EX-10.1




 Exhibit 10.1 

Execution Version 

AMENDMENT NO. 2, dated as of July 29, 2022 (this “Amendment No. 2”), to the Fourth Amended and
Restated Credit Agreement, dated as of February 6, 2020 (as amended by that certain Amendment No. 1, dated as of July 2, 2021, and as in effect immediately prior to the Amendment No. 2 Effective Date (as defined below), the
“Original Credit Agreement”), by and among LAMAR MEDIA CORP., a Delaware corporation (the “Company” or the “Borrower”), LAMAR ADVERTISING COMPANY, a Delaware corporation (solely with respect to
Sections 5 and 6 hereof, “Holdings”), the SUBSIDIARY GUARANTORS party hereto, the TERM A LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”). 

WHEREAS, the Borrower has requested an amendment to the Original Credit Agreement on the terms set forth herein; 

WHEREAS, the Borrower has requested that the Term A Loan Commitments (as defined below) be established as an additional tranche of term
loans pursuant to Section 2.01(c) of the Original Credit Agreement on the terms set forth in this Amendment No. 2; 

WHEREAS, Section 2.01(c) of the Original Credit Agreement permits the establishment of one or more additional tranches of term
loans without the consent of any party to the Credit Agreement other than the parties hereto; 
 WHEREAS, each Lender that executes
and delivers a signature page to this Amendment No. 2 in the capacity of a “Term A Lender” (each, in such capacity, a “Term A Lender”) shall make Term A Loans to the Borrower in an aggregate principal amount equal to
its “Term A Loan Commitment” set forth on Schedule 1 attached hereto on the Amendment No. 2 Effective Date (as defined below) (such commitments, the “Term A Loan Commitments”). 

NOW, THEREFORE, in consideration of the promises and mutual agreements herein contained, the Borrower, Holdings (solely with respect to
Sections 6 and 7 hereof), the Lenders party hereto and the Administrative Agent hereby agree as follows: 
 SECTION 1. Defined Terms.
Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement (as defined below). 

SECTION 2. Amendments. The Credit Agreement is, effective as of the Amendment No. 2 Effective Date, hereby amended to delete the
stricken text (indicated textually in the same manner as the following example: stricken text) and to add the
double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages of the Credit Agreement attached as Exhibit A hereto (the “Credit Agreement”). 

SECTION 3. Effectiveness of Term A Loan Commitments. Subject to the terms and conditions set forth herein, the Term Loan A Commitments
of each Term A Lender (as set forth in Schedule 1 attached hereto) shall become effective on the Amendment No. 2 Effective Date. 











 SECTION 4. Effectiveness of Amendment No. 2. This Amendment
No. 2 shall become effective on the date the following conditions are satisfied (the “Amendment No. 2 Effective Date”): 

(a) Amendment No. 2 Counterparts. The Administrative Agent shall have received executed counterparts to the Amendment
No. 2 from each of the Company, Holdings, the Subsidiary Guarantors and the Term A Lenders. 
 (b) Opinion of Counsel to Credit
Parties. The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment No. 2 Effective Date) of (i) Kean Miller LLP, counsel to the Credit
Parties, in a form satisfactory to the Administrative Agent and (ii) Locke Lord LLP, New York counsel to the Credit Parties, in a form satisfactory to the Administrative Agent and, in each case, covering such matters as the Administrative Agent
shall request. 
 (c) Corporate Matters. The Administrative Agent shall have received such documents and certificates as the
Administrative Agent may reasonably request relating to the organization, existence and good standing of each Credit Party, the authorization of Amendment No. 2, the Term A Loan Commitments and the use of proceeds therefrom and any other legal
matters relating to the Credit Parties, Amendment No. 2, the Term A Loan Commitments, and the other Loan Documents, all in form and substance reasonably satisfactory to the Administrative Agent. 

(d) Financial Officer Certificate. The Administrative Agent shall have received a certificate, dated the Amendment No. 2 Effective
Date and signed by the President, a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in (i) paragraphs (a) and (b) of Section 5.02 and
(ii) Section 2.01(c)(ii) of the Credit Agreement. 
 (e) Solvency Certificate. The Administrative Agent
shall have received a certificate from a Financial Officer of the Company to the effect that, as of the Amendment No. 2 Effective Date, after giving effect to the Term A Loan Commitments hereunder and the use of proceeds therefrom: 

 

	 	(i)	 the aggregate value of all properties of the Company and its Subsidiaries at their present fair saleable value
(i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through collection or sale at the regular market value, conceiving the latter as the amount that could be obtained for the property in
question within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed the amount of all the debts and liabilities (including contingent, subordinated,
unmatured and unliquidated liabilities) of the Company and its Subsidiaries, 


  

	 	(ii)	 the Company and its Subsidiaries will not, on a consolidated basis, have an unreasonably small amount of
capital with which to conduct their business operations as heretofore conducted and 



  
 -2- 













	 	(iii)	 the Company and its Subsidiaries will have, on a consolidated basis, sufficient cash flow to enable them to pay
their debts as they mature. 


 (f) Notice of the Term A Loan Commitments. The Administrative Agent shall have
received the notice requesting the Term A Loan Commitments in accordance with Section 2.01(c) of the Credit Agreement. 

(g) Other Documents. The Administrative Agent shall have received such other documents as the Administrative Agent or any Term A Lender
shall have reasonably requested. 
 (h) Fees and Expenses. The Company shall have paid to the Administrative Agent all reasonable
costs and expenses of the Administrative Agent in connection with this Amendment No. 2, in each case on or prior to the Amendment No. 2 Effective Date. 

The Administrative Agent shall notify the Company and the Lenders of the Amendment No. 2 Effective Date, and such notice shall be
conclusive and binding. 
 SECTION 5. Counterparts. This Amendment No. 2 may be executed in any number of counterparts, each of
which shall be an original, and all of which, when taken together, shall constitute one agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this
Amendment No. 2 and/or any document to be signed in connection with this letter agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries 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, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. “Electronic
Signatures” means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. 

SECTION 6. Reaffirmation. (A) Each of Holdings, the Borrower and the Subsidiary Guarantors (each, a “Reaffirming
Party”) hereby (a) affirms and confirms its guarantees, pledges, grants of Liens, covenants, agreements and other commitments under the Loan Documents to which it is a party and (b) agrees that (i) each Loan Document to which
it is a party shall continue to be in full force and effect, (ii) all obligations and liabilities of the Borrower under the Original Credit Agreement, as amended pursuant to this Amendment No. 2, constitute “Guaranteed
Obligations” under and as defined in each of the Holdings Guaranty and Pledge Agreement and the Credit Agreement and are guaranteed by and entitled to the benefits of each of the Holdings Guaranty and Pledge Agreement and the guarantees of the
Subsidiary Guarantors set forth in Article III of the Credit Agreement, (iii) all obligations and liabilities of the Borrower and the Subsidiary Guarantors under the Original Credit Agreement, as amended pursuant to this Amendment No. 2
constitute “Secured Obligations” under and as defined in the Pledge Agreement and are secured by and entitled to the benefits of the Pledge Agreement and the other Security Documents, (iv) all obligations and liabilities of Holdings
under the Holdings Guaranty and Pledge Agreement constitute “Secured Obligations” under and as defined in the 

  
 -3- 












 
Holdings Guaranty and Pledge Agreement and are secured by and entitled to the benefits of the Holdings Guaranty and Pledge Agreement and (iv) all guarantees, pledges, grants of Liens,
covenants, agreements and other commitments under the Loan Documents and all Liens granted under the Security Documents shall continue to be in full force and effect and shall accrue to the benefit of the Secured Parties and shall not be impaired or
discharged hereby or by the transactions contemplated hereby. 
 (B) The representations and warranties of each Reaffirming Party set forth
in the Loan Documents to which it is a party are, after giving effect to hereto, true and correct in all material respects on and as of the Amendment No. 2 Effective Date with the same effect as though made on and as of such date, except to the
extent such representations and warranties expressly relate to an earlier date in which case they shall be true and correct in all material respects as of such earlier date; provided, that, to the extent that any such representations and
warranties are qualified by materiality, material adverse effect or similar language, such representations and warranties shall be true and correct in all respects. 

(C) After giving effect hereto, neither the amendment of the Original Credit Agreement effected pursuant hereto nor the execution, delivery,
performance or effectiveness of this Amendment No. 2 (i) impairs the validity, effectiveness or priority of the Liens granted pursuant to any Loan Document, and such Liens continue unimpaired with the same priority to secure repayment of all
Secured Obligations, whether heretofore or hereafter incurred; or (ii) requires that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens. 

(D) Each of the Borrower and the Subsidiary Guarantors represents and warrants to the Administrative Agent and each Lender that after giving
effect to this Amendment No. 2, no Default or Event of Default has occurred and is continuing. 
 (E) This Amendment No. 2 is a
Loan Document. 
 (F) This Amendment No. 2 shall not constitute a novation of the Original Credit Agreement or any other Loan Document.

 SECTION 7. Applicable Law; Waiver of Jury Trial. This Amendment No. 2 shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. Sections 10.09 and 10.10 of the Original Credit Agreement are incorporated herein by reference mutatis mutandis. 

SECTION 8. Headings. The Section headings used herein are for convenience of reference only, are not part of this Amendment No. 2
and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment No. 2. 
  

  
 -4- 












 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly
executed by their respective authorized officers as of the day and year first written above. 
  

					
	LAMAR MEDIA CORP.
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	LAMAR ADVERTISING COMPANY (solely with respect to Sections 6 and 7 hereof)
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	SUBSIDIARY GUARANTORS
	ARIZONA LOGOS, L.L.C.
	COLORADO LOGOS, LLC
	DELAWARE LOGOS, L.L.C.
	GEORGIA LOGOS, L.L.C.
	KANSAS LOGOS, LLC
	KENTUCKY LOGOS, LLC
	LOUISIANA INTERSTATE LOGOS, L.L.C.
	MAINE LOGOS, L.L.C.
	MICHIGAN LOGOS, LLC
	MINNESOTA LOGOS, LLC
	MISSISSIPPI LOGOS, L.L.C.
	MISSOURI LOGOS, LLC
	MONTANA LOGOS, LLC
	NEBRASKA LOGOS, LLC
	NEVADA LOGOS, LLC
	NEW HAMPSHIRE LOGOS, L.L.C.
	NEW JERSEY LOGOS, L.L.C.
	NEW MEXICO LOGOS, LLC
	OHIO LOGOS, LLC
	OKLAHOMA LOGOS, L.L.C.
	SOUTH CAROLINA LOGOS, LLC
	TENNESSEE LOGOS, LLC
	UTAH LOGOS, LLC
	VIRGINIA LOGOS, LLC
	WASHINGTON LOGOS, L.L.C.
	WISCONSIN LOGOS, LLC
	By:	 	Interstate Logos, L.L.C., its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	LAMAR AIRPORT ADVERTISING COMPANY
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	SKYHIGH MURALS – COLOSSAL MEDIA, LLC
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	FLORIDA LOGOS, LLC
		
	By:	 	Interstate Logos TRS, LLC, its Managing Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	ASHBY STREET OUTDOOR HOLDINGS LLC
	INTERSTATE LOGOS, L.L.C.
	LAMAR CENTRAL OUTDOOR, LLC
	LAMAR ADVERTISING SOUTHWEST, LLC
	THE LAMAR COMPANY, L.L.C.
	LAMAR TRS HOLDINGS, LLC
		
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	INTERSTATE LOGOS TRS, LLC
	LAMAR INVESTMENTS, LLC
	LAMAR SERVICE COMPANY, LLC
	LAMAR TRANSIT, LLC
	
	By: Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	ASHBY STREET OUTDOOR LLC
	ASHBY STREET OUTDOOR CC, LLC
		
	By:	 	Ashby Street Outdoor Holdings LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	 Executive Vice President, Chief
 Financial
Officer and Treasurer

	
	LAMAR TEXAS LIMITED PARTNERSHIP
	By:	 	The Lamar Company, L.L.C., its General Partner
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	 Executive Vice President, Chief
 Financial
Officer and Treasurer



 [Lamar - Amendment No. 2] 











 
					
	 LAMAR ADVERTISING OF COLORADO SPRINGS, L.L.C.

	LAMAR ADVERTISING OF LOUISIANA, L.L.C.
	LAMAR ADVERTISING OF MICHIGAN, LLC
	LAMAR ADVERTISING OF SOUTH DAKOTA, L.L.C.
	LAMAR ADVERTISING OF YOUNGSTOWN, LLC
	LAMAR AIR, L.L.C.
	LAMAR ELECTRICAL, LLC
	LAMAR FLORIDA, L.L.C.
	LAMAR OCI NORTH, L.L.C.
	LAMAR OCI SOUTH, LLC
	LAMAR OHIO OUTDOOR HOLDING, LLC
	LAMAR TENNESSEE, L.L.C.
	TLC PROPERTIES, LLC
		
	By:	 	The Lamar Company, L.L.C., its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	TLC FARMS, L.L.C.
		
	By:	 	TLC Properties, LLC, its Managing Member
	By:	 	The Lamar Company, L.L.C., its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	LAMAR ADVANTAGE GP COMPANY, LLC
	LAMAR ADVANTAGE LP COMPANY, LLC
	TRIUMPH OUTDOOR HOLDINGS, LLC
	By:	 	Lamar Central Outdoor, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	LAMAR ADVANTAGE OUTDOOR COMPANY, L.P.
		
	By:	 	Lamar Advantage GP Company, LLC, its General Partner
	By:	 	Lamar Central Outdoor, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	LAMAR ADVANTAGE HOLDING COMPANY, LLC
		
	By:	 	Lamar Advantage Outdoor Company, L.P.
	By:	 	Lamar Advantage GP Company, LLC, its General Partner
	By:	 	Lamar Central Outdoor, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	OUTDOOR MARKETING SYSTEMS, L.L.C.
	OUTDOOR PROMOTIONS WEST, LLC
	TRIUMPH OUTDOOR RHODE ISLAND, LLC
	By:	 	Lamar Transit, LLC, its Managing Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	TLC PROPERTIES II, LLC
		
	By:	 	Lamar Investments, LLC, its Managing Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	LAMAR ADVERTISING OF PENN, LLC
	By:	 	The Lamar Company, L.L.C., its Class A Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
		
	By:	 	Lamar Transit, LLC, its Class B Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	LAMAR OBIE COMPANY, LLC
	By:	 	Lamar Advertising Limited Partnership, its Class A Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
		
	By:	 	Lamar Transit, LLC, its Class B Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	FMG OUTDOOR HOLDINGS, LLC
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	LAMAR-FAIRWAY BLOCKER 1, LLC
	LAMAR-FAIRWAY BLOCKER 2, LLC
	MAGIC MEDIA/LAMAR, LLC
	FAIRWAY MEDIA GROUP, LLC
		
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	FAIRWAY OUTDOOR ADVERTISING, LLC
		
	By:	 	Fairway Media Group, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	FAIRWAY OUTDOOR FUNDING HOLDINGS, LLC
	
	By: Fairway Outdoor Advertising, LLC, its
		 	Managing Member
	By:	 	Fairway Media Group, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	FAIRWAY OUTDOOR FUNDING, LLC
	
	By: Fairway Outdoor Funding Holdings, LLC, its
		 	Managing Member
	By: Fairway Outdoor Advertising, LLC, its
		 	Managing Member
	By:	 	Fairway Media Group, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	DOUGLAS OUTDOOR ADVERTISING OF GA., LLC
		
	By:	 	Magic Media/Lamar, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	MCC OUTDOOR, LLC
	MAGIC MEDIA REAL ESTATE, LLC
	FMO REAL ESTATE, LLC
	OLYMPUS MEDIA/INDIANA, LLC
	FAIRWAY CCO INDIANA, LLC
		
	By:	 	Fairway Outdoor Funding, LLC, its Managing Member
	By:	 	Fairway Outdoor Funding Holdings, LLC, its Managing Member
	By:	 	Fairway Outdoor Advertising, LLC, its Managing Member
	By:	 	Fairway Media Group, LLC, its Managing Member
	By:	 	Lamar Advertising Limited Partnership, its Managing Member
	By:	 	Lamar Advertising General Partner, LLC, its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
					
	LAMAR ADVERTISING LIMITED PARTNERSHIP
	By:	 	Lamar Advertising General Partner, LLC, its general partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer
	
	LAMAR ADVERTISING GENERAL PARTNER, LLC
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief
		 		 	Financial Officer and Treasurer


 [Lamar - Amendment No. 2] 











 
			
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent and a Term A Lender
		
	By:	 	 /s/ Inderjeet Aneja

		 	Name: Inderjeet Aneja
		 	Title: Executive Director


 [Lamar - Amendment No. 2] 











 The undersigned evidences its consent to the amendments reflected in this Amendment
No. 2. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as a Term A Lender
		
	By:	 	 /s/ Monica Trautwein

		 	Name: Monica Trautwein
		 	Title: Director


 [Lamar - Amendment No. 2] 











 
			
	Bank of America, N.A.,
	as a Term A Lender
		
	By:	 	 /s/ Karen Virani

		 	Name: Karen Virani
		 	Title: Vice President


 [Lamar - Amendment No. 2] 











 
			
