Revolving Credit Facility Agreement



 Exhibit 10.1 

Published CUSIP No.: 655666AE5 
  

 
 $650,000,000 

REVOLVING CREDIT FACILITY 

Dated as of August 14, 2009 

among NORDSTROM, INC., 

as Borrower, 

THE FINANCIAL INSTITUTIONS NAMED HEREIN, 

as Lenders, 

BANK OF AMERICA, N.A., 

as Agent, 
 WELLS
FARGO BANK, N.A., 
 as Syndication Agent, 

and 
 THE ROYAL
BANK OF SCOTLAND PLC AND U.S. BANK NATIONAL ASSOCIATION, 
 as Co-Documentation Agents 

 
  

BANC OF AMERICA SECURITIES LLC 

and 
 WELLS FARGO
SECURITIES, LLC, 
 as Joint Lead Arrangers and Co-Book Managers 

 







 TABLE OF CONTENTS 

 

					
	 	  	Page
	 ARTICLE 1 DEFINITIONS AND RELATED MATTERS
	  	1
	 Section 1.1
	  	 Definitions
	  	1
	 Section 1.2.
	  	 Related Matters
	  	15
		
	 ARTICLE 2 AMOUNTS AND TERMS OF THE CREDIT FACILITIES
	  	17
	 Section 2.1.
	  	 Revolving Loans
	  	17
	 Section 2.2.
	  	 Bid Loans
	  	19
	 Section 2.3.
	  	 Use of Proceeds
	  	21
	 Section 2.4.
	  	 Interest; Interest Periods; Conversion/Continuation
	  	21
	 Section 2.5.
	  	 Notes, Etc.
	  	23
	 Section 2.6.
	  	 Fees
	  	24
	 Section 2.7.
	  	 Termination and Reduction of Revolving Commitments
	  	24
	 Section 2.8.
	  	 Repayments and Prepayments
	  	25
	 Section 2.9.
	  	 Manner of Payment
	  	25
	 Section 2.10.
	  	 Pro Rata Treatment
	  	26
	 Section 2.11
	  	 Sharing of Payments
	  	27
	 Section 2.12.
	  	 Mandatory Suspension and Conversion of Euro-Dollar Rate Loans
	  	27
	 Section 2.13.
	  	 Regulatory Changes
	  	28
	 Section 2.14.
	  	 Compensation for Funding Losses
	  	29
	 Section 2.15.
	  	 Certificates Regarding Yield Protection, Etc.
	  	29
	 Section 2.16
	  	 Taxes
	  	29
	 Section 2.17.
	  	 Applicable Lending Office; Discretion of Lenders as to Manner of Funding
	  	30
	 Section 2.18.
	  	 Increases in Revolving Commitment
	  	30
		
	 ARTICLE 3 CONDITIONS TO LOANS
	  	31
	 Section 3.1.
	  	 Closing Conditions
	  	31
	 Section 3.2.
	  	 Conditions Precedent to Loans
	  	32
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES
	  	33
	 Section 4.1.
	  	 Organization, Powers and Good Standing
	  	33
	 Section 4.2.
	  	 Authorization, Binding Effect, No Conflict, Etc.
	  	33
	 Section 4.3.
	  	 Financial Information
	  	34
	 Section 4.4.
	  	 No Material Adverse Changes
	  	34
	 Section 4.5.
	  	 Litigation
	  	34
	 Section 4.6.
	  	 Agreements: Applicable Law
	  	34
	 Section 4.7.
	  	 Taxes
	  	34
	 Section 4.8.
	  	 Governmental Regulation
	  	35
	 Section 4.9.
	  	 Margin Regulations/Proceeds of Loans
	  	35
	 Section 4.10.
	  	 Employee Benefit Plans
	  	35
	 Section 4.11.
	  	 Disclosure
	  	35
	 Section 4.12.
	  	 Solvency
	  	35
	 Section 4.13.
	  	 Title to Properties
	  	36
		
	 ARTICLE 5 AFFIRMATIVE COVENANTS OF THE BORROWER
	  	36
	 Section 5.1.
	  	 Financial Statements and Other Reports
	  	36
	 Section 5.2.
	  	 Records and Inspection
	  	38
	 Section 5.3.
	  	 Corporate Existence, Etc.
	  	38

  

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	 Section 5.4
	  	 Payment of Taxes and Claims
	  	38
	 Section 5.5.
	  	 Maintenance of Properties
	  	39
	 Section 5.6.
	  	 Maintenance of Insurance
	  	39
	 Section 5.7.
	  	 Conduct of Business; Compliance with Law
	  	39
	 Section 5.8.
	  	 Further Assurances
	  	39
	 Section 5.9.
	  	 Future Information
	  	39
		
	 ARTICLE 6 NEGATIVE COVENANTS OF THE BORROWER
	  	40
	 Section 6.1.
	  	 Liens
	  	40
	 Section 6.2.
	  	 Restricted Payments
	  	42
	 Section 6.3.
	  	 Financial Covenants
	  	42
	 Section 6.4.
	  	 Restriction on Fundamental Changes
	  	43
	 Section 6.5.
	  	 Asset Dispositions
	  	43
	 Section 6.6.
	  	 Transactions with Affiliates
	  	43
		
	 ARTICLE 7 EVENTS OF DEFAULT, ETC
	  	44
	 Section 7.1.
	  	 Events of Default
	  	44
	 Section 7.2.
	  	 Remedies
	  	46
	 Section 7.3
	  	 Allocation of Payments After Event of Default
	  	46
		
	 ARTICLE 8 THE AGENT
	  	47
	 Section 8.1
	  	 Appointment and Authority
	  	47
	 Section 8.2
	  	 Rights as a Lender
	  	47
	 Section 8.3
	  	 Exculpatory Provisions
	  	47
	 Section 8.4
	  	 Reliance by Agent
	  	48
	 Section 8.5
	  	 Delegation of Duties
	  	48
	 Section 8.6
	  	 Resignation of Agent
	  	49
	 Section 8.7
	  	 Non-Reliance on Agent and Other Lenders
	  	49
	 Section 8.8
	  	 No Other Duties, Etc
	  	49
	 Section 8.9
	  	 Agent May File Proofs of Claim
	  	49
		
	 ARTICLE 9 MISCELLANEOUS
	  	50
	 Section 9.1.
	  	 Expenses
	  	50
	 Section 9.2
	  	 Indemnity; Damages
	  	51
	 Section 9.3.
	  	 Amendments; Waivers; Modifications in Writing
	  	52
	 Section 9.4.
	  	 Cumulative Remedies: Failure or Delays; Enforcement
	  	53
	 Section 9.5
	  	 Notices; Effectiveness; Electronic Communication
	  	53
	 Section 9.6.
	  	 Successors and Assigns; Designations
	  	55
	 Section 9.7.
	  	 Set Off
	  	58
	 Section 9.8.
	  	 Survival of Agreements, Representations and Warranties
	  	58
	 Section 9.9.
	  	 Execution in Counterparts
	  	59
	 Section 9.10.
	  	 Complete Agreement
	  	59
	 Section 9.11.
	  	 Limitation of Liability
	  	59
	 Section 9.12.
	  	 WAIVER OF TRIAL BY JURY
	  	59
	 Section 9.13.
	  	 Confidentiality
	  	59
	 Section 9.14.
	  	 Binding Effect; Continuing Agreement
	  	61
	 Section 9.15.
	  	 NO ORAL AGREEMENTS
	  	61
	 Section 9.16.
	  	 USA Patriot Act Notice
	  	61
	 Section 9.17.
	  	 No Advisory or Fiduciary Responsibility
	  	61
	 Section 9.18.
	  	 Electronic Execution of Assignments and Certain Other Documents
	  	62
	 Section 9.19.
	  	 Replacement of Lenders
	  	62

  

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	 EXHIBITS
	  	
		
	 Exhibit 2.1(c)
	  	 Form of Notice of Borrowing

	 Exhibit 2.1(c)(iii)
	  	 Form of Notice of Responsible Officers

	 Exhibit 2.2(b)(i)
	  	 Form of Bid Loan Quote Request

	 Exhibit 2.2(b)(ii)
	  	 Form of Bid Loan Quote

	 Exhibit 2.4(b)(ii)
	  	 Form of Notice of Conversion/Continuation

	 Exhibit 2.5(a)(i)
	  	 Form of Revolving Loan Note

	 Exhibit 2.5(a)(ii)
	  	 Form of Bid Loan Note

	 Exhibit 3.1(d)
	  	 Form of Closing Officer’s Certificate

	 Exhibit 5.1(c)
	  	 Form of Compliance Certificate

	 Exhibit 9.6(b)
	  	 Form of Assignment and Assumption

		
	 SCHEDULES
	  	
		
	 Schedule 1.1(a)
	  	 Controlling Stockholders

	 Schedule 1.1(b)
	  	 Existing Liens

	 Schedule 1.1(c)
	  	 Revolving Commitments

	 Schedule 4.1
	  	 Organization of Borrower and Subsidiaries

	 Schedule 4.5
	  	 Material Litigation

	 Schedule 9.5
	  	 Certain Addresses for Notices


  


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 REVOLVING CREDIT AGREEMENT 

REVOLVING CREDIT AGREEMENT, dated as of August 14, 2009 (as amended, supplemented or otherwise modified from time to
time, the “Agreement”), by and among NORDSTROM, INC., a Washington corporation (the “Borrower”), the banks and other financial institutions that either now or in the future are parties hereto (collectively the
“Lenders” and each individually a “Lender”), WELLS FARGO BANK, N.A., as syndication agent (in such capacity, the “Syndication Agent”) and BANK OF AMERICA, N.A., as administrative agent for the
Lenders (in such capacity, and any successor in such capacity, the “Agent”). The Lenders, the Syndication Agent and the Agent are collectively referred to herein as the “Lender Parties” and each individually as a
“Lender Party.” 
 RECITALS 

WHEREAS, the Borrower has requested that the Lenders provide a new revolving credit facility in an aggregate amount of
$650,000,000 (the “Credit Facility”) for the purposes hereinafter set forth; 
 WHEREAS, the
Lenders have agreed to make the requested Credit Facility available to the Borrower on the terms and conditions hereinafter set forth; and 

WHEREAS, this Agreement replaces in its entirety the Existing Credit Agreement. 

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS AND RELATED MATTERS 

Section 1.1    Definitions. 

The following terms with initial capital letters have the following meanings: 

“Absolute Rate” is defined in Section 2.2(b)(iii). 

“Administrative Questionnaire” means an Administrative Questionnaire to be completed by each Lender in a
form supplied by the Agent. 
 “Affiliate” means, with respect to any Person, any other Person
that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such first Person. The term “control” means the possession, directly or indirectly, of the power, whether or
not exercised, to direct or cause the direction of the management or policies of a Person, whether through the ownership of Capital Stock, by contract or otherwise, and the terms “controlled” and “common control” have correlative
meanings. Unless otherwise indicated, “Affiliate” refers to an Affiliate of the Borrower. Notwithstanding the foregoing, in no event shall any Lender Party or any Affiliate of any Lender Partly be deemed to be an Affiliate of the Borrower.
For the avoidance of doubt, the parties agree that, as of the date hereof, 1700 Seventh L.P., a Washington limited partnership, is not an Affiliate of the Borrower. 

“Agent” means Bank of America or any successor agent appointed in accordance with
Section 8.6. 







 “Agent’s Account” means the account of the Agent
identified as such on Schedule 9.5, or such other account as the Agent may hereafter designate by notice to the Borrower and each Lender Party. 

“Agent’s Office” means the office of the Agent identified as such on Schedule 9.5, or such
other office as the Agent may hereafter designate by notice to the Borrower and each Lender Party. 

“Agreement” means this Credit Agreement, as it may be amended or modified from time to time, including
all Schedules and Exhibits. 
 “Applicable Law” means all applicable provisions of all
(i) constitutions, treaties, statutes, laws, rules, regulations and ordinances of any Governmental Authority, (ii) Governmental Approvals and (iii) orders, decisions, judgments, awards and decrees of any Governmental Authority.

 “Applicable Lending Office” means, with respect to any Lender, (i) in the case of any
payment with respect to Euro-Dollar Rate Loans, such Lender’s Euro-Dollar Lending Office and (ii) in the case of any payment with respect to Base Rate Loans or Bid Loans or any other payment under the Loan Documents, such Lender’s
Domestic Lending Office. 
 “Applicable Margin” means, at any time, with respect to Facility
Fees, Base Rate Loans or Euro-Dollar Rate Loans, as applicable, the appropriate applicable percentage corresponding to the long term, senior, unsecured, non-credit enhanced debt rating of the Borrower in effect from time to time as shown below:

  

																			
	 	 	Level 	 	 	  	
Long Term, Senior, Unsecured,

Non-Credit

Enhanced Debt Rating of

Borrower
	    	Applicable
Margin for
Euro-Dollar Rate
Loans	  	 	    	Applicable
Margin for
Base Rate
Loans	  	 	    	Applicable
Margin for
Facility Fees	  	 
	 		 	 		 		 		 
	 	 	I. 	 	 	  	
3 A+ from S&P

or

3 A1 from Moody’s
	    	1.075%	  	 	    	0.075%	  	 	    	0.175%	  	 
	 		 	 		 		 		 
	 	 	II. 	 	 	  	
3 A but < A+ from S&P

or

3 A2 but < A1 from Moody’s
	    	1.300%	  	 	    	0.300%	  	 	    	0.200%	  	 
	 		 	 		 		 		 
	 	 	III. 	 	 	  	
3 A- but < A from S&P

or

3 A3 but < A2 from Moody’s
	    	1.750%	  	 	    	0.750%	  	 	    	0.250%	  	 
	 		 	 		 		 		 
	 	 	IV. 	 	 	  	
3 BBB+ but < A- from S&P

or
 Baa1 but <
A3 from Moody’s
	    	2.125%	  	 	    	1.125%	  	 	    	0.375%	  	 
	 		 	 		 		 		 
	 	 	V. 	 	 	  	
3 BBB but < BBB+ from S&P

or

3Baa2 but < Baa1 from Moody’s
	    	2.500%	  	 	    	1.500%	  	 	    	0.500%	  	 

  

 2 









																			
	 	 	Level 	 	 	  	
Long Term, Senior, Unsecured,

Non-Credit

Enhanced Debt Rating of

Borrower
	    	Applicable
Margin for
Euro-Dollar Rate
Loans	  	 	    	Applicable
Margin for
Base Rate
Loans	  	 	    	Applicable
Margin for
Facility Fees	  	 
	 		 	 		 		 		 
	 	 	 	 	 	  	 	    	 	  	 	    	 	  	 	    	 	  	 
	 		 	 		 		 		 
	 	 	VI. 	 	 	  	
3 BBB- but < BBB from S&P

or

3 Baa3 but < Baa2 from Moody’s
	    	2.875%	  	 	    	1.875%	  	 	    	0.625%	  	 
	 		 	 		 		 		 
	 	 	VI. 	 	 	  	 < BBB- from
S&P
 or

< Baa3 from Moody’s

or
 unrated by
S&P and Moody’s
	    	3.250%	  	 	    	2.250%	  	 	    	0.750%	  	 


Notwithstanding the above, (i) if at any time there is a split in ratings between S&P and Moody’s of one
level, the applicable percentage shall be determined by the higher of the two ratings (e.g. A-/Baa1 results in Level III pricing) and (ii) if at any time there is a split between S&P and Moody’s of two or more levels, the applicable
level shall be one level below the higher of the S&P or Moody’s rating (e.g. A-/Baa2 results in Level IV pricing, as does A-/Baa3). 

The credit ratings to be utilized for purposes of determining a Level hereunder are those assigned to the senior
unsecured long-term debt of the Borrower without third-party credit enhancement, and any rating assigned to any other Debt of the Borrower shall be disregarded. The debt rating in effect at any date is the debt rating that is in effect at the close
of business on such date. The Applicable Margin shall be determined and, if necessary, adjusted on the date (each, a “Determination Date”) on which there is any change in the Borrower’s debt ratings. Each Applicable Margin
shall be effective from one Determination Date until the next Determination Date. Any adjustment in the Applicable Margin shall be applicable to all existing Euro-Dollar Rate Loans and all existing Base Rate Loans as well as any new Euro-Dollar Rate
Loans and any new Base Rate Loans made. The Borrower shall notify the Agent in writing immediately upon any change in its debt ratings. 

“Approved Fund” means any Fund that is administered or managed by (i) a Lender, (ii) an
Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more
Approved Funds managed by the same investment advisor. 
 “Assignment and Assumption” means an
Assignment and Assumption in the form of Exhibit 9.6(b). 
 “Bank of America” means Bank of
America, N.A. or any successor thereto. 
 “Bankruptcy Code” means Title 11 of the United
States Code (11 U.S.C. Section 101 et seq.), as amended, modified, succeeded or replaced from time to time. 

“BAS” means Banc of America Securities LLC or any successor thereto, in its capacity as joint lead
arranger and co-book manager. 
  

 3 








 “Base Rate” means for any day a
fluctuating rate per annum equal to the highest of (i) the Federal Funds Rate plus
 1/2 of 1%, (ii) the Prime Rate and
(iii) the Interbank Offered Rate plus 1.0%. Notwithstanding the reference to the Interbank Offered Rate in this definition, such rate is for reference only, and the Base Rate shall in no event include “match-funding” of Loans using
the Base Rate or cause such Loans to be subject to an interest period or adjustment of the rate due to taxes, Applicable Lending Office or the like; the unavailability of the Interbank Offered Rate at any time shall result solely in the Base Rate
being the higher of the other two rates. 
 “Base Rate Loan” means a Revolving Loan, or
portion thereof, that bears interest by reference to the Base Rate. 
 “Bid Loan” is defined in
Section 2.2(a). 
 “Bid Loan Borrowing” is defined in Section 2.2(a).

 “Bid Loan Note” means a Bid Loan Note made by the Borrower, in substantially the form of
Exhibit 2.5(a)(ii), payable to the order of a Lender, evidencing the obligation of the Borrower to repay the Bid Loans made by such Lender, and includes any Bid Loan Note issued in exchange or substitution therefor. 

“Bid Loan Quote” is defined in Section 2.2(b)(ii). 

“Bid Loan Quote Request” is defined in Section 2.2(b)(i). 

“Borrower” means Nordstrom, Inc., a Washington corporation, and its successors and permitted assigns.

 “Borrower Account” means the account of the Borrower identified as such on Schedule
9.5, or such other account as the Borrower may hereafter designate by notice to the Agent, with the prior consent of the Agent (such consent not to be withheld, conditioned or delayed so long as the designation of such account would not prevent
the Agent from satisfying its obligations hereunder in a timely manner). 
 “Borrower
Materials” is defined in Section 5.1. 
 “Borrowing” means a
contemporaneous borrowing of Loans of the same Type. 
 “Business Day” means any day that
(i) is not a Saturday, Sunday or other day on which commercial banks in Seattle, Washington, San Francisco, California or Charlotte, North Carolina are authorized or obligated to close and (ii) if the applicable Business Day relates to any
Euro-Dollar Rate Loans, is a Euro-Dollar Business Day. 
 “Capital Expenditures” means, for any
period, for the Borrower and its consolidated Subsidiaries, all capital expenditures as determined in accordance with GAAP, but excluding expenditures to the extent made with insurance proceeds received in connection with any loss of, damage to or
destruction of any property of the Borrower or its consolidated Subsidiaries so long as such insurance proceeds are used to purchase, replace, rebuild or refurbish property that is useful in the business of the Borrower or its Subsidiaries.

  

 4 








 “Capital Stock” means, with respect to any Person, all
(i) shares, interests, participations or other equivalents (howsoever designated) of capital stock and other equity or ownership interests of such Person and (ii) rights (other than debt securities convertible into capital stock or other
equity interests), warrants or options to acquire any such capital stock or other equity interests. 

“Capitalized Leases” means, as to any Person, all leases of such Person of real or personal property
that in accordance with GAAP are or should be capitalized on the balance sheet of such Persons. The amount of any Capitalized Lease shall be the capitalized amount thereof as determined in accordance with GAAP. 

“Change of Control” means that (a) a majority of the directors of the Borrower shall be Persons
other than Persons (x) for whose election proxies shall have been solicited by the board of directors of the Borrower or for whose appointment or election is otherwise approved or ratified by the board of directors of the Borrower or
(y) who are then serving as directors appointed by the board of directors to fill vacancies on the board of directors caused by death or resignation (but not by removal) or to fill newly-created directorships or (b) any “person”
or “group” (as such terms are used in Sections 13(d) of the Securities Exchange Act of 1934), other than the Controlling Stockholders, becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities
Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire whether such right is immediately exercisable or only after the passage
of time), directly or indirectly, of Voting Stock of the Borrower (or other securities convertible into such Voting Stock) representing 50% or more of the combined voting power of all Voting Stock of the Borrower. 

“Closing Date” means the date of this Agreement. 

“Code” means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder, as
amended, modified, succeeded or replaced from time to time. 
 “Compliance Certificate” is
defined in Section 5.1(c). 
 “Contingent Obligation” means, as to any Person, any
obligation, direct or indirect, contingent or otherwise, of such Person which does or would reasonably be expected to result in the direct payment of money (i) with respect to any Debt or other obligation of another Person, including any direct
or indirect guarantee of such Debt (other than any endorsement for collection in the ordinary course of business) or any other direct or indirect obligation, by agreement or otherwise, to purchase or repurchase any such Debt or obligation or any
security therefor, or to provide funds for the payment or discharge of any such Debt or obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), (ii) to provide funds to maintain the financial
condition of any other Person, (iii) to lease or purchase property, securities or services primarily for the purpose of assuring the holders of Debt or other obligations of another Person or (iv) otherwise to assure or hold harmless the
holders of Debt or other obligations of another Person against loss in respect thereof. The amount of any Contingent Obligation shall be the greater of (a) the amount of the Debt or obligation guaranteed or otherwise supported thereby or
(b) the maximum amount guaranteed or supported by the Contingent Obligation. The term “Contingent Obligation”, as used with respect to the Borrower or any Subsidiary, shall not include (1) the obligations of the Borrower under
any obligation which the Borrower has or may have to sell to, repurchase from or indemnify the purchaser or other transferee with respect to accounts discounted, sold or in which an interest is otherwise transferred by the Borrower or any Subsidiary
in the ordinary course of its business (but any such other obligation shall be excluded only to the extent that such other obligation is for the benefit, directly or indirectly, of any Person that is a Wholly-Owned Subsidiary (direct or indirect) of
the Borrower); or (2) any obligation which a Subsidiary has or may have to sell to, repurchase from or indemnify the purchaser or other transferee with respect to accounts discounted, sold or in which an interest is otherwise transferred by the
Borrower or such Subsidiary in the ordinary course 
  

 5 








 
of its business (but any such other obligation shall be excluded only to the extent that such obligation is for the benefit, directly or indirectly, of any Person that is a Wholly-Owned
Subsidiary (direct or indirect) of the Borrower); (3) supply, service or licensing agreements between or among the Borrower or its Subsidiaries and any Affiliate(s), in each case, so long as such agreements comply with Section 6.6;
(4) environmental indemnities routinely given as part of sale, lease or other disposition or acquisition of real estate, or (5) “indemnities” for attorneys’ fees and costs which are incidental to another transaction and/or
damages arising from breach of the terms of such transaction. 
 “Contractual Obligation”
means, as applied to any Person, any provision of any security issued by that Person or of any indenture, agreement or other instrument to which that Person is a party or by which it or any of the properties owned or leased by it is bound or
otherwise subject. 
 “Controlled Group” means all members of a controlled group of
corporations and all trades or businesses (irrespective of whether incorporated) that, together with the Borrower or any Subsidiary, are or were treated as a single employer under Section 414 of the Code. 

“Controlling Stockholders” means the individuals listed on Schedule 1.1(a) hereto and the spouse
and lineal descendants of any such individual. 
 “Debt” means, with respect to any Person, the
aggregate amount of, without duplication: (i) all obligations for borrowed money (including, except as otherwise provided in subpart (iii) below, purchase money indebtedness) other than, with respect to Debt of the Borrower or any of its
Subsidiaries, funds borrowed by the Borrower or any such Subsidiary from the Borrower or another such Subsidiary; (ii) all obligations evidenced by bonds, debentures, notes or other similar instruments; (iii) all obligations to pay the
deferred purchase price of property or services, except trade accounts payable (which trade payables are deemed to include any consignment purchases) arising in the ordinary course of business that are not overdue; (iv) the principal portion of
all obligations under (a) Capitalized Leases and (b) any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product of such Person where such transaction is considered borrowed
money indebtedness for tax purposes but is classified as an operating lease in accordance with GAAP; (v) all obligations of third parties secured by a Lien on any asset owned by such Person whether or not such obligation or liability is
assumed; (vi) all obligations of such Person, contingent or otherwise, in respect of any letters of credit or bankers’ acceptances; (vii) all Contingent Obligations; (viii) the aggregate amount paid to, or borrowed by, such
Person as of such date under a sale of receivables or similar transaction (regardless of whether such transaction is effected without recourse to such Person or in a manner that would not be reflected on the balance sheet of such Person in
accordance with GAAP); (ix) all Debt of any partnership or unincorporated joint venture to the extent such Person is legally obligated with respect thereto; and (x) all net obligations with respect to interest rate protection agreements,
foreign currency exchange agreements, commodity purchase or option agreements or other interest or exchange rate or commodity price hedging agreements. 

