LENDERS PARTY HERETO MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as Sole Book Manager and Sole Lead Arranger #89114709v24 Table of Contents Page ARTICLE I DEFINITIONS AND ACCOUNTING TERMS ...................................................................... 1 1.01 Defined Terms. ............................................................................................................. 1 1.02 Other Interpretive Provisions. .................................................................................... 27 1.03 Accounting Terms. ..................................................................................................... 27 1.04 [Reserved]. ................................................................................................................. 28 1.05 [Reserved]. ................................................................................................................. 28 1.06 [Reserved]. ................................................................................................................. 28 1.07 Rounding. ................................................................................................................... 28 1.08 References to Agreements and Laws. ........................................................................ 28 1.09 Times of Day. ............................................................................................................. 28 ARTICLE II THE COMMITMENTS AND BORROWINGS ................................................................... 28 2.01 Loans. ......................................................................................................................... 28 2.02 Borrowings and Continuations of Loans. ................................................................... 29 2.03 [Reserved]. ................................................................................................................. 30 2.04 [Reserved]. ................................................................................................................. 30 2.05 Prepayments. .............................................................................................................. 30 2.06 Termination or Reduction of Aggregate Commitments. ............................................ 31 2.07 Repayment of Loans. .................................................................................................. 33 2.08 Interest. ....................................................................................................................... 33 2.09 Fees............................................................................................................................. 33 2.10 Computation of Interest and Fees. .............................................................................. 34 2.11 Evidence of Debt. ....................................................................................................... 34 2.12 Payments Generally; Administrative Agent’s Clawback. .......................................... 35 2.13 Sharing of Payments by Lenders. ............................................................................... 37 2.14 [Reserved]. ................................................................................................................. 37 2.15 Defaulting Lenders. .................................................................................................... 37 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY ....................................................... 38 3.01 Taxes. ......................................................................................................................... 38 3.02 Illegality. .................................................................................................................... 43 3.03 Inability to Determine Rates....................................................................................... 44 3.04 Increased Costs. .......................................................................................................... 44 3.05 Funding Losses. .......................................................................................................... 45 3.06 Mitigation Obligations; Replacement of Lenders. ..................................................... 46 3.07 Survival. ..................................................................................................................... 46 ARTICLE IV GUARANTY ....................................................................................................................... 46 4.01 The Guaranty. ............................................................................................................. 46 4.02 Obligations Unconditional. ........................................................................................ 47 4.03 Reinstatement. ............................................................................................................ 48 4.04 Certain Additional Waivers. ....................................................................................... 48 4.05 Remedies. ................................................................................................................... 48 4.06 Rights of Contribution. ............................................................................................... 48 4.07 Guarantee of Payment; Continuing Guarantee. .......................................................... 49 ARTICLE V CONDITIONS PRECEDENT TO BORROWING .............................................................. 49 5.01 Conditions to Effectiveness of Agreement. ................................................................ 49 5.02 Conditions to Certain Funds Credit Extensions. ........................................................ 51 i #89114709v24 Table of Contents (continued) Page ARTICLE VI REPRESENTATIONS AND WARRANTIES .................................................................... 52 6.01 Existence, Qualification and Power. .......................................................................... 52 6.02 Authorization; No Contravention. .............................................................................. 53 6.03 Governmental Authorization; Other Consents. .......................................................... 53 6.04 Binding Effect. ........................................................................................................... 53 6.05 Financial Statements; No Material Adverse Effect. ................................................... 53 6.06 Litigation. ................................................................................................................... 54 6.07 No Default. ................................................................................................................. 54 6.08 Ownership of Property; Liens. ................................................................................... 54 6.09 Environmental Compliance. ....................................................................................... 55 6.10 Insurance. ................................................................................................................... 55 6.11 Taxes. ......................................................................................................................... 55 6.12 ERISA Compliance. ................................................................................................... 55 6.13 Subsidiaries. ............................................................................................................... 56 6.14 Margin Regulations; Investment Company Act. ........................................................ 56 6.15 Disclosure. .................................................................................................................. 56 6.16 Compliance with Laws. .............................................................................................. 57 6.17 Intellectual Property; Licenses, Etc. ........................................................................... 57 6.18 Solvency. .................................................................................................................... 57 6.19 Legal Name. ............................................................................................................... 57 6.20 Labor Matters. ............................................................................................................ 57 6.21 [Reserved]. ................................................................................................................. 57 6.22 OFAC. ........................................................................................................................ 57 6.23 Anti-Corruption Laws. ................................................................................................ 57 6.24 EEA Financial Institutions. ......................................................................................... 58 6.25 Acquisition Documents. ............................................................................................. 58 6.26 Use of Proceeds. ......................................................................................................... 58 6.27 Designation as Senior Indebtedness. ..........................................................................