	Citibank, N.A.,
	as a Term A Lender
		
	By:	 	 /s/ Keith Lukasavich

		 	Name: Keith Lukasavich
		 	Title: Vice President & Managing Director


 [Lamar - Amendment No. 2] 











 
			
	Truist Bank,
	as a Term A Lender
		
	By:	 	 /s/ Kyle Giesel

		 	Name: Kyle Giesel
		 	Title: Vice President


 [Lamar - Amendment No. 2] 











 
			
	Mizuho Bank, Ltd.,
	as a Term A Lender
		
	By:	 	 /s/ John Davies

		 	Name: John Davies
		 	Title: Authorized Signatory


 [Lamar - Amendment No. 2] 











 
			
	Sumitomo Mitsui Banking Corporation,
	as a Term A Lender
		
	By:	 	 /s/ Nabeel Shah

		 	Name: Nabeel Shah
		 	Title: Director


 [Lamar - Amendment No. 2] 











 
			
	The Toronto-Dominion Bank, New York Branch,
	as a Term A Lender
		
	By:	 	 /s/ Brian McFarlane

		 	Name: Brian McFarlane
		 	Title: Authorized Signatory


 [Lamar - Amendment No. 2] 











 
			
	U.S. Bank National Association,
	as a Term A Lender
		
	By:	 	 /s/ Garrett Komjathy

		 	Name: Garrett Komjathy
		 	Title: Senior Vice President


 [Lamar - Amendment No. 2] 











 
			
	The Bank of Nova Scotia,
	as a Term A Lender
		
	By:	 	 /s/ Joseph Ward

		 	Name: Joseph Ward
		 	Title: Managing Director


 [Lamar - Amendment No. 2] 











 
			
	PNC Bank, National Association,
	as a Term A Lender
		
	By:	 	 /s/ Andrea Kinnik

		 	Name: Andrea Kinnik
		 	Title: Senior Vice President


 [Lamar - Amendment No. 2] 











 
			
	Texas Capital Bank,
	as a Term A Lender
		
	By:	 	 /s/ Fred Wysk

		 	Name: Fred Wysk
		 	Title: Sr. EVP, Media Corporate Banking


 [Lamar - Amendment No. 2] 











 
			
	Hancock Whitney Bank,
	as a Term A Lender
		
	By:	 	 /s/ Robert Stuart III

		 	Name: Robert Stuart III
		 	Title: Senior Vice President


 [Lamar - Amendment No. 2] 











 
			
	Canadian Imperial Bank of Commerce, New York Branch,
	as a Term A Lender
		
	By:	 	 /s/ Kelly Petit De Mange

		 	Name: Kelly Petit De Mange
		 	Title: Authorized Signatory


 [Lamar - Amendment No. 2] 











 
			
	Deutsche Bank AG New York Branch,
	as a Term A Lender
		
	By:	 	 /s/ Jessica Lutrario

		 	Name: Jessica Lutrario
		 	Title: Associate
		
	By:	 	 /s/ Philip Tancorra

		 	Name: Philip Tancorra
		 	Title: Vice President


 [Lamar - Amendment No. 2] 











 SCHEDULE 1 
  

					
	 Term A Lender
	  	Term A Loan Commitments	 
	 Wells Fargo Bank, National Association
	  	$	28,000,000.00	 
	 Bank of America, N.A.
	  	$	28,000,000.00	 
	 Citibank, N.A.
	  	$	28,000,000.00	 
	 JPMorgan Chase Bank, N.A.
	  	$	28,000,000.00	 
	 Truist Bank
	  	$	28,000,000.00	 
	 Mizuho Bank, Ltd.
	  	$	28,000,000.00	 
	 Sumitomo Mitsui Banking Corporation
	  	$	28,000,000.00	 
	 The Toronto-Dominion Bank, New York Branch
	  	$	28,000,000.00	 
	 U.S. Bank National Association
	  	$	23,000,000.00	 
	 The Bank of Nova Scotia
	  	$	21,000,000.00	 
	 PNC Bank, National Association
	  	$	21,000,000.00	 
	 Texas Capital Bank
	  	$	21,000,000.00	 
	 Hancock Whitney Bank
	  	$	15,000,000.00	 
	 Canadian Imperial Bank of Commerce, New York Branch
	  	$	15,000,000.00	 
	 Deutsche Bank AG New York Branch
	  	$	10,000,000.00	 
		  	  
	  
	 
	 Total:
	  	$	350,000,000.00	 
		  	  
	  
	 












 EXHIBIT A 

[See Attached] 

  
 A-1 












 EXHIBIT A 

LAMAR MEDIA CORP. 
  

 
 FOURTH AMENDED
AND RESTATED CREDIT AGREEMENT 
 Dated as of February 6, 2020 

(as amended by
the Amendment No. 1 to Fourth Amended and Restated Credit Agreement, dated as of 

July 2,
2021 and the Amendment No. 2 to Fourth Amended and Restated Credit Agreement, dated as of 

July 29,
2022) 
  

 
 JPMORGAN CHASE
BANK, N.A., 
 as Administrative Agent 

JPMORGAN CHASE BANK, N.A., 
 WELLS
FARGO SECURITIES, LLC, 
 BOFA SECURITIES, INC., 

SUNTRUST ROBINSON HUMPHREY, INC., 

DEUTSCHE BANK SECURITIES INC., 
 and

 CITIBANK, N.A., 
 as Joint Lead
Arrangers and Joint Bookrunners 
 for the Fourth Amendment and Restatement, 

WELLS FARGO SECURITIES, LLC, 
 as
Syndication Agent 
 for the Fourth Amendment and Restatement, 

BOFA SECURITIES, INC., 
 TRUIST
BANK (as successor by merger to SunTrust Bank), 
 DEUTSCHE BANK SECURITIES INC., 

CITIBANK, N.A., 
 TD SECURITIES
(USA) LLC, 
 THE BANK OF NOVA SCOTIA, 

SUMITOMO MITSUI BANKING CORPORATION, 

MIZUHO BANK, LTD., 
 PNC CAPITAL
MARKETS LLC, 
 BARCLAYS BANK PLC, 

U.S. BANK NATIONAL ASSOCIATION, 

HANCOCK WHITNEY INVESTMENT SERVICES, INC., 

and 
 CREDIT SUISSE LOAN FUNDING
LLC, 
 as Co-Documentation Agents 

for the Fourth Amendment and Restatement 

WELLS FARGO
SECURITIES, LLC, 
 JPMORGAN CHASE BANK, N.A., 

TRUIST
SECURITIES, INC., 












CITIBANK,
N.A., 

MIZUHO BANK,
LTD., 

SUMITOMO
MITSUI BANKING CORPORATION, 
 TD SECURITIES (USA) LLC 

and 

BOFA
SECURITIES, INC. 
 as Term A Loan Joint Lead Arrangers and Term A Loan Joint Bookrunners


for the
Amendment No. 2 

  
 -2- 












 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	
	DEFINITIONS	  

	SECTION 1.01.	 	 DEFINED TERMS
	  	 	16	 
	SECTION 1.02.	 	 CLASSIFICATION OF LOANS AND BORROWINGS
	  	 	3447	 
	SECTION 1.03.	 	 TERMS GENERALLY
	  	 	3448	 
	SECTION 1.04.	 	 ACCOUNTING TERMS; GAAP
	  	 	3548	 
	SECTION 1.05.	 	 SUBSIDIARIES; DESIGNATION OF UNRESTRICTED SUBSIDIARIES
	  	 	3548	 
	SECTION 1.06.	 	 EFFECT OF RESTATEMENT
	  	 	3650	 
	SECTION 1.07.	 	 INTEREST RATES; LIBOR NOTIFICATION
	  	 	3650	 
	
	ARTICLE II	  

	
	THE CREDITS	  

	SECTION 2.01.	 	 COMMITMENTS
	  	 	3750	 
	SECTION 2.02.	 	 LOANS AND BORROWINGS
	  	 	3953	 
	SECTION 2.03.	 	 REQUESTS FOR BORROWINGS
	  	 	4053	 
	SECTION 2.04.	 	 LETTERS OF CREDIT
	  	 	4154	 
	SECTION 2.05.	 	 FUNDING OF BORROWINGS
	  	 	4458	 
	SECTION 2.06.	 	 INTEREST ELECTIONS
	  	 	4558	 
	SECTION 2.07.	 	 TERMINATION AND REDUCTION OF COMMITMENTS
	  	 	4660	 
	SECTION 2.08.	 	 REPAYMENT OF LOANS; EVIDENCE OF DEBT
	  	 	4760	 
	SECTION 2.09.	 	 PREPAYMENT OF LOANS
	  	 	4861	 
	SECTION 2.10.	 	 FEES
	  	 	5266	 
	SECTION 2.11.	 	 INTEREST
	  	 	5367	 
	SECTION 2.12.	 	 ALTERNATE RATE OF INTEREST
WITH RESPECT TO EURODOLLAR LOANS
	  	 	5468	 
	SECTION 2.13.	 	 INABILITY TO
DETERMINE RATE WITH RESPECT TO TERM BENCHMARK LOANS
	  	 	69	 
	SECTION 2.14.	 	 INCREASED COSTS
	  	 	5571	 
	SECTION 2.14.2.15.	 	 BREAK FUNDING PAYMENTS
	  	 	5672	 
	SECTION 2.15.	 	 TAXES
	  	 	57	 
	SECTION 2.16.	 	
TAXES
	  	 	73	 
	SECTION 2.17.	 	 PAYMENTS GENERALLY; PRO RATA TREATMENT; SHARING OF SET-OFFS
	  	 	6076	 
	SECTION 2.17.2.18.	 	 MITIGATION OBLIGATIONS; REPLACEMENT OF LENDERS
	  	 	6278	 
	SECTION 2.18.2.19.	 	 DEFAULTING LENDER
	  	 	6279	 
	SECTION 2.19.2.20.	 	 MATURITY EXTENSION
	  	 	6481	 
	
	ARTICLE III	  

	
	GUARANTEE BY GUARANTORS	  

	SECTION 3.01.	 	 THE GUARANTEE
	  	 	6683	 


  
 - i - 













							
	 	 	 	  	Page	 
			
	SECTION 3.02.	 	 OBLIGATIONS UNCONDITIONAL
	  	 	6783	 
	SECTION 3.03.	 	 REINSTATEMENT
	  	 	6884	 
	SECTION 3.04.	 	 SUBROGATION
	  	 	6884	 
	SECTION 3.05.	 	 REMEDIES
	  	 	6884	 
	SECTION 3.06.	 	 INSTRUMENT FOR THE PAYMENT OF MONEY
	  	 	6885	 
	SECTION 3.07.	 	 CONTINUING GUARANTEE
	  	 	6885	 
	SECTION 3.08.	 	 RIGHTS OF CONTRIBUTION
	  	 	6885	 
	SECTION 3.09.	 	 GENERAL LIMITATION ON GUARANTEE OBLIGATIONS
	  	 	6985	 
	SECTION 3.10.	 	 KEEPWELL
	  	 	6986	 
	SECTION 3.11.	 	 EXCLUDED SWAP TRANSACTIONS
	  	 	7086	 
	
	ARTICLE IV	  

	
	REPRESENTATIONS AND WARRANTIES	  

			
	SECTION 4.01.	 	 ORGANIZATION; POWERS
	  	 	7086	 
	SECTION 4.02.	 	 AUTHORIZATION; ENFORCEABILITY
	  	 	7086	 
	SECTION 4.03.	 	 GOVERNMENTAL APPROVALS; NO CONFLICTS
	  	 	7087	 
	SECTION 4.04.	 	 FINANCIAL CONDITION; NO MATERIAL ADVERSE CHANGE
	  	 	7087	 
	SECTION 4.05.	 	 PROPERTIES
	  	 	7187	 
	SECTION 4.06.	 	 LITIGATION AND ENVIRONMENTAL MATTERS
	  	 	7187	 
	SECTION 4.07.	 	 COMPLIANCE WITH LAWS AND AGREEMENTS
	  	 	7188	 
	SECTION 4.08.	 	 INVESTMENT COMPANY STATUS
	  	 	7188	 
	SECTION 4.09.	 	 TAXES
	  	 	7288	 
	SECTION 4.10.	 	 ERISA
	  	 	7288	 
	SECTION 4.11.	 	 DISCLOSURE
	  	 	7289	 
	SECTION 4.12.	 	 CAPITALIZATION
	  	 	7389	 
	SECTION 4.13.	 	 MATERIAL AGREEMENTS AND LIENS
	  	 	7389	 
	SECTION 4.14.	 	 SUBSIDIARIES, ETC.
	  	 	7390	 
	SECTION 4.15.	 	 ANTI-TERRORISM LAWS
	  	 	7490	 
	SECTION 4.16.	 	 ANTI-CORRUPTION AND SANCTIONS LAWS
	  	 	7491	 
	SECTION 4.17.	 	 AFFECTED FINANCIAL INSTITUTIONS
	  	 	7491	 
	SECTION 4.18.	 	 MARGIN REGULATIONS
	  	 	7491	 
		
	ARTICLE V	  			
		
	CONDITIONS	  			
			
	SECTION 5.01.	 	 RESTATEMENT EFFECTIVE DATE
	  	 	7591	 
	SECTION 5.02.	 	 EACH EXTENSION OF CREDIT
	  	 	7693	 
		
	ARTICLE VI	  			
		
	AFFIRMATIVE COVENANTS	  			
			
	SECTION 6.01.	 	 FINANCIAL STATEMENTS AND OTHER INFORMATION
	  	 	7793	 
	SECTION 6.02.	 	 NOTICES OF MATERIAL EVENTS
	  	 	7995	 
	SECTION 6.03.	 	 EXISTENCE; CONDUCT OF BUSINESS
	  	 	7995	 
	SECTION 6.04.	 	 PAYMENT OF OBLIGATIONS
	  	 	7996	 
	SECTION 6.05.	 	 MAINTENANCE OF PROPERTIES; INSURANCE
	  	 	7996	 
	SECTION 6.06.	 	 BOOKS AND RECORDS; INSPECTION RIGHTS
	  	 	7996	 


  
 - ii - 













							
	 	 	 	  	Page	 
			
	SECTION 6.07.	 	 FISCAL YEAR
	  	 	8096	 
	SECTION 6.08.	 	 COMPLIANCE WITH LAWS
	  	 	8096	 
	SECTION 6.09.	 	 USE OF PROCEEDS
	  	 	8097	 
	SECTION 6.10.	 	 CERTAIN OBLIGATIONS RESPECTING RESTRICTED SUBSIDIARIES AND COLLATERAL SECURITY
	  	 	8097	 
	SECTION 6.11.	 	 CERTAIN REIT MATTERS
	  	 	8298	 
	SECTION 6.12.	 	 POST CLOSING COVENANT
	  	 	8299	 
	SECTION 6.13.	 	 MAINTENANCE OF RATINGS
	  	 	8299	 
	
	ARTICLE VII	  

	
	NEGATIVE COVENANTS	  

	SECTION 7.01.	 	 INDEBTEDNESS
	  	 	8299	 
	SECTION 7.02.	 	 LIENS
	  	 	84101	 
	SECTION 7.03.	 	 CONTINGENT LIABILITIES
	  	 	86102	 
	SECTION 7.04.	 	 FUNDAMENTAL CHANGES
	  	 	87103	 
	SECTION 7.05.	 	 INVESTMENTS, LOANS, ADVANCES, GUARANTEES AND ACQUISITIONS; SWAP AGREEMENTS
	  	 	88105	 
	SECTION 7.06.	 	 RESTRICTED PAYMENTS
	  	 	90106	 
	SECTION 7.07.	 	 TRANSACTIONS WITH AFFILIATES
	  	 	91107	 
	SECTION 7.08.	 	 RESTRICTIVE AGREEMENTS
	  	 	92109	 
	SECTION 7.09.	 	 FINANCIAL COVENANT
	  	 	92109	 
	SECTION 7.10.	 	 LINES OF BUSINESS
	  	 	92109	 
	SECTION 7.11.	 	 REPAYMENTS OF CERTAIN INDEBTEDNESS
	  	 	92109	 
	SECTION 7.12.	 	 MODIFICATIONS OF CERTAIN DOCUMENTS
	  	 	93110	 
	
	ARTICLE VIII	  

	
	EVENTS OF DEFAULT	  

	
	ARTICLE IX	  

	
	THE ADMINISTRATIVE AGENT	  

	
	ARTICLE X	  

	
	MISCELLANEOUS	  

	SECTION 10.01.	 	 NOTICES
	  	 	100117	 
	SECTION 10.02.	 	 WAIVERS; AMENDMENTS
	  	 	101118	 
	SECTION 10.03.	 	 EXPENSES; INDEMNITY; DAMAGE WAIVER
	  	 	104121	 
	SECTION 10.04.	 	 SUCCESSORS AND ASSIGNS
	  	 	105123	 
	SECTION 10.05.	 	 SURVIVAL
	  	 	109126	 
	SECTION 10.06.	 	 COUNTERPARTS; INTEGRATION; EFFECTIVENESS
	  	 	109127	 
	SECTION 10.07.	 	 SEVERABILITY
	  	 	110127	 
	SECTION 10.08.	 	 RIGHT OF SETOFF
	  	 	110127	 
	SECTION 10.09.	 	 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS
	  	 	110127	 
	SECTION 10.10.	 	 WAIVER OF JURY TRIAL
	  	 	110128	 
	SECTION 10.11.	 	 HEADINGS
	  	 	111128	 