“Default” means any condition or event that, with the giving of notice or lapse of time or both, would,
unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender
that (a) has failed to fund any portion of the Loans required to be funded by it hereunder within three Business Days of the date required to be funded by it hereunder, unless the subject of a good faith dispute or unless such failure has been
cured, (b) has otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good faith dispute or unless such failure
has been cured, or (c) has been adjudicated or determined by a governmental entity having authority over such Person or its assets to be insolvent or become the subject of a bankruptcy or insolvency proceeding or has had a receiver,
conservator, trustee or custodian appointed for it; provided 
  

 6 








 
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any ownership interest in such Lender or a parent company thereof or the exercise of control
over a Lender or Person controlling such Lender by a Governmental Authority or an instrumentality thereof; it being understood that if a Lender has been turned over to the FDIC (or a similar regulatory entity) for the purpose of sale or liquidation
it shall be a Defaulting Lender. 
 “Dollars” and “$” mean lawful money of the
United States of America. 
 “Domestic Lending Office” means the office, branch or Affiliate of
any Lender described in such Lender’s Administrative Questionnaire as its Domestic Lending Office or such other office, branch or Affiliate as the Lender may hereafter designate as its Domestic Lending Office for one or more Types of Loans by
notice to the Borrower and the Agent. 
 “EBITDAR” means, for any period, with respect to the
Borrower and its consolidated Subsidiaries, Net Income plus, to the extent deducted in determining such Net Income, the sum of (a) Interest Expense, (b) income tax expense, (c) depreciation expense, (d) amortization expense,
(e) Rent Expense and (f) non-recurring, non-cash charges (including goodwill or other impairment charges) in an aggregate principal amount not to exceed $50,000,000 during the term of this Agreement, in each case as determined in
accordance with GAAP. 
 “Eligible Assignee” means (a) a Lender; (b) an Affiliate of
a Lender; (c) an Approved Fund; and (d) any other Person (other than a natural person) approved by (i) the Agent, and (ii) unless an Event of Default has occurred and is continuing, the Borrower (each such approval not to be
unreasonably withheld or delayed; it being understood that it shall be reasonable for the Borrower to withhold consent to a new assignee Lender if as a result of such assignment the Borrower would incur additional costs, including without
limitation, under Sections 2.13 and 2.16; and the assignee Lender shall provide such information, if requested by the Borrower, in connection with any proposed assignment); provided that notwithstanding the foregoing,
“Eligible Assignee” shall not include (i) the Borrower or any of the Borrower’s Affiliates or Subsidiaries, (ii) any competitor of the Borrower or any affiliate of a competitor of the Borrower or the Borrower’s
Affiliates or (iii) any Defaulting Lender. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended from time to time. 
 “ERISA Event” means
(i) (a) the occurrence of a reportable event, within the meaning of Section 4043(c) of ERISA, with respect to any Plan unless the 30-day notice requirement with respect to such event has been waived by the PBGC (provided that a
reportable event arising from the disqualification of a Plan or the distress termination of a Plan under ERISA Section 4041(c) shall be deemed to be an ERISA Event without regard to any waiver of notice by the PBGC by regulation or otherwise),
or (b) the requirements of subsection (1) of Section 4043(b) of ERISA (without regard to subsection (2) of such Section) are met with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan,
and an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan within the following 30 days; (ii) the minimum required contribution (as
defined in Section 430(a) of the Code) to each Pension Plan, and the minimum contribution required under Section 412 of the Code have not been timely contributed with respect to a Plan; (iii) the provision by the administrator of a
Plan of a notice of intent to terminate such Plan pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (iv) the cessation of operations at a
facility of the Borrower or any member of the Controlled Group in the circumstances described in Section 4062(e) of ERISA; (v) the withdrawal by the Borrower or any member of the Controlled Group from a Plan during a plan year for which it
was a substantial employer, as defined in Section 4001(a)(2) 
  

 7 








 
of ERISA; (vi) the adoption of an amendment to a Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA; or (vii) the institution by the PBGC of
proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to
administer, a Plan. 
 “Euro-Dollar Business Day” means any Business Day on which commercial
banks are open for international business (including dealings in interbank Dollar deposits) in London, England. 

“Euro-Dollar Lending Office” means the office, branch or Affiliate of any Lender described in such
Lender’s Administrative Questionnaire as its Euro-Dollar Lending Office or, subject to the terms hereof, such other office, branch or Affiliate as such Lender may hereafter designate as its Euro-Dollar Lending Office by notice to the Borrower
and the Agent. 
 “Euro-Dollar Rate” means, for any Interest Period with respect to any
Euro-Dollar Rate Loan, a rate per annum determined by the Agent to be equal to the quotient obtained by dividing (a) the Interbank Offered Rate for such Euro-Dollar Rate Loan for such Interest Period by (b) one minus the Euro-Dollar
Reserve Requirement for such Euro-Dollar Rate Loan for such Interest Period. 
 “Euro-Dollar Rate
Loan” means a Revolving Loan, or portion thereof, that bears interest at a rate determined by reference to a Euro-Dollar Rate (and as to which a single Interest Period is applicable) but such term excludes any Base Rate Loan on which the
Base Rate is determined based on the Interbank Offered Rate under the definition of Base Rate or any Bid Loan. 

“Euro-Dollar Reserve Requirement” means, for any day during any Interest Period, the reserve percentage
(expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement
(including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Euro-Dollar Rate for each outstanding Euro-Dollar Rate Loan shall
be adjusted automatically as of the effective date of any change in the Euro-Dollar Reserve Requirement. 

“Event of Default” means any of the events specified in Section 7.1. 

“Excluded Tax” means, with respect to any payment to any Lender Party, (i) any taxes imposed on or
measured by the overall net income (including a franchise tax based on net income) of such Lender Party by any Governmental Authority or taxing authority thereof or therein, and (ii) any taxes imposed on or measured by the overall net income
(including a franchise tax based on net income) of such Lender Party or its Agent’s Office or Applicable Lending Office in respect of which the payment is made, by any Governmental Authority in the jurisdiction in which it is incorporated,
maintains its principal executive office or in which such Agent’s Office or Applicable Lending Office is located. 

“Existing Credit Agreement” means that certain Revolving Credit Agreement, dated as of November 4,
2005, by and among the Borrower, the financial institutions party thereto as lenders thereunder and Bank of America, N.A., as administrative agent for such lenders, as it has been amended, supplemented or otherwise modified from time to time.

 “Existing Liens” means the Liens described on Schedule 1.1(b). 

“Facility Fee” is defined in Section 2.6(a). 

 

 8 








 “Federal Funds Rate” means, for any
day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York
on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of
 1/100 of 1%) charged to Bank of America on such day
on such transactions as determined by the Agent. 
 “Federal Reserve Board” means the
Board of Governors of the Federal Reserve System, or any successor thereto. 
 “Fee Letter”
means that certain letter agreement, dated as of July 8, 2009, among the Borrower, the Agent and BAS regarding certain fees relating to this Agreement, as the same may be amended, supplemented or otherwise modified in writing from time to time
by the Borrower, the Agent and BAS. 
 “Fees” means, collectively, the fees defined in or
referenced in Section 2.6. 
 “Fiscal Year” means the fiscal year of the Borrower,
which shall be the twelve month-period ending on January 31 in each year or such other period as the Borrower may designate and the Agent may approve in writing. “Fiscal Quarter” or “fiscal quarter” means any
quarter of a Fiscal Year. 
 “Fixed Charge Coverage Ratio” is defined in
Section 6.3(b). 
 “Fund” means any Person (other than a natural person) that is
(or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Funded Debt” means, with respect to the Borrower and its Subsidiaries, on a consolidated basis, the
aggregate amount of, without duplication: (i) all obligations for borrowed money (including, except as otherwise provided in subpart (iii) below, purchase money indebtedness) other than funds borrowed by the Borrower or any Subsidiary from
the Borrower or another Subsidiary; (ii) all obligations evidenced by bonds, debentures, notes or other similar instruments; (iii) all obligations to pay the deferred purchase price of property or services, except trade accounts payable
(which trade payables are deemed to include any consignment purchases) arising in the ordinary course of business that are not overdue; (iv) the principal portion of all obligations under (a) Capitalized Leases and (b) any synthetic
lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product of the Borrower or any of its Subsidiaries where such transaction is considered borrowed money indebtedness for tax purposes but is
classified as an operating lease in accordance with GAAP; (v) all obligations of others secured by a Lien on any asset owned by the Borrower or any of its Subsidiaries whether or not such obligation or liability is assumed; and (vi) the
aggregate amount paid to, or borrowed by, the Borrower or any of its Subsidiaries as of such date under a sale of receivables or similar transaction (regardless of whether such transaction is effected without recourse to the Borrower or any of its
Subsidiaries or in a manner that would not be reflected on the balance sheet of the Borrower or any of its Subsidiaries in accordance with GAAP). 

“Funding Date” means any date on which a Loan is (or is requested to be) made. 

“GAAP” means generally accepted accounting principles as in effect in the United States of America from
time to time and applied on a consistent basis. 
  

 9 








 “Governmental Approval” means an authorization, consent,
approval, permit or license issued by, or a registration, qualification or filing with, any Governmental Authority. 

“Governmental Authority” means any nation and any state or political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any tribunal or arbitrator of competent jurisdiction. 

“Indemnitees” is defined in Section 9.2. 

“Information” is defined in Section 9.13. 

“Interbank Offered Rate” means: 

(a)      For any Interest Period with respect to a Euro-Dollar Rate Loan,
the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Agent from time to time) at
approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period. If such rate is
not available at such time for any reason, then the “Interbank Offered Rate” for such Interest Period shall be the rate per annum determined by the Agent to be the rate at which deposits in Dollars for delivery on the first day of such
Interest Period in same day funds in the approximate amount of the Euro-Dollar Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of America’s London
Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such Interest Period. 

(b)      For any day with respect to an interest rate calculation for a Base
Rate Loan, the rate per annum equal to BBA LIBOR at approximately 11:00 a.m., London time, two Business Days prior to such date for Dollar deposits (for delivery on such day) with a term equivalent to one month. If such rate is not available at such
time for any reason, then the "Interbank Offered Rate" shall be the rate determined by the Agent to be the rate at which deposits in Dollars for delivery on the Funding Date for such Base Rate Loan in same day funds in the approximate amount of the
Base Rate Loan being made, continued or converted by Bank of America and with a term equivalent to one month would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at approximately 11:00
a.m. (London time) two Business Days prior to such day. 
 “Interest Expense” means the
consolidated interest expense (including the amortization of debt discount and premium, the interest component under Capitalized Leases and the implied interest component under synthetic leases, tax retention operating leases, off-balance sheet
loans or similar off-balance sheet financing products) of the Borrower and its Subsidiaries, as determined in accordance with GAAP. 

“Interest Period” means, subject to the conditions set forth below: 

(i) with respect to each Euro-Dollar Rate Loan, the period commencing on the Funding Date specified in the
related Notice of Borrowing or Notice of Conversion/Continuation and ending (subject to availability to all Lenders) one, two, three or six months thereafter, as the Borrower may elect, as applicable; and 

 

 10 








 (ii) with respect to any Bid Loan, the period commencing on
the Funding Date specified in the related Bid Loan Quote Request and ending on any Business Day not less than seven and not more than 30 days thereafter, as the Borrower may request as provided in Section 2.2(b)(i). 

Notwithstanding the foregoing: (a) if a Euro-Dollar Rate Loan is continued, the Interest Period applicable to the
continued Euro-Dollar Rate Loan shall commence on the day on which the Interest Period applicable to such Euro-Dollar Rate Loan ends; (b) any Interest Period applicable to a Euro-Dollar Rate Loan (1) that would otherwise end on a day that
is not a Business Day shall be extended to the next succeeding Business Day, unless such succeeding Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day or (2) that begins
on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month; and (c) no
Interest Period shall end after the Maturity Date. 
 “Investment Agreement” means the
Investment Agreement, dated as of October 8, 1984, between the Borrower and Nordstrom Credit, Inc., a Colorado corporation, as amended from time to time. 

“Lender” means each of those banks and other financial institutions identified as such on the signature
pages hereto and such other institutions that may become Lenders pursuant to Section 9.6(b) or Section 2.18. 

“Lender Party” means each of the Lenders, the Agent and the Syndication Agent. 

“Leverage Ratio” is defined in Section 6.3(a). 

“Lien” means any lien, mortgage, pledge, security interest, charge, or encumbrance of any kind
(including any conditional sale or other title retention agreement or any lease in the nature thereof) and any agreement to give any lien, mortgage, pledge, security interest, charge, or other encumbrance of any kind. 

“Loan” means a Base Rate Loan, Euro-Dollar Rate Loan or Bid Loan, each of which constitutes a
“Type” of Loan. 
 “Loan Documents” means, collectively, this Agreement, the
Notes, and any other agreement, instrument or other writing executed or delivered by the Borrower in connection herewith, and all amendments, exhibits and schedules to any of the foregoing. 

“Margin Regulations” means Regulations T, U and X of the Federal Reserve Board, as amended from time to
time, or any successor regulations. 
 “Margin Stock” means “margin stock” as defined
in the Margin Regulations. 
 “Material Adverse Effect” or “Material Adverse
Change” means (i) a material adverse effect on or (ii) a material adverse change in, as the case may be, any one or more of the following: (A) the business, assets, liabilities, results of operations or condition (financial
or otherwise) of the Borrower and its Subsidiaries taken as a whole or (B) the ability of the Borrower to perform its obligations under any Loan Document to which it is a party or (C) the actual material rights and remedies of any Lender
Party under any Loan Document. 
  

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 “Material Contractual Obligation” means a Contractual
Obligation, the violation of which could reasonably be expected to have a Material Adverse Effect. 

“Maturity Date” means August 14, 2012. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor or assignee of the business
of such company in the business of rating debt. 
 “Mortgages” means mortgages, deeds of trust
or deeds to secure debt that purport to grant to a Person a security interest in the fee interests and/or leasehold interests of the Borrower or any Subsidiary in any real property. 

“Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA.

 “Net Income” means, for any period with respect to the Borrower and its consolidated
Subsidiaries, net income (or net loss), excluding the effect of extraordinary or other non-recurring gains and losses, as determined in accordance with GAAP. 

“Note” means a Revolving Loan Note or Bid Loan Note. 

“Notice of Borrowing” is defined in Section 2.1(c)(i). 

“Notice of Conversion/Continuation” is defined in Section 2.4(b)(ii). 

“Notice of Responsible Officers” is defined in Section 2.1(c)(iii). 

“Obligations” means all present and future obligations and liabilities of the Borrower of every type and
description arising under or in connection with the Loan Documents due or to become due to the Lender Parties or any Person entitled to indemnification under the Loan Documents, or any of their respective successors, transferees or assigns, whether
for principal, interest, Fees, expenses, indemnities or other amounts (including attorneys’ fees and expenses) and whether due or not due, direct or indirect, joint and/or several, absolute or contingent, voluntary, or involuntary, liquidated
or unliquidated, determined or undetermined, and whether now or hereafter existing, renewed or restructured. 

“Participant” is defined in Section 9.6(d). 

“PBGC” means the Pension Benefit Guaranty Corporation, as defined in Title IV of ERISA, or any
successor. 
 “Permitted Liens” means, with respect to any asset, the Liens (if any) permitted
to exist on such asset in accordance with Section 6.1. 
 “Person” means an individual, a
corporation, a partnership, a limited liability company, a trust, an unincorporated organization or any other entity or organization, including a government or any agency or political subdivision thereof. 

“Plan” means, at any time, any employee pension benefit plan that is covered by Title IV of ERISA or
subject to the minimum funding standards under Section 430 of the Code and that is either (i) maintained by the Borrower or any member of a Controlled Group for employees of the Borrower or such Controlled Group or was formerly so
maintained and in respect of which the Borrower or any member of the Controlled Group could have liability under Section 4069 of ERISA in the event such plan 

 

 12 








 
has been or were to be terminated or (ii) maintained for employees of the Borrower or any member of the Controlled Group and at least one Person other than the Borrower and the members of
the Controlled Group or was formerly so maintained and in respect of which the Borrower or any member of the Controlled Group could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated.

 “Platform” is defined in Section 5.1. 

“Post-Default Rate” means (i) with respect to all Base Rate Loans and any other amounts (other than
then outstanding Euro-Dollar Rate Loans) owing hereunder not paid when due, a rate per annum equal at all times to the rate otherwise applicable to Base Rate Loans plus 2.00% per annum, and (ii) with respect to each then outstanding
Euro-Dollar Rate Loan, a rate per annum equal at all times to the rate otherwise applicable to such Euro-Dollar Rate Loan plus 2.00% per annum. 

“Prime Rate” means the rate of interest in effect for such day as publicly announced from time to time
by Bank of America as its “prime rate.” The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is
used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in the “prime rate” announced by Bank of America shall take effect at the opening of business on the day specified in
the public announcement of such change. 
 “Recourse Agreement” means the Recourse Agreement,
dated as of March 1, 2001, between the Borrower and Nordstrom Credit, Inc., a Colorado corporation, for the benefit of Nordstrom fsb, a federal savings bank, as amended from time to time. 

“Regulation D” means Regulation D of the Federal Reserve Board, as amended from time to time.

 “Regulatory Change” means (i) the adoption or becoming effective after the date hereof
of any treaty, law, rule or regulation, (ii) any change in any such treaty, law, rule or regulation (including Regulation D), or any change in the administration or enforcement thereof, by any Governmental Authority, central bank or other
monetary authority charged with the interpretation or administration thereof, in each case after the date hereof, or (iii) compliance after the date hereof by any Lender Party (or its Applicable Lending Office or, in the case of capital
adequacy requirements, any holding company of any Lender Party) with any interpretation, directive, request, order or decree (whether or not having the force of law) of any such Governmental Authority, central bank or other monetary authority.

 “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 

“Rent Expense” means the consolidated rent expense of the Borrower and its Subsidiaries, as determined
in accordance with GAAP. 
 “Required Lenders” means Lenders having more than 50% of the
Revolving Commitments or, if the Revolving Commitments have terminated, Lenders holding more than 50% of the aggregate unpaid principal amount of the Loans. The Revolving Commitments of, and the outstanding Loans held by, any Defaulting Lender shall
be excluded for purposes of making a determination of Required Lenders for as long as such Lender is a Defaulting Lender. 

“Responsible Officer” is defined in Section 2.1(c)(iii). 

 

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 “Restricted Payment” means (i) any dividend or other
distribution, direct or indirect, on account of any Capital Stock of the Borrower or any Subsidiary now or hereafter outstanding, except (a) a dividend or other distribution payable solely in shares or equivalents of Capital Stock of the same
class as the Capital Stock on account of which the dividend or distribution is being paid or made and (b) the issuance of equity interests upon the exercise of outstanding warrants, options or other rights, or (ii) any redemption,
retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Capital Stock of the Borrower or any Subsidiary now or hereafter outstanding. 

“Revolving Commitment” means, with respect to each Lender, the amount set forth for such Lender on
Schedule 1.1(c) or as set forth in the Assignment and Assumption or in any other documentation described in Section 2.18 pursuant to which such Lender becomes a party hereto, in each case, as modified or terminated from time to
time pursuant to the terms hereof. 
 “Revolving Commitment Percentage” means, for each Lender,
the percentage identified on Schedule 1.1(c) opposite such Lender’s name or as set forth in the Assignment and Assumption or in any other documentation described in Section 2.18 pursuant to which such Lender becomes a party
hereto, in each case, as such percentage may be modified in accordance with the terms hereof. 

“Revolving Commitment Termination Date” is defined in Section 2.7(a). 

“Revolving Committed Amount” means SIX HUNDRED FIFTY MILLION DOLLARS ($650,000,000), as such amount may
be reduced in accordance with Section 2.7 or increased in accordance with Section 2.18. 

“Revolving Loan Note” means a Revolving Loan Note made by the Borrower, in substantially in the form of
Exhibit 2.5(a)(i), payable to the order of a Lender, evidencing the obligation of the Borrower to repay the Revolving Loans made by such Lender and includes any Revolving Loan Note issued in exchange or substitution therefor. 

“Revolving Loans” is defined in Section 2.1(a)(i). 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or any successor or assignee of the business of such division in the business of rating debt. 

“Sale and Leaseback Transaction” means, with respect to the Borrower or any Subsidiary, any arrangement,
directly or indirectly, with any Person whereby the Borrower or such Subsidiary shall sell or transfer any property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property
that it intends to use for substantially the same purpose or purposes as the property being sold or transferred. 

“SEC” means the United States Securities and Exchange Commission, and any successor thereto. 

“Senior Officer” means, with respect to the Borrower, the chairman of the board of directors; the
president; the chief executive officer; the chief operating officer; the chief financial officer; or the vice president and treasurer of the Borrower. 

“Solvent” and “Solvency” mean, with respect to any Person as of a particular date, that
on such date (i) such Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (ii) such Person does not intend to, and does not believe that it
will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature in their 

 

 14 








 
ordinary course, (iii) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s assets would
constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged or is about to engage, (iv) the fair value of the assets of such Person is greater than the total
amount of liabilities, including, without limitation, contingent liabilities, of such Person and (v) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of
such Person on its debts as they become absolute and matured. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Subsidiary” means, with respect to any Person, any other Person of which more than 50% of the Voting
Stock is at the time directly or indirectly owned by such first Person. Unless otherwise indicated, “Subsidiary” refers to a Subsidiary of the Borrower. 

“Support Letter” means (i) that certain letter from the Borrower to Nordstrom fsb, a federal
savings bank, dated as of June 17, 2004 affirming the Borrower’s commitment to provide adequate funding to allow Nordstrom fsb to meet its obligations, as amended by a letter dated June 2005, and as further amended from time to time,
(ii) that certain Savings Association Support Agreement dated as of May 31, 2009 among the Borrower, Nordstrom Credit, Inc. and the Office of Thrift Supervision, a Federal banking agency existing under the laws of the United States of
America, affirming the Borrower’s commitment to provide adequate funding to allow Nordstrom fsb to meet its obligations, as amended from time to time and/or (iii) such other similar type agreements as are required by an applicable
regulator. 
 “Syndication Agent” means Wells Fargo Bank, N.A., or any successors thereto.

 “Taxes” means any income, stamp, excise, property and other taxes, charges, fees, levies,
duties, imposts, withholdings or other assessments, together with any interest and penalties, additions to tax and additional amounts imposed by any federal, state, local or foreign taxing authority upon any Person. 

“Type” is defined in the definition of “Loan.” 

“Voting Stock” means Capital Stock issued by a corporation, or equivalent interests in any other Person,
the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right to so vote has been suspended by the happening of
such a contingency. 
 “Wholly-Owned” means, with respect to any Subsidiary, that all the
Capital Stock (except for directors’ qualifying shares) of such Subsidiary are directly or indirectly owned by the Borrower. 

Section 1.2.    Related Matters. 

    (a)      Construction. Unless the context of
this Agreement clearly requires otherwise, references to the plural include the singular, the singular includes the plural, the part includes the whole, “including” is not limiting, and “or” has the inclusive meaning represented
by the phrase “and/or.” The words “hereof,” “hereto,” “hereby,” “hereunder” and similar terms in this Agreement refer to this Agreement as a whole (including the Preamble, the Recitals, the Schedules
and the Exhibits) and not to any particular provision of this Agreement. References in this Agreement to “Articles,” “Sections,” “Subsections,” “Exhibits,” “Schedules,” “Recitals” and
“Preambles” are to this Agreement unless otherwise specified. References in this Agreement to 
  

 15 








 
any agreement, other document or law “as amended” or “as amended from time to time,” or to amendments of any document or law, shall include any amendments, supplements,
replacements, renewals, waivers or other modifications. References in this Agreement to any law (or any part thereof) include any rules and regulations promulgated thereunder (or with respect to such part) by the relevant Governmental Authority, as
amended from time to time. 

    (b)      Determinations. Any determination or
calculation contemplated by this Agreement that is made by any Lender Party in good faith and reasonably shall be final and conclusive and binding upon the Borrower and, in the case of determinations by the Agent, also the other Lender Parties, in
the absence of manifest error. All consents and other actions of any Lender Party contemplated by this Agreement may be given, taken, withheld or not taken in such Lender Party’s discretion (whether or not so expressed), except as otherwise
expressly provided herein. 

    (c)      Accounting Terms and Determinations.
Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared on a consolidated
basis in accordance with GAAP. In the event that any “Accounting Change” (as defined below) shall occur and such change results in a material change in the resulting financial covenants, standards or terms in this Agreement, then the
Borrower and the Lender Parties agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating the Borrower’s
financial condition shall be the same after such Accounting Changes as they would be if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Borrower, the Agent and the
Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting
principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC or any regulator of financial
institutions or financial institution holding companies. 

    (d)      Governing Law and Submission to
Jurisdiction. 
     (i)     THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS (OTHER THAN THE RULES REGARDING CONFLICTS OF LAWS) OF THE STATE OF WASHINGTON. 

    (ii)    THE BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS,
FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF WASHINGTON SITTING IN KING COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE WESTERN DISTRICT OF WASHINGTON, AND ANY APPELLATE COURT FROM ANY THEREOF, IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF
ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH WASHINGTON STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL

  

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JUDGMENT IN ANY SUCH ACTION 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. NOTHING IN THIS AGREEMENT
OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE
COURTS OF ANY JURISDICTION. 

    (e)        Headings.  The
Article and Section headings used in this Agreement are for convenience of reference only and shall not affect the construction hereof. 

    (f)        Severability.  
If any provision of this Agreement shall be held to be invalid, illegal or unenforceable under Applicable Law in any jurisdiction, such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability, which shall
not affect any other provisions hereof or the validity, legality or enforceability of such provision in any other jurisdiction. 

    (g)        Time.  All
references to time herein shall be references to Pacific Standard Time or Pacific Daylight Time, as the case may be, unless specified otherwise. 

ARTICLE 2 

AMOUNTS AND TERMS OF THE CREDIT FACILITIES 

Section 2.1.    Revolving Loans. 

(a)        General Terms. 

    (i)        Each Lender severally agrees,
upon the terms and subject to the conditions set forth in this Agreement, at any time from and after the Closing Date until the Business Day next preceding the Revolving Commitment Termination Date, to make revolving loans (each a “Revolving
Loan”) to the Borrower; provided that (A) the sum of all Revolving Loans outstanding plus all Bid Loans outstanding shall not exceed the Revolving Committed Amount and (B) with respect to each individual Lender, such Lender’s
pro rata share of outstanding Revolving Loans shall not exceed such Lender’s Revolving Commitment Percentage of the Revolving Committed Amount. 

    (ii)      Revolving Loans may be voluntarily prepaid
pursuant to Section 2.8(c) and, subject to the provisions of this Agreement, any amounts so prepaid or otherwise repaid in accordance with their terms may be re-borrowed, up to the amount available under this Section 2.1 at
the time of such reborrowing. 
 (b)        Type of Loans and
Amounts. 
     (i)        Loans
made under this Section 2.1 may be Base Rate Loans or Euro-Dollar Rate Loans, subject, however, to Sections 2.4(c) and 2.12. 

    (ii)      Each Borrowing of Revolving Loans shall be
in a minimum aggregate amount of $1,000,000 and integral multiples of $100,000 in excess thereof, in the case of a Borrowing of Base Rate Loans, or a minimum aggregate amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof, in
the case of a Borrowing of Euro-Dollar Rate Loans. 
  

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 (c)        Notice of
Borrowing. 
     (i)        When
the Borrower desires to borrow Revolving Loans pursuant to this Section 2.1, it shall provide telephonic notice to the Agent followed promptly by a written Notice of Borrowing substantially in the form of Exhibit 2.1(c), duly
completed and executed by a Responsible Officer (a “Notice of Borrowing”), (A) no later than 10:00 a.m. on the proposed Funding Date, in the case of a Borrowing of Base Rate Loans, or (B) no later than 10:00 a.m. at least
three Euro-Dollar Business Days before the proposed Funding Date, in the case of a Borrowing of Euro-Dollar Rate Loans. 

