On March 14, 2024, Westinghouse Air Brake Technologies Corporation entered into a Term Credit Agreement, dated as of March 14, 2024. The 2024 Credit Agreement is a standalone credit agreement, consisting of a new term loan facility in an aggregate initial principal amount of $225.0 million. Capitalized terms used but not herein defined are as defined in the 2024 Credit Agreement.

The 2024 Term Loan Facility matures on the fifth anniversary of the Closing Date and is unsecured. The applicable interest rate for borrowings under the 2024 Credit Agreement includes interest rate spreads based on the lower of the pricing corresponding to the Company?s (i) the public rating or (ii) leverage ratio, in each case that range between 1.000% and 1.750% for Term SOFR and Daily Simple SOFR-based borrowings and 0.000% and 0.750% for Alternate Base Rate based borrowings. The obligations of the Company under the 2024 Credit Agreement have been guaranteed by certain of the Company?s subsidiaries.

The 2024 Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on the Company and certain of the Company?s subsidiaries with respect to, among other things, indebtedness, liens, fundamental changes, restricted payments and restrictive agreements. So long as at the time of declaration, and after giving effect to such payments as at the time of declaration, no default or event of default exists and the Company is in compliance with the financial covenants set forth in the 2024 Credit Agreement, the Company is permitted to pay dividends and make other restricted payments.