  
 - iii - 













							
	 	 	 	  	Page	 
			
	SECTION 10.12.	 	 RELEASE OF COLLATERAL AND GUARANTEES
	  	 	111128	 
	SECTION 10.13.	 	 SUCCESSOR FACILITY
	  	 	111129	 
	SECTION 10.14.	 	 USA PATRIOT ACT
	  	 	112129	 
	SECTION 10.15.	 	 NO ADVISORY OR FIDUCIARY RESPONSIBILITY
	  	 	112129	 
	SECTION 10.16.	 	 ACKNOWLEDGMENT AND CONSENT TO BAIL-IN OF AFFECTED FINANCIAL INSTITUTIONS
	  	 	112130	 
	SECTION 10.17.	 	 ACKNOWLEDGEMENT REGARDING ANY SUPPORTED QFCS
	  	 	113130	 


  
 - iv - 













					
	SCHEDULES:    	  		  	
			
	Schedule 2.01	  	—	  	Lenders and Commitments
	Schedule 2.04	  	—	  	Letters of Credit
	Schedule 4.06	  	—	  	Disclosed Matters
	Schedule 4.11	  	—	  	Supplemental Disclosure
	Schedule 4.13	  	—	  	Material Agreements and Liens
	Schedule 4.14	  	—	  	Subsidiaries
	Schedule 6.12	  	—	  	Post-Closing
	Schedule 7.02	  	—	  	Liens
	Schedule 7.03	  	—	  	Existing Guarantees
	Schedule 7.07	  	—	  	Certain Existing Affiliate Transactions
	Schedule 7.08	  	—	  	Existing Restrictions
			
	EXHIBITS:	  		  	
			
	Exhibit A	  	—	  	Form of Assignment and Assumption
	Exhibit B	  	—	  	[Reserved]
	Exhibit C	  	—	  	Form of First Lien Intercreditor Agreement
	Exhibit D-1	  	—	  	[Reserved]
	Exhibit D-2	  	—	  	[Reserved]
	Exhibit E	  	—	  	Form of Joinder Agreement
	Exhibit F	  	—	  	[Reserved]
	Exhibit G	  	—	  	Form of Additional Subsidiary Borrower Designation Letter
	Exhibit H	  	—	  	Form of Offered Range Prepayment Option Notice
	Exhibit I	  	—	  	Form of Lender Participation Notice
	Exhibit J	  	—	  	Form of Offered Range Voluntary Prepayment Notice
	Exhibit K-1-4	  	—	  	Form of Tax Status Certificates


  
 - v - 












 This FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) is
dated as of February 6, 2020, among LAMAR MEDIA CORP., each “ADDITIONAL SUBSIDIARY BORROWER” that may be designated as such hereunder pursuant to an Additional Subsidiary Borrower Designation Letter, the SUBSIDIARY GUARANTORS party
hereto, the LENDERS and ISSUING LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent. 
 WHEREAS, the Borrowers, the
Subsidiary Guarantors, the Administrative Agent and the Lenders thereunder are parties to that certain Credit Agreement, dated as of April 28, 2010, and amended and restated as of February 9, 2012 and February 3, 2014 and as further
amended as of April 18, 2014, and as amended and restated as of May 15, 2017, and as amended on March 16, 2018 and on December 6, 2018 (the “Original Credit Agreement”). 

WHEREAS, the Borrowers have requested an amendment and restatement to the Original Credit Agreement pursuant to which on the Restatement
Effective Date, (a) certain Lenders will provide Revolving Credit Commitments to the Company in an aggregate principal amount of $750,000,000, (b) certain Lenders will make Term B Loans (including through the conversion of Existing Term B
Loans) to the Company in an aggregate principal amount of $600,000,000 and (c) certain other changes shall be made to the Original Credit Agreement. 

WHEREAS, the
Borrowers have requested an amendment to this Agreement pursuant to which on the Amendment No. 2 Effective Date, (a) certain Lenders will provide Term A Loan Commitments to the Company in an aggregate principal amount of $350,000,000 and
(b) certain other changes shall be made to this Agreement. 
 NOW,
THEREFORE, the Lenders are willing to extend such credit to the Company, and the parties are willing to amend and restate the Original Credit Agreement, in each case subject to the terms and conditions set forth herein. Accordingly, the parties
hereto agree to amend and restate the Original Credit Agreement as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.01.
DEFINED TERMS. As used in this Agreement, the following terms have the meanings specified below: 
 “Acceptable Purchase
Price” has the meaning assigned to such term in Section 2.09(a)(ii). 
 “Acceptance Date” has the meaning
assigned to such term in Section 2.09(a)(ii). 
 “Acquisition” means any transaction, or any series of related
transactions, consummated after the Restatement Effective Date, by which (i) the Company and/or any of its Subsidiaries acquires the business of, or all or substantially all of the assets of, any firm, corporation or division thereof, whether
through purchase of assets, purchase of stock, merger or otherwise or (ii) any Person that was not theretofore a Subsidiary of the Company becomes a Subsidiary of the Company. 

[Lamar—Signature page to Assignment and Assumption]












 “Additional Subsidiary Borrower” means any Wholly Owned Subsidiary of the
Company organized under the laws of Puerto Rico, Canada (or a Province thereof), Mexico or any other U.S. or non-U.S. jurisdiction (in the case of Puerto Rico, Canada (or a Province thereof), Mexico or any other non-U.S. jurisdiction, to the extent
such jurisdiction is reasonably satisfactory to the Administrative Agent and each Person that will be a Lender to such Additional Subsidiary Borrower) that is designated by the Company as an “Additional Subsidiary Borrower” with respect to
any Incremental Term Loans pursuant to an Additional Subsidiary Borrower Designation Letter; provided that the Administrative Agent shall have received all documentation and other information as the Administrative Agent or any Person that
will be a Lender to such Additional Subsidiary Borrower shall have reasonably requested (including any documentation or information requested for purposes of complying with the Patriot Act or the Beneficial Ownership Regulation, as applicable). 

“Additional Subsidiary Borrower Designation Letter” means an Additional Subsidiary Borrower Designation Letter substantially
in the form of Exhibit G between the Company, the relevant Additional Subsidiary Borrower and the Administrative Agent. 
 “Adjusted
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1.0%, (c) (i) with respect to the Term A Loans, the Adjusted Term
SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.0% (provided, that for the purpose of this
clause (c)(i), the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term
SOFR Administrator in the Term SOFR Reference Rate methodology)) and (ii) with respect to any tranche of Loans other than the Term A Loans, 1.0% plus the LIBO Rate for the applicable Class of
Loans for a one month Interest Period in effect on such day (or if such day is not a Business Day, the immediately preceding Business Day) and (d) 1.0%. Any change in the Adjusted Base Rate due to a change in the Prime Rate, the NYFRB
Rate, the Adjusted Term SOFR Rate or the LIBO Rate shall be
effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate, the Adjusted
Term SOFR Rate or the LIBO Rate, as the case may be. If the Adjusted Base Rate is being used as an alternate rate of interest pursuant to Section 2.12 hereof, then the Adjusted Base
Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above. 

“Adjusted
 Daily Simple SOFR” means an interest rate per annum equal to (a) the Daily Simple SOFR, plus (b) 0.10%; provided that if the Adjusted Daily Simple SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to
be equal to the Floor for the purposes of this Agreement. 
 “Adjusted
LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Adjusted
 Term SOFR Rate” means, for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less than the
Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement. 

“Administrative Agent” means JPMCB in its capacity as administrative agent for the Lenders hereunder together with its
successors in such capacity. 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by
the Administrative Agent. 

  
 -7- 












 “Affected Financial Institution” means (a) any EEA Financial
Institution or (b) any UK Financial Institution. 
 “Affiliate” means, with respect to a specified Person, another
Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. Notwithstanding the foregoing, (a) no individual shall be an Affiliate of the Company or
any of its Restricted Subsidiaries solely by reason of his or her being a director, officer or employee of the Company or any of its Restricted Subsidiaries and (b) none of the Subsidiary Guarantors shall be Affiliates of the Company or any of
its Restricted Subsidiaries. 
 “Agreement” has the meaning set forth in the preamble. 

“Amendment
 No. 1” means that certain Amendment No. 1 to the Fourth Amended and Restated Credit Agreement, dated as of July 2, 2021, by and among Holdings, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and
the Administrative Agent. 
 “Amendment No. 2” means that certain Amendment No. 2 to the Fourth Amended and Restated Credit Agreement,
dated as of July 29, 2022, by and among Holdings, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 

“Amendment
 No. 2 Effective Date” means July 29, 2022. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrowers or the
respective Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Anti-Terrorism Laws” means
any Requirement of Law related to terrorism financing or money laundering including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (“USA PATRIOT Act”) of 2001
(Title III of Pub. L. 107-56), The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”, 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), the Trading With the
Enemy Act (50 U.S.C. § 1 et seq., as amended) and Executive Order 13224 (effective September 24, 2001). 

“Applicable Percentage” means (a) with respect to any Revolving Credit Lender for purposes of Section 2.04, the
percentage of the total Revolving Credit Commitments represented by such Lender’s Revolving Credit Commitment; provided that in the case of
Section 
2.182.20 when a Defaulting Lender shall exist, any such Defaulting Lender’s Revolving Credit Commitment shall be disregarded in the calculation, and (b) with respect to any Lender in respect of any indemnity
claim under Section 10.03(c) relating to the Administrative Agent under this Agreement, the percentage of the total Commitments or, if greater, the Loans of all Classes hereunder represented by the aggregate amount of such Lender’s
Commitment or Loans, as applicable, of all Classes hereunder. 
 “Applicable Period” has the meaning specified in the definition of “Applicable Rate.” 
 “Applicable Purchase Price” has the meaning assigned to such term in
Section 2.09(a)(ii). 
 “Applicable Rate” means: 

(a) for any Eurodollar Revolving Credit Loans, 1.50%; provided that such rate shall be reduced to 1.25% at any time that
the Total Debt Ratio was less than or equal to 3.25 to 1 as at the last day of the fiscal quarter most recently ended as to which the Company has delivered financial statements and a certificate of a Financial Officer pursuant to Section 6.01;


  
 -8- 












 (b) for any Base Rate Revolving Credit Loans, 0.50%; provided that
such rate shall be reduced to 0.25% at any time that the Total Debt Ratio was less than or equal to 3.25 to 1 as at the last day of the fiscal quarter most recently ended as to which the Company has delivered financial statements and a certificate
of a Financial Officer pursuant to Section 6.01; 
 (c) for any Eurodollar Term B Loans, 1.50%; 

(d) for any Base Rate Term B Loans, 0.50%; 

(e) for
any Term Benchmark Term A Loans, 1.25%; 

(f)
 for any Base Rate Term A Loans, 0.25%; 
 (g) for commitment fees, 0.25%; provided that such rate shall be
reduced to 0.20% at any time that the Total Debt Ratio was less than or equal to 3.25 to 1 as at the last day of the fiscal quarter most recently ended as to which the Company has delivered financial statements and a certificate of a Financial
Officer pursuant to Section 6.01; and 

(fh) for any Type of Incremental Term Loans of any Series established
after the Restatement Effective Date, such rates of interest as shall be agreed upon at the time Incremental Term Loan Commitments of such Series are established. 

Each change in the “Applicable Rate” based upon any change in the Total Debt Ratio shall become effective for purposes of the
accrual of interest (including in respect of all then-outstanding Loans) hereunder on the date three Business Days after the delivery to the Administrative Agent of the financial statements of the Company and certificate of a Financial Officer for
the most recently ended fiscal quarter pursuant to Section 6.01, and shall remain effective for such purpose until three Business Days after the next delivery of such financial statements and certificate of a Financial Officer to the
Administrative Agent hereunder. 
 Anything in this Agreement to the contrary notwithstanding, (i) the Applicable Rate shall be the
highest rates provided for above if the certificate of a Financial Officer shall not be delivered by the times provided in Section 6.01 (but only, in the case of this paragraph, with respect to periods prior to the delivery of such certificate)
and (ii) in the event that any financial statements under Section 6.01 or any certificate delivered pursuant to Section 6.01(c) is determined by the Administrative Agent and the Company to be inaccurate at any time that this Agreement
is in effect and any Loans or Commitments are outstanding hereunder when such inaccuracy is discovered or within 91 days after the date on which all Loans have been repaid and all Commitments have been terminated, and such inaccuracy, if corrected,
would have led to a higher Applicable Rate for any period (an “Applicable Period”) than the Applicable Rate applied for such Applicable Period, then (i) the Company shall promptly (and in no event later than five
(5) Business Days thereafter) deliver to the Administrative Agent a corrected certificate for such Applicable Period, (ii) the Applicable Rate shall be determined by reference to the corrected certificate (but in no event shall the Lenders
owe any amounts to the Borrowers), and (iii) the Borrowers shall pay to the Administrative Agent promptly upon demand (and in no event later than five (5) Business Days after demand) any additional interest owing as a result of such
increased Applicable Rate for such Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with the terms hereof. 

  
 -9- 













“Applicable
 Recipient” has the meaning assigned to such term in Section 2.17(e).  

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or
manages a Lender. 
 “Assignment and Assumption” means an assignment and assumption entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section 10.04), and accepted by the Administrative Agent, in substantially the form of Exhibit A or any other form approved by the Administrative Agent. 

“Available Liquidity” means on any date, the sum of (i) the excess, if any, of (x) the amount of all Revolving
Credit Commitments of each Lender that is not a Defaulting Lender on such date over (y) the aggregate Revolving Credit Exposure on such date plus (ii) the aggregate amount of unrestricted cash and Permitted Investments of the
Company and its Restricted Subsidiaries on such date. 

“Available
 Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or
component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise or for determining any frequency of making payments of interest calculated pursuant to this Agreement as of
such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (e) of Section 2.13. 
 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers
by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 
 “Bail-In
Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement
for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law,
regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency
proceedings). 
 “Base Rate”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Base Rate. 
 “Basic
Documents” means the Loan Documents, the Senior Subordinated Notes Indenture and the Senior Notes Indenture (or any indenture governing Permitted First Lien Notes or any applicable governing agreement for any Refunding Indebtedness). 

“Benchmark”
 means, initially, with respect to the Term SOFR Rate; provided that if a Benchmark Transition Event, and the related Benchmark Replacement Date have occurred with respect to the Term SOFR Rate or the then-current Benchmark, then
“Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.13.


  
 -10- 












 “Benchmark Replacement” means: 

(a) with
respect to the Term B Loans and Revolving Credit Loans, the sum of: (a) the alternate benchmark rate
(which may be a SOFR-Based Rate) that has been selected by the Administrative Agent and the Company giving due consideration to (i) any selection or
recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBO
Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be
zero for the purposes of this Agreement; provided, further, that any such Benchmark Replacement shall be administratively feasible as determined by the Administrative Agent in its sole discretion; and 

(b) with
respect to the Term A Loans, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 

(1)
 the Adjusted Daily Simple SOFR; or 
 (2) the sum of: (a) the alternate benchmark rate (which may be a SOFR-Based Rate) that has been selected by the Administrative Agent and the CompanyBorrower as the
replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the
Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for
determining a benchmark rate of interest as a replacement
tofor
 the LIBO
Ratethen-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment; provided that,
if. 

If
 the Benchmark Replacement as so determined pursuant to clause (1) or (2) above would be less than
zerothe
Floor, the Benchmark Replacement will be deemed to be zerothe Floor for the purposes of this Agreement; provided, further, that any such Benchmark Replacement shall be administratively feasible as determined by the
Administrative Agent in its sole discretion and the other Loan Documents. 
 “Benchmark Replacement Adjustment” means: 

(a) with
respect to the Term B Loans and Revolving Credit Loans, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent
and the Company giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of
the LIBO Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such
time (for the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a
reduction to the Applicable Rate); and 

 

  
 -11- 













(b) with
respect to the Term A Loans, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark
Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the
Administrative Agent and the
CompanyBorrower for
 the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the LIBO
Ratesuch Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Ratesuch
Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement
Adjustment shall not be in the form of a reduction to the Applicable Rate). 

“Benchmark Replacement Conforming Changes”
means: 

(i) with
respect to the Term B Loans and Revolving Credit Loans, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of
“Adjusted Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides in its reasonable
discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the
Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such
other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this
Agreement); or 

(ii) with
respect to the Term A Loans, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Adjusted Base Rate,” the definition of “Business Day,” the
definition of “U.S. Government Securities Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or
continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides in its reasonable discretion (in consultation with
Borrower) may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
reasonably determines (in consultation with Borrower) that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent reasonably determines (in consultation with Borrower) that no market practice
for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent reasonably determines (in consultation with Borrower) is reasonably necessary in connection with the administration of this Agreement
and the other Loan Documents). 
 “Benchmark Replacement Date”
means: 

(a) with
respect to the Term B Loans and Revolving Credit Loans, the earlier to occur of the following events with respect to
the LIBO
RateLIBOR: 

(1 

  
 -12- 













(i
) in the case of clause (1) or a)(1) or (a)(2) of the definition of “Benchmark Transition
Event,” the later of
(ai) the date of the public statement or publication of information referenced therein and (bii) the date on which the administrator of the LIBOR Screen
RateLIBOR permanently or indefinitely ceases to
provide the LIBOR Screen Rate;
orLIBOR; and  

(ii)
 in the case of clause (a)(3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. 