    (ii)      No Lender Party shall incur any liability
to the Borrower or the other Lender Parties in acting upon any telephonic notice that such Lender Party believes to have been given by a Responsible Officer or for otherwise acting in good faith under this Section 2.1 and in making any
Loan in accordance with this Agreement pursuant to any telephonic notice and, upon funding of Revolving Loans by any Lender in accordance with this Agreement pursuant to any such telephonic notice, the Borrower shall have effected Revolving Loans
hereunder. 
     (iii)      The Borrower shall
notify the Agent of the names of its officers and employees authorized to request and take other actions with respect to Loans on behalf of the Borrower (each a “Responsible Officer”) by providing the Agent with a Notice of
Responsible Officers substantially in the form of Exhibit 2.1(c)(iii), duly completed and executed by a Senior Officer (a “Notice of Responsible Officers”). The Agent shall be entitled to rely conclusively on a Responsible
Officer’s authority to request and take other actions with respect to Loans on behalf of the Borrower until the Agent receives a new Notice of Responsible Officers that no longer designates such Person as a Responsible Officer. 

    (iv)      Any Notice of Borrowing (or telephonic
notice) delivered pursuant to this Section 2.1 shall be irrevocable and, subject to Section 2.12(a), the Borrower shall be bound to make a Borrowing in accordance therewith. 

    (v)        The Agent shall promptly notify
each Lender of the contents of any Notice of Borrowing (or telephonic notice) received by it, and such Lender’s pro rata portion of the Borrowing requested. Prior to 11:00 a.m. on the date specified in such notice as the Funding Date, each
Lender, subject to the terms and conditions hereof, shall make its pro rata portion of the Borrowing available, in Dollars and in immediately available funds, to the Agent at the Agent’s Account. 

(d)         Funding.  Not later than 1:00 p.m. on the applicable
Funding Date or such later time as may be agreed to by the Borrower and the Agent, and subject to and upon satisfaction of the applicable conditions set forth in Article 3 as determined by the Agent, the Agent shall, upon receipt of the proceeds of
the requested Loans, make such proceeds available to the Borrower in Dollars in immediately available funds in the Borrower Account. 

(e)        Several Obligations; Funding by Lenders; Presumption by
Agent.  The obligations of the Lenders hereunder to make Revolving Loans and to make payments pursuant to Section 9.2(b) are several and not joint. The failure of any Lender to make any Revolving Loan, to fund any such
participation or to make any payment under Section 9.2(b) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of

  

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any other Lender to so make its Revolving Loan, to purchase its participation or to make its payment under Section 9.2(b). Unless the Agent shall have received notice from a Lender
prior to the proposed date of any borrowing of Euro-Dollar Rate Loans (or, in the case of any borrowing of Base Rate Loans, prior to 11:00 a.m. on the date of such borrowing) that such Lender will not make available to the Agent such Lender’s
share of such Revolving Loan, the Agent may assume that such Lender has made such share available on such date in accordance with Section 2.1(c) (or, in the case of a borrowing of Base Rate Loans, that such Lender has made such share
available in accordance with and at the time required by Section 2.1(c)) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the
applicable borrowing available to the Agent, then the applicable Lender agrees to pay to the Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such
amount is made available to the Borrower to but excluding the date of payment to the Agent at the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. If such
Lender has not paid such amount to the Agent within two Business Days following the Agent’s demand therefor, then the Borrower agrees to pay to the Agent forthwith on demand such corresponding amount in immediately available funds with interest
thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Agent at the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay interest
to the Agent for the same or an overlapping period, the Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Revolving Loan to the Agent, then
the amount so paid shall constitute such Lender’s Revolving Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment
to the Agent. A notice of the Agent to any Lender or the Borrower with respect to any amount owing under this subsection (e) shall be conclusive, absent manifest error. 

Section 2.2.    Bid Loans. 

    (a)      General Terms.  At any
time prior to the Business Day immediately preceding the Revolving Commitment Termination Date, the Borrower may request the Lenders to make offers to make bid loans to the Borrower (each a “Bid Loan”); provided that
(i) the sum of all Bid Loans outstanding plus all Revolving Loans outstanding shall not exceed the Revolving Committed Amount; (ii) the aggregate amount of Bid Loans requested for any Funding Date and with the same Interest Period (each a
“Bid Loan Borrowing”) shall be at least $2,000,000 and in integral multiples of $1,000,000 in excess thereof; and (iii) all Interest Periods applicable to Bid Loans shall be subject to Section 2.4(c). The Lenders
may, but shall have no obligation to, make such offers, and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 2.2. 

    (b)      Bid Loan Procedures. 

  (i)        When the Borrower wishes to request offers
to make Bid Loans, it shall provide telephonic notice to the Agent (which shall promptly notify the Lenders) followed promptly by written notice substantially in the form of Exhibit 2.2(b)(i), duly completed and executed by a Responsible
Officer (a “Bid Loan Quote Request”), so as to be received no later than 10:00 a.m. on the second Business Day before the proposed Funding Date (or such other time and date as the Borrower and the Agent, with the consent of the
Required Lenders, may agree). Subject to Section 2.4(c), the Borrower may request offers for up to three different Bid Loan Borrowings in a single Bid Loan Quote Request, in which case such Bid Loan Quote Request shall be deemed a
separate 
  

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Bid Loan Quote Request for each such Borrowing. Except as otherwise provided in this Section 2.2, no Bid Loan Quote Request shall be given within five Business Days (or such other
number of days as the Borrower and the Agent, with the consent of the Required Lenders, may agree) of any other Bid Loan Quote Request. 

  (ii)     Each Lender may, but shall not be obligated to, in response
to any Bid Loan Quote Request submit one or more written quotes substantially in the form of Exhibit 2.2(b)(ii), duly completed (each a “Bid Loan Quote”), each containing an offer to make a Bid Loan for the Interest Period
requested and setting forth the Absolute Rate to be applicable to the Bid Loan; provided that (A) a Lender may make a single submission containing one or more Bid Loan Quotes in response to several Bid Loan Quote Requests given at the
same time; and (B) the principal amount of the Bid Loan for which each such offer is being made shall be at least $2,000,000 and multiples of $l,000,000 in excess thereof; provided that the aggregate principal amount of all Bid Loans for
which a Lender submits Bid Loan Quotes (1) may be greater or less than the Revolving Commitment of such Lender but (2) may not exceed the principal amount of the Bid Loan Borrowing for which offers were requested. Each Bid Loan Quote by a
Lender other than the Agent must be submitted to the Agent by fax not later than 8:00 a.m. on the Funding Date (or such other time and date as the Borrower and the Agent, with the consent of the Required Lenders, may agree); provided that any
Bid Loan Quote may be submitted by the Agent, in its capacity as a Lender, only if the Agent notifies the Borrower of the terms of the offer contained therein not later than 7:45 a.m. on the Funding Date. Subject to Sections 3 and 7.2,
any Bid Loan Quote so made shall be irrevocable except with the consent of the Agent given on the instructions of the Borrower. Unless otherwise agreed by the Agent and the Borrower, no Bid Loan Quote shall contain qualifying, conditional or similar
language or propose terms other than or in addition to those set forth in the applicable Bid Loan Quote Request and, in particular, no Bid Loan Quote may be conditioned upon acceptance by the Borrower of all (or some specified minimum) of the
principal amount of the Bid Loan for which such Bid Loan Quote is being made. 

  (iii)    The Agent shall, as promptly as practicable after any Bid Loan
Quote is submitted (but in any event not later than 8:30 a.m. on the Funding Date, or 7:45 a.m. on the Funding Date with respect to any Bid Loan Quote submitted by the Agent, in its capacity as a Lender), notify the Borrower of the terms (A) of
any Bid Loan Quote submitted by a Lender that is in accordance with Section 2.2(b)(ii) and (B) of any Bid Loan Quote that amends, modifies or is otherwise inconsistent with a previous Bid Loan Quote submitted by such Lender with
respect to the same Bid Loan Quote Request. Any subsequent Bid Loan Quote shall be disregarded by the Agent unless the subsequent Bid Loan Quote is submitted solely to correct a manifest error in a former Bid Loan Quote. The Agent’s notice to
the Borrower shall specify (1) the aggregate principal amount of the Bid Loan Borrowing for which offers have been received and (2) (A) the respective principal amounts and (B) the rates of interest (which shall be expressed as
an absolute number and not in terms of a specified margin over the quoting Lender’s cost of funds) (the “Absolute Rate”) so offered by each Lender (identifying the Lender that made each such Bid Loan Quote). 

  (iv)    Not later than 9:00 a.m. on the Funding Date (or such other time
and date as the Borrower and the Agent, with the consent of each Lender that has submitted a Bid Loan Quote may agree), the Borrower shall notify the Agent of its acceptance or nonacceptance of the offers so notified to it pursuant to
Section 2.2(b)(iii) (and the failure of the Borrower to give such notice by such time shall constitute nonacceptance), and the 

 

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Agent shall promptly notify each affected Lender. In the case of acceptance, such notice shall specify the aggregate principal amount of offers for each Interest Period that are accepted. The
Borrower may accept any Bid Loan Quote in whole or in part; provided that (A) any Bid Loan Quote accepted in part shall be at least $1,000,000 and multiples of $1,000,000 in excess thereof; (B) the aggregate principal amount of each
Bid Loan Borrowing may not exceed the applicable amount set forth in the related Bid Loan Quote Request; (C) the aggregate principal amount of each Bid Loan Borrowing shall be at least $2,000,000 and multiples of $1,000,000 and shall not cause
the limits specified in Section 2.2(a) to be violated; (D) acceptance of offers may be made only in ascending order of Absolute Rates, beginning with the lowest rate so offered; and (E) the Borrower may not accept any offer
where the Agent has advised the Borrower that such offer fails to comply with Section 2.2(b)(ii) or otherwise fails to comply with the requirements of this Agreement (including Section 2.2(a)). If offers are made by two or
more Lenders with the same Absolute Rates for a greater aggregate principal amount than the amount in respect of which offers are accepted for the related Interest Period, the principal amount of Bid Loans in respect of which such offers are
accepted shall be allocated by the Borrower among such Lenders as nearly as possible (in amounts of at least $1,000,000 and multiples of $500,000 in excess thereof) in proportion to the aggregate principal amount of such offers. Determinations by
the Borrower of the amounts of Bid Loans shall be conclusive in the absence of manifest error. Notwithstanding anything else contained herein, the Borrower shall have no obligation to accept any Bid Loan Quote by a Defaulting Lender. 

  (v)    Subject to the terms set forth in this Agreement, any Lender whose
offer to make any Bid Loan has been accepted shall, prior to 10:00 a.m. on the date specified for the making of such Loan, make the amount of such Loan available to the Agent at the Agent’s Account in immediately available funds, for the
account of the Borrower. The amount so received by the Agent shall, subject to the terms and conditions of this Agreement, be made available to the Borrower on or before 11:00 a.m. on such date by depositing the same, in immediately available funds,
in the Borrower Account. 
 Section 2.3.    Use of Proceeds. 

The proceeds of the Loans shall be used by the Borrower only for working capital, capital expenditures and other lawful
general corporate purposes of the Borrower and its Subsidiaries, including (a) loans made by the Borrower to its Subsidiaries and (b) the payment of commercial paper. No part of the proceeds of the Loans shall be used directly or
indirectly for the purpose, whether immediate, incidental or ultimate, of purchasing or carrying any Margin Stock or maintaining or extending credit to others for such purpose or for any other purpose that otherwise violates the Margin Regulations.
Notwithstanding the foregoing, the proceeds of the Loans shall not be used to finance any acquisition of all or substantially all of the Capital Stock of another Person unless the board of directors (or other comparable governing body) of such
Person has duly approved such acquisition. 
 Section 2.4.    Interest; Interest
Periods; Conversion/Continuation. 

    (a)      Interest Rate and Payment.

   (i)      Each Loan shall bear interest on the
unpaid principal amount thereof, from and including the date of the making of such Loan to and excluding the due date or the date of any repayment thereof, at the following rates per annum: (A) for so long as and to the extent that such Loan is
a Base Rate Loan, at the Base Rate plus the Applicable 
  

 21 








 
Margin; (B) for so long as and to the extent that such Loan is a Euro-Dollar Rate Loan, at the Euro-Dollar Rate for each Interest Period applicable thereto plus the Applicable Margin; and
(C) if such Loan is a Bid Loan, at the Absolute Rate quoted by the Lender making such Bid Loan pursuant to Section 2.2(b)(ii). 

  (ii)     Notwithstanding the foregoing provisions of this
Section 2.4(a), (A) during the existence of an Event of Default pursuant to Section 7.1(a)(i), such overdue principal shall bear interest at a rate per annum equal to the Post-Default Rate, without notice or demand of
any kind and (B) during the existence of any Event of Default (other than pursuant to Section 7.1(a)(i)), any principal, overdue interest or other amount payable under this Agreement and the other Loan Documents shall, at the
request of the Required Lenders, bear interest at a rate per annum equal to the Post-Default Rate. 

  (iii)    Accrued interest shall be payable in arrears (A) in the
case of a Base Rate Loan, on the last Business Day of each month; (B) in the case of a Euro-Dollar Rate Loan, on the last day of each Interest Period applicable thereto; provided that if the Interest Period applicable to a Euro-Dollar
Rate Loan is longer than three months, interest also shall be payable on the last day of the third month of such Interest Period; (C) in the case of a Bid Loan, on the last day of the Interest Period applicable thereto; and (D) in the case
of any Loan, when the Loan shall become due, whether by reason of maturity, mandatory prepayment, acceleration or otherwise. The Agent shall provide a billing to the Borrower setting forth the amount of interest payable in sufficient time for the
Borrower to make timely payments of the correct amount without incurring any penalty or interest at the Post-Default Rate. 

    (b)      Conversion or Continuation of Revolving
Loans. 
   (i)      Subject to this
Section 2.4(b) and Sections 2.4(c) and 2.14, the Borrower shall have the option (A) at any time, to convert all or any part of its outstanding Base Rate Loans to Euro-Dollar Rate Loans, and (B) on the last day of
the Interest Period applicable thereto, to (1) convert all or any part of its outstanding Euro-Dollar Rate Loans to Base Rate Loans, or (2) to continue all or any part of its Euro-Dollar Rate Loans as Loans of the same Type;
provided that, in the case of clause (A) or (B) (2), there does not exist a Default or an Event of Default at such time. If a Default or an Event of Default shall exist upon the expiration of the Interest Period applicable to any
Euro-Dollar Rate Loan, such Euro-Dollar Rate Loan automatically shall be converted into a Base Rate Loan. 

  (ii)     If the Borrower elects to convert or continue a Revolving
Loan under this Section 2.4(b), it shall provide telephonic notice to the Agent (which shall promptly notify the Lenders) followed promptly by a written Notice of Conversion/Continuation substantially in the form of Exhibit
2.4(b)(ii), duly completed and executed by a Responsible Officer (a “Notice of Continuation/Conversion”) (A) not later than 10:00 a.m. at least three Euro-Dollar Business Days before the proposed conversion or continuation
date, if the Borrower proposes to convert into, or to continue, a Euro-Dollar Rate Loan, and (B) otherwise not later than 10:00 a.m. on the Business Day next preceding the proposed conversion or continuation date. 

  (iii)    No Lender Party shall incur any liability to the Borrower or any
other Lender Party in acting upon any telephonic notice that such Lender Party believes to have been given by a Responsible Officer or for otherwise acting in good faith under this Section 2.4(b) in converting or continuing any Loan (or
a part thereof) pursuant to any telephonic notice. 
  

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   (iv)    Any Notice of
Conversion/Continuation (or telephonic notice) shall be irrevocable and the Borrower shall be bound to convert or continue in accordance therewith. If any request for the conversion or continuation of a Loan is not made in accordance with this
Section 2.4(b), or if no notice is so given with respect to a Euro-Dollar Rate Loan as to which the Interest Period expires, then such Euro-Dollar Rate Loan automatically shall be converted into a Base Rate Loan. 

  (v)     Bid Loans may not be continued or converted but instead must
be repaid in full at the end of the applicable Interest Period. 

    (c)      Interest Periods and Minimum
Amounts. Notwithstanding anything herein to the contrary, (i) all Interest Periods applicable to Euro-Dollar Rate Loans and Bid Loans shall comply with the definition of “Interest Period,” and (ii) there may be no more than
ten different Interest Periods for all Euro-Dollar Rate Loans and Bid Loans outstanding at any one time. For purposes of the foregoing clause (ii), Interest Periods applicable to Loans of different Types shall constitute different Interest Periods
even if they are coterminous. 

    (d)      Computations. Interest on each Loan
and all Fees and other amounts payable hereunder or under the other Loan Documents shall be computed on the basis of a 360-day year or, in the case of interest on Base Rate Loans, a 365 or 366-day year, as the case may be, for the actual number of
days elapsed including the first day but excluding the last day on which such Loan is outstanding (it being understood and agreed that if a Loan is borrowed and repaid on the same day, one day’s interest shall be payable with respect to such
Loan). Any change in the interest rate on any Loan or other amount resulting from a change in the rate applicable thereto (or any component thereof, including the Applicable Margin) pursuant to the terms hereof shall become effective as of the
opening of business on the day on which such change in the applicable rate (or component) shall become effective. Each determination of an interest rate by the Agent pursuant to any provision of this Agreement shall be conclusive and binding on all
parties for all purposes, in the absence of manifest error. 

    (e)      Maximum Lawful Rate of Interest. The
rate of interest payable on any Loan or other amount shall in no event exceed the maximum rate of non-usurious interest permissible under Applicable Law. If the rate of interest payable on any Loan or other amount is ever reduced as a result of this
Section 2.4(e) and at any time thereafter the maximum rate permitted by Applicable Law shall exceed the rate of interest provided for in this Agreement, then the rate provided for in this Agreement shall be increased to the maximum rate
provided by Applicable Law for such period as is required so that the total amount of interest received by the Lenders is that which would have been received by the Lenders but for the operation of the first sentence of this Section 2.4(e).

 Section 2.5.    Notes, Etc. 

    (a)      Loans Evidenced by Notes. The
Revolving Loans made by each Lender shall be evidenced by a single Revolving Loan Note payable to such Lender. The Bid Loans made by each Lender shall be evidenced by a single Bid Loan Note payable to such Lender. Each Note shall, by its terms,
mature in accordance with the provisions of this Agreement applicable to the relevant Loans. 
  

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    (b)      Notation of Amounts and Maturities,
Etc. Each Lender is hereby irrevocably authorized to record on the schedule attached to its Notes (or a continuation thereof) the information contemplated by such schedule. The failure to record, or any error in recording, any such information
shall not, however, affect the obligations of the Borrower hereunder or under any Note to repay the principal amount of the Loans evidenced thereby, together with all interest accrued thereon. All such notations shall constitute conclusive evidence
of the accuracy of the information so recorded, in the absence of manifest error. 

Section 2.6.    Fees. 

    (a)      Facility Fee.  The
Borrower shall pay to the Agent, for the pro rata benefit of the Lenders, a per annum facility fee (the “Facility Fee”) equal to the Applicable Margin for the Facility Fee, in effect from time to time, based upon the then Revolving
Committed Amount, whether or not used, for each day from and after the Closing Date until the Revolving Commitment Termination Date, provided that no Facility Fee shall accrue on any unfunded portion of the Revolving Commitment of a
Defaulting Lender so long as such Lender shall be a Defaulting Lender. The Facility Fee shall be payable quarterly in arrears on the last day of each calendar quarter and on the Revolving Commitment Termination Date. The Agent shall provide a
billing to the Borrower setting forth the amount of the Facility Fee payable in sufficient time for the Borrower to make timely payments of the correct amount without incurring any penalty or interest at the Post-Default Rate. 

    (b)      Other Fees.  On the
Closing Date and from time to time thereafter as specified in the Fee Letter, the Borrower shall pay to the Agent the fees specified in the Fee Letter. 

    (c)      Fees Non-Refundable.  All
Fees shall be fully earned when payable hereunder or under the Fee Letter and shall be non-refundable. 

Section 2.7.    Termination and Reduction of Revolving Commitments. 

    (a)      Automatic
Termination.  Each Lender’s Revolving Commitment shall terminate without further action on the part of such Lender on the earlier to occur of (i) the Maturity Date, and (ii) the date of complete (but not partial)
termination of the Revolving Commitments pursuant to Section 2.7(b) or Section 7.2 (such earlier date being referred to herein as the “Revolving Commitment Termination Date”). 

    (b)      Voluntary
Reductions.  Upon not less than five Business Days’ prior written notice to the Agent, the Borrower shall have the right, at any time or from time to time after the Closing Date, to terminate in whole or permanently reduce in
part, without premium or penalty, the Revolving Committed Amount to an amount not less than the then aggregate principal amount of all outstanding Loans. Any such termination or partial reduction shall be effective on the date specified in the
Borrower’s notice, and any such partial reduction shall be in a minimum amount of $10,000,000 and in integral multiples of $1,000,000 in excess thereof. 

    (c)      Change of Control.  If a
Change of Control shall occur (a) the Borrower will, within ten days after the occurrence thereof, give the Agent notice thereof and shall describe in reasonable detail the facts and circumstances giving rise thereto and (b) each Lender
may, by three Business Days’ notice to the Borrower and the Agent given not later than 90 days after receipt of such notice of Change of Control, terminate its Revolving Commitment, which shall thereupon be terminated, and declare the Notes
held by it (together with accrued interest thereon) and any other amounts payable hereunder for its account to be, and such Notes and such other amounts shall thereupon become, immediately due and payable without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by the Borrower. 
  

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 Section 2.8.    Repayments and
Prepayments. 

    (a)      Repayment.  The unpaid
principal amount of all Loans, together with accrued but unpaid interest and all other sums owing thereunder shall be due and payable in full on the Revolving Commitment Termination Date. 

    (b)      Excess Revolving
Loans.  If at any time the aggregate principal amount of all outstanding Loans exceeds the Revolving Committed Amount, the Borrower shall, not later than the Business Day after the Borrower learns or is notified of the excess, make
mandatory prepayments of the Revolving Loans as may be necessary so that, after such prepayment, such excess is eliminated. 

    (c)      Optional Prepayments. 

  (i)      Subject to this Section 2.8(c), the
Borrower may, at its option, at any time or from time to time, prepay Revolving Loans in whole or in part, without premium or penalty, provided that (A) any prepayment shall be in an aggregate principal amount of at least $5,000,000 and
in integral multiples of $1,000,000 in excess thereof (or, alternatively, the whole amount of Revolving Loans then outstanding) and (B) any prepayment of a Euro-Dollar Rate Loan on a day other than the last day of the Interest Period applicable
thereto shall be made together with the amounts payable pursuant to Section 2.14. Bid Loans may not be voluntarily prepaid at any time. 

  (ii)     If the Borrower elects to prepay a Revolving Loan under
this Section 2.8(c), it shall deliver to the Agent a notice of optional prepayment (A) with respect to a Base Rate Loan, not later than 10:00 a.m. on the proposed repayment date or (B) with respect to a Euro-Dollar Rate Loan,
not later than 10:00 a.m. at least three Business Days before the proposed prepayment date. Any notice of optional prepayment shall be irrevocable, and the payment amount specified in such notice shall be due and payable on the date specified in
such notice, together with interest accrued thereon to such date. 

    (d)      Payments Set Aside.  To
the extent the Agent or any Lender receives payment of any amount under the Loan Documents, whether by way of payment by the Borrower, set-off or otherwise, which payment is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, other law or equitable cause, in whole or in part, then, to the extent of such payment received, the Obligations or part thereof intended to be
satisfied thereby shall be revived and continue in full force and effect. 

Section 2.9.    Manner of Payment. 

    (a)      All payments to be made by the Borrower
shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided, the Borrower shall make each payment under the Loan Documents to the Agent, in Dollars and in immediately
available funds at the Agent’s Office, for the account of the Applicable Lending Offices of the Lenders entitled to such payment, by depositing such payment in the Agent’s Account not later than 11:00 a.m. on the due date thereof. Any
payments received 
  

 25 








 
after 11:00 a.m. on any Business Day shall be deemed received on the next succeeding Business Day. Not later than 12:00 Noon on the day such payment is made, the Agent shall deliver to each
Lender, for the account of the Lender’s Applicable Lending Office, in Dollars and in immediately available funds, such Lender’s share of the payment so made. Delivery shall be made in accordance with the written instructions satisfactory
to the Agent from time to time given to the Agent by each Lender. 

    (b)        Unless the Agent shall have
received notice from the Borrower prior to the date on which any payment is due to the Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Agent may assume that the Borrower has made such payment on such
date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Agent
forthwith on demand the amount so distributed to such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Agent, at the
greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. 

    (c)        If the Agent shall fail to
deliver to any other Lender Party its share of any payment received from the Borrower as and when required by Section 2.9(a), the Agent shall pay to such Lender its share of such payment together with interest on such amount at the
Federal Funds Rate, for each day from the date such amount was required to be paid to such Lender until the date the Agent pays such amount to such Lender. 

    (d)        Subject to Sections 2.10
and 7.3, all payments made by the Borrower under the Loan Documents shall be applied to the Obligations as the Borrower may direct; provided that if the Borrower does not provide any such direction to the Agent, all amounts paid or received
shall be applied, subject to Section 2.10, as the Agent may reasonably deem appropriate. 

    (e)        Whenever any payment to be made
hereunder shall be stated to be due on a day that is not a Business Day, such payment shall instead by made on the next succeeding Business Day (subject to accrual of interest and fees for the period of extension), except that, in the case of
Euro-Dollar Rate Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the preceding Business Day. 

Section 2.10.    Pro Rata Treatment. 

Except to the extent otherwise expressly provided herein, 

    (a)        Revolving Loans shall be made
by the Lenders pro rata according to their respective Revolving Commitment Percentages. 

    (b)        Each reduction of the Revolving
Committed Amount and each payment of Revolving Loans, interest on Revolving Loans and Facility Fees shall be applied pro rata among the Lenders according to their respective Revolving Commitment Percentages. 

    (c)        Each payment by the Borrower of
principal of Bid Loans made as part of the same Borrowing shall be made and applied for the account of the Lenders holding such Bid Loans pro rata according to the respective unpaid principal amount of such Bid Loans owed to such Lenders and each
payment by the Borrower of interest on Bid Loans shall be made and applied for the account of the Lenders holding such Bid Loans pro rata according to the respective accrued but unpaid interest on the Bid Loans owed to such Lenders. 

 

 26 








 Section 2.11    Sharing of Payments. 