(b) with
respect to the Term A Loans, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark: 

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

(ii)
 in the case of clause (b)(3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory
supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such
clause (b)(3) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 

(2) in the case of clause (3) of the definition of
“Benchmark Transition Event,” the date of the public statement or publication of information referenced
therein.For the avoidance of doubt, for purposes of clause (b) above (x) if the event giving
rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination
and (y) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (b)(i) or (b)(ii) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all
then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Transition Event”
means: 

(a) with
respect to the Term B Loans and Revolving Credit Loans, the occurrence of one or more of the following events with respect to the LIBO Rate: 

(1) a public statement or publication of information by or on behalf of the administrator of the LIBOR Screen Rate announcing
that such administrator has ceased or will cease to provide the LIBOR Screen Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
LIBOR Screen Rate; 
  

  
 -13- 












 (2) a public statement or publication of information by the regulatory
supervisor for the administrator of the LIBOR Screen Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBOR Screen Rate, a resolution authority with jurisdiction over the administrator
for the LIBOR Screen Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Screen Rate, in each case which states that the administrator of the LIBOR Screen Rate has ceased or will cease to
provide the LIBOR Screen Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Screen Rate; and/or 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Screen
Rate announcing that the LIBOR Screen Rate is no longer representative. 
 (b) with respect to the Term A Loans, with respect to any Benchmark, the occurrence of one or more of the following events
with respect to such then-current Benchmark: 
 (1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2)
 a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR
Administrator, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity
with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component), has ceased or will cease to provide all Available
Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark
(or such component thereof); or 
 (3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or
the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative. 

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

 

  
 -14- 












 “Benchmark Transition Start Date” means (a) in the case of a Benchmark
Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date
of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case
of an Early Opt-in Election, the date specified by the Administrative Agent and/ or the Borrower or the Required Lenders, as applicable, by notice to the Borrower (in the case of such notice by the Required Lenders), the Administrative Agent (in the
case of such notice by the Required Lenders) and the Lenders. 
 “Benchmark Unavailability Period” means, if a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with (1) respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred
if, at such time, no Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder in accordance with Section 2.12 and (y) ending at the time that a Benchmark Replacement has replaced the LIBO Rate for all purposes
hereunder pursuant to
Section 
2.12.2.12 or
(2) with respect to any other Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clause (b)(i) or (b)(ii) of that definition has occurred if, at such time, no Benchmark Replacement has
replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with Section 2.13 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes
hereunder and under any Credit Document in accordance with Section 2.13. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the
Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. §1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan”.” 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Board” means the Board of Governors of the Federal Reserve System of the United
States of America. 
 “Borrowers” means (i) the Company and (ii) effective upon the designation thereof pursuant
to an Additional Subsidiary Borrower Designation Letter, each Additional Subsidiary Borrower. 
 “Borrowing” means Loans of
a particular Class of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans
or Term Benchmark Loans, as to which a single Interest Period is in effect. 

“Borrowing Request” means a request by a Borrower for a Borrowing in accordance with Section 2.03. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City and, if such date related to any interest rate settings as to a Term Benchmark Loan, Chicago are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open
for dealings in U.S. dollar deposits in the London interbank market. 

  
 -15- 












 “Capital Expenditures” means, for any period, the sum for the Company or
any of its Restricted Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP) of the aggregate amount of expenditures (including the aggregate amount of Capital Lease Obligations incurred during such period)
made to acquire or construct fixed assets, plant and equipment (including renewals, improvements and replacements, but excluding repairs) during such period computed in accordance with GAAP; provided that such term shall not include any such
expenditures in connection with any Acquisition or any reinvestment into assets, plant and equipment from the proceeds of any Casualty Event or Disposition. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Cash Management
Agreement” means, with respect to the Company or any of its Subsidiaries, any direct or indirect liability, contingent or otherwise, of such Person in respect of cash pooling services, cash management services (including treasury,
depository, overdraft (daylight and temporary), credit or debit or purchasing card, electronic funds transfer and other cash management arrangements), including obligations for the payment of fees, interest, charges, expenses, attorneys’ fees
and disbursements in connection therewith to the extent provided for in the documents evidencing such cash management services. 
 “CFC” has the meaning specified in the definition of “Foreign Subsidiary.” 
 “Casualty Event” means, with respect to any Property of any Person, any loss
of or damage to, or any condemnation or other taking of, such Property for which such Person or any of its Subsidiaries receives insurance proceeds, or proceeds of a condemnation award or other compensation. 

“Change in Law” means (a) the adoption of any law, rule or regulation after the Restatement Effective Date, (b) any
change in any law, treaty, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Restatement Effective Date or (c) compliance by any Lender or any Issuing Lender (or, for purposes of
Section 
2.132.14(b), by any lending office of such Lender or by such Lender’s or such Issuing Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the Restatement Effective Date; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case relating to Basel III, shall in the case of each of the foregoing clauses (i) and (ii), be deemed to be a “Change in
Law,” regardless of the date enacted, adopted, issued or implemented. 
 “Change of Control” means any event
that would result in an Event of Default pursuant to clause (m) of Article VIII. 

  
 -16- 












 “Class”, when used in reference to any Loan, Borrowing or Commitment,
refers to whether such Loan, the Loans comprising such Borrowing or the Loans that a Lender holding such Commitment is obligated to make are Revolving Credit Loans,
Term A Loans, Term B Loans, Extended Term Loans or Incremental
Term Loans of a particular Series or loans pursuant to Extended Revolving Credit Commitments. 
 “CME Term SOFR Administrator” means CME Group Benchmark Administration Limited as administrator of the
forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator). 

“Co-Documentation Agents” means the Persons, identified as such on the cover of this Agreement in their capacities as such.

 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Commitments” means the Revolving Credit
Commitments, Term A Loan Commitments, Term B Loan Commitments and
commitments in respect of Incremental Term Loans, as applicable. 
 “Commodity Exchange Act” means the Commodity
Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 
 “Company” means Lamar Media Corp., a Delaware corporation.

 “Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or
methodology for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Period) being
established by the Administrative Agent in accordance with: 
  

	 	(1)	 the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant
Governmental Body for determining compoundedCompounded SOFR; provided that: 



 

	 	(2)	 if, and to the extent that, the Administrative Agent determines that Compounded SOFR cannot be determined in
accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that the Administrative Agent determines in its reasonable discretion are substantially consistent with any evolving or then-prevailing
market convention for determining compoundedCompounded SOFR for U.S. dollar-denominated syndicated credit
facilities at such time; 


 provided, further, that if the Administrative Agent decides that any such rate,
methodology or convention determined in accordance with clause (1) or clause (2) is not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of
“Benchmark Replacement.” 

“Company” means Lamar Media Corp., a Delaware
corporation. 
 “Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. 

  
 -17- 












 “Converted Existing Term B Loans” means, as to any Lender under the
Original Credit Agreement that has returned an executed counterpart to this Agreement indicating that it is requesting to convert its Existing Term B Loan into a Term B Loan, the entire aggregate principal amount of such Lender’s Existing Term
B Loan (or, if less, the amount notified by JPMCB to such Lender prior to the Restatement Effective Date). 
 “Corresponding
Tenor” means (a) in the case of Term B Loans and Revolving Credit Loans, with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period
with respect to the LIBO Rate and (b) in the case of the Term A Loans, with respect to any Available Tenor
means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 “Covered Entity” means any of the following: 

 

	 	(i)	 a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b); 


  

	 	(ii)	 a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or 


  

	 	(iii)	 a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 


 “Covered Party” has the meaning assigned to it in Section 10.17. 

“Credit Parties” means, collectively, Holdings, the Borrowers and the Subsidiary Guarantors. 

“Cumulative Credit” means, at any time of determination, an amount equal to the sum of: 

(a) $2,067,739,000; plus 

(b) 100% of Cumulative Indenture EBITDA minus 1.4 times Cumulative Indenture Interest Expense, plus 

(c) the cumulative amount of cash proceeds contributed to the Company as capital following September 30, 2019 and at or
prior to the time of determination, minus 
 (d) any amount of the Cumulative Credit used to make Investments pursuant
to Section 7.05(a)(x) after September 30, 2019 and prior to the time of determination (net of any cash return on any such Investment), minus 

(e) any amount of the Cumulative Credit used to make Restricted Payments pursuant to Section 7.06(e) after
September 30, 2019 and prior to the time of determination, minus 
 (f) the amount of Restricted Payments
pursuant to Section 7.06(g) made after September 30, 2019. 

  
 -18- 












 “Cumulative Indenture EBITDA” means, as of any date of determination, 100%
of EBITDA (as defined in the Senior Notes Indentures as of the Restatement Effective Date) for the period (taken as a single accounting period) from October 1, 2019 through the last day of the most recent fiscal quarter ending prior to such
date of determination for which financial statements have been delivered pursuant to Section 6.01. 
 “Cumulative Indenture
Interest Expense” means, as of any date of determination, 100% of Consolidated Interest Expense (as defined in the Senior Notes Indentures as of the Restatement Effective Date) for the period (taken as a single accounting period) from
October 1, 2019 through the last day of the most recent fiscal quarter ending prior to such date of determination for which financial statements have been delivered pursuant to Section 6.01. 

“Daily
Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day (such day “SOFR Determination Date”) that is five (5) U.S. Government Securities Business Day prior to (i) if such
SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day,
in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR
without notice to the Borrower. 
 “Daily Simple SOFR Loan” means, a Loan that bears interest at a rate based on Daily Simple SOFR. 
 “Default” means any event or condition which constitutes an Event of Default
or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“Defaulting Lender” means any Lender that, as reasonably determined by the Administrative Agent, has (a) failed to fund
any portion of its Loans or participations in Letters of Credit within two Business Days after the date required to be funded by such Lender hereunder unless such Lender notifies the Administrative Agent in writing that such failure is the result of
such Lender’s good faith determination that a condition precedent to funding (specifically identified and supported by facts) has not been satisfied, (b) notified the Company, the Administrative Agent, any Issuing Lender or any Lender in
writing that such Lender does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that such Lender does not intend to comply with its funding obligations under this Agreement
unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and supported by facts) has not been
satisfied, (c) failed, within two Business Days after written request by the Administrative Agent or the Company, to confirm promptly in writing that such Lender will comply with the terms of this Agreement relating to its obligations to fund
prospective Loans and participations in then outstanding Letters of Credit unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to
funding (specifically identified and supported by facts) has not been satisfied, (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by such Lender hereunder within three
Business Days after the date when due, unless such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and
supported by facts) has not been satisfied, or (e) become subject to a Lender-Related Distress Event or a Bail-In Action. 

  
 -19- 













“Delaware LLC” means any limited liability company organized or formed under the laws of the State of Delaware. 

“Delaware Divided LLC” means any Delaware LLC which has been formed upon the consummation of a Delaware LLC Division. 

“Delaware
LLC” means any limited liability company organized or formed under the laws of the State of
Delaware. 
 “Delaware LLC Division” means the statutory division of
any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act. 

“Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 4.06. 

“Disposition” means any sale, assignment, transfer or other disposition of any property (whether now owned or hereafter
acquired) by the Company or any of its Restricted Subsidiaries to any other Person (including any disposition of property to a Delaware Divided LLC pursuant to a Delaware LLC Division) excluding any sale, assignment, transfer or other disposition of
(i) any property sold or disposed of in the ordinary course of business and on ordinary business terms, (ii) any obsolete or worn-out tools and equipment no longer used or useful in the business of the Company and its Restricted
Subsidiaries and (iii) any Collateral under and as defined in the Pledge Agreement pursuant to an exercise of remedies by the Administrative Agent under Section 4.05 thereof. 

“Disposition Investment” means, with respect to any Disposition, any promissory notes or other evidences of indebtedness or
Investments received by the Company or any of its Restricted Subsidiaries in connection with such Disposition. 
 “Distressed Person” has the meaning specified in the definition of “Lender-Related Distress Event.” 

“
Dollars” and “$” means dollars in lawful currency of the United States of America. 

“Domestic Subsidiary” means any Subsidiary of the Company other than a Foreign Subsidiary. 

“Early Opt-in Election” means the occurrence of: 

(1) (i) a determination by the Administrative Agent and/ or the Borrower or (ii) a notification by the Required Lenders to the
Administrative Agent (with a copy to the Company) that the Required Lenders have determined that Dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in
Section 2.12 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate, and 

(2) (i) the election by the Administrative Agent and/ or the Borrower or (ii) the election by the Required Lenders to declare that an
Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders, by the Borrower of written notice of such election to the Administrative Agent and
the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent (with a copy to the Borrower). 

  
 -20- 












 “EBITDA” means, for any period, Net Income for such period, plus
(a) to the extent deducted in determining Net Income for such period, the sum (determined without duplication and in accordance with GAAP) of (i) taxes, (ii) Interest Expense, (iii) depreciation, (iv) amortization,
(v) any other non-cash income or charges accrued for such period, (vi) charges and expenses in connection with the Transactions, any actual or proposed acquisition, disposition or Investment (excluding, in each case, purchases and sales of
advertising space and operating assets in the ordinary course of business) and any actual or proposed offering of securities, incurrence or repayment of Indebtedness (including, without limitation, pursuant to any Permitted Securitization Financing)
or amendment to any agreement relating to Indebtedness, including any refinancing thereof, or recapitalization, (vii) any loss or gain relating to amounts paid or earned in cash prior to the stated settlement date of any Swap Agreement that has
been reflected in operating income for such period, and (viii) any loss on sales of receivables and related assets to a Securitization Entity in connection with a Permitted Securitization Financing, plus (b) the amount of cost
savings, operating expense reductions and other operating improvements or synergies projected by the Company in good faith to be realized as a result of any Acquisition, Investment, merger, amalgamation or Disposition within 18 months of any such
Acquisition, Investment, merger, amalgamation or Disposition, net of the amount of actual benefits realized during such period from such action; provided, the (x) the aggregate amount for all such cost savings, operating expense
reductions and other operating improvements or synergies shall not exceed an amount equal to 15% of EBITDA for the applicable four quarter period and (y) any such adjustment to EBITDA pursuant to this clause (b) may only take into account
cost savings, operating expense reductions and other operating improvements or synergies that are (I) directly attributable to such Acquisition, Investment, merger, amalgamation or Disposition, (II) expected to have a continuing impact on the
Company and its Restricted Subsidiaries and (III) factually supportable, in each case all as certified by the chief financial officer of the Company on behalf of the Company, minus (c) to the extent included in Net Income for such period
(determined without duplication and without duplication and in accordance with GAAP) (i) any extraordinary and unusual gains or losses during such period, and (ii) the proceeds of any Casualty Events and Dispositions. For purposes hereof,
the effect thereon of any adjustments required under Statement of Financial Accounting Standards No. 141R shall be excluded. 

Notwithstanding the foregoing, except as otherwise provided in Section 7.04(f), if during any period for which EBITDA is being determined
Holdings, the Company or any Restricted Subsidiary shall have consummated any Acquisition or Disposition then, for all purposes of this Agreement, EBITDA shall be determined on a pro forma basis as if such Acquisition or Disposition had been made or
consummated on the first day of such period. 
 “EEA Financial Institution” means (a) any credit institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of
this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in
clausesclause
 (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

  
 -21- 












 “EEA Resolution Authority” means any public administrative authority or any
Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Yield”: as to any Indebtedness, the effective yield applicable thereto calculated by the Administrative Agent in
consultation with the Company in a manner consistent with generally accepted financial practices, taking into account (a) interest rate margins, (b) interest rate floors (subject to the proviso set forth below), (c) any amendment to
the relevant interest rate margins and interest rate floors prior to the applicable date of determination and (d) original issue discount and upfront or similar fees (based on an assumed four-year average life to maturity or lesser remaining
average life to maturity), but excluding (i) any arrangement, commitment, structuring, underwriting or similar fees (regardless of whether any such fees are paid to or shared in whole or in part with any lender) and (ii) any other fee that
is not payable to all relevant lenders generally; provided, however, that (A) to the extent that the Adjusted LIBO Rate (for a period of three months) is less than the interest rate floor, if any, applicable to the loans in
respect of which the Effective Yield is being calculated on the date on which the Effective Yield is determined, the amount of the resulting difference will be deemed added to the interest rate margin applicable to the relevant Indebtedness for
purposes of calculating the Effective Yield and (B) to the extent that the Adjusted LIBO Rate (for a period of three months) is greater than the applicable interest rate floor on the date on which the Effective Yield is determined, the floor
will be disregarded in calculating the Effective Yield. 
 “Embargoed Person” means any party that (i) is publicly
identified on the most current list of “Specially Designated Nationals and Blocked Persons” published by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or resides, is organized or chartered,
or has a place of business in a country or territory subject to OFAC sanctions or embargo programs or (ii) is publicly identified as prohibited from doing business with the United States under the International Emergency Economic Powers Act,
the Trading With the Enemy Act, or any other Requirement of Law. 
 “Environmental Laws” means all laws, rules,
regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural
resources, the management, release or threatened release of any Hazardous Materials or to health and safety matters. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Company or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Equity Hedging
Arrangement” means any agreement or other arrangement pursuant to which the Company or any of its Restricted Subsidiaries shall agree to purchase shares of capital stock of the Company from another Person at a fixed price or formula (or to
make payments to another Person calculated with reference to the price of any such shares), whether such agreement or other arrangement arises in connection with an acquisition of a business or property, an employee benefit plan, a hedging
transaction or otherwise. 
 “Equity Rights” means, with respect to any Person, any subscriptions, options, warrants,
commitments, preemptive rights or agreements of any kind (including any stockholders’ or voting trust agreements) for the issuance or sale of, or securities convertible into, any additional shares of capital stock of any class, or partnership
or other ownership interests of any type in, such Person. 

  
 -22- 












 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the rules and regulations promulgated thereunder. 
 “ERISA Affiliate” means any trade or
business (whether or not incorporated) that, together with the Company, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is
treated as a single employer under Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable
event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) with respect to any Plan, the failure to satisfy the
minimum funding standard under Section 412 of the Code and Section 302 of ERISA, whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan, (d) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, (e) the receipt by the Company or any
ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (f) the incurrence by the Company or any of its ERISA Affiliates of any
liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan, or (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA
Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor person), as in effect from time to time. 
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers
to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 

“Event of Default” has the meaning assigned to such term in Article VIII. 

“Excess
Funding Guarantor” has the meaning assigned to such term in Section 3.08.  

“Excess
Payment” has the meaning assigned to such term in Section 3.08.  

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 

“Excluded Swap Obligation” means, with respect to any Credit Party, any Swap Obligation if, and to the extent that, all or a
portion of the guarantee of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or
order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party’s failure for any reason to constitute an “eligible contract participant” as defined in
the Commodity Exchange Act and the regulations thereunder at the time such Credit Party’s obligations under Section 3.10 become effective with respect to such related Swap Obligation. 

  
 -23- 












 “Excluded Taxes” means, with respect to the Administrative Agent, any
Lender or any other recipient of any payment to be made by or on account of any obligation of any Credit Party hereunder or under any other Loan Document, (a) income, net worth or franchise taxes imposed on (or measured by) its net income or
net worth by any jurisdiction as a result of such recipient being organized or having its principal office in, or, in the case of any Lender having its applicable lending office in or being engaged in business in such jurisdiction (other than a
business deemed to arise solely as a result of entering into, or being a party to or enforcing or receiving any payments under, any of the Loan Documents or engaging in any other transaction thereunder), (b) any Tax similar to the branch
profits tax under section 884(a) of the Code imposed by any jurisdiction described in (a), (c) in the case of a Foreign Lender to a U.S. Borrower (other than an assignee pursuant to a request by the Company under Section 2.172.18(b)), any U.S. Federal withholding Tax that is imposed on amounts payable to such Foreign Lender pursuant to any law in effect at the time such Foreign Lender becomes a party to this Agreement, except to the
extent that such Foreign Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Company with respect to such withholding tax pursuant to Section 2.152.16(a), (d) any U.S. Federal withholding Tax imposed pursuant to Sections 1471 through 1474 of the Code as of the Restatement Effective Date (or any amended or successor version that is substantively comparable
and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code as of the Restatement Effective Date (or any
amended or successor version described above) (“FATCA”) and (e) any withholding tax attributable to such recipient’s failure to comply with Section 2.152.16(e). 
 “Existing Loans” means the Existing Revolving Credit Loans and the
Existing Term Loans. 
 “Existing Revolving Credit Commitments” means all Revolving Credit Commitments outstanding under
the Original Credit Agreement immediately prior to the Restatement Effective Date. 
 “Existing Revolving Credit Loans”
means all Revolving Credit Loans made pursuant to an Existing Revolving Credit Commitment outstanding under the Original Credit Agreement immediately prior to the Restatement Effective Date. 

“Existing
 Term B Loans” means all “Term B Loans” (as defined in the Original Credit Agreement outstanding immediately prior to the Restatement Effective Date). 

“Existing Term Loans” means all “Term A Loans” (as defined in the Original Credit Agreement) outstanding
immediately prior to the Restatement Effective Date and the Existing Term B Loans. 
 “Existing Term B Loans” means all “Term B Loans” (as defined in the Original Credit Agreement outstanding immediately prior to the Restatement Effective Date). 
 “Extended Revolving Credit Commitment” has the meaning assigned to such term
in
Section 
2.192.20(a). 
 “Extended Term Loans” has the meaning assigned to such term in
Section 
2.192.20(a). 
 “Extending Revolving Credit Lender” has the meaning assigned to such
term in
Section 
2.192.20(a). 
 “Extending Term Lender” has the meaning assigned to such term in
Section 
2.192.20(a). 

  
 -24- 












 “Extension” has the meaning assigned to such term in Section 2.192.20(a). 
 “Extension Offer” has the meaning assigned to such term in Section 2.192.20(a). 

“FAS
842” has the meaning assigned to such term in Section 1.04.  
 “FATCA” has the meaning specified in the definition of “Excluded Taxes.” 
 “Federal Funds Effective Rate” means, for any day, the rate calculated by
the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public websitethe NYFRB’s Website from time to time, and published on the next
succeeding Business Day by the NYFRB as the federal funds effective
rate,;
 provided,
further, that if the Federal Funds Effective Rateaforesaid rate shall be less than zero, such rate shall be deemed to be
zero for the purposes of this Agreement. 

“Federal Reserve
 Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the Company,
as the case may be. 
 “First Lien Intercreditor Agreement” means an agreement in substantially the form of Exhibit C, with
such changes thereto as are reasonably acceptable to the Administrative Agent and the Company. 
 “Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this
Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR, as applicable. The initial Floor for each of the Adjusted Term SOFR Rate or the Adjusted
Daily Simple SOFR shall be 0.00%. 
 “Foreign Lender” means any
Lender that is not a United States person within the meaning of section 7701(a)(30) of the Code. 
 “Foreign Subsidiary”
means a Subsidiary of the Company that is a “controlled foreign corporation” within the meaning of Section 957 of the Code (a “CFC”) or a subsidiary of a CFC. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government. 
 “Guarantee” means a guarantee, an endorsement, a contingent agreement to purchase or to furnish funds for
the payment or maintenance of, or otherwise to be or become contingently liable under or with respect to, the Indebtedness, other obligations, net worth, working capital or earnings of any Person, or a guarantee of the payment of dividends or other
distributions upon the stock or equity interests of any Person, or an agreement to purchase, sell or lease (as lessee or lessor) property, products, materials, supplies or services primarily for the purpose of enabling a debtor to make payment of
such debtor’s 

  
 -25- 












 
obligations or an agreement to assure a creditor against loss, and including, without limitation, causing a bank or other financial institution to issue a letter of credit or other similar
instrument for the benefit of another Person, but excluding endorsements for collection or deposit in the ordinary course of business. The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative meaning. 

“Guaranteed Obligations” means (a) in the case of the Company and the Subsidiary Guarantors, the principal of and
interest on the Loans made by the Lenders to each Subsidiary Borrower and all other amounts from time to time owing to the Lenders or the Administrative Agent by such Subsidiary Borrower hereunder or under any other Loan Document, and all
obligations of the Company or any Subsidiary to any Secured Cash Management Bank or Secured Swap Provider under any Secured Cash Management Agreement or Secured Swap Agreement, in each case strictly in accordance with the terms thereof and
(b) in the case of the Subsidiary Guarantors, the principal of and interest on the Loans made by the Lenders to the Company, all LC Disbursements and all other amounts from time to time owing to the Lenders, the Issuing Lenders or the
Administrative Agent by the Company hereunder or under any other Loan Document, and all obligations of the Company or any Subsidiary to any Secured Cash Management Bank or Secured Swap Provider under any Secured Cash Management Agreement or Secured
Swap Agreement, in each case strictly in accordance with the terms thereof; provided that the Guaranteed Obligations shall exclude, with respect to any Guarantor that is not a Qualified ECP Guarantor, Excluded Swap Obligations of such
Guarantor. 
 “Guarantor” means, collectively, the Subsidiary Guarantors and, in its capacity as a guarantor pursuant to
Article III, the Company. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes
of any nature regulated pursuant to any Environmental Law. 
 “Holdings” means Lamar Advertising Company, a Delaware
corporation of which the Company is a Wholly Owned Subsidiary, together with any entity which is the successor by merger to Holdings pursuant to a REIT conversion. 

“Holdings Guaranty and Pledge Agreement” means the Guaranty and Pledge Agreement, dated as of February 3, 2014, between
Holdings and the Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time. 
 “IBA” has the meaning assigned to such term in Section 1.07. 

 “Immaterial Subsidiary” means, as of any date of determination, any Subsidiary of the Company whose consolidated
total assets or revenues (as set forth in the most recent consolidated balance sheet of the Company delivered to the Lenders pursuant to this Agreement and computed in accordance with GAAP) do not constitute more than 5.0% of the amount set forth
under the caption “Total Assets” (or any like caption) on a consolidated balance sheet of the Company as of the end of the most recently ended fiscal quarter for which internal financial statements are available; provided that the
consolidated total assets or revenues (as so determined) of all Immaterial Subsidiaries shall not exceed 5.0% of the amount set forth under the caption “Total Assets” (or any like caption) on a consolidated balance sheet of the Company as
of the end of the most recently ended fiscal quarter for which internal financial statements are available. 
 “Impacted Interest
Period” means, with respect to a LIBOR Screen Rate, an Interest Period which shall not be available at the applicable time. 

  
 -26- 












 “Incremental Amendment” has the meaning assigned to such term in
Section 2.01(c). 
 “Incremental Lenders” has the meaning assigned to such term in Section 2.01(c). 

“Incremental Term Loan” has the meaning assigned to such term in Section 2.01(c). 

“Indebtedness” means, for any Person without duplication: (a) obligations created, issued or incurred by such Person for
borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such Property from such Person);
(b) obligations of such Person to pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of
business so long as such trade accounts are payable within 120 days of the date the respective goods are delivered or the respective services are rendered; (c) Indebtedness of others secured by a Lien on the Property of such Person, whether or
not the respective indebtedness so secured has been assumed by such Person; (d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for account of such
Person; (e) Capital Lease Obligations of such Person; (f) Indebtedness of others Guaranteed by such Person; (g) obligations under Equity Hedging Arrangements (and, for purposes hereof, the amount of Indebtedness under an Equity
Hedging Arrangement shall be deemed to be equal to the aggregate maximum contingent or potential liability under such Equity Hedging Arrangement) and (h) the Outstanding Securitization Amount of any Permitted Securitization Financing. The
Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in
or other relationship with such entity. 
 Notwithstanding the foregoing, the following items shall not be deemed “Indebtedness”
for purposes hereof: (i) obligations under Swap Agreements; (ii) Surety Bond Obligations; (iii) obligations in respect of the undrawn face amount of letters of credit (other than letters of credit supporting obligations that would
otherwise constitute Indebtedness under this definition); (iv) any obligations to pay deferred compensation under employee benefits plans to the extent such obligations are fully funded; and (v) any principal, accrued interest or premium
of any Indebtedness intended to be refunded with the proceeds of an incurrence of Refunding Indebtedness permitted under Section 7.01 to the extent that (x) notice of redemption or prepayment of the Indebtedness to be refunded shall have
been given to the holders thereof or shall be given substantially contemporaneously with the incurrence of such Refunding Indebtedness and (y) proceeds of such Refunding Indebtedness shall have been deposited into escrow with irrevocable
instructions to the escrow agent to apply such proceeds to the redemption of, or repurchase of, such Indebtedness to be refunded. 

“Indemnified Taxes” means all Taxes other than Excluded Taxes. 

“Interest Election Request” means a request by a Borrower to convert or continue a Borrowing in accordance with
Section 2.06. 
 “Interest Expense” means, for any period, the sum, for the Company and its Restricted Subsidiaries
(determined on a consolidated basis without duplication in accordance with GAAP), of the following: (a) all interest in respect of Indebtedness accrued or capitalized during such period (whether or not actually paid during such period)
plus (b) the net amounts payable (or minus the net amounts receivable) under Swap Agreements accrued during such period (whether or not actually paid or received during such period) including, without limitation, fees, but
excluding reimbursement of legal fees and other similar transaction costs and excluding payments required by reason of the early termination of 

  
 -27- 












 
Swap Agreements in effect on the Restatement Effective Date plus (c) all fees (other than (i) any amendment fees paid by the Company during such period in connection with any
amendment to this Agreement, (ii) any fees, expenses or original issue discount incurred in connection with any incurrence of Indebtedness by the Company or any Restricted Subsidiary and (iii) any prepayment fees or premium associated with
any prepayment of Indebtedness) incurred in connection with this Agreement and the Loans hereunder, including letter of credit fees and expenses related thereto, incurred hereunder after the Restatement Effective Date plus (d) all
financing costs in connection with a Permitted Securitization Financing. 
 “Interest Payment Date” means (a) with
respect to any Base Rate Loan, each Quarterly Date and (b) with respect to any Eurodollar Loan or any Term
Benchmark Loan, the last Business Day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing or a Term Benchmark Loan with an Interest Period of more than three
months’ duration, each Business Day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period,; provided that the Restatement Effective Date shall constitute an Interest Payment Date with respect to accrued and unpaid interest up to but excluding the Restatement Effective Date with respect to all
Existing Loans. 

“Interest
 Period” means : 

(a)
with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six
months (or, with the consent of each Lender of the relevant Class, twelve months) thereafter, as the relevant Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest
Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of
such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
Notwithstanding the foregoing, 
 (x) if any Interest Period for any Revolving Credit Loan Borrowing would otherwise
end after the Revolving Credit Termination Date, such Interest Period shall end on the Revolving Credit Termination Date, 

(y) no Interest Period for any Term Loan Borrowing may commence before and end after any Principal Payment Date unless, after
giving effect thereto, the aggregate principal amount of Term Loans of the applicable Class having Interest Periods that end after such Principal Payment Date shall be equal to or less than the aggregate principal amount of Term Loans of such Class,
respectively, scheduled to be outstanding after giving effect to the payments of principal required to be made on such Principal Payment Date, and 

(z) notwithstanding the foregoing clauses (x) and (y), no Interest Period shall have a duration of less than one month
and, if the Interest Period for any Eurodollar Loan would otherwise be a shorter period, such Loan shall not be available hereunder as a Eurodollar Loan for such
period; and 

  
 -28- 













(b) as to
each Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (in each case, subject to the availability for the
Benchmark applicable to the relevant Loan or Commitment), as the Borrower may elect, provided that: (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business
Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has been
removed from this definition pursuant to Section 2.13(e) shall be available for specification in such Notice of Borrowing or notice of continuation/conversion. For purposes of this clause (b), the date of a Borrowing initially shall be the date
on which such Borrowing is made and, in the case of a Revolving Credit Loan Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 “Interpolated Rate” means, at any time, for any Impacted Interest Period, the rate per annum (rounded to the same
number of decimal places as the LIBOR Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between:
(a) the LIBOR Screen Rate (for the longest period for which the LIBOR Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which the LIBOR Screen Rate is
available) that exceeds the Impacted Interest Period, in each case, as of 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. When determining the rate for a period which is less than the shortest period for
which the LIBOR Screen Rate is available, the LIBOR Screen Rate for purposes of paragraph (a) above shall be deemed to be the overnight screen rate where “overnight screen rate” means the overnight rate for Dollars determined by the
Administrative Agent from such service as the Administrative Agent may select. Notwithstanding the foregoing, if the Interpolated Rate for any period as determined above shall be less than zero, the Interpolated Rate shall be deemed to be zero for
such period. 
 “Investment” means, for any Person: (a) the acquisition (whether for cash, Property, services or
securities or otherwise) of capital stock, bonds, notes, debentures, partnership or other ownership interests or other securities of, or capital contribution to, any other Person or any agreement to make any such acquisition or capital contribution
(including, without limitation, any “short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such short sale); (b) the making of any deposit with, or advance, loan or other
extension of credit to, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or
extension of credit having a term not exceeding 180 days representing the purchase price of inventory or supplies sold by such Person in the ordinary course of business); or (c) the entering into of any Guarantee of, or other contingent
obligation with respect to, Indebtedness or other liability of any other Person. 
 Notwithstanding the foregoing, the following items shall
not be deemed “Investments” for purposes hereof: (i) Capital Expenditures, (ii) Acquisitions and (iii) obligations (including, without limitation, deposits) in connection with Surety Bonds. 

“Issuing Lender” means each Person listed on Schedule 2.01 as having a Letter of Credit Commitment and each other Lender
designated by the Company as an “Issuing Lender” hereunder that has agreed to such designation and has been approved as an “Issuing Lender” by the Administrative Agent in its reasonable discretion, each in its capacity as the
issuer of Letters of Credit hereunder. Each Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Lender, in which case the term “Issuing Lender” shall include any such
Affiliate with respect to Letters of Credit issued by such Affiliate. 