 The Lenders agree among themselves that, except to the extent otherwise provided herein, in the event that
any Lender shall obtain payment in respect of any Loan, or any other obligation owing to such Lender under this Agreement through the exercise of a right of setoff, banker’s lien or counterclaim, or pursuant to a secured claim under
Section 506 of the Bankruptcy Code or other security or interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means, in
excess of its pro rata share of such payment as provided for in this Agreement, such Lender shall promptly pay in cash or purchase from the other Lenders a participation in such Loans and other obligations in such amounts, and make such other
adjustments from time to time, as shall be equitable to the end that all Lenders share such payment in accordance with their respective ratable shares as provided for in this Agreement. The Lenders further agree among themselves that if payment to a
Lender obtained by such Lender through the exercise of a right of setoff, banker’s lien, counterclaim or other event as aforesaid shall be rescinded or must otherwise be restored, each Lender which shall have shared the benefit of such payment
shall, by payment in cash or a repurchase of a participation theretofore sold, return its share of that benefit (together with its share of any accrued interest payable with respect thereto) to each Lender whose payment shall have been rescinded or
otherwise restored. Except as otherwise expressly provided in this Agreement, if any Lender or the Agent shall fail to remit to any other Lender an amount payable by such Lender or the Agent to such other Lender pursuant to this Agreement on the
date when such amount is due, such payments shall be made together with interest thereon for each date from the date such amount is due until the date such amount is paid to the Agent or such other Lender at a rate per annum equal to the Federal
Funds Rate. If under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a setoff to which this Section 2.11 applies, such Lender shall, to the extent practicable, exercise its
rights in respect of such secured claim in a manner consistent with the rights of the Lenders under this Section 2.11 to share in the benefits of any recovery on such secured claim. 

Section 2.12.    Mandatory Suspension and Conversion of Euro-Dollar Rate Loans. 

 Each Lender’s obligation to make, continue or convert Loans into Euro-Dollar Rate Loans shall be
suspended, all outstanding Euro-Dollar Rate Loans shall be converted into Base Rate Loans (other than Base Rate Loans as to which the interest rate is based on the Interbank Offered Rate) on the last day of the respective Interest Periods applicable
thereto (or, if earlier, in the case of Section 2.12(b), on the last day that such Lender can lawfully continue to maintain Euro-Dollar Rate Loans) and all pending requests for the making or continuation of, or conversion into,
Euro-Dollar Rate Loans shall be considered requests for the making or conversion into Base Rate Loans (other than Base Rate Loans as to which the interest rate is based on the Interbank Offered Rate) (or, in the case of requests for conversion,
disregarded) on the same Funding Date or the end of the currently applicable Interest Period, as applicable, if: 

    (a)        on or prior to the
determination of the interest rate for a Euro-Dollar Rate Loan for any Interest Period, the Agent determines that for any reason appropriate quotations (as referenced in the definition of “Interbank Offered Rate” appearing in
Section 1.1) are not available to the Agent in the relevant interbank market for purposes of determining the Euro-Dollar Rate, or a Lender advises the Agent (which shall thereupon notify the Borrower and the other Lenders) that such rate
would not accurately reflect the cost to such Lender of making, continuing, or converting a Loan into, a Euro-Dollar Rate Loan for such Interest Period; or 
  

 27 









    (b)        after the date hereof, a Lender
notifies the Agent (which shall thereupon notify the Borrower and the other Lenders) of its determination that any Regulatory Change makes it unlawful or impossible for such Lender or its Euro-Dollar Lending Office to make or maintain any
Euro-Dollar Rate Loan or any Base Rate Loan as to which the interest rate is based on the Interbank Offered Rate, or to comply with its obligations hereunder in respect thereof; provided, however, that if the Euro-Dollar Lending Office of any
affected Lender is other than the affected Lender’s main office, before giving such notice, such affected Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a
different Euro-Dollar Lending Office if such designation will avoid the need for giving such notice and will not be otherwise materially disadvantageous to such Lender. 

Section 2.13.    Regulatory Changes. 

    (a)        Increased
Costs.  If, on or after the date hereof, any Regulatory Change shall impose, modify, or deem applicable any reserve, special deposit, compulsory loan, insurance or similar requirement (other than any such requirement with respect to
any Euro-Dollar Rate Loan to the extent included in the Euro-Dollar Reserve Requirement), against, or any fees or charges in respect of, assets held by, deposits with or other liabilities for the account of, commitments of, advances or Loans by or
other credit extended by, any Lender Party (or its Applicable Lending Office) or shall impose on any Lender Party (or its Applicable Lending Office) or on the relevant interbank market any other condition affecting any Euro-Dollar Rate Loan, or any
obligation to make Euro-Dollar Rate Loans, and the effect of the foregoing is (i) to increase the cost to such Lender Party (or its Applicable Lending Office) of making, issuing, renewing or maintaining any Euro-Dollar Rate Loan or its
Revolving Commitment in respect thereof or (ii) to reduce the amount of any sum received or receivable by such Lender Party (or its Applicable Lending Office) hereunder or under any other Loan Document with respect thereto, then, the Borrower
shall from time to time pay to such Lender Party, within 15 days after request by such Lender Party, such additional amounts as are necessary, in such Lender Party’s reasonable determination, to compensate such Lender Party for such increased
cost or reduction; provided, however, that if the Euro-Dollar Lending Office of any affected Lender is other than the affected Lender’s main office, before giving such notice, such affected Lender agrees to use reasonable efforts
(consistent with its internal policy and legal and regulatory restrictions) to designate a different Euro-Dollar Lending Office if such designation will avoid the need for giving such notice and will not be otherwise materially disadvantageous to
such Lender. 

    (b)        Capital
Costs.  If a Regulatory Change after the date hereof regarding capital adequacy (including the adoption or becoming effective of any treaty, law, rule, regulation or guideline adopted pursuant to or arising out of the July 1988 report
of the Basle Committee on Banking Regulations and Supervisory Practices entitled “International Convergence of Capital Measurement and Capital Standards”) has or would have the effect of reducing the rate of return on the capital of or
maintained by any Lender or any company controlling such Lender as a consequence of such Lender’s Loans or obligations hereunder and other commitments of this type to a level below that which such Lender or company could have achieved but for
such Regulatory Change (taking into account such Lender’s or company’s policies with respect to capital adequacy), then the Borrower shall from time to time pay to such Lender, within 15 days after request by such Lender, such additional
amounts as are necessary in such Lender’s reasonable determination to compensate such Lender or company for such reduction in return, to the extent such Lender or company determines such reduction to be attributable to the existence of
obligations for the account of the Borrower. 
  

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 Section 2.14.    Compensation for Funding
Losses. 
 The Borrower shall pay to any Lender, upon demand by such Lender, such amount or amounts as
such Lender reasonably determines is or are necessary to compensate it for any loss, cost, expense or liabilities incurred (including any loss, cost, expense or liability incurred by reason of the liquidation or redeployment of deposits) by it as a
result of (a) any payment, prepayment or conversion of any Euro-Dollar Rate Loan for any reason (including by reason of a prepayment pursuant to Section 2.8(b) or an acceleration pursuant to Section 7.2, but excluding
any prepayment pursuant to Section 2.1(e)) on a date other than the last day of an Interest Period applicable to such Euro-Dollar Rate Loan, or (b) any Euro-Dollar Rate Loan for any reason not being made (other than a wrongful
failure to fund by such Lender or failure to make such a Loan due to circumstances described in Section 2.12), converted or continued, or any payment of principal of or interest thereon not being made, on the date therefor determined in
accordance with the applicable provisions of this Agreement or (c) for any prepayment of a Bid Loan due to acceleration pursuant to Section 7.2 or otherwise. Notwithstanding the foregoing, the Borrower shall not be responsible to
any Lender for any costs hereunder that result from the application of Section 2.12 or from any wrongful actions or omissions or default (including under Section 2.1(e)) of such Lender. 

Section 2.15.    Certificates Regarding Yield Protection, Etc. 

Any request by any Lender Party for payment of additional amounts pursuant to Sections 2.13, 2.14 and
2.16 shall be accompanied by a certificate of such Lender Party setting forth the basis and amount of such request. In determining the amount of such payment, such Lender Party may use such reasonable attribution or averaging methods as it
deems appropriate and practical. 
 Section 2.16    Taxes. 

    (a)        Tax Liabilities Imposed on a
Lender.  Any and all payments by the Borrower hereunder or under any of the Loan Documents shall be made, in accordance with the terms hereof and thereof, subject to the provisions of this Section 2.16 and
Section 2.17, free and clear of and without deduction for any and all Taxes other than Excluded Taxes. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender,
(i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.16) such Lender receives an amount equal to the sum it
would have received had no such deductions been made, (ii) the Borrower shall make such deductions, (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with Applicable Law, and
(iv) the Borrower shall deliver to such Lender evidence of such payment to the relevant Governmental Authority. Notwithstanding any other provision of this Section 2.16, the Borrower shall not be required to pay any additional
amounts pursuant to this Section 2.16(a) with respect to Taxes that are attributable to such Lender’s failure to fully comply with Section 2.16(c) and/or the certifications provided by such Lender being inaccurate.

     (b)        Other
Taxes.  In addition, the Borrower agrees to pay, upon written notice from a Lender and prior to the date when penalties attach thereto, all other Taxes (other than Excluded Taxes) that arise from any payment made hereunder or from the
execution, delivery or registration of, or otherwise with respect to, this Agreement. 

    (c)        Foreign
Lender.  Each Lender (which, for purposes of this Section 2.16, shall include any Affiliate of a Lender that makes any Euro-Dollar Rate Loan pursuant to the terms of this Agreement) that is not a “United States
person” (as such term is defined in Section 7701(a)(30) of the Code) shall submit to the Borrower and the Agent on or before the 

 

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Closing Date (or, in the case of a Person that becomes a Lender after the Closing Date by assignment, promptly upon such assignment), two duly completed and signed copies of (A) either
(1) Form W-8BEN or Form W-8ECI of the United States Internal Revenue Service, or a successor applicable form, certifying that such Lender is entitled to benefits under an income tax treaty to which the United States is a party which reduces to
zero the rate of withholding tax on payments of interest or certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States, or (B) an Internal Revenue
Service Form W-8 or W-9, or a successor applicable form, entitling such Lender to receive a complete exemption from United States backup withholding tax. Each such Lender shall, from time to time after submitting either such form, submit to the
Borrower and the Agent such additional duly completed and signed copies of such forms (or such successor forms or other documents as shall be adopted from time to time by the relevant United States taxing authorities) as may be (1) reasonably
requested in writing by the Borrower or the Agent and (2) appropriate under then current United States laws or regulations. Upon the reasonable request of the Borrower or the Agent, each Lender that has not provided the forms or other
documents, as provided above, on the basis of being a United States person shall submit to the Borrower and the Agent a certificate to the effect that it is such a “United States person.” 

Section 2.17.    Applicable Lending Office; Discretion of Lenders as to Manner of
Funding. 
 Each Lender may make, carry or transfer Euro-Dollar Rate Loans at, to, or for the account of
an Affiliate of the Lender, provided that such Lender shall not be entitled to receive, nor shall the Borrower be required to pay, any greater amount under Sections 2.13 or 2.16 as a result of the transfer of any such Loan than
such Lender would be entitled to receive, or the Borrower obligated to pay, immediately prior thereto unless (a) such transfer occurred at a time when circumstances giving rise to the claim for such greater amount did not exist or (b) such
claim would have arisen even if such transfer had not occurred. Notwithstanding any other provision of this Agreement, each Lender shall be entitled to fund and maintain its funding of all or any part of its Euro-Dollar Rate Loans in any manner it
sees fit, it being understood, however, that for purposes of this Agreement, all determinations hereunder shall be made as if each Lender had actually funded and maintained each Euro-Dollar Rate Loan through the purchase of deposits in the relevant
interbank market having a maturity corresponding to such Loan’s Interest Period and bearing interest at the applicable rate. 

Section 2.18.    Increases in Revolving Commitment. 

Prior to the Maturity Date and upon at least 15 days’ prior written notice to the Agent (which notice shall be
promptly transmitted by the Agent to each Lender), the Borrower shall have the right, subject to the terms and conditions set forth below, to increase the aggregate amount of the Revolving Committed Amount; provided that (a) no Default or Event
of Default shall exist at the time of the request or the proposed increase in the Revolving Committed Amount, (b) such increase must be in a minimum amount of $10,000,000 and in integral multiples of $1,000,000 above such amount, (c) the
Revolving Committed Amount shall not be increased to an amount greater than SEVEN HUNDRED FIFTY MILLION DOLLARS ($750,000,000) without the prior written consent of the Required Lenders, (d) the aggregate amount of all increases to the Revolving
Committed Amount pursuant to this Section 2.18 shall not exceed $100,000,000, (e) no individual Lender’s Revolving Commitment may be increased without such Lender’s written consent, (f) the Borrower shall execute and
deliver such Revolving Loan Note(s) as are necessary to reflect the increase in the Revolving Committed Amount, (g) Schedule 1.1(c) shall be amended to reflect the revised Revolving Committed Amount and revised Revolving Commitment
Percentages of the Lenders and (h) if any Revolving Loans are outstanding at the time of an increase in the Revolving Committed Amount, the Borrower will prepay (provided that any such prepayment shall be subject to Section 2.14)
one or more existing Revolving Loans in an amount necessary such that after giving effect to the increase in the Revolving Committed Amount each Lender will hold its pro rata share (based on its share of the revised Revolving Committed Amount) of
outstanding Revolving Loans. 
  

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 Any such increase in the Revolving Committed Amount shall apply, at the
option of the Borrower, to (x) the Revolving Commitment of one or more existing Lenders; provided that any Lender whose Revolving Commitment is being increased must consent in writing thereto and/or (y) the creation of a new Revolving
Commitment to one or more institutions that is not an existing Lender; provided that any such institution (A) must conform to the definition of Eligible Assignee, (B) must have a Revolving Commitment of at least $10,000,000 and
(C) must become a Lender under this Credit Agreement by execution and delivery of an appropriate joinder agreement or of counterparts to this Credit Agreement in a manner acceptable to the Borrower and the Agent. 

ARTICLE 3 

CONDITIONS TO LOANS 

Section 3.1.    Closing Conditions. 

The obligation of the Lenders to enter into this Credit Agreement shall be subject to satisfaction (or waiver) of the
following conditions: 
     (a)      Loan
Documents. The Agent shall have received duly executed copies of (i) this Agreement and (ii) the Notes, all of which shall be in form and substance satisfactory to the Agent and each of the Lenders. 

    (b)      Corporate Documents. The Agent shall
have received the following: 
   (i)     Charter
Documents. Copies of the articles or certificate of incorporation of the Borrower certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state of its incorporation and certified by a secretary or
assistant secretary of the Borrower to be true and correct as of the Closing Date. 

  (ii)    Bylaws. A copy of the bylaws of the Borrower certified by
a secretary or assistant secretary of the Borrower to be true and correct as of the Closing Date. 

  (iii)   Resolutions. Copies of resolutions of the board of directors of
the Borrower or an authorized committee thereof, approving and adopting the transactions contemplated herein and authorizing execution and delivery of the Loan Documents, certified by a secretary or assistant secretary of the Borrower to be true and
correct and in full force and effect as of the Closing Date. 

  (iv)   Good Standing. Copies of a certificate of good standing,
existence or its equivalent with respect to the Borrower certified as of a recent date by the appropriate Governmental Authority of the state of its incorporation. 

  (v)    Incumbency. An incumbency certificate of the Borrower
certified by a secretary or assistant secretary of the Borrower to be true and correct as of the Closing Date. 

    (c)      Opinion of Counsel. The Agent shall
have received an opinion or opinions (which shall cover, among other things, authority, legality, validity, binding effect and enforceability), satisfactory to the Agent, addressed to the Lender Parties and dated as of the Closing Date, from legal
counsel to the Borrower. 
  

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    (d)      Closing Officer’s Certificate.
The Agent shall have received a certificate executed by the chief financial officer of the Borrower in the form of Exhibit 3.1(d). 

    (e)      Material Adverse Change. As of the
Closing Date, there shall not have occurred a Material Adverse Change since January 31, 2009. 

    (d)      Closing Officer’s Certificate.
The Agent shall have received a certificate executed by the chief financial officer of the Borrower in the form of Exhibit 3.1(d). 

    (e)      Material Adverse Change. As of the
Closing Date, there shall not have occurred a Material Adverse Change since January 31, 2009. 

    (f)     Litigation. Except as disclosed in
Schedule 4.5, there are no actions, suits or proceedings pending or, to the best knowledge of the Borrower, threatened against or affecting the Borrower, any Subsidiary or any of its properties before any Governmental Authority (i) in which
there is a reasonable possibility of an adverse determination that could result in a material liability or have a Material Adverse Effect or (ii) that in any manner draws into question the validity, legality or enforceability of any Loan
Document or any transaction contemplated thereby. 

    (g)     Fees, Expenses and Interest Paid. The
Borrower shall have paid all fees and expenses due and owing pursuant to the terms of this Agreement for which the Borrower shall have been billed on or before the Closing Date, including, but not limited to, fees owed pursuant to (i) the Fee
Letter, (ii) that certain fee letter dated as of July 8, 2009 by and among the Borrower, Bank of America, BAS, Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC and (iii) that certain fee letter dated as of July 8, 2009 by
and among the Borrower, Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC. 

    (h)     Existing Credit Agreement. The Existing
Credit Agreement shall be terminated and all amounts owing there under, if any, shall have been paid in full. 

    (i)     General. All other documents and legal
matters in connection with the transactions contemplated by this Agreement shall have been delivered or executed or recorded in form and substance satisfactory to the Agent, and the Agent shall have received all such counterpart originals or
certified copies thereof as the Agent may reasonably request. 
 Without limiting the generality of the
provisions of Section 8.4, for purposes of determining compliance with the conditions specified in this Section 3.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to
be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Agent shall have received notice from such Lender prior to the proposed Closing Date
specifying its objection thereto. 
 Section 3.2.    Conditions Precedent to
Loans. 
 The obligation of the Lenders to make any Loan on any Funding Date shall be subject to the
following conditions precedent: 

    (a)      Closing Date. The conditions
precedent set forth in Section 3.1 shall have been satisfied or waived in writing by the Lenders as of the Closing Date. 

    (b)      Notice of Borrowing. The Borrower
shall have delivered to the Agent, (i) in the case of a Revolving Loan, a Notice of Borrowing, duly executed and completed in accordance with Section 2.1, and the Borrower shall have otherwise complied with all of the terms of

  

 32 








 
Section 2.1 or (ii) in the case of a Bid Loan, a Bid Loan Quote Request, duly executed and completed, in accordance with Section 2.2, and the Borrower shall have
otherwise complied with all of the terms of Section 2.2. 

    (c)      Representations and Warranties. All
of the representations and warranties of the Borrower contained in the Loan Documents (other than the representation set forth in Section 4.4 of this Agreement) shall be true and correct in all material respects on and as of the Funding
Date as though made on and as of that date. 

    (d)      No Default. No Default or Event of
Default shall exist or result from the making of the Loan. 

    (e)      Satisfaction of Conditions. Each
borrowing of a Loan shall constitute a representation and warranty by the Borrower as of the Funding Date that the conditions contained in Sections 3.2(c) and 3.2(d) have been satisfied. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lender Parties as follows: 

Section 4.1.    Organization, Powers and Good Standing. 

Each of the Borrower and, except as would not reasonably be expected to have a Material Adverse Effect, its Subsidiaries
(a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, as shown on Schedule 4.1, and (b) has all requisite power and authority and the legal right to own and operate its
properties, to carry on its business as heretofore conducted, to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated hereby and thereby. Except as would not reasonably be expected to have a Material
Adverse Effect, each of the Borrower and its Subsidiaries possesses all Governmental Approvals, in full force and effect, free from burdensome restrictions, that are necessary for the ownership, maintenance and operation of its properties and
conduct of its business as now conducted, and is not in violation thereof. Each of the Borrower and its Subsidiaries is duly qualified, in good standing and authorized to do business in each state or other jurisdiction where the nature of its
business activities conducted or properties owned or leased requires it to be so qualified and where any failure to be so qualified, individually or in the aggregate, could have a Material Adverse Effect. All Subsidiaries of the Borrower are listed
on Schedule 4.1, which may be updated by the Borrower from time to time. 

Section 4.2.    Authorization, Binding Effect, No Conflict, Etc. 

    (a)      Authorization, Binding Effect, Etc.
The execution, delivery and performance by the Borrower of each Loan Document have been duly authorized by all necessary corporate action on the part of the Borrower; and each such Loan Document has been duly executed and delivered by the Borrower
and is the legal, valid and binding obligation of the Borrower, enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles and by bankruptcy, insolvency, reorganization, moratorium or similar
laws relating to creditors’ rights generally. 
  

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    (b)      No Conflict. The execution, delivery
and performance by the Borrower of each Loan Document, and the consummation of the transactions contemplated thereby, do not and will not (i) violate any provision of the charter or other organizational documents of the Borrower,
(ii) except for consents that have been obtained and are in full force and effect, conflict with, result in a breach of, or constitute (or, with the giving of notice or lapse of time or both, would constitute) a default under, or require the
approval or consent of any Person pursuant to, any Material Contractual Obligation of the Borrower (including the Investment Agreement), (iii) violate any Applicable Law binding on the Borrower, or (iv) result in or require the creation or
imposition of any Lien on any assets or properties of the Borrower or any of its Subsidiaries. 

    (c)      Governmental Approvals. No
Governmental Approval is or will be required in connection with the execution, delivery and performance by the Borrower of any Loan Document or the transactions contemplated thereby. 

Section 4.3.    Financial Information. 

The balance sheets of the Borrower and its consolidated Subsidiaries as of January 31, 2008 and January 31,
2009 and the related statements of earnings, stockholder’s equity and cash flow for the Fiscal Years then ended, certified by the Borrower’s independent certified public accountants, which are included in the Borrower’s Annual Report
on Form 10-K for the Fiscal Year ended January 31, 2009, were prepared in accordance with GAAP consistently applied and fairly present the financial position of the Borrower and its consolidated Subsidiaries as of the respective dates thereof
and the results of operations and cash flow for the periods then ended. Neither the Borrower nor any of its consolidated Subsidiaries on such dates had any liabilities for Taxes or long-term leases, forward or long-term commitments or unrealized
losses from any unfavorable commitments that are not reflected in the foregoing statements or in the notes thereto and that, individually or in the aggregate, are material. 

Section 4.4.    No Material Adverse Changes. 

Since January 31, 2009, there has been no Material Adverse Change. 

Section 4.5.    Litigation. 

Except as disclosed in Schedule 4.5 or as otherwise disclosed in accordance with Section 5.1(g) below,
there are no actions, suits or proceedings pending or, to the best knowledge of the Borrower, threatened against or affecting the Borrower, any Subsidiary or any of its properties before any Governmental Authority (a) in which there is a
reasonable possibility of an adverse determination that could result in a material liability or have a Material Adverse Effect or (b) that in any manner draws into question the validity, legality or enforceability of any Loan Document or any
transaction contemplated thereby. 
 Section 4.6.    Agreements: Applicable
Law. 
 Neither the Borrower nor any Subsidiary is in material violation of any Applicable Law, or in
default under its charter documents, bylaws or other organizational or governing documents or any of its Material Contractual Obligations. 

Section 4.7.    Taxes. 

All United States federal income tax returns and all other material tax returns required to be filed by the Borrower or
any Subsidiary have been filed and all Taxes due pursuant to such returns have been paid, except such Taxes, if any, as are being contested in good faith and as to which adequate reserves 

 

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have been established in accordance with GAAP. To the best knowledge of the Borrower, there has not been asserted or proposed to be asserted any Tax deficiency against the Borrower or any
Subsidiary that would be material to the Borrower and its Subsidiaries taken as a whole and that is not reserved against on the financial books of the Borrower. 

Section 4.8.    Governmental Regulation. 

The Borrower is neither an “investment company” registered or required to be registered under the Investment
Company Act of 1940, as amended, or a company controlled by such a company, nor is the Borrower subject to any federal or state statute or regulation limiting its ability to incur Debt for money borrowed (other than the Margin Regulations).

 Section 4.9.    Margin Regulations/Proceeds of Loans. 

Neither the Borrower nor any Subsidiary is engaged principally, or as one of its important activities, in the business of
extending credit for the purposes of purchasing or carrying Margin Stock. The value of all Margin Stock held by the Borrower and its Subsidiaries constitutes less than 25% of the value, as determined in accordance with the Margin Regulations, of all
assets of the Borrower. The proceeds of the Loans will be and have been used solely in accordance with Section 2.3. 

Section 4.10.    Employee Benefit Plans. 

None of the Plans of the Borrower or any member of the Controlled Group are in “at risk status” (as defined in
Section 430(i)(4) of the Code, without regard to Section 430(i)(4)(B) relating to the transition rule) and no Plan has incurred any liability to the PBGC in connection with any Plan. 

During the five-year period prior to the date this representation is made or deemed made, no ERISA Event has occurred and
is continuing with respect to any Plan (whether or not terminated). Neither the Borrower nor any member of the Controlled Group is required to make or accrue a contribution or has within any of the preceding five plan years made or accrued an
obligation to make contributions to any Multiemployer Plan. To the extent the Borrower in the future has or enters into any applicable Plan, the fair market value of the assets of each Plan is at least equal to the present value of the “benefit
liabilities” (within the meaning of Section 4001(a)(16) of ERISA), whether or not vested, under such Plan determined in accordance with Financial Accounting Standards Board Statement 87 using the actuarial assumptions and methods used by
the actuary to such Plan in its valuation of such Plan. 

Section 4.11.    Disclosure. 

All information in any document, certificate or written statement furnished to the Lender Parties by or on behalf of the
Borrower with respect to the business, assets, prospects, results of operation or financial condition of the Borrower or any Subsidiary for use in connection with the transactions contemplated by this Agreement has been true and correct in all
material respects on and as of the date made or given and has not omitted a material fact necessary in order to make such information not misleading in light of the circumstances under which such information was furnished. There is no fact known to
the Borrower (other than matters of a general economic nature) that has had or could reasonably be expected to have a Material Adverse Effect and that has not been disclosed herein or in such other documents, certificates or statements. 

Section 4.12.    Solvency. 

The Borrower is, individually and on a consolidated basis with its Subsidiaries, Solvent. 

 

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 Section 4.13.    Title to Properties.

 The Borrower and each of its Subsidiaries is the owner of, and has good and marketable title to, or has a
valid license or lease to use, all of its material properties and assets, and none of such properties or assets is subject to any Liens other than Permitted Liens. 