  
 -29- 












 “Joinder Agreement” means a Joinder Agreement substantially in the form of
Exhibit E. 
 “Joint Bookrunners” means, collectively, (a) JPMCB, Wells Fargo Securities, LLC, BofA Securities, Inc.,
SunTrust Robinson Humphrey, Inc., Deutsche Bank Securities Inc. and Citibank, N.A. hereunder for the Term B
Loans and Revolving Credit Loans and (b) the Term A Loan Joint Book Runners hereunder for the Term A Loans. 

“JPMCB” means JPMorgan Chase Bank, N.A., a national banking corporation. 

“LC Disbursement” means a payment made by an Issuing Lender pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company at such time. The LC Exposure of any Revolving Credit Lender at any time shall be its Applicable Percentage
of the total LC Exposure at such time. 
 “Lead Arrangers” means, collectively, (a) JPMCB, Wells Fargo Securities, LLC, BofA Securities, Inc.,
SunTrust Robinson Humphrey, Inc., Deutsche Bank Securities Inc. and Citibank, N.A. hereunder for the Term B
Loans and Revolving Credit Loans and (b) the Term A Loan Joint Lead Arrangers hereunder for the Term A Loans. 

“Lender
Participation Notice” has the meaning assigned to such term in Section 2.09(a)(ii). 

“Lender-Related Distress Event” means, with respect to any Lender or any person that directly or indirectly controls such
Lender (each, a “Distressed Person”), as the case may be, a voluntary or involuntary bankruptcy or insolvency proceeding with respect to such Distressed Person, or a custodian, conservator, receiver or similar official is appointed
for such Distressed Person or any substantial part of such Distressed Person’s assets, or such Distressed Person or any person that directly or indirectly controls such Distressed Person is subject to a forced liquidation, or such Distressed
Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any governmental authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt;
provided that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interest in any Lender or any person that directly or indirectly controls such Lender by a
Governmental Authority or an instrumentality thereof, or the exercise of control over such Lender or any Person controlling such Lender, by a Governmental Authority or instrumentality thereof. 

“Lender Participation Notice” has the meaning assigned to such
term in Section 2.09(a)(ii). 
 “Lenders” means each
Incremental Lender, each Lender under the Original Credit Agreement, each Lender that has executed this Agreement, each Issuing Lender,
each Term A Lender, each Term B Lender, each Extending Term
Lender, each Extending Revolving Credit Lender and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.


  
 -30- 












 “Letter of Credit” means any letter of credit issued pursuant to this
Agreement. 
 “Letter of Credit Commitment” means, as to any Issuing Lender (i) in the case of any Issuing Lender on
the Restatement Effective Date, the amount set forth on Schedule 2.01 as such Issuing Lender’s Letter of Credit Commitment and (ii) in the case of any Issuing Lender that becomes an Issuing Lender following the Restatement Effective Date,
the amount notified by such Issuing Lender and the Company to the Administrative Agent in writing as such Issuing Lender’s Letter of Credit Commitment, in each case, as any such amount may be increased or decreased as agreed in writing between
the Company and the applicable Issuing Lender and notified to the Administrative Agent. 
 “LIBO Rate” means, with respect
to any Eurodollar Borrowing for any applicable Interest Period, the LIBOR Screen Rate as of 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided, that, if the LIBOR Screen Rate shall not be
available at the applicable time for the applicable Interest Period, then the LIBO Rate for such Interest Period shall be the Interpolated Rate. 

“LIBOR Screen Rate” means the London interbank offered rate administered by the ICE Benchmark Administration (or any other
Person that takes over the administration of such rate) for Dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such
Reuters pages, on any successor or substitute page on such screen that displays such rate or, in the event such rate does not appear on any successor or substitute page, on the appropriate page of such other information service that publishes such
rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion; provided, that, if any LIBOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (including any financing lease having substantially the same economic
effect as any of the foregoing but excluding any operating lease) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Loan Documents” means this Agreement, any promissory notes evidencing Loans hereunder and the Security Documents. 

“Loans” means the Existing Loans and the loans made by the Lenders to the Borrowers pursuant to this Agreement, including any
Term A Loans, Term B Loans, Extended Term Loans, Revolving Credit
Loans and Incremental Term Loans of any Series. 
 “Margin Stock” has the meaning set forth in Regulation U of the
Board of Governors of the United States Federal Reserve System, or any successor thereto. 
 “Material Adverse Effect”
means a material adverse effect on (a) the business, assets, operations or financial condition of the Company and its Restricted Subsidiaries (or of the Company and all of its Subsidiaries) taken as a whole, (b) the ability of any Obligor
to perform any of its obligations under this Agreement or any Credit Party to perform any of its obligations under the other Loan Documents or (c) the rights of or benefits available to the Lenders under this Agreement and the other Loan
Documents. 

  
 -31- 












 “Material Indebtedness” means Indebtedness (other than the Loans or Letters
of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of Holdings, the Company or any of its Restricted Subsidiaries in an aggregate principal amount exceeding $125,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of any Person in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Person would be required to pay if
such Swap Agreement were terminated at such time. 

“Minimum Extension Condition” has the meaning assigned to such
term in Section 2.19(b). 

“MIL” means Missouri Logos, LLC, a Wholly Owned Subsidiary of Interstate Logos, L.L.C., a Wholly Owned Subsidiary of the
Company. 

“Minimum Extension
 Condition” has the meaning assigned to such term in Section 2.20(b). 
 “Missouri Partnership” means Missouri Logos, a Missouri general partnership,
in which MIL is a general partner. 
 “Moody’s” means Moody’s Investors Service, Inc. 

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

“Net Available Proceeds” means: 

(i) in the case of any Disposition, the amount of Net Cash Payments received in connection with such Disposition; and 

(ii) in the case of any Casualty Event, the aggregate amount of proceeds of insurance, condemnation awards and other
compensation received by the Company and its Restricted Subsidiaries in respect of such Casualty Event net of (A) reasonable expenses incurred by the Company and its Restricted Subsidiaries in connection therewith and (B) contractually
required repayments of Indebtedness to the extent secured by a Lien on such property and any income and transfer taxes payable by the Company or any of its Restricted Subsidiaries in respect of such Casualty Event. 

“Net Cash Payments” means, with respect to any Disposition, the aggregate amount of all cash payments received by the Company
and its Restricted Subsidiaries directly or indirectly in connection with such Disposition, whether at the time of such Disposition or after such Disposition under deferred payment arrangements or Investments entered into or received in connection
with such Disposition (including, without limitation, Disposition Investments); provided that: 
 (a) Net Cash
Payments shall be net of (i) the amount of any legal, title, transfer and recording tax expenses, commissions and other fees and expenses payable by the Company and its Restricted Subsidiaries in connection with such Disposition, (ii) any
Federal, state and local income or other taxes estimated to be payable by the Company and its Restricted Subsidiaries as a result of such Disposition, but only to the extent that such estimated taxes are in fact paid to the relevant Federal, state
or local governmental authority within twelve months of the date of such Disposition and (iii) the amount of any reasonable reserve established in accordance with GAAP 

  
 -32- 












 
against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to clause (ii) above) (x) related to any of the applicable assets and
(y) retained by the Company or any of its Restricted Subsidiaries including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations; and 

(b) Net Cash Payments shall be net of any repayments by the Company or any of its Restricted Subsidiaries of Indebtedness
(other than Indebtedness under this Agreement or in respect of Permitted First Lien Notes) to the extent that (i) such Indebtedness is secured by a Lien on the Property that is the subject of such Disposition and (ii) the transferee of (or
holder of a Lien on) such Property requires that such Indebtedness be repaid as a condition to the purchase of such Property. 

“Net Income” means, for any period, the consolidated net income (or loss) of Holdings, the Company, and its Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or
consolidated with Holdings, the Company or any of its Restricted Subsidiaries, and (b) the income (or deficit) of any Person (other than a Restricted Subsidiary) in which Holdings, the Company or any of its Subsidiaries has an ownership
interest, except to the extent that any such income is received by Holdings, the Company or a Restricted Subsidiary in the form of dividends or similar distributions. 

“New Senior Notes” means any senior notes issued on or after the Restatement Effective Date in accordance with the
requirements of Section 7.01(j). 
 “New Senior Notes Indentures” means the indentures pursuant to which any New
Senior Notes are issued. 
 “New Senior Subordinated Notes” means any notes issued after the Restatement Effective Date in
accordance with the requirements of Section 7.01(b). 
 “New Senior Subordinated Notes Indentures” means the
indentures pursuant to which any New Senior Subordinated Notes are issued. 
 “Non-Consenting Lender” has the meaning
assigned to such term in Section 10.02(c). 
 “NYFRB” means the Federal Reserve Bank of New York. 

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and
(b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the
term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received toby the Administrative Agent from a Federalfederal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this
Agreement. 

“NYFRB’s
 Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source. 

“Obligors” means, collectively, the Borrowers and the Subsidiary Guarantors. 

  
 -33- 













“OFAC”
 has the meaning specified in the definition of “Embargoed Person.” 

“Offered Loans” has the meaning assigned to such term in Section 2.09(a)(ii). 

“Offered Range Prepayment Option Notice” has the meaning assigned to such term in Section 2.09(a)(ii). 

“Offered Range Voluntary Prepayment” has the meaning assigned to such term in Section 2.09(a)(ii). 

“Offered Range Voluntary Prepayment Notice” has the meaning assigned to such term in Section 2.09(a)(ii). 

“Original Credit Agreement” has the meaning set forth in the preamble. 

“Other Taxes” means any and all present or future stamp, documentary, recording, or other excise or property Taxes, arising
from any payment or prepayment made under any Loan Document or from the execution, performance, registration, delivery or enforcement of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or
the other Loan Documents, provided that there shall be excluded from “Other Taxes” all Excluded Taxes. 

“Outstanding Securitization Amount” means, at any time, without duplication (i) the sum of all then outstanding amounts
advanced to Securitization Entities by lenders (other than the Borrower or any Subsidiary) under Permitted Securitization Financings and (ii) the amount of accounts receivable disposed of in connection with any Permitted Securitization
Financing (other than to a Securitization Entity) structured as a factoring arrangement that have stated due dates following such date of determination. 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public
websitethe NYFRB’s Website from time to time,
and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to
publish such composite rate). 
 “parent” has the meaning specified in the definition of “Subsidiary.” 

“Participant”
 has the meaning assigned to such term in Section 10.04(c)(i).  
 “Participant Register” has the meaning assigned to such term in Section 10.04(c)(i).  
 “Patriot Act” has the meaning set forth in Section 10.14. 

“PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

 “Permitted First Lien Notes” means debt securities issued by the Company after the Restatement Effective Date pursuant
to Section 7.01(c), secured by Liens on all or a portion of the Collateral ranking pari passu with the Liens securing the Guaranteed Obligations hereunder and subject to the First Lien Intercreditor Agreement, provided (a) the terms
of any such debt securities do not provide for any scheduled principal repayment, mandatory redemption or sinking fund obligations prior to the 

  
 -34- 












 
final maturity date of all Term Loans outstanding on the date such debt securities are issued (other than customary offers to repurchase upon a change of control, asset sale or event of loss and
customary acceleration rights after an event of default), (b) the covenants, events of default, guarantees, collateral and other terms of any such debt securities (other than interest rate, call protection and redemption premiums), taken as a
whole, are not more restrictive to the Company and the Subsidiaries than those set forth in this Agreement, (c) no Subsidiary of the Company is an issuer or guarantor of any such debt securities other than any Subsidiary Guarantor, (d) no
such debt securities are secured by any Liens on any assets of the Company or any of its Subsidiaries other than assets of the Company and the Subsidiary Guarantor that constitute Collateral, and (e) at any time when the covenant set forth in
Section 7.09 is in effect, immediately after giving effect to the issuance of any such debt securities the Company shall be in compliance with the covenant set forth in Section 7.09. 

“Permitted Investments” means: 

(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United
States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof; 

(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of
acquisition, the highest credit rating obtainable from S&P or from Moody’s; 
 (c) investments in certificates of
deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States of America or any State thereof which has a combined capital and surplus and undivided profits of not less than $250,000,000; 

(d) fully collateralized repurchase agreements with a term of not more than 180 days for securities described in clause
(a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; 

(e) money market funds at least 95% of the assets of which constitute Permitted Investments of the kinds described in clauses
(a) through (d) of this definition; and 
 (f) with respect to Foreign Subsidiaries, obligations guaranteed by the
jurisdiction in which the Foreign Subsidiary is organized and is conducting business maturing within one year from the date of acquisition thereof in an aggregate principal amount up to but not exceeding $25,000,000 at any one time outstanding as to
all Foreign Subsidiaries. 
 “Permitted Securitization Financing” means (i) any borrowing or factoring arrangement by
a Securitization Entity with respect to Securitization Assets transferred to such Securitization Entity by the Company or a Subsidiary or (ii) consisting of a factoring arrangement by the Company or a Subsidiary of the Company pursuant to which
the Company or such Subsidiary sells Securitization Assets to a Person other than the Company or a Subsidiary on a basis that is not recourse to the Company or any Subsidiary except for Standard Securitization Undertakings. 

“Permitted
 Unrestricted Subsidiary Obligations” has the meaning assigned in Section 1.05(a).  

  
 -35- 












 “Person” means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any
employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Company or any ERISA Affiliate is (or, if such
plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Pledge Agreement” means a Pledge Agreement, dated as of February 3, 2014, between the Obligors and the Administrative
Agent, as amended, restated, supplemented or otherwise modified from time to time. 
 “Prime Rate” means the rate of
interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve
Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by
the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“Principal Payment Dates” means, with respect to any Term Loan, any scheduled date for the payment of principal of such Term
Loan pursuant to Section 2.08(c). 

“Pro
Rata Share” has the meaning assigned to such term in Section 3.08.  

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible. 

“Proposed
 Change” has the meaning assigned to such term in Section 10.02(c).  

“Proposed Offered Range Prepayment Amount” has the meaning assigned to such term in Section 2.09(a)(ii). 

“Proposed Range” has the meaning assigned to such term in Section 2.09(a)(ii). 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 
 “QFC” has the meaning assigned to the term “qualified financial contract” in, and
shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning assigned to it in
Section 10.17. 
 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Credit Party that has total
assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “ECP” under the Commodity Exchange Act
or any regulations promulgated thereunder and can cause another person to qualify as an “ECP” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
 -36- 












 “Qualified Holdings Obligations” means, collectively, obligations of the
following categories incurred from time to time by Holdings on behalf of the Company and its Subsidiaries: (i) directors’ fees, and fees, costs and expenses in respect of professional and related services which may be rendered to the
Company and its Subsidiaries from time to time, including the fees and expenses of accountants, lawyers, investment bankers and other consultants retained in connection with matters affecting the Company and its Subsidiaries collectively,
(ii) premiums, fees and expenses in connection with insurance policies and employee benefit programs (including workmen’s compensation) maintained on behalf of the Company or any of its Subsidiaries, (iii) fees, costs and expenses
incurred in connection with acquisitions and financings, including banking and underwriting fees (including underwriters discounts), (iv) fees, costs and expenses in connection with the purchase by the Company and its Subsidiaries of data
communications services and (v) any other fees, costs and expenses (other than Taxes) incurred by Holdings on behalf of the Company and its Restricted Subsidiaries that would, if paid by the Company and its Restricted Subsidiaries, be treated
as an operating expense. 
 “Qualified Reilly Partnership” means any general or limited partnership, all of the partnership
interests of which are owned by (a) Kevin P. Reilly, Sr., (b) his wife, (c) his children, (d) his children’s spouses, (e) his grandchildren, or (f) trusts of which he, his wife, his children, his children’s
spouses and his grandchildren are the sole beneficiaries and for which one or more of such individuals are the sole trustee(s). 

“Qualifying Lenders” has the meaning assigned to such term in Section 2.09(a)(ii). 

“Qualifying Loans” has the meaning assigned to such term in Section 2.09(a)(ii). 

“Quarterly Dates” means the last Business Day of March, June, September and December in each year, commencing with the first
such day after the Restatement Effective Date. 

“Reference
 Time” means with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two Business Days preceding the date of such setting or (2) if such
Benchmark is not the Term SOFR Rate, the time determined by the Administrative Agent in its reasonable discretion. 

“Refunding Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries permitted under
Section 7.01(e). 
 “Register” has the meaning assigned to such term in Section 10.04.10.04(b)(iv).
 

“REIT”
 means a “real estate investment trust” as defined and taxed under Section 856-860 of the Code.  

“Repricing Transaction” means the repayment, prepayment or refinancing of all or any portion of the Term B Loans following the Restatement Effective Date and substantially concurrently with the incurrence by any Credit
Party of any Indebtedness incurred for the primary purpose of repaying, refinancing, substituting or replacing the Term B Loans with Indebtedness having an Effective Yield that is less than the Effective Yield of the Term B Loans so repaid, prepaid or refinanced, including without limitation, as may be effected through any amendment to this Agreement relating to the interest rate for, or weighted average yield of, the Term B Loans and including any mandatory assignment of Term B Loans by Non-Consenting Lenders to the Administrative Agent or a replacement lender in connection with such
amendment (but excluding any such reduction in the interest rate or weighted average yield of the Term
B Loans in connection with a Change of Control or a Transformative Acquisition). Any determination by the Administrative Agent of the interest rate or weighted average yield for purposes of
this definition shall be conclusive and binding on all Lenders, and the Administrative Agent shall have no liability to any Person with respect to such determination. 