ARTICLE 5 

AFFIRMATIVE COVENANTS OF THE BORROWER 

So long as any portion of the Revolving Commitments shall be in effect and until all Obligations are paid and performed
in full: 
 Section 5.1.    Financial Statements and Other Reports.

 The Borrower shall deliver to the Agent (which shall promptly provide copies to each Lender), for the
benefit of the Lenders: 
     (a)      as soon
as practicable and in any event within the earlier of (i) 90 days after the end of each Fiscal Year or (ii) two Business Days after the date the Borrower files its Form 10-K with the SEC, the consolidated balance sheet of the Borrower and
its consolidated Subsidiaries as of the end of such year and the related statements of earnings, stockholder’s equity and cash flow for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year,
all in reasonable detail and accompanied by an unqualified report thereon of Deloitte & Touche LLP or other independent certified public accountants of recognized national standing selected by the Borrower and reasonably satisfactory to the
Required Lenders, which report shall state that such financial statements fairly present the financial position of the Borrower and its consolidated Subsidiaries as of the date indicated and its results of operations and cash flows for the periods
indicated in conformity with GAAP (except as otherwise stated therein) and that the examination by such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards. 

    (b)      as soon as practicable and in any event
within 45 days after the end of each Fiscal Quarter (other than the last Fiscal Quarter of any Fiscal Year) a consolidated balance sheet of the Borrower and its consolidated Subsidiaries as of the end of such quarter and the related statements of
earnings, stockholder’s equity and cash flow for such quarter and the portion of the Fiscal Year ended at the end of such quarter, setting forth in each case in comparative form the figures for the corresponding periods of the prior Fiscal
Year, all in reasonable detail and certified by the Borrower’s chief financial officer or controller as fairly presenting the financial condition of the Borrower and its consolidated Subsidiaries as of the dates indicated and its results of
operations and cash flows for the periods indicated, subject to normal year-end adjustments. 

    (c)      together with each delivery of financial
statements pursuant to Sections 5.1(a) and 5.1(b), a certificate of the chief financial officer or the treasurer of the Borrower, substantially in the form of Exhibit 5.1(c) (a “Compliance Certificate”), duly
executed and completed, setting forth the calculations required to establish compliance with Section 6.3, as of the date of such financial statements. The financial statements required by Sections 5.1(a) and 5.1(b) and the
Compliance Certificate required by this Section 5.1(c) shall be delivered in printed form. 
  

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    (d)      within five Business Days after the
Borrower becomes aware of the occurrence of any Default or Event of Default, a certificate of a Senior Officer of the Borrower setting forth the details thereof and the action that the Borrower is taking or proposes to take with respect thereto.

     (e)      promptly upon their becoming
available, copies of all material reports, notices and proxy statements sent or made available by the Borrower to its security holders, and all material registration statements (other than the exhibits thereto) and annual, quarterly or monthly
reports, if any, filed by the Borrower with the SEC. 

    (f)      within five Business Days after the
Borrower becomes aware of the occurrence of an ERISA Event, a statement of a Senior Officer of the Borrower setting forth the details thereof and the action that the Borrower is taking or proposes to take with respect thereto, together with a copy
of the notice, if any, of such event given or required to be given to the PBGC; within five days of the date the Borrower or any member of the Controlled Group becomes obliged to make or accrue a contribution to a Multiemployer Plan, a statement of
a Senior Officer of the Borrower setting forth the details thereof and the action that the Borrower is taking or proposes to take with respect thereto. 

    (g)      within five Business Days after the
Borrower obtains knowledge thereof, notice of all litigation or proceedings commenced or threatened affecting the Borrower or any Subsidiary (i) that could reasonably be expected to have a Material Adverse Effect or (ii) that questions the
validity or enforceability of any Loan Document. 

    (h)      promptly notify the Agent of any move of
its principal executive office from the State of Washington. 

    (i)      from time to time such additional
information regarding the Borrower and its Subsidiaries or the business, assets, liabilities, prospects, results of operation or financial condition of any such Person as the Agent, on behalf of any Lender Party, may reasonably request. 

Documents required to be delivered pursuant to Section 5.1(a) or (b) or (e) (to the
extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or
provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 9.5; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to
which each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent); provided that: (x) the Borrower shall deliver paper copies of such documents to the Agent or any Lender that
requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Agent or such Lender and (y) the Borrower shall notify the Agent and each Lender (by telecopier or electronic mail) of
the posting of any such documents and provide to the Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide
paper copies of the Compliance Certificates required by Section 5.1(c) to the Agent. Except for such Compliance Certificates, the Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to
above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

  

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 The Borrower hereby acknowledges that (a) the Agent and/or BAS will
make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system
(the “Platform”) and (b) certain of the Lenders (each a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrower or its Affiliates, or the
respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that so long as the Borrower is the issuer of any
outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities (w) all Borrower Materials that are to be made available to Public Lenders shall be
clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be
deemed to have authorized the Agent, BAS and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrower or its securities for purposes of United States federal and state securities
laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.13); (y) all Borrower Materials marked “PUBLIC” are permitted to be
made available through a portion of the Platform designated as “Public Side Information;” and (z) the Agent and BAS shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for
posting on a portion of the Platform that is not marked as “Public Side Information.” Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC.” 

Section 5.2.    Records and Inspection. 

The Borrower shall, and shall cause each Subsidiary to, maintain adequate books, records and accounts as may be required
or necessary to permit the preparation of financial statements required to be delivered hereunder in accordance with sound business practices and GAAP. The Borrower shall, and shall cause each Subsidiary to, permit such Persons as the Agent may
designate, at reasonable times during the Borrower’s regular office hours as often as may reasonably be requested and under reasonable circumstances, to (a) visit and inspect any of its properties, (b) inspect and copy its books and
records, and (c) discuss with its officers, as the Agent may reasonably request, and its independent accountants, its business, assets, liabilities, results of operation or financial condition; provided that the Agent shall not have access to
consumer information or any other similar restricted information if such access is prohibited by Applicable Law. 

Section 5.3.    Corporate Existence, Etc. 

The Borrower shall, and shall (except as otherwise permitted under Section 6.4) cause each Subsidiary to, at
all times preserve and keep in full force and effect its corporate existence and all rights and franchises material to the Borrower and to the Borrower and its Subsidiaries taken as a whole. 

Section 5.4    Payment of Taxes and Claims. 

The Borrower shall, and shall cause each Subsidiary to, pay and discharge (a) all Taxes imposed upon it or any of
its properties or in respect of any of its franchises, business, income or property before any material penalty shall be incurred with respect to such Taxes, and (b) all claims of any kind (including claims for labor, material and supplies)
that, if unpaid, might by Applicable Law become a Lien upon any material portion of the property of the Borrower and its Subsidiaries; provided, however, that, unless and until foreclosure, distraint, levy, sale or similar proceedings
shall have commenced, the Borrower need not pay or discharge any such Tax or claim so long as the validity or amount thereof is being contested in good faith and by appropriate proceedings and so long as any reserves or other appropriate provisions
as may be required by GAAP shall have been made therefor. 
  

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 Section 5.5.    Maintenance of
Properties. 
 The Borrower shall, and shall cause each Subsidiary to, maintain or cause to be
maintained in good repair, working order and condition (ordinary wear and tear excepted), all properties and other assets useful or necessary to its business, and from time to time the Borrower shall make or cause to be made all appropriate repairs,
renewals and replacements thereto except, in each case, to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect. The Borrower shall, and shall cause each of its Subsidiaries to, use reasonable efforts to
prevent offsets of and defenses to its receivables and other rights to payment. 

Section 5.6.    Maintenance of Insurance. 

The Borrower shall, and shall cause each Subsidiary to, maintain with financially sound and reputable insurance companies
insurance (or adequate self insurance) in at least such amounts, of such character and against at least such risks as is usually maintained by companies of established repute engaged in the same or a similar business in the same general area.

 Section 5.7.    Conduct of Business; Compliance with Law. 

The Borrower shall not change the general character of its business as conducted at the Closing Date or engage, directly
or through a Subsidiary, in any type of business not reasonably related to its business as normally conducted. The Borrower shall maintain its right to carry on business in any jurisdiction where it is doing business at such time and remain in and
continuously operate the same lines of business presently engaged in except for (i) periodic shutdown in the ordinary course of business, (ii) interruptions caused by strike, labor dispute, catastrophe, acts of war or terrorism or any
other events over which it has no control, and (iii) discontinuance of operations when reasonably determined by the Borrower to be in the best interest of the Borrower, provided that such discontinuance will not have a Materially Adverse
Effect. The Borrower shall, and shall cause each of its Subsidiaries to, conduct its business in compliance in all material respects with all Applicable Law and all its Material Contractual Obligations. 

Section 5.8.    Further Assurances. 

At any time and from time to time, upon the request of the Agent, the Borrower shall execute and deliver such further
documents and do such other acts and things as the Agent may reasonably request in order to effect fully the purposes of the Loan Documents and any other agreement contemplated thereby and to provide for payment and performance of the Obligations in
accordance with the terms of the Loan Documents. 
 Section 5.9.    Future
Information. 
 All data, certificates, reports, statements, documents and other information the
Borrower shall furnish to the Lender Parties in connection with the Loan Documents shall, at the time the information is furnished, not contain any untrue statement of a material fact, shall be complete and correct in all material respects to the
extent necessary to give the Lender Parties sufficient and accurate knowledge of the subject matter thereof, and shall not omit to state a material fact necessary in order to make the statements contained therein not misleading in light of the
circumstances under which such information is furnished. 
  

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 ARTICLE 6 

NEGATIVE COVENANTS OF THE BORROWER 

So long as any portion of the Revolving Commitments shall be in effect and until all Obligations are paid and performed
in full: 
 Section 6.1.    Liens. 

The Borrower shall not, and shall not permit any Subsidiary to, directly or indirectly, create, incur, assume or permit
to exist any Lien on or with respect to any asset of the Borrower or any Subsidiary, whether now owned or hereafter acquired, except: 

    (a)      Liens securing the Obligations and Existing
Liens; 
     (b)      (i) Liens for
Taxes, assessments or charges of any Governmental Authority for claims that are not material and are not yet due or are being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate
provisions are being maintained in accordance with GAAP (and as to which foreclosure, distraint, levy, sale or similar proceedings have not yet commenced with respect to the property subject to any such Lien on account thereof); (ii) statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen, bankers and other Liens imposed by law and created in the ordinary course of business for amounts that are not material and are not yet due or are being contested in
good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP (and as to which foreclosure, distraint, levy, sale or similar proceedings have not yet
commenced with respect to the property subject to any such Lien on account thereof); (iii) Liens incurred and deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types
of social security benefits or to secure the performance (including by way of surety bonds or appeal bonds) of tenders, bids, leases, contracts, statutory obligations or similar obligations or arising as a result of progress payments under
contracts, in each case in the ordinary course of business and not relating to the repayment of Debt; (iv) easements, rights-of-way, covenants, consents, reservations, encroachments, variations and other restrictions, conditions (including
those conditions commonly referred to as “CC&Rs”), charges or encumbrances (whether or not recorded) that do not materially interfere with the ordinary conduct of the Borrower’s business; (v) building restrictions, zoning
laws and other statutes, laws, rules, regulations, ordinances and restrictions; (vi) leases, subleases, easements or similar use rights granted in the ordinary course of business to others not materially interfering with the business of, and
consistent with past practices of, the Borrower; (vii) construction, operation and reciprocal easement agreements entered into in the ordinary course of business that do not materially interfere with the ordinary conduct of the Borrower’s
business and not relating to the repayment of Debt; (viii) customary rights of set off, revocation, refund or charge-back under deposit agreements or under the Uniform Commercial Code in favor of banks or other financial institutions where the
Borrower or any Subsidiary maintains deposits in the ordinary course of business; (ix) Liens on accounts receivable of the Borrower for which collection attempts are being undertaken by a third party at the request of the Borrower;
(x) Liens arising from precautionary Uniform Commercial Code financing statements regarding operating leases and (xi) Liens arising by operation of law on insurance polices and proceeds thereof to secure premiums thereunder; 

 

 40 









    (c)      any attachment or judgment Lien, not
otherwise constituting an Event of Default, in existence less than 30 days after the entry thereof or with respect to which (i) execution has been stayed, (ii) payment is covered in full by insurance and the insurer has not denied
coverage, or (iii) the Borrower is in good faith prosecuting an appeal or other appropriate proceedings for review and has set aside on its books such reserves as may be required by GAAP with respect to such judgment or award; 

    (d)      precautionary Uniform Commercial Code
financing statements regarding consignments, provided that any such financing statements do not describe any property other than the assets acquired through the consignment and proceeds thereof; 

    (e)      Liens securing Debt of the Borrower or any
Subsidiary used to finance the acquisition of fixed assets (including, without limitation, equipment and vehicles) of the Borrower or such Subsidiary, the construction of additional buildings or the expansion otherwise of their respective facilities
and Debt consisting of Capitalized Leases; provided that such Debt (i) does not exceed the cost to the Borrower or such Subsidiary of the assets acquired with the proceeds of such Debt or the value of the assets subject to such Capital
Leases, (ii) in the case of new construction or expansion of existing facilities, is either a construction or permanent loan secured by the facilities constructed and/or the real property on which such facilities are located and related
equipment and fixtures, leases, rents, reserves and other personal property (which for this purpose shall not include inventory and intellectual property) to the extent located on or commonly considered to be part of the real property as applicable,
and (iii) in the case of other asset financing, is incurred within twelve months following the date of the acquisition (which for this purpose shall, in the case of a construction project, be the date that construction is completed and the
asset constructed is placed into service or in the case of a Sale and Leaseback Transaction the date of disposition); provided that any such Lien does not encumber any property other than the assets acquired with the proceeds of such Debt or
the assets subject to such Capital Lease, related reserve funds, related personal property (which for this purpose shall not include inventory and intellectual property) and proceeds of any of the foregoing; 

    (f)      Liens existing on assets of any Person at
the time such assets are acquired; provided such Lien does not encumber any assets other than the assets subject to such Lien at the time such assets are acquired and proceeds thereof and such Lien was not created in contemplation of such
acquisition; 
     (g)      Liens arising from
the sale or securitization of receivables, to the extent the Debt arising from such securitization is not otherwise prohibited under this Agreement at the time such Debt was incurred; 

    (h)      any Lien constituting a renewal, extension
or replacement of any Existing Lien or any Lien permitted by clauses (e) or (f) of this Section 6.1, provided such Lien is limited to all or a part of the property subject to the Lien extended, renewed or replaced;

     (i)      Liens granted by a Subsidiary
of the Borrower in favor of the Borrower or another Subsidiary of the Borrower; 

    (j)      covenants contained in the following
agreements which require the grant of security for the obligations evidenced thereby if security is given for some other obligation: (i) that certain Indenture dated as of March 11, 1998 between the Borrower and Wells Fargo Bank, National
Association (formerly known as Norwest Bank Colorado, National Association), as Trustee, as in effect on the Closing Date, (ii) that certain Indenture dated as of December 3, 2007 between the Borrower and Wells Fargo Bank, National
Association, as Trustee, as in effect on the Closing Date; 
  

 41 








 
and (iii) that certain Indenture dated as of May 1, 2007 between Nordstrom Credit Card Master Note Trust II and its successors and Wells Fargo Bank, National Association, as Trustee, as
in effect on the Closing Date; provided, however, that this clause (j) shall not be deemed to restrict additional Debt from being issued under any of the foregoing agreements or any supplement thereto so long as the covenants
contained therein relating to the grant of security therefore are not modified in a manner adverse to the Lenders; 

    (k)      leases, licenses, subleases or sublicenses
granted to others (including, without limitation, licenses of intellectual property) not interfering in any material respect with the business of the Borrower and its Subsidiaries; 

    (l)       Mortgages, Sale and Leaseback
Transactions and/or other similar Liens that (i) do not materially impair the use of the assets subject thereto in the operation of such business, (ii) do not encumber intellectual property and (iii) do not secure obligations
aggregating in excess of $200,000,000; and 

    (m)     other Liens securing obligations not exceeding
$35,000,000 in the aggregate. 
 Section 6.2.    Restricted Payments. 

 The Borrower shall not, and shall not permit any Subsidiary to, declare, pay or make, or agree to declare,
pay or make, any Restricted Payment, except (a) Restricted Payments by any Subsidiary to the Borrower and any other Person that owns capital stock or other equity interests in such Subsidiary, ratably according to their respective holdings of
the type of capital stock or other equity interests in respect of which such Restricted Payment is being made, (b) Restricted Payments (other than purchases or other acquisition for value of any Capital Stock of the Borrower or any Subsidiary)
so long as no Default or Event of Default then exists or would result therefrom (assuming for this purpose that compliance with Section 6.3 is being measured as of the end of the immediately preceding Fiscal Quarter giving pro
forma effect to the Restricted Payment) and/or (c) purchases or other acquisitions for value of any Capital Stock of the Borrower or any Subsidiary. 

Section 6.3.    Financial Covenants. 

(a)      Leverage Ratio. As of the last day of each Fiscal Quarter, for the twelve
month period ending on such date, the Borrower shall not permit the ratio of (i) the sum of (A) Funded Debt as of the last day of such period and (B) the product of (1) Rent Expense for such period times (2) six to
(ii) EBITDAR for such period (the “Leverage Ratio”) to be greater than 4.0 to 1.0. For purposes of calculating the Leverage Ratio between the Closing Date and February 1, 2010, Funded Debt shall be reduced by the amount of
cash on the balance sheet of the Borrower in an amount not to exceed $250,000,000. 

(b)      Fixed Charge Coverage Ratio. As of the last day of each Fiscal Quarter, for
the twelve month period ending on such date, the Borrower shall not permit the ratio of (i) the difference of (A) EBITDAR for such period minus (B) Capital Expenditures for such period to (ii) the sum of (A) Interest
Expense (net of interest income of the Borrower and its Subsidiaries, as determined in accordance with GAAP) for such period plus (B) Rent Expense for such period (the “Fixed Charge Coverage Ratio”) to be less than 2.0
to 1.0. 
  

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 Section 6.4.    Restriction on Fundamental
Changes. 
 The Borrower shall not, and shall not permit any Subsidiary to enter into any merger,
consolidation, reorganization or recapitalization, liquidate, wind up or dissolve or sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or substantially all of its or their business or assets, whether
now owned or hereafter acquired; provided that as long as no Default or Event of Default shall exist either before or after giving effect thereto (a) any Solvent Subsidiary or other Solvent Person (other than the Borrower) may be merged
or consolidated with or into the Borrower (so long as the Borrower is the surviving entity) or any Subsidiary, (b) any Subsidiary may be liquidated, wound up or dissolved so long as it does not cause or could not be reasonably expected to cause
a Material Adverse Effect and (c) in addition to transactions permitted under Section 6.5 (which permitted transactions shall not be restricted by this Section 6.4), all or substantially all of any Subsidiary’s
business or assets may be sold, leased, transferred or otherwise disposed of, in one transaction or a series of transactions, to the Borrower or another Subsidiary. 

Section 6.5.    Asset Dispositions. 

The Borrower shall not, and shall not (except as permitted by Section 6.4(c)) permit any Subsidiary to, sell,
lease, transfer or otherwise dispose of during any Fiscal Year property or other assets (other than (a) sales of inventory in the ordinary course of business and (b) the sale or disposition of the Borrower’s interest in 1700 Seventh
LP) constituting, in the aggregate, 25% or more of the consolidated assets of the Borrower and its Subsidiaries, as calculated on a book value basis. Notwithstanding the foregoing limitation, the Borrower and its Subsidiaries shall be permitted to
sell or transfer their receivables in a transaction to securitize such receivables, and such sales or transfers of receivables shall not be included in the computation above. 

Section 6.6.    Transactions with Affiliates. 

The Borrower shall not, and shall not permit any Subsidiary to, directly or indirectly, enter into any transaction
(including the purchase, sale, lease, or exchange of any property or the rendering of any service) with any Affiliate of the Borrower, unless (a) such transaction is not otherwise prohibited by this Agreement, (b) such transaction is in
the ordinary course of business and (c) if such transaction is other than with a Wholly-Owned Subsidiary, such transaction is on fair and reasonable terms no less favorable to the Borrower or its Subsidiary, as the case may be, than those terms
which might be obtained at the time in a comparable arm’s length transaction with a Person who is not an Affiliate or, if such transaction is not one which by its nature could be obtained from such other Person, is on fair and reasonable terms
and was negotiated in good faith; provided that this Section 6.6 shall not restrict (i) dividends, distributions and other payments and transfers on account of any shares of Capital Stock of the Borrower or any Subsidiary
otherwise permissible hereunder and (ii) transactions pursuant to (A) the Investment Agreement, (B) the Recourse Agreement, (C) the Support Letter and (D) any agreement between the Borrower and any Affiliate of the Borrower
pursuant to which the Borrower sells, discounts or otherwise transfers an interest in accounts receivable in the ordinary course of its business (including agreements under which the Borrower has an obligation to repurchase from or indemnify the
purchaser with respect to accounts discounted, sold or otherwise transferred by the Borrower). 
  

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 ARTICLE 7 

EVENTS OF DEFAULT, ETC. 

Section 7.1.    Events of Default. 

The occurrence of any one or more of the following events, acts or occurrences shall constitute an event of default (each
an “Event of Default”): 

    (a)      Failure to Make Payments. The
Borrower (i) shall fail to pay as and when due (whether at stated maturity, upon acceleration, upon required prepayment or otherwise) any principal of any Loan, or (ii) shall fail to pay any interest, Fees or other amounts (other than
principal) payable under the Loan Documents within five days of the date when due under the Loan Documents; 

    (b)      Default in Other Debt. (i) The
Borrower or any Subsidiary shall default in the payment (whether at stated maturity, upon acceleration, upon required prepayment or otherwise), beyond any period of grace provided therefor, of any principal of or interest on any other Debt with a
principal amount (individually or in the aggregate) in excess of $50,000,000, or (ii) any other breach or default (or other event or condition), beyond any period of grace provided therefor, shall occur under any agreement, indenture or
instrument relating to any such other Debt with a principal amount (individually or in the aggregate) in excess of $50,000,000, if the effect of such breach or default (or such other event or condition) is to cause, or to permit, the holder or
holders of such other Debt (or a Person on behalf of such holder or holders) to cause (upon the giving of notice or otherwise), such other Debt to become or be declared due and payable, or required to be prepaid, redeemed, purchased or defeased (or
an offer of prepayment, redemption, purchase or defeasance be made), prior to its stated maturity (other than by a scheduled mandatory prepayment); provided, however, that if any such breach or default described in this
Section 7.1(b) is cured or waived prior to any action being taken pursuant to Section 7.2(a) or 7.2(b), the Event of Default under this Agreement in respect of such breach or default shall be deemed cured to the extent
of such cure or waiver; 

    (c)      Breach of Certain Covenants.

   (i)        The Borrower shall fail to
perform, comply with or observe any agreement, covenant or obligation under Section 2.3, under Sections 6.2 through 6.5 inclusive, or under Section 5.1(d) or 5.3 (insofar as it requires the preservation
of the corporate existence of the Borrower); 

  (ii)       The Borrower shall fail to perform, comply with
or observe any agreement, covenant or obligation under Section 6.1 or under Section 6.6 and such failure shall not have been remedied within ten days; or 

  (iii)      The Borrower shall fail to perform, comply with or
observe any agreement, covenant or obligation under Sections 5.1(a), (b) or (c) and such failure shall not have been remedied within five days; 

    (d)      Other Defaults Under Loan Documents.
The Borrower shall fail to perform, comply with or observe any agreement, covenant or obligation under any provision of any Loan Document (other than those provisions referred to in Sections 7.1(a), 7.1(b) and 7.1(c)) and such
failure shall not have been remedied within 30 days after the earlier to occur of (i) the Borrower’s knowledge thereof or (ii) written notice thereof by the Agent to the Borrower; or 

 

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    (e)      Breach of Representation or
Warranty. Any representation or warranty or certification made or furnished by the Borrower under any Loan Document shall prove to have been false or incorrect in any material respect when made (or deemed made); 

    (f)      Involuntary Bankruptcy; Appointment of
Receiver, Etc. There shall be commenced against the Borrower or any of its Subsidiaries, an involuntary case seeking the liquidation or reorganization of the Borrower or any of its Subsidiaries under Chapter 7 or Chapter 11, respectively, of the
Bankruptcy Code or any similar proceeding under any other Applicable Law or an involuntary case or proceeding seeking the appointment of a receiver, liquidator, sequestrator, custodian, trustee or other officer having similar powers over the
Borrower or any of its Subsidiaries or to take possession of all or a substantial portion of its property or to operate all or a substantial portion of its business, and any of the following events occurs: (i) the Borrower or any of its
Subsidiaries consents to the institution of the involuntary case or proceeding; (ii) the petition commencing the involuntary case or proceeding is not timely controverted; (iii) the petition commencing the involuntary case or proceeding
remains undismissed and unstayed for a period of 60 days; or (iv) an order for relief is issued or entered therein; 

    (g)      Voluntary Bankruptcy; Appointment of
Receiver, Etc. The Borrower or any of its Subsidiaries shall institute a voluntary case seeking liquidation or reorganization under Chapter 7 or Chapter 11, respectively, of the Bankruptcy Code or any similar proceeding under any other
Applicable Law, or shall consent thereto; or shall consent to the conversion of an involuntary case to a voluntary case; or shall file a petition, answer a complaint or otherwise institute any proceeding seeking, or shall consent to or acquiesce in
the appointment of, a receiver, liquidator, sequestrator, custodian, trustee or other officer with similar powers over the Borrower or any of its Subsidiaries or to take possession of all or a substantial portion of its property or to operate all or
a substantial portion of its business; or shall make a general assignment for the benefit of creditors; or shall generally not pay, or shall admit in writing its inability to pay, its debts as they become due; or the board of directors of the
Borrower or any of its Subsidiaries (or any committee thereof) shall adopt any resolution or otherwise authorize action to approve any of the foregoing; 

    (h)      Judgments and Attachments. The
Borrower or any Subsidiary shall suffer any money judgments, writs or warrants of attachment or similar processes (collectively, “Judgments”) that, individually or in the aggregate, involve an amount or value in excess of $50,000,000 and
such Judgments shall continue unsatisfied or unstayed for a period of 60 days; provided that no Event of Default shall exist if (i) payment of the Judgments are covered in full by insurance and the insurer has affirmed such coverage or
(ii) the Borrower is in good faith prosecuting an appeal of such Judgments and has (A) deposited funds as required for such appeal, if any and (B) reserved amounts on its books for such Judgments as required in accordance with GAAP.

     (i)      ERISA. The Borrower or
any member of the Controlled Group shall fail to pay when due any material amount or amounts that it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or a proceeding shall be instituted by a fiduciary of any such
Plan or Plans against the Borrower or any member of the Controlled Group to enforce Section 515 of ERISA; or any ERISA Event shall occur which could reasonably be expected to have a Material Adverse Effect; or the Borrower or any member of the
Controlled Group shall partially or completely withdraw from any Multiemployer Plan; or any Multiemployer Plan to which Borrower or any member of its Controlled Group becomes obligated to make or accrue a contribution is placed in reorganization or
terminates; or 
  

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    (j)      Termination of Loan Documents, Etc.
Any Loan Document, or any material provision thereof, shall cease to be in full force and effect with respect to the Borrower for any reason, or the Borrower shall contest or purport to repudiate or disavow any of its obligations under, or the
validity of enforceability of, any Loan Document or any material provision thereof. 

Section 7.2.    Remedies. 

Upon the occurrence of an Event of Default: 

    (a)      If an Event of Default occurs under
Section 7.1(f) or 7.1(g), then the Revolving Commitments shall automatically and immediately terminate, and the obligation of the Lenders to make any Loan hereunder shall cease, and the unpaid principal amount of the Loans and all
other Obligations shall automatically become immediately due and payable, without presentment, demand, protest, notice or other requirements of any kind, all of which are hereby expressly waived by the Borrower. 

    (b)      If an Event of Default occurs, other than
under Section 7.1(f) or 7.1(g), the Agent may (i) with the consent of the Required Lenders, by written notice to the Borrower, declare that the Revolving Commitments and all pending Bid Loan Quotes (whether or not accepted)
are terminated, whereupon the obligation of the Lender Parties to make any Loan hereunder shall cease, and/or (ii) with the consent of the Required Lenders, declare the unpaid principal amount of the Loans and all other Obligations to be, and
the same shall thereupon become, due and payable, without presentment, demand, protest, any additional notice or other requirements of any kind, all of which are hereby expressly waived by the Borrower. 

    (c)      The Agent may, with the consent of the
Required Lenders, enforce any and all rights and interests created and existing under the Loan Documents, including, without limitation, all rights of set-off. 

    Notwithstanding the fact that enforcement powers reside primarily with the Agent,
each Lender has, to the extent permitted by law, a separate right of payment and shall be considered a separate “creditor” holding a separate “claim” within the meaning, and for the purposes, of Section 101(5) of the
Bankruptcy Code or any other insolvency statute. 
 Section 7.3    Allocation of
Payments After Event of Default. 
 Notwithstanding any other provisions of this Agreement, after the
occurrence and during the continuance of an Event of Default, all amounts collected or received by the Agent or any Lender on account of amounts outstanding under any of the Loan Documents shall be paid over or delivered as follows: 

    FIRST, to the payment of all reasonable out-of-pocket costs and expenses
(including without limitation reasonable attorneys’ fees) of the Agent or any of the Lenders in connection with enforcing the rights of the Lenders under the Loan Documents and any protective advances made by the Agent or any of the Lenders,
pro rata as set forth below; 
     SECOND, to the payment of any fees owed
to the Agent or any Lender, pro rata as set forth below; 
  

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     THIRD, to the payment of all accrued
interest payable to the Lenders hereunder, pro rata as set forth below; 

    FOURTH, to the payment of the outstanding principal amount of the Loans and all
other obligations which shall have become due and payable under the Loan Documents, pro rata as set forth below; and 

    FIFTH, the payment of the surplus, if any, to whoever may be lawfully entitled to
receive such surplus. 
 In carrying out the foregoing, (a) amounts received shall be applied in the numerical order
provided until exhausted prior to application to the next succeeding category and (b) each of the Lenders shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans held by such Lender bears to
the aggregate then outstanding Loans) of amounts available to be applied. 
 ARTICLE 8 

THE AGENT 

Section 8.1    Appointment and Authority. 

Each Lender hereby irrevocably appoints Bank of America to act on its behalf as the Agent hereunder and under the other
Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article are solely for the benefit of the Agent and the Lenders, and (except as provided in Section 8.6) the Borrower shall not have rights as a third party beneficiary of any of such provisions. 

Section 8.2    Rights as a Lender. 

The Person serving as the Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other
Lender and may exercise the same as though it were not the Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Agent
hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any
Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders. 

Section 8.3    Exculpatory Provisions. 

The Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents. Without limiting the generality of the foregoing, the Agent: 

    (a)      shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing; 

    (b)      shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the

  

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Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Agent shall not be required
to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or applicable law; and 

    (c)       shall not, except as expressly set forth
herein 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 the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as
the Agent or any of its Affiliates in any capacity. 
 The Agent shall not be liable for any action taken or not
taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as
provided in Sections 9.3 and 7.2) or (ii) in the absence of its own gross negligence or willful misconduct. The Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such
Default or Event of Default is given to the Agent by the Borrower or a Lender. 
 The Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default
or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article
III or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Agent. 

Section 8.4    Reliance by Agent. 

The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. 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 Agent may presume that such condition is satisfactory to such Lender unless the Agent shall have received notice
to the contrary from such Lender prior to the making of such Loan. The Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken
or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

Section 8.5    Delegation of Duties. 

The Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan
Document by or through any one or more sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory
provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Agent. 
  

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 Section 8.6    Resignation of Agent. 

 The Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any
such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower at all times other than during the existence of a Default or an Event of Default (which consent of the Borrower shall not be unreasonably
withheld or delayed), to appoint a successor, which shall be a Lender with an office in the United States, or an Affiliate of any such Lender with an office in the United States. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of the Lenders appoint a successor Agent meeting the qualifications set forth above;
provided that if the Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each
Lender directly (at the account and location on file with the Agent, which the retiring Agent shall furnish to the Borrower), until such time as the Required Lenders appoint a successor Agent as provided for above in this Section. Upon the
acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the retiring Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Agent shall be the same as those payable to
its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 9.1 shall continue in
effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent. 

Section 8.7    Non-Reliance on Agent and Other Lenders. 

Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender or any of
their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance
upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

Section 8.8    No Other Duties, Etc. 

Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers, syndication agents, documentation
agents or co-agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Agent or a Lender hereunder. 

Section 8.9    Agent May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Borrower, the Agent 
  

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(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 Agent shall have made any
demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise 

    (a)      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
Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Agent and their respective agents and counsel and all other amounts due the Lenders and the Agent under Sections 2.6,
9.1 and 9.2 allowed in such judicial proceeding); and 

    (b)      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 or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Agent and, in the event that the Agent shall consent to the making of such payments directly
to the Lenders, to pay to the Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agent and its agents and counsel, and any other amounts due the Agent under Sections 2.6, 9.1 and
9.2. 
 Nothing contained herein shall be deemed to authorize the Agent to authorize or consent to or
accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Agent to vote in respect of the claim of any Lender in any such
proceeding. 
 ARTICLE 9 

MISCELLANEOUS 

Section 9.1.    Expenses. 

The Borrower shall pay on demand: 

    (a)      any and all reasonable attorneys’ fees
and disbursements (including allocated costs of in-house counsel) and out-of-pocket costs and expenses incurred by the Agent and its Affiliates in connection with the development, drafting, negotiation and administration of the Loan Documents, any
amendments thereto and the syndication and closing of the transactions contemplated thereby; and 

    (b)      all reasonable costs and expenses
(including fees and disbursements of in-house and other attorneys, appraisers, financial advisors and consultants) incurred by the Lender Parties in any workout, restructuring or similar arrangements or, after an Event of Default, in connection with
the protection, preservation, exercise or enforcement of any of the terms of the Loan Documents or in connection with any foreclosure, collection or bankruptcy proceedings. 

The foregoing costs and expenses shall include all out-of-pocket expenses incurred by the Agent and the cost of
independent public accountants and other outside experts retained by the Agent or, to the extent reimbursable under subpart (b) above, any Lender. All amounts due under this Section 9.1 shall be payable within ten Business Days
after demand therefor. The agreements in this Section shall survive the termination of the Revolving Commitments and repayment of all other Obligations. 
  

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 Section 9.2    Indemnity; Damages. 

     (a)     Indemnification by the
Borrower. The Borrower shall indemnify the Agent (and any sub-agent thereof), each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all
reasonable fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower arising out of, in connection with, or as a
result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by such Indemnitee hereto of its obligations hereunder or thereunder, the
consummation of the transactions contemplated hereby or thereby, or, in the case of the Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents or (ii) any actual or
threatened claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless of whether any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final
judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or
under any other Loan Document, if the Borrower has obtained a final judgment in its favor on such claim as determined by a court of competent jurisdiction. 

    (b)     Reimbursement by Lenders. To the extent
that the Borrower for any reason fails to indefeasibly pay any amount required under Section 9.1 or subsection (a) of this Section to be paid by it to the Agent (or any sub-agent thereof) or any Related Party of any of the
foregoing, each Lender severally agrees to pay to the Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Revolving Commitment Percentage (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Agent (or any such
sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this subsection (b) are subject to the
provisions of Section 2.1(e). 

    (c)     Waiver of Damages, Etc. No Indemnitee
referred to in subsection (a) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or
willful misconduct of such Indemnitee or breach in bad faith of such Indemnitee’s obligations hereunder, in each case, as determined by a final judgment of a court of competent jurisdiction. 

    (d)     Payments. All amounts due under this
Section shall be payable not later than ten Business Days after demand therefor. 
  

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    (e)      Survival. The agreements in this
Section shall survive the resignation of the Agent, the replacement of any Lender, the termination of the Revolving Commitments and the repayment, satisfaction or discharge of the Obligations. 

    (f)      Limit on Indemnity. To the extent
that the undertaking to indemnify and hold harmless set forth in Section 9.2(a) may be unenforceable as violative of any Applicable Law or public policy, the Borrower shall make the maximum contribution to the payment and satisfaction of
its obligations set forth in Section 9.2(a) that is permissible under Applicable Law. 

Section 9.3.    Amendments; Waivers; Modifications in Writing. 

No amendment of any provision of this Agreement or any other Loan Document (including a waiver thereof or consent
relating thereto) shall be effective unless the same shall be in writing and signed by the Agent and the Required Lenders and, except as to a waiver or consent requested by or to the benefit of the Borrower, the Borrower, provided
further: 
     (a)      no amendment,
waiver, consent, forbearance or other agreement that has the effect of (i) reducing the rate or amount of any amount payable by the Borrower to any Lender Party under the Loan Documents, (other than as a result of waiving the applicability of
the Post-Default Rate of interest), (ii) extending the stated maturity or due date, of any amount payable by the Borrower to any Lender Party under the Loan Documents, (iii) increasing the amount, or extending the stated termination or
reduction date, of any Lender’s Revolving Commitment hereunder or subjecting any Lender Party to any additional obligation to extend credit (it being understood and agreed that a waiver of any Default or Event of Default or a waiver of any
mandatory reduction in the Revolving Commitments shall not constitute a change in the terms of any Revolving Commitment of any Lender), (iv) altering the rights and obligations of the Borrower to prepay the Loans, or (v) changing this
Section 9.3 or the definition of the term “Required Lenders” or any other percentage of Lenders specified in this Agreement to be the applicable percentage to act on specified matters shall be effective unless the same shall be
signed by or on behalf of each of the Lenders affected thereby; 

    (b)      no amendment that modifies Article 8 or
otherwise has the effect of (i) increasing the duties or obligations of the Agent, (ii) increasing the standard of care or performance required on the part of the Agent, or (iii) reducing or eliminating the indemnities or immunities
to which the Agent is entitled (including any amendment of this Section 9.3), shall be effective unless the same shall be signed by or on behalf of the Agent; and 

    (c)      any waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given; 
 provided, however, that
notwithstanding anything to the contrary herein, (i) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that, any waiver, amendment or modification requiring the consent of all
Lenders or each affected Lender (A) which by its terms affects such Defaulting Lender differently than other affected Lenders, (B) increases or extends the Revolving Commitment of any such Defaulting Lender, (C) reduces the principal
of or (except as provided in Section 9.3(a)(i) above) the rate of interest for Loans of such Defaulting Lender, or fees or other amounts payable hereunder or under any other Loan Document to such Defaulting Lender, (D) extends the
stated maturity or due date, of any amount payable by the Borrower to any Lender Party under the Loan Documents, or (E) amends or modifies any provisions of this proviso, shall require the consent of such Defaulting Lender and (ii) each
Lender is entitled to vote as such Lender sees fit on any 
  

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bankruptcy reorganization plan that affects the Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes the
unanimous consent provisions set forth herein. 
 Except as required herein, no notice to or demand on the Borrower in any case
shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. Any amendment effected in accordance with this Section 9.3 shall be binding upon each present and future Lender Party and the
Borrower. 
 Section 9.4.    Cumulative Remedies: Failure or Delays;
Enforcement. 
 The rights and remedies provided for under this Agreement are cumulative and are not
exclusive of any rights and remedies that may be available to the Lender Parties under Applicable Law or otherwise. No failure or delay on the part of any Lender Party in the exercise of any power, right or remedy under the Loan Documents shall
impair such power, right or remedy or operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude other or further exercise thereof or of any other power, right or remedy. 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights
and remedies hereunder and under the other Loan Documents against the Borrower shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Agent in
accordance with Section 7.2 for the benefit of all the Lenders; provided, however, that the foregoing shall not prohibit (a) the Agent from exercising on its own behalf the rights and remedies that inure to its benefit
(solely in its capacity as Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with Section 9.7 (subject to the terms of Section 2.11), or (c) any Lender
from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to the Borrower under any bankruptcy or insolvency proceeding; and provided, further, that if at any time
there is no Person acting as Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Agent pursuant to Section 7.2 and (ii) in addition to the matters
set forth in clauses (b) and (c) of the preceding proviso and subject to Section 2.11, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required
Lenders. 
 Section 9.5    Notices; Effectiveness; Electronic Communication.

     (a)      Notices Generally.
Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable
telephone number, as follows: 
   (i)      if to the
Borrower or the Agent, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 9.5; and 

  (ii)     if to any other Lender, to the address, telecopier number,
electronic mail address or telephone number specified in its Administrative Questionnaire. 
  

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     Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent, if confirmation
of receipt has been received (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications
delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b). 

    (b)      Electronic Communications. Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agent, provided that the foregoing shall
not apply to notices to any Lender pursuant to Article II if such Lender has notified the Agent that it is incapable of receiving notices under such Article by electronic communication. The Agent or the Borrower may, in its discretion, agree
to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it in writing, provided that approval of such procedures may be limited to particular notices or communications and
neither the Borrower nor the Agent shall have any obligation to agree to accept any electronic notices. 

    Unless the Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), provided that if such notice or other communication is received after the normal business hours of the recipient, such notice or communication shall be deemed to have been received at the opening of business on the next
business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website address therefor. 

    (c)      The Platform. THE PLATFORM IS
PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR
OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any
Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Agent’s transmission of Borrower Materials through the Internet,
except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final judgment to have resulted from the gross negligence or willful misconduct of such Agent Party;
provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

  

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    (d)      Change of Address, Etc. Each of the
Borrower or the Agent may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices
and other communications hereunder by notice to the Borrower and the Agent. In addition, each Lender agrees to notify the Agent from time to time to ensure that the Agent has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of
such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public
Lender’s compliance procedures and Applicable Law, including United States federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the
Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes of United States federal or state securities laws. 

    (e)      Reliance by Agent and Lenders. The
Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or
were not preceded or followed by any other form of notice specified herein or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Agent, each Lender and the Related
Parties of each of them from all reasonable losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other telephonic
communications with the Agent may be recorded by the Agent, and each of the parties hereto hereby consents to such recording. 

Section 9.6.    Successors and Assigns; Designations. 

    (a)      Successors and Assigns Generally.
The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise
transfer any of its rights or obligations hereunder or thereunder without the prior written consent of each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in
accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, (iii) by way of pledge or assignment of a security interest
subject to the restrictions of subsection (f) of this Section, or (iv) to an SPC (as defined in Section 9.6(g)) in accordance with the provisions of subsection (h) of this Section (and any other attempted assignment or
transfer by any party hereto shall be null and void). 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 subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason
of this Agreement. 
  

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    (b)      Assignments by Lenders. Any Lender
may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Revolving Commitment and the Loans at the time owing to it);
provided that: 
   (i)       except in the
case of an assignment of the entire remaining amount of the assigning Lender’s Revolving Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect
to a Lender, the aggregate amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Revolving Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning
Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade
Date, shall not be less than $10,000,000 unless each of the Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as
a single assignment for purposes of determining whether such minimum amount has been met; 

  (ii)      each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Revolving Commitment assigned; 

  (iii)     any assignment of a Revolving Commitment must be approved
by the Agent (such approval not to be unreasonably withheld) unless the Person that is the proposed assignee is itself a Lender, an Affiliate of a Lender or an Approved Fund (whether or not the proposed assignee would otherwise qualify as an
Eligible Assignee); and 
   (iv)     the parties to each
assignment shall execute and deliver to the Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Agent may, in its sole discretion, elect to waive such
processing and recordation fee in the case of any assignment. The Eligible Assignee, if it shall not be a Lender, shall deliver to the Agent an Administrative Questionnaire. 

    Subject to acceptance and recording thereof by the Agent pursuant to subsection
(c) of this Section, from and after the effective date specified in each Assignment and Assumption, the Eligible 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 a Lender under this Agreement, and the assigning Lender thereunder 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 assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections
2.13, 2.14, 2.16, 9.1 and 9.2 with respect to facts and circumstances occurring prior to the effective date of such assignment and shall continue to retain the obligations with respect thereto as well). Upon request,
the Borrower (at its expense) shall execute and deliver applicable Note(s) to the assignee Lender, and the assignor Lender shall surrender and cancel any Notes, if requested. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this subsection 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 subsection (d) of this Section. 

 

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    (c)      Register. The Agent, acting solely
for this purpose as an agent of the Borrower, shall maintain 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 Revolving Commitments of, and principal
amounts 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 Agent and the Lenders may
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, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower,
at any reasonable time and from time to time upon reasonable prior notice, and the Borrower may also receive a copy of the Register upon request. In addition, at any time that a request for a consent for a material or other substantive change to the
Loan Documents is pending, any Lender wishing to consult with other Lenders in connection therewith may request and receive from the Agent a copy of the Register. 

    (d)      Participations. Any Lender may at
any time, without the consent of, or notice to, the Borrower or the Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries or any competitor of the Borrower or
any of its Affiliates or Subsidiaries or any Affiliate of a competitor of the Borrower or any of its Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Revolving Commitment and/or the Loans; provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations, shall be the sole holder of the Note(s), if any, and Loan Documents subject to the participation and shall have the sole right to enforce its rights and remedies under the Loan
Documents and (iii) the Borrower, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents.

     Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification that would change the amount, interest rate or maturity of the Loans or any other matter that
requires unanimous consent of all of the Lenders. Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.16 to the same extent as
if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. 

    (e)      Limitations upon Participant Rights.
A Participant shall not be entitled to receive any greater payment under Section 2.13 or 2.14 than the applicable 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. A Participant that would be a foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.13 unless the
Borrower is notified of the participation sold to such Participant and the Borrower is provided with evidence satisfactory to the Borrower that such Participant has agreed, for the benefit of the Borrower, to comply with Sections 2.15,
2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest pursuant to subsection (b) of this Section. 

    (f)      Certain Pledges. Any Lender may at
any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure 

 

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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. 

    (g)      Special Purpose Funding Vehicles.
Notwithstanding anything to the contrary contained herein, so long as any action in accordance with this Section 9.6(g) does not cause increased costs or expenses for the Borrower, any Lender (a “Granting Lender”) may
grant to a special purpose funding vehicle (an “SPC”) the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement; provided that (i) nothing
herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to
the terms hereof, (iii) no SPC shall have any voting rights pursuant to Section 9.3 and (iv) with respect to notices, payments and other matters hereunder, the Borrower, the Agent and the Lenders shall not be obligated to deal
with an SPC, but may limit their communications and other dealings relevant to such SPC to the applicable Granting Lender. The funding of a Loan by an SPC hereunder shall utilize the Revolving Commitment of the Granting Lender to the same extent
that, and as if, such Loan were funded by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the
extent, the Granting Lender provides such indemnity or makes such payment. Notwithstanding anything to the contrary contained in this Agreement, any SPC may disclose any non-public information relating to its funding of Loans to any rating agency,
commercial paper dealer or provider of any surety or guarantee to such SPC so long as such disclosure is clearly designated as being made on a confidential basis. This Section 9.6(g) may not be amended without the prior written consent
of each Granting Lender, all or any part of whose Loan is being funded by an SPC at the time of such amendment. 

Section 9.7.    Set Off. 

In addition to any rights now or hereafter granted under Applicable Law and to the extent not prohibited by law or
Contractual Obligation of such Lender Party, during the existence of any Event of Default, each Lender Party is hereby irrevocably authorized by the Borrower, at any time or from time to time, without notice to the Borrower or to any other Person,
any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, including certificates of deposit, whether matured or unmatured, but not including trust accounts) and any other
indebtedness, in each case whether direct or indirect or contingent or matured or unmatured at any time held or owing by such Lender Party to or for the credit or the account of the Borrower, against and on account of the Obligations, irrespective
of whether or not such Lender Party shall have made any demand for payment, provided that such Lender Party shall, promptly following such set off or application, give notice to the Borrower thereof, which notice shall contain an explanation
of the basis for the set off or application. 
 Section 9.8.    Survival of
Agreements, Representations and Warranties. 
 All agreements, representations and warranties made
hereunder and in any other Loan Document shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Agent and each Lender regardless of any investigation made by the Agent
or any Lender or on their behalf (unless the Agent or such Lender, as applicable, had actual knowledge contrary thereto prior to its reliance), and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall
remain unpaid or unsatisfied. Without limitation, the 
  

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agreements and obligations of the Borrower contained in Sections 2.13, 2.16, 9.1, and 9.2 and the obligations of the Lenders under Sections 2.15, 2.16
and 8.7 shall survive the payment in full of all other Obligations. 

Section 9.9.      Execution in Counterparts. 

This Agreement may be executed in any number of counterparts, each of which counterparts, when so executed and delivered,
shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 

Section 9.10.    Complete Agreement. 

This Agreement, together with the other Loan Documents and the Fee Letter, represents the entire agreement of the parties
hereto and supersedes all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to the Loan Documents or the transactions contemplated therein. 

Section 9.11.    Limitation of Liability. 

No claim shall be made by the Borrower or any Lender Party against any party hereto or the Affiliates, directors,
officers, employees or agents of any party hereto for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or under any other theory of liability arising out of or related to the transactions
contemplated by this Agreement, or any act, omission or event occurring in connection therewith; and the Borrower and each Lender Party waives, releases and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or
not known or suspected to exist in its favor. 
 Section 9.12.    WAIVER OF TRIAL
BY JURY. 
 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 9.13.    Confidentiality. 

Each of the Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and representatives who have a specific need to use the Information in
connection with this Agreement and any transactions contemplated hereby (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential and to use such Information only in connection with this Agreement and any transactions 
  

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contemplated hereby), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it, (c) to the extent required by applicable laws or regulations or by
any subpoena or similar legal process, (d) to any other party hereto in connection with this Agreement and any transactions contemplated hereby and with the understanding that the Information will be used only in connection with this Agreement
and any transactions contemplated hereby, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any Eligible Assignee of or Participant in, or any prospective Eligible Assignee of or Participant
in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the
Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Agent and any Lender or any of their respective Affiliates on a
nonconfidential basis from a source other than the Borrower; or (i) to the National Association of Insurance Commissioners or any other similar organization; provided that with respect to clause (c) above, the Agent or the Lender, as
applicable, will use reasonable efforts to notify the Borrower prior to any such disclosure. In addition, the Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement (to the extent such information
constitutes public information pursuant to the Borrower’s SEC disclosure) to market data collectors, similar service providers to the lending industry, and service providers to the Agent and the Lenders in connection with the administration and
management of this Agreement, the other Loan Documents and the Revolving Commitments. 
 For purposes of this
Section, “Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, including, without limitation, inventions, improvements,
trade secrets, processes, data, software programs, techniques, marketing plans, strategies, forecasts, forward looking statements and projections, estimates and assumptions concerning anticipated results, unpublished copyrightable material, customer
lists, customer information, sources of supply, prospects or projections, manufacturing techniques, formulas, research or experimental work, work in process and all information regarding transactions between the Borrower or any Subsidiary and its
customers, including without limitation, sales documents, transactions receipts, customer names, account numbers, transaction amounts and dates, other than any such information that is available to the Agent or any Lender on a nonconfidential basis
prior to disclosure by the Borrower or any Subsidiary. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information except to the extent that Applicable Law imposes additional requirements in which case such Person shall be
required to abide by such additional requirements. 
 Each of the Agent and the Lenders acknowledges that
(a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it
will handle such material non-public information in accordance with Applicable Law, including Federal and state securities Laws. 

In addition, the Agent may disclose to any agency or organization that assigns standard identification numbers to loan
facilities such basic information describing the facilities provided hereunder as is necessary to assign unique identifiers (and, if requested, supply a copy of this Agreement), it being understood that the Person to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to make available to the public only such Information as such person normally makes available in the course of its business of assigning identification numbers.

  

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 Section 9.14.    Binding Effect; Continuing
Agreement. 

    (a)        This Agreement shall become
effective at such time when all of the conditions set forth in Section 3.1 have been satisfied or waived by the Lenders and it shall have been executed by the Borrower, the Agent, and each Lender, and thereafter this Agreement shall be
binding upon and inure to the benefit of the Borrower, the Agent and each Lender and their respective successors and assigns. 

    (b)        This Agreement shall be a
continuing agreement and shall remain in full force and effect until all Loans, interest, Fees and other Obligations have been paid in full and the Revolving Commitments are terminated. Upon termination, the Borrower shall have no further
obligations (other than the indemnification provisions that survive) under the Loan Documents; provided that should any payment, in whole or in part, of the Obligations be rescinded or otherwise required to be restored or returned by the
Agent or any Lender, whether as a result of any proceedings in bankruptcy or reorganization or any similar reason, then the Loan Documents shall automatically be reinstated and all amounts required to be restored or returned and all costs and
expenses incurred by the Agent or any Lender in connection therewith shall be deemed included as part of the Obligations. 

Section 9.15.    NO ORAL AGREEMENTS. 

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE
NOT ENFORCEABLE UNDER WASHINGTON LAW. 
 Section 9.16.    USA Patriot Act
Notice. 
 Each Lender that is subject to the Act (as hereinafter defined) and the Agent (for itself and
not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Agent, as applicable, to identify the Borrower in accordance with the Act. The
Borrower shall, promptly following a request by the Agent or any Lender, provide all documentation and other information that the Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your
customer” and anti-money laundering rules and regulations, including the Act. 