  
 -37- 













“REIT” means a “real estate investment trust” as
defined and taxed under Section 856-860 of the Code. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Relevant Governmental Body”
means the Federal Reserve Board and/or the NYFRB, the CME Term SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto. 

“Relevant
 Rate” means, with respect to any Term Benchmark Borrowing, the Adjusted Term SOFR Rate. 

“Replaced
 Revolving Credit Commitments” has the meaning assigned to such term in Section 10.02(b).  

“Replacement
 Revolving Credit Commitments” has the meaning assigned to such term in Section 10.02(b).  

“Replaced
 Term Loans” has the meaning assigned to such term in Section 1.02(b).  

“Replacement
 Term Loans” has the meaning assigned to such term in Section 1.02(b).  

“Required Lenders” means, at any time, Lenders (other than Defaulting Lenders) holding a majority in aggregate principal
amount of the Term Loans and Revolving Credit Commitments (or, if the Revolving Credit Commitments have terminated, the Revolving Credit Exposure) of all Lenders other than Defaulting Lenders at such time. 

“Required Revolving Credit Lenders” means, at any time, Revolving Credit Lenders (other than Defaulting Lenders) holding a
majority in aggregate principal amount of the Revolving Credit Commitments (or, if the Revolving Credit Commitments have terminated, the Revolving Credit Exposure) of all Revolving Credit Lenders other than Defaulting Lenders at such time. 

“Required
 Term A Lenders” means, at any time, Term A Lenders (other than Defaulting Lenders) holding a majority in aggregate principal amount of the Term A Loans of all Term A Lenders other than Defaulting Lenders at such time. 
 “Requirements of Law” means, collectively, any and all applicable
requirements of any Governmental Authority including any and all laws, judgments, orders, executive orders, decrees, ordinances, rules, regulations, statutes, case law or treaties. 

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution
Authority. 
 “Restatement Effective Date” means the date on which each of the conditions set forth in Section 5.01
were satisfied, which was February 6, 2020. 

  
 -38- 












 “Restricted Indebtedness” has the meaning assigned to such term in
Section 7.11. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other
property) with respect to any shares of any class of capital stock of the Company, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such shares of capital stock of the Company (and including also any payments to any Person, such as “phantom stock” payments, where the amount thereof is calculated with reference to the fair
market or equity value of the Company or any of its Subsidiaries), but excluding dividends payable solely in shares of common stock of the Company. 

“Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted Subsidiary. 

“Revolving Commitment Increase” has the meaning set forth in Section 2.01(c). 

“Revolving Commitment Increase Lender” has the meaning set forth in Section 2.01(c). 

“Revolving Credit Availability Period” means the period from and including the Restatement Effective Date to but excluding
the earlier of (a) the Revolving Credit Termination Date and (b) the date of termination of the Revolving Credit Commitments. 

“Revolving Credit Commitment” means, with respect to each Lender, the commitment of such Lender to make Revolving Credit
Loans and to acquire participations in Letters of Credit hereunder, as such commitment may be (a) reduced from time to time pursuant to Sections 2.07 and 2.09, (b) increased from time to time pursuant to Section 2.01(c) and
(c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04. The initial amount of each Lender’s Revolving Credit Commitment is set forth opposite the name of such Lender on
Schedule 2.01 under the caption “Revolving Credit Commitment”, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Credit Commitment, as applicable. The aggregate original amount of the
Revolving Credit Commitments is $750,000,000. 
 “Revolving Credit Exposure” means, with respect to any Revolving Credit
Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Credit Loans and its LC Exposure at such time. 

“Revolving Credit Facility” means the Revolving Credit Commitments and the extensions of credit thereunder. 

“Revolving Credit Lender” means (a) initially, a Lender that has a “Revolving Credit Commitment” set forth
opposite the name of such Lender on Schedule 2.01 and (b) thereafter, the Lenders from time to time holding Revolving Credit Loans and Revolving Credit Commitments, after giving effect to any assignments thereof permitted by Section 10.04.

 “Revolving Credit Loan” means a Loan made pursuant to Section 2.01(a) pursuant to a Revolving Credit Commitment.

 “Revolving Credit Termination Date” means February 6, 2025 (or, if such day is not a Business Day, the next
preceding Business Day). 

  
 -39- 












 “S&P” means S&P Global Ratings, a division of Standard &
Poor’s Financial Services Inc. 

“Sanctioned
 Country” means, at any time, a country or territory which is the subject or target of any Sanctions. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, Her
Majesty’s Treasury or the Canadian Department of Foreign Affairs (DFAIT). 
 “Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union, Her Majesty’s
Treasury or the Canadian DFAIT, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by any such Person. 

“scheduled
 date of payment” has the meaning assigned to such term in Section 10.02(b).  

“Secured Cash Management Agreement” means any Cash Management Agreement that is entered into by the Company or any of its
Subsidiaries with any Person that, at the time such Cash Management Agreement was entered into or on the Restatement Effective Date, was the Administrative Agent, a Lender or an Affiliate of the Administrative Agent or a Lender (a “Secured
Cash Management Bank”) (even if such Person shall cease to be the Administrative Agent, a Lender or an Affiliate of a Lender). 

“Secured Cash
 Management Bank” has the meaning specified in the definition of “Secured Cash Management Agreement.” 

“
Secured Debt Ratio” means, as at any date, the ratio of (a) all Indebtedness of Holdings, the Company and its Restricted Subsidiaries (determined on a consolidated basis without duplication
in accordance with GAAP) on such date that is secured by any Liens on any assets of Holdings, the Company or any Restricted Subsidiary (including Capital Lease Obligations) other than Indebtedness permitted by Section 7.01(l), minus the
lesser of (x) $150,000,000 and (y) the aggregate amount of unrestricted cash and cash equivalents of Holdings, the Company and its Restricted Subsidiaries (other than Securitization Entities) determined on a consolidated basis in
accordance with GAAP as of such date, to (b) EBITDA for the period of four consecutive quarters ending on or most recently ended prior to such date for which financial statements are available or were required to be delivered. 

“Secured Parties” means the Lenders, the Administrative Agent, each Issuing Lender, each Secured Swap Provider, each Secured
Cash Management Bank and any successors or assigns of the foregoing. 
 “Secured Swap Agreement” means any Swap Agreement
that is entered into by the Company or any of its Subsidiaries with any counterparty that, at the time such Swap Agreement was entered into or on the Restatement Effective Date, was the Administrative Agent, a Lender or an Affiliate of the
Administrative Agent or a Lender (a “Secured Swap Provider”) (even if such Person shall cease to be the Administrative Agent, a Lender or an Affiliate of a Lender). 

  
 -40- 













“Secured
Swap Provider” has the meaning specified in the definition of “Secured Swap Agreement.” 

“
Securitization Assets” means (a) accounts receivable and proceeds thereof, (b) contract rights, lockbox accounts and records with respect to such accounts receivable and any other
assets customarily transferred together with accounts receivable in a receivables financing which is non-recourse to the Company or any Subsidiary (other than Standard Securitization Undertakings) other than a Securitization Entity, as determined in
good faith by a Financial Officer of the Company and (c) deposit account number ******0762 maintained with JPMorgan Chase Bank N.A., as of the Restatement Effective Date; provided that, to the extent that any assets (including proceeds
of account receivables) that are not transferred to a Securitization Entity in a Permitted Securitization Financing permitted under this Agreement are held therein or otherwise received by a Securitization Entity, the Company shall cause such
Securitization Entity to promptly distribute such asset (or otherwise cause such asset to be transferred) to the Company or any Guarantor. 

“Securitization Entity” means a Wholly Owned Subsidiary (or other Person formed in connection with Permitted Securitization
Financings) of the Company that engages in no activities other than Permitted Securitization Financings and any necessary related activities and owns no assets other than Securitization Assets, cash, cash equivalents and other assets relating to
Permitted Securitization Financings and no portion of the Indebtedness (contingent or otherwise) of which is Guaranteed by Holdings, the Company or any Subsidiary (other than a Securitization Entity) of the Company other than pursuant to Standard
Securitization Undertakings. 
 “Securitization Entity Assets” has the meaning set forth in the Amendment No. 2.Pledge
Agreement. 
 “Security Documents” means the Pledge Agreement,
the Holdings Guaranty and Pledge Agreement and any other collateral agreement, intercreditor agreement, mortgage, deed of trust, ship mortgage, license or sub-license agreement or account control agreement delivered in connection with the Loan
Documents, and all Uniform Commercial Code financing statements and continuation statements required by such documents to be filed with respect to the security interests created pursuant thereto. 

“Senior Debt Ratio” means, as at any date, the ratio of (a) all Indebtedness (other than Subordinated Indebtedness and
Indebtedness in respect of a Permitted Securitization Financing permitted by Section 7.01(l)) of Holdings, the Company and its Restricted Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP) on such
date, minus the lesser of (x) $150,000,000 and (y) the aggregate amount of unrestricted cash and cash equivalents of Holdings, the Company and its Restricted Subsidiaries (other than any Securitization Entity) determined on a
consolidated basis in accordance with GAAP as of such date, to (b) EBITDA for the period of four consecutive quarters ending on or most recently ended prior to such date for which financial statements are available or were required to be
delivered. 
 “Senior Notes” means (i) the 5.375% Senior Notes due 2024 of the Company in the original principal
amount of $510,000,000 and (ii) the 5.75% senior notes due 2026 of the Company in the original principal amount of $400,000,000. 

“Senior Notes Indentures” means the indentures pursuant to which the Senior Notes have been issued. 

  
 -41- 












 “Senior Subordinated Notes” means, the 5% Senior Subordinated Notes due
2023 of the Company in the original principal amount of $535,000,000. 
 “Senior Subordinated Notes Indenture” means the
indenture pursuant to which the Senior Subordinated Notes have been issued. 
 “Senior Unsecured Indebtedness” means,
collectively, Indebtedness in respect of the Senior Notes and any New Senior Notes (and, as contemplated in Section 7.01(e), any Indebtedness that extends, renews, refunds or replaces any Senior Notes or New Senior Notes). 

“Series” has the meaning assigned to such term in Section 2.01(c). 

“SOFR” with respect to any day
means, a rate equal to the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark (or a
successor administrator), on the Federal Reserve Bank of New York’s Website.as administered by the
SOFR Administrator.  
 “SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate). 

“SOFR
Administrator’s Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

“SOFR
-Based Rate” means SOFR, Compounded SOFR or Term SOFR. 
 “SOFR Determination Date” has the meaning specified in the definition of “Daily Simple SOFR.” 

“SOFR
Rate Day” has the meaning specified in the definition of “Daily Simple SOFR.” 

“Special Acquisition Subsidiary” means any entity formed by Holdings that is a Wholly Owned Subsidiary of Holdings but not a
Subsidiary of the Company, and that is formed for the sole purpose of effecting a tax free acquisition of another corporation (the “Target”) under Section 368(a)(1)(A) and 368(a)(2)(E) of the Code, in which Holdings invests not
more than $1,000 in cash at any one time and which Wholly Owned Subsidiary is contributed to the Company or to a Restricted Subsidiary (and, thereby becomes a Wholly Owned Subsidiary of the Company or such Restricted Subsidiary) within five Business
Days after the consummation of the merger or other transaction resulting in the acquisition of the Target. 
 “Standard
Securitization Undertakings” means representations, warranties, covenants, indemnities, performance guaranties and other obligations entered into in connection with a Permitted Securitization Financing that a Financial Officer of the
Company determines in good faith are customary for financings similar to a Permitted Securitization Financing. 
 “Statutory Reserve
Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special,
emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board).
Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans 

  
 -42- 












 
shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time
to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subordinated Indebtedness” means, collectively, Indebtedness in respect of the Senior Subordinated Notes and any New Senior
Subordinated Notes (and, as contemplated in Section 7.01(e), any Indebtedness that extends, renews, refunds or replaces any Senior Subordinated Notes or New Senior Subordinated Notes). 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, (a) any corporation, limited
liability company, association or other entity (other than a partnership) the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in
accordance with GAAP as of such date, as well as any other corporation, limited liability company, association or other entity (other than a partnership) of which securities or other ownership interests representing more than 50% of the ordinary
voting power as of such date, are owned, controlled or held or (b) any partnership the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were
prepared in accordance with GAAP as of such date, as well as any other partnership (i) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (ii) the only general partners of
which are such Person or one or more Subsidiaries of such Person (or any combination thereof); provided that, notwithstanding the foregoing, none of Lamar Partnering Sponsor LLC, Lamar Partnering Corporation or any of their respective
Subsidiaries shall be deemed to be Subsidiaries of the Company or any of its Subsidiaries for any purposes of this Agreement or any other Loan Document. References herein to “Subsidiaries” shall, unless the context requires otherwise, be
deemed to be references to Subsidiaries of the Company. 
 “Subsidiary Borrowers” means, effective upon the designation
thereof pursuant to any Additional Subsidiary Borrower Designation Letter, each Additional Subsidiary Borrower. 
 “Subsidiary
Guarantors” means the Persons listed under the caption “SUBSIDIARY GUARANTORS” on the signature pages to this Agreement or which become a party hereto as a “Subsidiary Guarantor” hereunder pursuant to any Joinder
Agreement, provided, however, that no Foreign Subsidiary shall be a Subsidiary Guarantor with respect to any Loan to the Company or to any Domestic Subsidiary under this Agreement. 

“Supported QFC” has the meaning assigned to it in Section 10.17. 

“Surety
Bond Obligations” means, with respect to any Surety Bond as to which any Credit Party or Restricted Subsidiary is a direct or contingent obligor, all such direct or contingent obligations.

 “Surety Bonds” means surety or other similar bonds required to be posted by the Company and its Restricted
Subsidiaries in the ordinary course of their respective businesses or posted on behalf of Affiliates in the ordinary course of their respective businesses. 

“Surety Bond Obligations” means, with respect to any Surety Bond
as to which any Credit Party or Restricted Subsidiary is a direct or contingent obligor, all such direct or contingent obligations. 

  
 -43- 












 “Swap Agreement” means any agreement with respect to any swap, forward,
future, cap, collar or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions, provided that no “phantom stock” or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of the Company or the Subsidiaries, or any Equity Hedging Arrangement, shall be deemed to be a Swap Agreement. 

“Swap Obligation” means, with respect to any Credit Party, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“Syndication Agent” means Wells Fargo Securities, LLC. 

“Target”
 has the meaning specified in the definition of “Special Acquisition Subsidiary.” 

“Tax
Group” has the meaning assigned to such term in Section 7.06.  

“Taxes” means any and all present or future taxes, levies, imposts, assessments, duties, deductions, withholdings or other
charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Term A Lender” means, at any time, any Lender that holds a Term A Loan Commitment or a Term A Loan at such
time. 

“Term A
Loan” means an advance made to the Company on the Amendment No. 2 Effective Date pursuant to Section 2.01 by a Term A Lender in the amount of such Term A Lender’s Term A Loan Commitment. 

“Term A
Loan Commitment” means, with respect to each Term A Lender , the commitment of such Term A Lender to make Term A Loans on the Amendment No. 2 Effective Date in the amount set forth opposite the name of such Term A Lender on Schedule 2.01.
The aggregate original amount of the Term A Loan Commitments is $350,000,000. 

“Term A
Loan Joint Lead Arrangers” means, collectively, Wells Fargo Securities, LLC, JPMCB, Truist Securities, Inc., Citibank, N.A., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, TD Securities (USA) LLC and BofA Securities, Inc. hereunder for
the Term A Loans. 
 “Term A Loan Joint Bookrunners” means, collectively, Wells Fargo Securities, LLC, JPMCB, Truist Securities, Inc.,
Citibank, N.A., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, TD Securities (USA) LLC and BofA Securities, Inc. 

“Term A
Loan Maturity Date” means February 6, 2025 (or if such day is not a Business Day, the next preceding Business Day). 

“Term B Lender” means, at any time, any Lender that holds a Term B Loan Commitment or a Term B Loan at such time. 

  
 -44- 












 “Term B Loan” means an advance made to the Company on the Restatement
Effective Date pursuant to Section 2.01 by a Term B Lender in the amount of such Term B Lender’s Term B Loan Commitment and/or Converted Existing Term B Loan. 

“Term B Loan Commitment” means, with respect to each Term B Lender , the commitment of such Term B Lender to make Term B
Loans on the Restatement Effective Date in the amount set forth opposite the name of such Term B Lender on Schedule 2.01. The aggregate original amount of the Term B Loan Commitments is $600,000,000 minus the aggregate principal amount of Converted
Existing Term B Loans. 
 “Term B Loan Maturity Date” means February 6, 2027 (or if such day is not a Business Day,
the next preceding Business Day). 

“Term
Benchmark” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate. 
 “Term Lenders” means, collectively, the Term A Lenders, Term B Lenders and Lenders of Incremental Term Loans and
Extended Term Loans. 
 “Term Loans” means, collectively, the Term A Loans, Term B Loans, Incremental Term Loans and Extended Term
Loans 
 “Term SOFR”
means, with respect to the Term B Loans and Revolving Credit
Loans, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Term
SOFR Determination Day” has the meaning assigned to it under the definition of “Term SOFR Reference Rate.” 