Section 9.17.    No Advisory or Fiduciary Responsibility. 

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment,
waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided
by the Agent, BAS and the other Lead Arranger(s) are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Agent, BAS and the other Lead Arranger(s), on the other hand, (B) the Borrower has
consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (ii) (A) the Agent, BAS and each other Lead Arranger(s) each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not
been, is not, and will not be acting as an advisor, agent or fiduciary 
  

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for the Borrower or any of its Affiliates, or any other Person and (B) neither the Agent, BAS nor any other Lead Arranger(s) has any obligation to the Borrower or any of its Affiliates with
respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agent, BAS and the other Lead Arranger(s) and their respective Affiliates may be engaged in a
broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Agent, BAS nor any other Lead Arranger(s) has any obligation to disclose any of such interests to the Borrower and its
Affiliates. To the fullest extent permitted by Law, the Borrower hereby waives and releases any claims that it may have against the Agent, BAS and the other Lead Arranger(s) with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby. 

Section 9.18.    Electronic Execution of Assignments and Certain Other Documents. 

 The words “execution,” “signed,” “signature,” and words of like import in any
Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures 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 9.19.    Replacement of Lenders. 

If (i) any Lender requests compensation under Section 2.13, (ii) the Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, (iii) a Lender (a “Non-Consenting Lender”) does not consent to a proposed change, waiver,
discharge or termination with respect to any Loan Document that has been approved by the Required Lenders as provided in Section 9.3 but requires unanimous consent of all Lenders or all Lenders directly affected thereby (as applicable)
or (iv) any Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the 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 9.6), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment), provided that: 

    (a)        the Borrower shall have paid to
the Agent the assignment fee specified in Section 9.6(b)(iv); 

    (b)        such Lender shall have received
payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 2.14) 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); 

    (c)        in the case of any such
assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments thereafter;

     (d)        such assignment
does not conflict with Applicable Laws; and 
  

 62 









    (e)        in the case of any such
assignment resulting from a Non-Consenting Lender’s failure to consent to a proposed change, waiver, discharge or termination with respect to any Loan Document, the applicable replacement bank, financial institution or Fund consents to the
proposed change, waiver, discharge or termination; provided that the failure by such Non-Consenting Lender to execute and deliver an Assignment and Assumption shall not impair the validity of the removal of such Non-Consenting Lender and the
mandatory assignment of such Non-Consenting Lender’s Revolving Commitments and outstanding Loans pursuant to this Section 9.19 shall nevertheless be effective without the execution by such Non-Consenting Lender of an Assignment and
Assumption. 
 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. 

[SIGNATURE PAGES FOLLOW] 
  

 63 








 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	BORROWER:	 	NORDSTROM, INC.
		
		 	 By:   /s/ Robert E.
Campbell                        

		 	 Name: Robert E. Campbell

		 	 Title: VP & Treasurer









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
	AGENT:	 	 BANK OF AMERICA, N.A., in its 

		 	 capacity as Agent

		
		 	 By:  /s/ Don B.
Pinzon                                

		 	 Name: Don B. Pinzon

		 	 Title: Vice President









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
	LENDERS:	 	BANK OF AMERICA, N.A.
		
		 	 By:   /s/ Jaime
Eng                        

		 	 Name: Jaime Eng

		 	 Title: Vice President









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
		 	WELLS FARGO BANK, N.A.
		
		 	 By:   /s/ Deborah S.
Watson                        

		 	 Name: Deborah S. Watson

		 	 Title: Senior Vice President









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
		 	THE ROYAL BANK OF SCOTLAND PLC
		
		 	 By:   /s/ Charlotte Sohn
Fuiks                        

		 	 Name: Charlotte Sohn Fuiks

		 	 Title: Managing Director









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
		 	U.S. BANK NATIONAL ASSOCIATION
		
		 	 By:  /s/ Conan
Schleicher                        

		 	 Name: Conan Schleicher

		 	 Title: Vice President









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

			
		 	FIFTH THIRD BANK
		
		 	 By:  /s/ Ashley
Colmenero                        

		 	 Name: Ashley Colmenero

		 	 Title: Assistant Vice President









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
		 	STATE BANK OF INDIA
		
		 	 By:  /s/ Prabodh
Parikh                        

		 	 Name: Prabodh Parikh

		 	 Title: Vice President & Head (Credit)









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

			
		 	MORGAN STANLEY BANK, NATIONAL ASSOCIATION
		
		 	 By:  /s/ Melissa
James                        

		 	 Name: Melissa James

		 	 Title: Authorized Signatory









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

			
		 	THE BANK OF NEW YORK MELLON
		
		 	 By:  /s/ Timothy J.
Glass                        

		 	 Name: Timothy J. Glass

		 	 Title: Vice President









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

			
		 	 GOLDMAN SACHS BANK USA

		
		 	 By:  /s/ Mark
Walton                        

		 	 Name: Mark Walton

		 	 Title: Authorized Signatory









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

			
		 	JPMORGAN CHASE BANK, N.A.
		
		 	 By:  /s/ Anthony W.
White                        

		 	 Name: Anthony W. White

		 	 Title: Vice President









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

			
		 	KEYBANK NATIONAL ASSOCIATION
		
		 	 By:  /s/ Sarah
Dill                        

		 	 Name: Sarah Dill

		 	 Title: Vice President









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

			
		 	THE NORTHERN TRUST COMPANY
		
		 	 By:  /s/ Brandon
Rolek                        

		 	 Name: Brandon Rolek

		 	 Title: Vice President









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

			
		 	UNION BANK, N.A.
		
		 	 By:  /s/ Don
Smith                        

		 	 Name: Don Smith

		 	 Title: Credit Executive









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
		 	 BANK OF HAWAII

		
		 	 By:  /s/ Steven
Nakahara                        

		 	 Name: Steven Nakahara

		 	 Title: Vice President









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
		 	 CATHAY UNITED BANK

		
		 	 By:  /s/ Grace
Chou                        

		 	 Name: Grace Chou

		 	 Title: SVP & General Manager









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
		 	 FIRST COMMERCIAL BANK, LOS ANGELES BRANCH

		
		 	 By:  /s/ Wen-Han
Wu                        

		 	 Name: Wen-Han Wu

		 	 Title: Deputy General Manager









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
		 	 CHANG HWA COMMERCIAL BANK, LTD.,

NEW YORK BRANCH

		
		 	 By:  /s/ Eric Y.S.
Tsai                        

		 	 Name: Eric Y.S. Tsai

		 	 Title: VP & General Manager









 SIGNATURE PAGE 

NORDSTROM, INC. 

REVOLVING CREDIT AGREEMENT 

 

					
		 	 HUA NAN COMMERCIAL BANK, LTD.,

LOS ANGELES BRANCH

		
		 	 By:  /s/ Oliver C.H.
Hsu                        

		 	 Name: Oliver C.H. Hsu

		 	 Title: V.P. & General Manager









 EXHIBIT 2.1(c) 

FORM OF 

NOTICE OF BORROWING 
  

	TO:	 Bank of America, N.A., as Agent 



2001 Clayton Road, Building B 

Mail Code: CA4-702-02-25 

Concord, CA 94520-2405 

Attention: Glenis Croucher 

Reference is hereby made to the Revolving Credit Agreement, dated as of August 14, 2009 (as the same may be amended,
supplemented, replaced, renewed or otherwise modified from time to time, the “Credit Agreement”), by and among NORDSTROM, INC., a Washington corporation (the “Borrower”), each of the banks and other financial
institutions that either now or in the future are parties thereto as lenders (the “Lenders”), WELLS FARGO BANK, N.A., as Syndication Agent and BANK OF AMERICA, N.A., a national banking association, in its capacity as administrative
agent on behalf of the Lenders (in such capacity, the “Agent”). Terms with initial capital letters used but not defined herein have the meanings assigned to them in the Credit Agreement. 

Pursuant to Section 2.1 of the Credit Agreement: 

1.        The Borrower hereby requests to borrow Revolving Loans in the aggregate
principal amounts and Types as follows (the “Loans”): 

  (a)        Euro-Dollar Rate Loans
in the amount of $             on                 ,
20    1 with an Interest Period
of
                
2; or 

  (b)        Base Rate Loans in the
amount of $             on                 ,
20    3; and 

2.        The Borrower hereby represents and warrants as follows: 

(a)        All of the representations and warranties contained in Article 4 of the
Credit Agreement and in the other Loan Documents are true and correct in all material respects on and as of the date hereof and shall be true and correct in all material respects on and as of each Funding Date proposed herein as though made on and
as of each such date (except, in each case, to the extent that such representations and warranties expressly were made only as of a specific date); 

(b)        No Default or Event of Default exists or would result from the making
of the Loans; and 
 (c)        All other conditions to borrowing set
forth in Section 3.2 of the Credit Agreement are satisfied. 
 Date:
                        ,          

 
 
1 Must be a Euro-Dollar Business Day. 

2
 With respect to each Euro-Dollar Rate Loan, permissible Interest Periods are periods of one, two, three or six months. 

3
 Must be a Business Day. 








					
	 NORDSTROM, INC.,

a Washington corporation
	 	
		
	
By:                      
                                        
4
	 	
	
Name:                     
                                      


	
Title:                     
                                        




  

4
 Must be a Responsible Officer. 







 EXHIBIT 2.1(c)(iii) 

FORM OF 

NOTICE OF RESPONSIBLE OFFICERS 
  

	TO:	 Bank of America, N.A., as Agent 



2001 Clayton Road, Building B 

Mail Code: CA4-702-02-25 

Concord, CA 94520-2405 

Attention: Glenis Croucher 

Reference is hereby made to the Revolving Credit Agreement, dated as of August 14, 2009 (as the same may be amended,
supplemented, replaced, renewed or otherwise modified from time to time, the “Credit Agreement”), by and among NORDSTROM, INC., a Washington corporation (the “Borrower”), each of the banks and other financial
institutions that either now or in the future are parties thereto as lenders (the “Lenders”), WELLS FARGO BANK, N.A., as Syndication Agent and BANK OF AMERICA, N.A., a national banking association, in its capacity as administrative
agent on behalf of the Lenders (in such capacity, the “Agent”). Terms with initial capital letters used but not defined herein have the meanings assigned to them in the Credit Agreement. 

The Borrower hereby designates the following individuals as Responsible Officers, authorized to request Loans, continue
outstanding Loans, convert Loans to another Type and request rate and balance information and take other actions with respect to Loans on behalf of the Borrower (but not to amend the Credit Agreement or the Notes) and certifies that the signatures
and telephone numbers of those individuals are as follows: 
  

							
	Name	  	Office	  	Signature	  	Phone No.
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 


The Agent is hereby authorized to rely on this Notice of Responsible Officers unless and until a new Notice of
Responsible Officers is received by it, irrespective of whether any of the information set forth herein shall have become inaccurate or false. Additional persons may be designated as Responsible Officers, or the designation of any person may be
revoked, at any time, by subsequent Notices of Responsible Officers signed by a Senior Officer of the Borrower. In accordance with the Credit Agreement, the Agent shall have no duty to verify the authenticity of the certifying signature appearing on
any subsequent Notices of Responsible Officers to the extent the Agent believes in good faith that such signature is of a Senior Officer of the Borrower. 







 The foregoing supersedes any Notice of Responsible Officers presently in
effect under the Credit Agreement. 
 Date:
                        ,          

 

			
	  
	 	



					
	
	
By:                      
                                        
1

	
Name:                            
                               

	
Title:                            
                                 




 
 
1 Must be a Senior Officer. 







 EXHIBIT 2.2(b)(i) 

FORM OF 

BID LOAN QUOTE REQUEST 
  

	TO:	 Bank of America, N.A., as Agent 



2001 Clayton Road, Building B 

Mail Code: CA4-702-02-25 

Concord, CA 94520-2405 

Attention: Glenis Croucher 

Reference is hereby made to the Revolving Credit Agreement, dated as of August 14, 2009 (as the same may be amended,
supplemented, replaced, renewed or otherwise modified from time to time, the “Credit Agreement”), by and among NORDSTROM, INC., a Washington corporation (the “Borrower”), each of the banks and other financial
institutions that either now or in the future are parties thereto as lenders (the “Lenders”), WELLS FARGO BANK, N.A., as Syndication Agent and BANK OF AMERICA, N.A., a national banking association, in its capacity as administrative
agent on behalf of the Lenders (in such capacity, the “Agent”). Terms with initial capital letters used but not defined herein have the meanings assigned to them in the Credit Agreement. 

Pursuant to Section 2.2 of the Credit Agreement: 

1.        The Borrower hereby gives notice that it requests
Bid Loan Quotes for the following proposed Bid Loan
Borrowing(s)1: 

 

					
	Funding
Date2	  	Amount3
	  	Interest
Period4
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 


2.        The Borrower hereby represents and warrants as follows: 

(a)        All of the representations and warranties contained in Article 4 of
the Credit Agreement and in the other Loan Documents are true and correct in all material respects on and as of the date hereof and shall be true and correct in all material respects on and as of each Funding Date proposed herein as though made on
and as of each such date (except, in each case, to the extent that such representations and warranties expressly were made only as of a specific date); 

(b)        No Default or Event of Default exists or would result from the Bid
Loan Borrowing(s); and 
 (c)        All other conditions to borrowing
set forth in Section 3.2 of the Credit Agreement are satisfied. 
 Date:
                        ,          

 
 
1 Up to three. 

2
 Must be a Business Day. 

3
 Each amount must be at least $2,000,000 and an integral multiple of $1,000,000 in excess thereof. 

4
 A period of not less than 7 and not more than 30 days after the Funding Date and ending on a Business Day. 








					
	 NORDSTROM, INC.,

a Washington corporation

		
	
By:                      
                                        
5
	 	
	
Name:                            
                               

	
Title:                     
                                        




  

5
 Must be a Responsible Officer. 







 EXHIBIT 2.2(b)(ii) 

FORM OF 

BID LOAN QUOTE 
  

	TO:	 Bank of America, N.A., as Agent 



2001 Clayton Road, Building B 

Mail Code: CA4-702-02-25 

Concord, CA 94520-2405 

Attention: Glenis Croucher 

Reference is hereby made to the Revolving Credit Agreement, dated as of August 14, 2009 (as the same may be amended,
supplemented, replaced, renewed or otherwise modified from time to time, the “Credit Agreement”), by and among NORDSTROM, INC., a Washington corporation (the “Borrower”), each of the banks and other financial
institutions that either now or in the future are parties thereto as lenders (the “Lenders”), WELLS FARGO BANK, N.A., as Syndication Agent and BANK OF AMERICA, N.A., a national banking association, in its capacity as administrative
agent on behalf of the Lenders (in such capacity, the “Agent”). Terms with initial capital letters used but not defined herein have the meanings assigned to them in the Credit Agreement. 

In response to the Borrower’s Bid Loan Quote Request dated
                        ,          (the “Bid Loan Quote
Request”), we hereby make the following Bid Loan Quote(s) on the following terms: 

1.        Quoting Bank:
                                 

2.        Name, address, phone number and fax number of person to contact at
Quoting Bank:                          

3.        We hereby offer to make Bid Loan(s) in the following principal
amount(s), for the following Interest Period(s) and the following rate(s): 
  

							
	Funding
Date1	  	Amount2
	  	Interest
Period3	  	Quote
4
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 


 
 
1 As specified in the Bid Loan Quote Request. 

2
 The principal amount bid for each Interest Period may not exceed the principal amount requested. Bids must be made for at least $2,000,000 and an integral multiple of $1,000,000 in
excess thereof. 

3
 As specified in the Bid Loan Quote Request. 

4
 Specify rate of interest per annum ([quoted on an “all-in” basis] and rounded to the nearest 1/10,000 of 1%). 







 We understand and agree that the offer(s) set forth above, subject to the
satisfaction of the applicable conditions set forth in the Credit Agreement, irrevocably obligate(s) us to make the Bid Loan(s) for which any offer(s) are accepted, in whole or in part, subject to the third sentence of Section 2.2(b)(ii) of the
Credit Agreement. 
 Date:
                        ,          

 

			
	  
	 	



					
	
	
By:                      
                                        
5

	
Name:                            
                               

	
Title:                            
                                 




 
 
5 Must be an authorized officer. 







 EXHIBIT 2.4(b)(ii) 

FORM OF 

NOTICE OF CONVERSION/CONTINUATION 
  

	TO:	 Bank of America, N.A., as Agent 



2001 Clayton Road, Building B 

Mail Code: CA4-702-02-25 

Concord, CA 94520-2405 

Attention: Glenis Croucher 

Reference is hereby made to the Revolving Credit Agreement, dated as of August 14, 2009 (as the same may be amended,
supplemented, replaced, renewed or otherwise modified from time to time, the “Credit Agreement”), by and among NORDSTROM, INC., a Washington corporation (the “Borrower”), each of the banks and financial institutions
that either now or in the future are parties thereto as lenders (the “Lenders”), WELLS FARGO BANK, N.A., as Syndication Agent and BANK OF AMERICA, N.A., a national banking association, in its capacity as administrative agent on
behalf of the Lenders (in such capacity, the “Agent”). Terms with initial capital letters used but not defined herein have the meanings assigned to them in the Credit Agreement. 

Pursuant to Section 2.4(b) of the Credit Agreement: 

[FOR CONVERSION OF BASE RATE INTO EURO-DOLLAR RATE] 

The Borrower hereby requests to convert
$             of presently outstanding Base Rate Loans on
                    ,
        1
into Euro-Dollar Rate Loans with an Interest Period of
                                        
2. 

[FOR CONVERSION OF EURO-DOLLAR RATE INTO BASE RATE] 

The Borrower hereby requests to convert
$             of presently outstanding Euro-Dollar Rate Loans with an Interest Period of
                                        
2, expiring on
                        ,          into Base Rate Loans. 

[FOR CONTINUATION OF EURO-DOLLAR RATE] 

The Borrower hereby requests to continue
$             of presently outstanding Euro-Dollar Rate Loans with an Interest Period of
                     expiring on
                        ,          as Euro-Dollar Rate Loans with an
Interest Period of
                                        
2. 

 
 
1 Must be a Euro-Dollar Business Day. 

2
 With respect to Euro-Dollar Rate Loans, permissible Interest Periods are periods of one, two, three or six months. 







 Date:
                        ,          

 

					
	 NORDSTROM, INC.,

	 a Washington corporation

		
	
By:                      
                                        
1
	 	
	
Name:                            
                               

	
Title:                     
                                        




  

1
 Must be a Responsible Officer. 







 EXHIBIT 2.5(a)(i) 

FORM OF 

REVOLVING LOAN NOTE 

                      
  , 200   
 FOR VALUE RECEIVED, the undersigned, NORDSTROM, INC., a Washington
corporation (the “Borrower”), hereby promises to pay to the order of [insert name of Lender] (the “Lender”), for the account of its Applicable Lending Office, the aggregate unpaid principal amount of the Revolving
Loans (the “Loans”) made by the Lender to the Borrower under the Credit Agreement referred to below, on the dates and in the amounts set forth in the Credit Agreement. The Borrower further promises to pay interest on the unpaid
principal amount of each such Loan from time to time outstanding on the dates and at the rates specified in the Credit Agreement. 

This Revolving Loan Note (the “Note”) is one of the Revolving Loan Notes referred to in, and is entitled
to the benefits of, the Revolving Credit Agreement, dated as of August 14, 2009 (as the same may be amended, supplemented, replaced, renewed or otherwise modified from time to time, the “Credit Agreement”), by and among the
Borrower, each of the banks and other financial institutions that either now or in the future are parties thereto as lenders (including the Lender, the “Lenders”), WELLS FARGO BANK, N.A., as Syndication Agent and BANK OF AMERICA,
N.A., in its capacity as administrative agent on behalf of the Lenders (in such capacity, the “Agent”), to which reference is hereby made for a more complete statement of the terms and conditions on which the Loans evidenced hereby
are made and are to be repaid. The Credit Agreement provides for, among other things, the acceleration of the maturity hereof upon the occurrence of certain events and for voluntary and mandatory prepayments under certain circumstances and upon
certain terms and conditions. 
 Terms with initial capital letters used but not defined herein have the
meanings assigned to them in the Credit Agreement. All payments due hereunder shall be made to the Agent at the time and place, in the type of funds, and in the manner set forth in the Credit Agreement, without any deduction whatsoever, including,
without limitation, any deduction for any set-off, recoupment, counterclaim, defense, or Taxes (except as otherwise provided in the Credit Agreement). The Borrower hereby waives diligence, presentment, demand, protest, notice of dishonor and all
other demands and notices in connection with the execution, delivery, performance or enforcement of this Note, except as otherwise set forth in the Credit Agreement. 

The Lender is authorized (but not obligated) to endorse on the Schedule hereto, or on a continuation thereof, each Loan
made by the Lender and each payment or prepayment with respect thereto. The failure to record, or any error in recording any, such information shall not, however, affect the obligations of the Borrower hereunder to repay the principal amount of the
Loans evidenced hereby, together with all interest accrued thereon. All such notations shall constitute conclusive evidence of the accuracy of the information so recorded, in the absence of manifest error. 

The Borrower promises to pay all costs and expenses, including attorneys’ fees and disbursements, incurred in the
collection or enforcement hereof. 
 Except as permitted by Section 9.6 of the Credit Agreement, this Note
may not be assigned to any Person. 







 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF WASHINGTON. THE BORROWER AND, BY ACCEPTANCE HEREOF, THE LENDER WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION UNDER THIS NOTE OR ANY ACTION ARISING OUT OF THE TRANSACTIONS CONTEMPLATED HEREBY, REGARDLESS OF WHICH PARTY INITIATES
SUCH ACTION OR ACTIONS. 
 ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING
REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 
  

					
	 NORDSTROM, INC.,

a Washington corporation
	 	
		
	
By:                             
                                 
	 	
	
Name:                            
                             
	 	
	
Title:                            
                               
	 	









 SCHEDULE 

REVOLVING LOAN NOTE 
  

													
	         Date

 
	  	 Type and
Amount of Loan

 
	  	 Interest

Period
  
	  	 Interest

Rate
  
	  	 Amount of
Principal

Paid

or Prepaid
	  	 Unpaid Principal
Amount of Note

 
	  	 Notation

Made

By

							
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  








 EXHIBIT 2.5(a)(ii) 

FORM OF 

BID LOAN NOTE 

                      
  , 200   
 FOR VALUE RECEIVED, the undersigned, NORDSTROM, INC., a Washington
corporation (the “Borrower”), hereby promises to pay to the order of [insert name of Lender] (the “Lender”), for the account of its Domestic Lending Officer, the aggregate unpaid principal amount of all Bid Loans
(the “Loans”) made by the Lender to the Borrower under the Credit Agreement referred to below, on the dates and in the amounts set forth in the Credit Agreement. The Borrower further promises to pay interest on the unpaid principal
amount of each such Loan from time to time outstanding on the dates and at the rates specified in the Credit Agreement. 

This Bid Loan Note (the “Note”) is one of the Bid Loan Notes referred to in, and is entitled to the
benefits of, the Revolving Credit Agreement, dated as of August 14, 2009 (as the same may be amended, supplemented, replaced, renewed or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower,
each of the banks and other financial institutions that either now or in the future are parties thereto as lenders (including the Lender, the “Lenders”), WELLS FARGO BANK, N.A., as Syndication Agent and BANK OF AMERICA, N.A., in its
capacity as administrative agent on behalf of the Lenders (in such capacity, the “Agent”), to which reference is hereby made for a more complete statement of the terms and conditions on which the Loans evidenced hereby are made and
are to be repaid. The Credit Agreement provides for, among other things, the acceleration of the maturity hereof upon the occurrence of certain events and for voluntary and mandatory prepayments under certain circumstances and upon certain terms and
conditions. 
 Terms with initial capital letters used but not defined herein have the meanings assigned to them
in the Credit Agreement. All payments due hereunder shall be made to the Agent at the time and place, in the type of funds, and in the manner set forth in the Credit Agreement, without any deduction whatsoever, including, without limitation, any
deduction for any set-off, recoupment, counterclaim, defense, or Taxes (except as otherwise provided in the Credit Agreement). The Borrower hereby waives diligence, presentment, demand, protest, notice of dishonor and all other demands and notices
in connection with the execution, delivery, performance or enforcement of this Note, except as otherwise set forth in the Credit Agreement. 

The Lender is authorized (but not obligated) to endorse on the Schedule hereto, or on a continuation thereof, each Loan
made by the Lender and each payment or prepayment with respect thereto. The failure to record, or any error in recording any, such information shall not, however, affect the obligations of the Borrower hereunder to repay the principal amount of the
Loans evidenced thereby, together with all interest accrued thereon. All such notations shall constitute conclusive evidence of the accuracy of the information so recorded, in the absence of manifest error. 

The Borrower promises to pay all costs and expenses, including attorneys’ fees and disbursements, incurred in the
collection or enforcement hereof. 
 Except as permitted by Section 9.6 of the Credit Agreement, this Note
may not be assigned to any Person. 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF WASHINGTON. THE BORROWER AND, BY ACCEPTANCE 







 
HEREOF, THE LENDER WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION UNDER THIS NOTE OR ANY ACTION ARISING OUT OF THE TRANSACTIONS CONTEMPLATED HEREBY, REGARDLESS OF WHICH PARTY INITIATES SUCH
ACTION OR ACTIONS. 
 ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT
OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 
  

					
	 NORDSTROM, INC.,

a Washington corporation
	 	
		
	
By:                             
                                 
	 	
	
Name:                            
                             
	 	
	
Title:                            
                               
	 	









 SCHEDULE 

BID LOAN NOTE 
  

													
	         Date

 
	  	 Type and
Amount of Loan

 
	  	 Interest

Period
  
	  	 Interest

Rate
  
	  	 Amount of
Principal

Paid

or Prepaid
	  	 Unpaid Principal
Amount of Note

 
	  	 Notation

Made

By

							
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  








 EXHIBIT 3.1(d) 

FORM OF 

CLOSING OFFICER’S CERTIFICATE 
  

	TO:	 Bank of America, N.A., as Agent 



Agency Management 

335 Madison Avenue
4th Floor 

Mail Code: NY1-503-04-03 

New York, NY 10017 

Attention: Steven Gazzillo 

Reference is hereby made to the Revolving Credit Agreement, dated as of August 14, 2009 (the “Credit
Agreement”), by and among NORDSTROM, INC., a Washington corporation (the “Borrower”), each of the banks and other financial institutions that are parties thereto as lenders (the “Lenders”), WELLS FARGO
BANK, N.A., as Syndication Agent and BANK OF AMERICA, N.A., a national banking association, in its capacity as administrative agent on behalf of the Lenders (in such capacity, the “Agent”). Terms with initial capital letters used
but not defined herein have the meanings assigned to them in the Credit Agreement. 
 Pursuant to
Section 3.1(d) of the Credit Agreement, the undersigned hereby certifies that he is the chief financial officer of the Borrower and hereby further certifies as follows: 

1.        I have reviewed the terms of the Loan Documents to which the Borrower
is a party and have made, or caused to be made, such review of the Borrower and its business affairs as I have considered necessary for the purposes of preparing this Certificate. 

2.        I have prepared and reviewed the contents of this Certificate and have
conferred with counsel for the Borrower for the purpose of discussing the meaning of any provisions hereof that I desired to have clarified. 

3.        All representations and warranties of the Borrower contained in the
Loan Documents to which the Borrower is a party are true and correct in all material respects as of the date hereof as if made on such date. 

4.        No Default or Event of Default exists on and as of the date hereof or
would result from the making of the Loans on the Closing Date. 

5.        The Borrower is in compliance with all existing material financial
obligations. 







 Date: August 14, 2009 

 

					
	  
	 	
	Name:	 		 	
	Title: Chief Financial Officer	 	









 EXHIBIT 5.1(c) 

FORM OF 

COMPLIANCE CERTIFICATE 
  

	TO:	 Bank of America, N.A., as Agent 



Agency Management 

335 Madison Avenue
4th Floor 

Mail Code: NY1-503-04-03 

New York, NY 10017 

Attention: Steven Gazzillo 

Reference is hereby made to the Revolving Credit Agreement, dated as of August 14, 2009 (as the same may be amended,
supplemented, replaced, renewed or otherwise modified from time to time, the “Credit Agreement”), by and among NORDSTROM, INC., a Washington corporation (the “Borrower”), the banks and other financial institutions
from time to time parties thereto as lenders (the “Lenders”), WELLS FARGO BANK, N.A., as Syndication Agent and BANK OF AMERICA, N.A., as agent and representative for the Lenders (in such capacity or any successor in such capacity is
referred to herein as the “Agent”). Terms with initial capital letters used but not defined herein have the meanings assigned to them in the Credit Agreement. 

This Compliance Certificate is being delivered pursuant to Section 5.1(c) of the Credit Agreement and relates to
certain financial statements of the Borrower (the “Financial Statements”) as of and for [Fiscal Quarter][Fiscal Year] ended
                             (the “Financial Statement Date”; such [period being the
“accounting period”). The undersigned is the [chief financial officer] [president] of the Borrower, and hereby further certifies as of the date hereof, in [his/her] capacity as an officer of the Borrower, as follows: 

1.        I have reviewed the terms of the Loan Documents and have made, or have
caused to be made, a review in reasonable detail of the transactions and condition of the Borrower and its Subsidiaries during the accounting period covered by the Financial Statements to make the statements contained in this Compliance Certificate.
I have also made such inquiries as have been necessary of other officers of the Borrower in order to complete this Compliance Certificate. 

2.        Such review has not disclosed the existence of any
Default or Event of Default during such accounting period or as of the Financial Statement Date, and I do not have knowledge of the existence, as at the date of this Compliance Certificate, of any Default or Event of Default[,except as
follows:1]. 

3.        The Financial Statements which accompany this Compliance Certificate
fairly present in all material respects the financial condition of the Borrower and its Subsidiaries and have been prepared in accordance with GAAP[, subject to change resulting from normal year end audit adjustments]. 

4.        As of the Financial Statement Date, the Borrower is in compliance with
the Leverage Ratio set forth in Section 6.3 of the Credit Agreement as set forth below: 
  

 
 
1 Specify the nature and period of existence of each
Default or Event of Default (if any) and what action the Borrower has taken, is taking, or proposes to take with respect thereto. 







  

							
	I. Maximum Leverage Ratio as of Financial Statement Date
				
		  	 A.    
	  	 Funded Debt as of the Financial Statement
Date1
	  	$                       

		  	 B.    
	  	 Rent Expense for Preceding Twelve Months
	  	$                       

		  	 C.    
	  	 EBITDAR for Preceding Twelve Months
	  	$                       

				
		  		  	 Leverage Ratio as of Financial Statement Date
	  	       to 1.0
		  		  	 [(A + (B x 6)] ÷ C
	  	
				
		  		  	 Maximum Leverage Ratio permitted under Section 6.3(a):
	  	4.0 to 1.0
	
	 II. Minimum Fixed Charge Coverage Ratio as of Financial Statement Date

				
		  	 A.
	  	 EBITDAR for Preceding Twelve Months
	  	$                       

		  	 B.
	  	 Capital Expenditures for Preceding Twelve Months
	  	$                       

		  	 C.
	  	 Interest Expense (net of interest income of the Borrower and its Subsidiaries, as determined in accordance with GAAP) for Preceding Twelve
Months
	  	$                       

		  	 D.
	  	 Rent Expense for Preceding Twelve Months
	  	$                       

				
		  		  	 Fixed Charge Coverage Ratio as of Financial Statement Date
	  	       to 1.0
		  		  	 (A – B) ÷ (C+D)
	  	
				
		  		  	 Minimum Fixed Charge Coverage Ratio permitted under Section 6.3(b):
	  	2.0 to 1.0

 The
undersigned has executed this Compliance Certificate as of the                          day of
                . 
  

							
	  
	 		 	
	 Name:
	 	  
	 		 	
	 Title:
	 	  
	 	
2

	 	


  

1
 For purposes of calculating the Leverage Ratio between the Closing Date and February 1, 2010, Funded Debt shall be reduced by the amount of cash on the balance sheet of the
Borrower in an amount not to exceed $250,000,000. 

2
 To be signed by the chief financial officer or treasurer of the Borrower. 







 EXHIBIT 9.6(b) 

FORM OF 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set
forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given
to them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed
to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby
irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Agent as contemplated below (i) all of the Assignor's
rights and obligations as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the respective facilities identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a
Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause
(i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”). Such sale and assignment is without recourse to the
Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

	1.	
Assignor:                          
                       


  

	2.	
Assignee:                          
                       [and is an Affiliate/Approved Fund of [identify
Lender]1] 



 

	3.	 Borrower:        Nordstrom, Inc. 



 

	4.	 Agent: Bank of America, N.A., as the administrative agent under the Credit Agreement. 



 

	5.	 Credit Agreement:        Credit Agreement, dated as of August 14, 2009, among Nordstrom, Inc.,
the Lenders from time to time party thereto, and Bank of America, N.A., as administrative agent. 


  

 
 
1 Select as applicable. 








	6.	 Assigned Interest: 


  

							
	 Facility Assigned

 
	 	
Aggregate
 Amount
of
 Revolving

Commitment/Loans

for all Lenders
  
	 	 Amount of

Revolving

Commitment/Loans

Assigned
  
	 	
Percentage

Assigned of

Revolving

Commitment/Loans


2

  

	
Revolving Committed
 Amount
	 	$               
                         	 	$                    
                    	 	            
                        %
	 	 		 
	
                                     	 	$              
                           	 	$                    
                    	 	           
                         %
	 	 		 
	
                                     	 	$              
                          	 	$                    
                    	 	           
                         %

  


	[7.	 Trade Date:
                                
]3 



Effective Date:
                                , 20     [TO BE
INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

					
	ASSIGNOR	 	
	[NAME OF ASSIGNOR]	 	
			
	By:	 	  
	 	
	Title:	 	
		
	ASSIGNEE	 	
	[NAME OF ASSIGNEE]	 	
			
	By:	 	  
	 	
	Title:	 	


  
  

2
 Set forth, to at least 9 decimals, as a percentage of the Revolving Commitment/Loans of all Lenders thereunder. 

3
 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 








			
	 [Consented to
and]4 Accepted:

	
	 BANK OF AMERICA, N.A., as

Agent

		
	 By:
	 	  

	 Title:

	
	 [Consented
to:]5

	
	 NORDSTROM, INC.

		
	 By:
	 	  

	 Title:


  

 
 
4 To be added only if the consent of the Agent is required
by the terms of the Credit Agreement. 

5
 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 







 ANNEX 1 TO ASSIGNMENT AND ASSUMPTION 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1.            Representations and Warranties. 

1.1.     Assignor.   The Assignor (a) represents and warrants
that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of
the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their
respective obligations under any Loan Document. 
 1.2.   Assignee.  
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to
become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents, if any, as may be required under the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect
to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it
has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and
information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the Agent or any other
Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, and (vii) if it is a Foreign Lender,
attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the
Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will
perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2.            Payments.   From and after the
Effective Date, the Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the
Assignee for amounts which have accrued from and after the Effective Date. 







 3.           
General Provisions.   This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of
counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment
and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of Washington. 







 SCHEDULE 1.1(a) 

CONTROLLING
STOCKHOLDERS* 

Nordstrom, Inc. 

All lineal descendants of John W. Nordstrom, including but not limited to: 

 

			
	 Loyal McMillan
	  	 James F. Nordstrom

	 Linda Nordstrom
	  	 Bruce Nordstrom

	 John N. Nordstrom
	  	 Anne Gittinger

	 Susan Nordstrom Eberhardt            
	  	

 and the lineal descendants and spouses of each of such persons and all trusts, partnerships,
estates or other entities through which the beneficial ownership of Voting Stock (or other securities convertible into such Voting Stock) of the Borrower is held by such persons (within the meaning of Rule 13d-3 of the Securities and Exchange
Commission under the Securities Exchange Act of 1934). 
  

 
 
* Notwithstanding the title of this Exhibit or the
references in the Credit Agreement to those persons listed on this Exhibit as a group, nothing contained here or in the Credit Agreement is intended to or means or implies that such persons represent a group or voting block as described under the
securities laws of the United States or any state. 







 SCHEDULE 1.1(b) 

Personal Property Liens 
  

											
	STATE	  	DEBTOR	  	CURRENT SECURED PARTY	  	COLLATERAL	  	TYPE1
	  	ORIGINAL FILE NO.
	Arizona2
	  		  		  		  		  	
		  	Nordstrom fsb	  	Wells Fargo Bank, National Association, as Indenture Trustee	  	Accounts and receivables related to credit card agreements	  	S/I	  	200111965558
						
		  	Nordstrom fsb	  	Wells Fargo Bank, National Association, as Indenture Trustee	  	Accounts and receivables related to credit card agreements	  	S/I	  	200111965569
						
		  	Nordstrom fsb	  	Wells Fargo Bank, National Association, as Indenture Trustee	  	Accounts and receivables related to credit card agreements	  	S/I	  	200714789336
						
		  	Nordstrom fsb	  	Wells Fargo Bank, National Association, as Indenture Trustee	  	Accounts and receivables related to credit card agreements	  	S/I	  	200715017379
						
	Colorado3
	  		  		  		  		  	
		  	Nordstrom Credit, Inc.	  	Wells Fargo Bank, National Association, as Indenture Trustee	  	Credit card accounts sold & proceeds	  	S/I	  	20012100371
						
	Delaware4
	  		  		  		  		  	
		  	Nordstrom Credit Card Receivables II, LLC	  	Wells Fargo Bank, National Association, as Indenture Trustee	  	Accounts and receivables related to credit card agreements	  	S/I	  	11371926

  

			
	
1      

	  	 S/I = Security Interest

L = Lease Filing

C = Consignment Filing



2
 Search current as of May 28, 2009. 
 
3 Search current as of June 11, 2009. 

4
 Search current as of June 22, 2009. 








											
	STATE	  	DEBTOR	  	CURRENT SECURED PARTY	  	COLLATERAL	  	TYPE1
	  	ORIGINAL FILE NO.
	Washington5
	  		  		  		  		  	
		  	Cascade Court Limited
Partnership6	  	JPMorgan Chase Bank, N.A.	  	Personal property assets located on specific real property.	  	S/I	  	933370222
						
		  	Nordstrom, Inc.	  	Wells Fargo Bank, National Association, as Indenture Trustee	  	Accounts, receivables and other rights related to credit card receivables	  	S/I/	  	200133755093
						
		  	Nordstrom, Inc.	  	Sterling National Bank	  	Specific equipment	  	S/I	  	200418218138
						
		  	Nordstrom, Inc., Nordstrom – Dadeland, Nordstrom Café, Nordstrom Ebar	  	Sysco Food Services of Southeast Florida, LLC	  	All inventory, equipment, and goods manufactured by or distributed by secured party, all proceeds and all existing or subsequently existing accounts, goods, instruments, chattel paper,
general intangibles and supporting obligations.	  	S/I	  	200433632506
						
		  	Nordstrom, Inc.7
	  	Arnold M. Brasseur	  	All personal and real property.	  	S/I	  	200510190608
						
		  	Nordstrom, Inc.	  	Lazare Kaplan International Inc.	  	Precious gems and related merchandise of every kind and description delivered to the consignee by or on behalf of consignor and the proceeds thereof.	  	C	  	200630007978
						
		  	Nordstrom, Inc.	  	Kirkwood Community College	  	All equipment and fixtures, specifically including rail system and all components, all fixtures, shelving, fork lifts, office furniture computer hardware , other	  	S/I	  	200631135441

  

5
 Search current as of June 18, 2009 for Cascade Court and June 30, 2009 for Nordstrom, Inc. 

6
 Borrower is a limited partner only, although it contributed 99% of the capital. 

7
 This is a fraudulent filing, claiming “The Debtors have consented to this Admiralty Maritime lien filing in the International Commercial Claim Within the Admiralty Administrative
Remedy Judgment by Estoppel Agreement/Contract File # EE12272004AMB6. Registered #RB 916 152 900 US, perfected on April 11, 2005 in the accounting and True Bill amount of $990,000,000.00.” Since it is of record, is included for
informational purposes. Please note, however, that a release was filed on June 16, 2005 by debtor. 








											
	STATE	  	DEBTOR	  	CURRENT SECURED PARTY	  	COLLATERAL	  	TYPE1
	  	ORIGINAL FILE NO.
		  		  		  	information technology equipments, security cameras and related devices located at 7700
18th Street SW, Cedar Rapids, Iowa	  		  	
						
		  	Nordstrom. Inc.	  	Pacific Capital	  	Specific equipment	  	S/I	  	200821767469
						
		  	Nordstrom, Inc.	  	Kirkwood Community College	  	All equipment and fixtures, specifically including rail system and all components, all fixtures, shelving, fork lifts, office furniture computer hardware , other information technology
equipments, security cameras and related devices located at 7700 18th Street
SW, Cedar Rapids, Iowa	  	S/I	  	200829670259
						
		  	Nordstrom, Inc.	  	CIT Communications Finance Corporation	  	Leased equipment	  	S/I	  	200830800751
						
		  	Nordstrom, Inc.	  	Bank of the West	  	Specific equipment	  	S/I	  	Equipment Financing
Agreement containing
security agreement
language








 Schedule 1.1(c) 

Revolving Commitments 
  

					
	  

Lender
	  	  

Commitment
  
	  	  

Applicable
Percentage

	 	 	 
	 Bank of America, N.A.
	  	$88,500,000.00    	  	13.615384615%
	 	 	 
	 Wells Fargo Bank, N.A.
	  	$88,500,000.00    	  	13.615384615%
	 	 	 
	 The Royal Bank of Scotland
plc
	  	$75,000,000.00    	  	11.538461538%
	 	 	 
	 U.S. Bank National
Association
	  	$75,000,000.00    	  	11.538461538%
	 	 	 
	 Fifth Third Bank
	  	$53,000,000.00    	  	8.153846153%
	 	 	 
	 State Bank of India
	  	$40,000,000.00    	  	6.153846153%
	 	 	 
	 Morgan Stanley Bank, National
Association
	  	$35,000,000.00    	  	5.384615384%
	 	 	 
	 The Bank of New York
Mellon
	  	$30,000,000.00    	  	4.615384615%
	 	 	 
	 Goldman Sachs Bank USA
	  	$25,000,000.00    	  	3.846153846%
	 	 	 
	 JPMorgan Chase Bank,
N.A.
	  	$25,000,000.00    	  	3.846153846%
	 	 	 
	 KeyBank National
Association
	  	$25,000,000.00    	  	3.846153846%
	 	 	 
	 The Northern Trust
Company
	  	$25,000,000.00    	  	3.846153846%
	 	 	 
	 Union Bank, N.A.
	  	$25,000,000.00    	  	3.846153846%
	 	 	 
	 Bank of Hawaii
	  	$10,000,000.00    	  	1.538461538%
	 	 	 
	 Cathay United Bank
	  	$10,000,000.00    	  	1.538461538%
	 	 	 
	 First Commercial Bank, Los Angeles
Branch
	  	$10,000,000.00    	  	1.538461538%
	 	 	 
	 Chang Hwa Commercial Bank, New York
Branch
	  	$ 5,000,000.00    	  	0.769230769%
	 	 	 
	 Hua Nan Commercial Bank, Ltd., Los
Angeles Branch
	  	$ 5,000,000.00    	  	0.769230769%
	 	 	 
	 TOTAL
	  	$650,000,000.00    	  	100.000000000%








 SCHEDULE 4.1 

ORGANIZATION OF BORROWER AND SUBSIDIARIES 
  

							
	  
 Name of Entity

 
	  	  
 Type of Entity

 
	  	  

Ownership1

  
	  	  
 Place of Formation

 

				
	 Cascade Court, Limited

Partnership
	  	Ltd Partnership	  	 99% owned by

Nordstrom, Inc.
	  	Washington
				
	JSK Enterprises, Inc.	  	Corporation	  	 90% owned by

Nordstrom, Inc.
	  	Georgia
				
	Just Jeffrey, Inc.	  	Corporation	  	 90% owned by

Nordstrom, Inc.
	  	Georgia
				
	N2HC, Inc.	  	Corporation	  		  	Colorado
				
	NIHC, Inc.	  	Corporation	  	 100% owned by

N2HC, Inc.
	  	Colorado
				
	NLC, Inc.	  	Corporation	  		  	Washington
				
	 Nordstrom Credit Card

Receivables,
II2
	  	LLC	  	 100% owned by

Nordstrom Credit,

Inc.
	  	Delaware
				
	 Nordstrom Credit

International, LLC3

	  	LLC	  	 100% owned by

Nordstrom

International Limited
	  	Oregon
				
	Nordstrom Credit, Inc.	  	Corporation	  		  	Colorado
				
	Nordstrom DC, LLC	  	LLC	  	 1% owned by

Nordstrom

Distribution

Management, Inc. &

99% owned by

Nordstrom

Distribution, LLC
	  	Oregon

  

1
 All subsidiaries are 100% owned by Nordstrom, Inc. unless otherwise noted. 

2
 Originally incorporated as Nordstrom Private Label Receivables LLC. 

3
 Originally incorporated in Nevada; later re-incorporated in Oregon, then reorganized as a limited liability company. 








							
	  
 Name of Entity

 
	  	  
 Type of Entity

 
	  	  

Ownership1

  
	  	  
 Place of Formation

 

				
	 Nordstrom Distribution

Management, Inc.
	  	Corporation	  		  	Oregon
				
	 Nordstrom Distribution,

Inc.
	  	Corporation	  		  	Washington
				
	 Nordstrom European
 Capital
Group SAS
	  		  	 100% owned by

Nordstrom

International Limited
	  	France
				
	Nordstrom fsb	  	 Federal

Savings Bank
	  		  	Federal Charter
				
	 Nordstrom International

Limited
	  	Corporation	  		  	Washington
				
	 Nordstrom Restaurant

Kansas, Inc.
	  	Corporation	  		  	Kansas
				
	 Nordstrom Restaurant
 Texas,
Inc.
	  	Corporation	  	 100% owned by

Nordstrom

Restaurant Kansas,

Inc.
	  	Texas
				
	Nordstrom, Inc	  	Corporation	  	Publicly Traded	  	Washington
				
	See also:	  		  		  	
				
	 1700 Seventh, L.P. — owns

Nordstrom Corporate
 Office
Building
	  	 Limited

Partnership
	  	 49% owned by

Nordstrom, Inc.
	  	Washington








 SCHEDULE 4.5 

MATERIAL LITIGATION 

The Borrower has been named in various lawsuits, and intends to vigorously defend itself. While the Borrower cannot predict the outcome
of these lawsuits, management believes these matters, including those listed below, will not have a material adverse effect on the Borrower’s financial position, results of operations or cash flows. 

IP/PATENT CLAIMS: 

SBJ Holdings 1, LLC vs. Blockbuster, Inc; Sears Brands, LLC; Sears Holdings Corporations; Overstock.com, Inc.; Buy.com, Inc.;
Barnes & Noble, Inc.; Nordstrom, Inc.; Toys “R” Us, Inc. – Federal Court Patent Litigation (Eastern District of Texas) 

This matter was served on February 24, 2009. The complaint alleges that Borrower and the other defendants are separately infringing
on plaintiff SBJ Holding 1, LLC’s (“SBJ”) patents. SBJ alleges that its patents cover certain types of e-commerce and that Borrower’s online internet sales infringe on SBJ’s patents, but the exact nature of the alleged
infringement is unclear. SBJ’s infringement allegations do not state what damages, if any, SBJ alleges it is entitled to receive if it prevails or what type of other relief to which SBJ might be entitled. 

N.C.R. 
 Borrower
has received several letters from N.C.R. claiming its point of sale systems infringe a patent and offering a license. N.C.R. has not specifically identified any patent allegedly violated. Borrower is currently investigating N.C.R.’s claims.

 Paul N. Ware and Financial Systems Innovation v. Abercrombie & Fitch et al including Nordstrom – Federal Court Patent
Litigation (Georgia) 
 Patent litigation over bar codes used on Borrower’s receipts. 110 retail defendants are
named in similar actions. The complaint alleges damages for alleged infringement. Borrower is currently evaluating the infringement claim and the patent. The Patent & Trademark Office recently reversed an invalidity determination on the
patent. As a result, the Borrower expects the suit to become active again. 
 Card Activation Technologies, Inc. (aka Muehlberge) –
Federal Court Patent Litigation 
 The complaint in this case alleges infringement in method of processing debit/credit
transactions. The complaint seeks damages for alleged infringement. Borrower is pursuing tender of the action to the vendors of the equipment it is using. 

WAGE AND HOUR: 

Paladini/Faulkner/Kobzeff Litigation - Coordinated State Court Wage and Hour Class Actions (California) 

Complaints claim meal and rest period violations due to Loss Prevention agents taking radios on breaks, thereby depriving them of a
“duty free” break. Claim involves Loss Prevention employees in California from July 3, 2004 to present. Complaint seeks compensation for meal periods, rest breaks, related penalties and injunctive relief. Discovery is currently under
way. 







 Alvarez Litigation –Federal Court Wage and Hour Class Action (California) 

Complaint claims Borrower failed to timely pay wages at time of termination in California. Discovery has been completed. Class
certification has recently been denied and is currently proceeding as an individual action. 
 Savala/Carducci/Young Litigation
–State Court Wage and Hour Class Action (California) 
 Complaint challenges Borrower’s commission structure,
claiming improper deduction from commissions due to returns. Case settled at mediation for $12,500,000 ($10,000,000 cash and $2,500,000) vouchers on July 22, 2008. (A lesser amount may ultimately be paid depending on the opt-in rate for class
members.) Preliminary approval of the settlement has occurred and the final approval hearing is schedule for fall, 2009. 
 Monroe
Litigation –State Court Wage and Hour Class Action (California) 
 Complaint claims misclassification of exempt
managers resulting in failure to pay overtime, failure to provide meal and rest periods and unfair competition. The complaint asserts that those with manager titles are not truly managers because they spend more than 50% of their work hours
performing non-exempt duties and do not have authority to exercise independent judgment or hire and fire employees. Complaint seeks compensation for overtime, meal and rest periods, related penalties, attorneys fees and cost. The case recently was
transferred to a different county and Borrower is pursuing its defense. 
 Nordstrom Notes: 

Alfi v Nordstrom – US District Court, Southern District of California (San Diego). 

This case was filed in June, 2009. It is a purported nationwide class action pertaining to the font size of the expiration date on
Nordstrom Notes for the period from October, 2005 through March, 2008. Complaint alleges that the Borrower was unjustly enriched and also prays for declaratory relief. Borrower has a motion to dismiss/motion to strike class allegations scheduled for
hearing on August 25, 2009. 
 Other 

Borrower is subject to routine litigation incidental to its business. No material liability is expected. 







 SCHEDULE 9.5 

CERTAIN ADDRESSES FOR NOTICES 

BORROWER: 
 Nordstrom,
Inc. 
 1700 Seventh Avenue,
12th Floor 

Seattle, WA 98101-1397 

Attn: Robert E. Campbell 

Telephone: 206-303-3290 

Facsimile: 206-303-3009 

Electronic Mail: rob.campbell@nordstrom.com 

With a copy to: 

Nordstrom, Inc. 

1700 Seventh Avenue, Suite 700 

Seattle, WA 98101-4407 

Attn: Robert B. Sari 

Telephone: 206-303-2540 

Facsimile: 206-303-2789 

Electronic Mail: robert.sari@nordstrom.com 

Copies of material notices, including notices of any Default, to: 

Lane Powell PC 

1420 Fifth Avenue, Suite 4100 

Seattle, WA 98101 

Attention: Joan Robinson 

Telephone: (206) 233-6000 

Facsimile: (206) 223-7107 

Electronic Mail: robinsonj@lanepowell.com 

Copies of material notices, including notices of any Default, to: 

Moore & Van Allen PLLC 

100 N. Tryon, 47th Floor 

Charlotte, NC 28202 

Attention: Lauren Biek 

Telephone: 704-331-1166 

Facsimile: 704-339-5920 

Electronic Mail: laurenbiek@mvalaw.com 







 ADMINISTRATIVE AGENT: 

Administrative Agent’s Office 

(for payments and Requests for Credit Extensions): 

Bank of America, N.A. 

2001 Clayton Road, Building B 

Mail Code: CA4-702-02-25 

Concord, CA 94520-2405 

Attention: Glenis Croucher 

Telephone: 925-675-8361 

Facsimile: 888-969-3315 

Electronic Mail: glenis.croucher@bankofamerica.com 

Payment Instructions: 

Bank of America, N.A. 

New York, NY 

ABA # 026009593 

Account No.: 3750836479 

Account Name: Credit Services #5596 

Ref: Nordstrom, Inc. 
 Other
Notices as Administrative Agent: 
 Bank of America, N.A. 

Agency Management 

335 Madison Avenue
4th Floor 

Mail Code: NY1-503-04-03 

New York, NY 10017 

Attention: Steven Gazzillo 

Telephone: 646-556-0328 

Facsimile: 212-901-7842 

Electronic Mail: steven.gazzillo@bankofamerica.com