“Term
SOFR Rate” means, with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days
prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator. 

“Term
SOFR Reference Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the
rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has not
been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as
published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not more than five
(5) Business Days prior to such Term SOFR Determination Day.  

“Total Assets” means at any time, the consolidated total assets of the Company and its Subsidiaries at such time in
accordance with GAAP. 

  
 -45- 












 “Total Debt Ratio” means, as at any date, the ratio of (a) all
Indebtedness (including Subordinated Indebtedness and any convertible debt) of Holdings, the Company and its Restricted Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP) on such date but excluding
Indebtedness in respect of any Permitted Securitization Financing permitted by Section 7.01(l), minus, the lesser of (x) $150,000,000 and (y) the aggregate amount of unrestricted cash and cash equivalents of Holdings, the
Company and its Restricted Subsidiaries (other than any Securitization Entity) determined on a consolidated basis with GAAP as of such date to (b) EBITDA for the period of four consecutive fiscal quarters ending on or most recently ended prior
to such date. 
 “Transactions” means (a) with respect to any Borrower, the execution, delivery and performance by
such Borrower of the Loan Documents to which it is a party, the borrowing of Loans and the use of the proceeds thereof, and the issuance of Letters of Credit hereunder and (b) with respect to any Credit Party (other than the Borrowers), the
execution, delivery and performance by such Credit Party of the Loan Documents to which it is a party. 
 “Transformative
Acquisition” means any acquisition, restructuring, merger or other similar transaction consummated by any Borrower or any other Restricted Subsidiary that either (a) is not permitted by the terms of this Agreement immediately prior to
the consummation of such transaction or (b) if permitted by the terms of this Agreement immediately prior to the consummation of such transaction, would not provide any Borrower or any other Credit Party with adequate flexibility under this
Agreement for the continuation and/or expansion of their combined operations following the consummation of such transaction, as determined by such Borrower acting in good faith. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate, Adjusted Term SOFR Rate or the Adjusted Base Rate. 
 “UK Financial Institution” means any BRRD
Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time)
promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 
 “Unadjusted Benchmark Replacement” means the Benchmark Replacement
excluding the Benchmark Replacement Adjustment; provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the purposes of this
Agreement. 
 “Unrestricted Subsidiaries” means any Subsidiary of the Company that (a) shall have been designated as
an “Unrestricted Subsidiary” in accordance with the provisions of Section 1.05 and (b) any Subsidiary of an Unrestricted Subsidiary; notwithstanding the foregoing, so long as a Subsidiary Borrower has Term Loans outstanding under
this Agreement, such Subsidiary Borrower shall not be an Unrestricted Subsidiary. 
 “U.S. Borrower” means any Borrower
that is a domestic corporation within the meaning of Section 7701(a) of the Code. 
 “U.S. dollars” or
“$” refers to lawful money of the United States of America. 

  
 -46- 













“U.S.
Government Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its
members be closed for the entire day for purposes of trading in United States government securities. 

“U.S. Special Resolution Regime” has the meaning assigned to it in Section 10.17. 

“USA
PATRIOT Act” has the meaning specified in the definition of “Anti-Terrorism Laws.” 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect
thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the then outstanding principal amount of such Indebtedness. 

“Wholly
Owned Restricted Subsidiary” has the meaning specified in the definition of “Wholly Owned Subsidiary.” 

“
Wholly Owned Subsidiary” means, with respect to any Person at any date, any corporation, limited liability company, partnership, association or other entity of which securities or other ownership
interests representing 100% of the equity or ordinary voting power (other than directors’ qualifying shares) or, in the case of a partnership, 100% of the general partnership interests are, as of such date, directly or indirectly owned,
controlled or held by such Person or one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person. The term “Wholly Owned Restricted Subsidiary” shall refer to any
Restricted Subsidiary that is also a Wholly Owned Subsidiary. 
 “Withdrawal Liability” means liability to a
Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with
respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that
liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to
suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

SECTION 1.02. CLASSIFICATION OF LOANS AND BORROWINGS. For purposes of this Agreement, Loans may be classified and referred to by Class
(e.g., a “Revolving Credit Loan”, a “Term A Loan” or a “Term B Loan”) or by Type (e.g., a “Base Rate Loan”,
an “Term Benchmark Loan” or a “Eurodollar
Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Credit Loan” or a “Base Rate Revolving Credit Loan”); each Series of Incremental Term Loans shall be deemed a separate Class of Loans hereunder. In similar
fashion, (i) Borrowings may be classified and referred to by Class, by Type and by Class and Type, and (ii) Commitments may be classified and referred to by Class. 

  
 -47- 












 SECTION 1.03. TERMS GENERALLY. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall
be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.04. ACCOUNTING TERMS;
GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that (i) if the Company notifies the Administrative
Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Restatement Effective Date in GAAP or in the application thereof on the operation of such provision (or if the
Administrative Agent notifies the Company that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith and
(ii) notwithstanding anything to the contrary contained above or in the definition of “Capital Lease Obligations,” any change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards
Board Accounting Standards Update No. 2016-02, Leases (Topic 842) (“FAS 842”), to the extent such adoption would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease
(or similar arrangement) would not have been required to be so treated under GAAP as in effect on December 31, 2015, such lease shall not be considered a capital lease, and all calculations and deliverables under this Agreement or any other
Loan Document shall be made or delivered, as applicable, in accordance therewith. Any requirement that a financial condition be satisfied after giving effect to a specified action shall be based on balance sheet items on the date such action is
taken and income statement items for the most recent period of four fiscal quarters for which financial statements are available. 
 SECTION
1.05. SUBSIDIARIES; DESIGNATION OF UNRESTRICTED SUBSIDIARIES. The Company may at any time designate any of its Subsidiaries (including any newly acquired or newly formed Subsidiary or any Foreign Subsidiary) to be an “Unrestricted
Subsidiary” for purposes of this Agreement, by delivering to the Administrative Agent a certificate of a Financial Officer (and the Administrative Agent shall promptly forward a copy of such certificate to each Lender) attaching a copy of a
resolution of its Board of Directors (or 

  
 -48- 












 
authorized subcommittee thereof) setting forth such designation and stating that the conditions set forth in this Section 1.05 have been satisfied with respect to such designation,
provided that no such designation shall be effective unless (x) at the time of such designation and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and (y) at the time of such
designation and at all times thereafter: 
 (a) except as permitted under Section 7.03, no portion of the Indebtedness
or any other obligation (contingent or otherwise) of such Unrestricted Subsidiary other than obligations in respect of performance and surety bonds and in respect of reimbursement obligations for undrawn letters of credit supporting insurance
arrangements and performance and surety bonds, each incurred in the ordinary course of business and not as part of a financing transaction (collectively, “Permitted Unrestricted Subsidiary Obligations”), (A) is guaranteed by
any Borrower or any Restricted Subsidiary or (B) is recourse to or obligates any Borrower or any Restricted Subsidiary of the Company, directly or indirectly, contingently or otherwise, to satisfaction thereof, 

(b) such Unrestricted Subsidiary has no Indebtedness or any other obligation (other than Permitted Unrestricted Subsidiary
Obligations) that, if in default in any respect (including a payment default), would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Company or its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated maturity and 
 (c) such
Subsidiary is an “Unrestricted Subsidiary” (or will become an Unrestricted Subsidiary not later than its designation as an Unrestricted Subsidiary hereunder) under the Senior Subordinated Notes Indentures, any New Senior Subordinated Notes
Indenture or New Senior Notes Indenture, the Senior Notes Indentures and any indenture governing Permitted First Lien Notes, it being understood that to accomplish the foregoing, the Company may condition such designation hereunder upon the
effectiveness of the designation of such Subsidiary as an Unrestricted Subsidiary under such Indentures. 
 Notwithstanding the foregoing clause (a), the
Company shall be entitled to designate any Subsidiary as an Unrestricted Subsidiary hereunder even though such Subsidiary shall, at the time of such designation, be obligated with respect to Guarantees under any Senior Subordinated Notes Indenture,
any New Senior Subordinated Notes Indenture, any New Senior Notes Indenture, any Senior Notes Indenture or any indenture governing Permitted First Lien Notes, provided that at the time of such designation, (i) the Company is taking such
action as is necessary to cause such Subsidiary to be released from such Guarantees and (ii) such designation shall not become effective until such time as such release shall be obtained. 

Any designation of a Subsidiary as an Unrestricted Subsidiary shall be deemed an Investment in an amount equal to the fair market value of
such Subsidiary (as determined in good faith by the Board of Directors of the Company) and any such designation shall be permitted only if it complies with the provisions of Section 7.05. Any designation of an Unrestricted Subsidiary as a
Restricted Subsidiary shall be deemed an Acquisition of such Unrestricted Subsidiary and shall be permitted only to the extent permitted as an Acquisition under Section 7.04(e). The Company shall give the Administrative Agent and each Lender
prompt notice of each resolution adopted by the Board of Directors (or authorized subcommittee thereof) of the Company under this Section 1.05 designating any Subsidiary as an Unrestricted Subsidiary (and notice of each designation of an
Unrestricted Subsidiary as a Restricted Subsidiary), together with a copy of each such resolution adopted. 

  
 -49- 












 SECTION 1.06. EFFECT OF RESTATEMENT. All Letters of Credit outstanding under the Original
Credit Agreement shall continue to be outstanding under this Agreement. This Agreement shall amend and restate the Original Credit Agreement in its entirety, with the parties hereby agreeing that there is no novation of the Original Credit Agreement
or any Loan Documents and on the Restatement Effective Date, the rights and obligations of the parties under the Original Credit Agreement shall be subsumed and governed by this Agreement. 

SECTION 1.07. INTEREST RATES; LIBOR NOTIFICATION. The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is
derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K.
Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator,
the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an
appropriate reference rate upon which to determine the interest rate on Eurodollar Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used
in place of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event or an Early Opt-In Election, Section 2.12(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will
promptly notify the Borrower, pursuant to Section 2.12(d), of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility
for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or
successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.12(b), whether upon the occurrence of a Benchmark Transition
Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.12(c)), including without limitation, whether the composition or characteristics of any such alternative,
successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or
unavailability. 
 ARTICLE II 

THE CREDITS 
 SECTION 2.01.
COMMITMENTS. 
 (a) Revolving Credit Loans. Subject to the terms and conditions set forth herein, each Revolving Credit Lender agrees
to make Revolving Credit Loans to the Company from time to time during the Revolving Credit Availability Period in Dollars in an aggregate principal amount that will not result in such Lender’s Revolving Credit Exposure exceeding such
Lender’s Revolving Credit Commitment, provided that the total Revolving Credit Exposure shall not at any time exceed the total Revolving Credit Commitments. Within the foregoing limits and subject to the terms and conditions set forth
herein, the Company may borrow, prepay and reborrow Revolving Credit Loans. 

  
 -50- 












 (b) Term Loans. 

(i)
 Subject to the terms and conditions set forth herein, (ieach Term A Lender with a Term A Loan Commitment severally agrees to make a single loan to the Company on the Amendment
No. 2 Effective Date in Dollars in an amount not to exceed such Term A Lender’s Term A Loan Commitment. Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed. Term A Loans will be available as Base Rate
Loans and Term Benchmark Loans. 
 (ii) Subject to the terms and conditions set forth herein, (1) each
Term B Lender with a Term B Loan Commitment severally agrees to make a single loan to the Company on the Restatement Effective Date in Dollars in an amount not to exceed such Term B Lender’s Term B Loan Commitment and (ii2) the Converted Existing Term B Loan of each Lender shall convert into a Term B Loan on the Restatement Effective Date in a principal amount equal to the principal amount of such Lender’s Converted Existing
Term B Loan. Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed. 
 (c) Incremental
Loans. Any Borrower may at any time or from time to time after the Restatement Effective Date, by notice from the Company to the Administrative Agent and the Lenders, request (a) one or more additional tranches of term loans or additional
Loans of the same Class of Term Loans as an existing Class of Term Loans (the “Incremental Term Loans”) or (b) one or more increases in the amount of the Revolving Credit Commitments (a “Revolving Commitment
Increase”), provided that: 
 (i) both at the time of any such request and upon the effectiveness of any
Incremental Amendment referred to below, no Event of Default shall exist and at the time that any such Incremental Term Loan is made (and after giving effect thereto) no Event of Default shall exist; provided that to the extent the proceeds
of any such Incremental Term Loan are to be used to finance an Acquisition permitted hereunder, then this clause (i) shall not be applicable so long as no Event of Default existed at the time the acquisition agreement relating to such
Acquisition was entered into; 
 (ii) immediately after giving effect to the borrowing of such Incremental Term Loans or the
establishment of such Revolving Commitment Increase (and (x) assuming all Revolving Commitment Increases were fully drawn and (y) excluding the cash proceeds of the Incremental Term Loans and/or Revolving Commitment Increases from cash for
purposes of calculating the Secured Debt Ratio), the Secured Debt Ratio would not exceed 4.50 to 1.00; 
 (iii) each tranche
of Incremental Term Loans and each Revolving Commitment Increase shall be in an aggregate principal amount that is not less than $25,000,000 and shall be in an increment of $1,000,000; 

(iv) [Reserved]; 

(v) any Incremental Term Loans (1) shall not mature earlier than the Term B Loan Maturity Date or, solely with respect to
any Incremental Term Loans that the Administrative Agent determines are being syndicated primarily to regulated banks in the primary syndication thereof, shall not mature earlier than the Revolving Credit Termination Date, (2) shall not have
scheduled amortization prior to the Term B Loan Maturity Date in excess of 1% per annum of the original principal amount or, solely with respect to any Incremental Term Loans that the Administrative Agent determines are being syndicated
primarily to regulated banks in the primary syndication, shall not have scheduled amortization prior to final maturity in excess of 10% per 

  
 -51- 












 
annum of the original principal amount thereof, and (3) shall have the interest rates, upfront fees and OID for any Series of Incremental Term Loans as agreed between the applicable Borrower
and the Incremental Lenders providing the applicable Series of Incremental Term Loans; provided that, with respect to any Incremental Term Loans established within twelve months of the Restatement Effective Date, if the Effective Yield of
such Incremental Term Loans exceeds the Effective Yield on the Term B Loans by more than 50 basis points, the Applicable Rates for the Term B Loans shall automatically be increased on the date such Incremental Term Loans are established to the
extent necessary to cause the Effective Yield of the Term B Loans to be 50 basis points less than the Effective Yield of such Incremental Term Loans; 

(vi) in no event shall the Incremental Term Loans of any Series be entitled to participate on a greater than pro rata basis
with the Term B Loans then outstanding in any mandatory prepayment pursuant to this Agreement; and 
 (vii) the Incremental
Term Loans shall rank pari passu in right of payment and Collateral with the other Loans and shall have the same guarantees and Collateral as the other Loans and except to the extent contemplated above or as set forth in this Agreement, all other
terms of any Incremental Term Loans shall either be substantially the same as the terms of the Term B Loans (including mandatory prepayment requirements) or shall be reasonably satisfactory to the Administrative Agent. 

Each notice from the Company pursuant to this Section 2.01(c) shall set forth the requested amount and proposed terms of the relevant
Incremental Term Loans or Revolving Commitment Increases. Incremental Term Loans may be made, and Revolving Commitment Increases may be provided, by any existing Lender (but no existing Lender will have any obligation to make a portion of any
Incremental Term Loan or any portion of any Revolving Commitment Increase and no Borrower shall have any obligation to offer any Series of Incremental Term Loans or any Revolving Commitment Increase to existing Lenders) or by any other bank or other
financial institution (any such existing Lender or other bank or other financial institution being called an “Incremental Lender”), provided that the Administrative Agent and the Issuing Lender, as applicable, shall have
consented (not to be unreasonably withheld, conditioned or delayed) to such Incremental Lender’s making such Incremental Term Loans or providing such Revolving Commitment Increases to the extent any such consent would be required under
Section 10.04(b) for an assignment of Loans or Revolving Credit Commitments, as applicable, to such Incremental Lender. Incremental Term Loans and Revolving Commitment Increases shall be established pursuant to an amendment (an
“Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the Company, any Subsidiary Borrower that will be a Borrower in respect of such Incremental Term Loans, each Incremental Lender
and the Administrative Agent. The Incremental Amendment may, without the consent of any other party, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the
Administrative Agent to effect the provisions of this Section 2.01(c). In connection with any Incremental Amendment, the Obligors shall deliver such customary opinions and instruments as may be reasonably requested by the Administrative Agent
for purposes of ensuring the enforceability of the Loan Documents after giving effect to such Incremental Amendment. Any Incremental Term Loans established pursuant to any Incremental Amendment shall constitute a separate “Series”
of Incremental Term Loans hereunder. 
 Upon each increase in the Revolving Credit Commitments pursuant to this Section 2.01,
(a) each Revolving Credit Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each Lender providing a portion of the Revolving Commitment Increase (each, a “Revolving
Commitment Increase Lender”), and each such Revolving Commitment Increase Lender will automatically and without further act be deemed to have assumed, a portion of such 

  
 -52- 












 
Revolving Credit Lender’s participations hereunder in outstanding Letters of Credit such that, after giving effect to each such deemed assignment and assumption of participations, the
percentage of the aggregate outstanding participations hereunder in Letters of Credit will equal the percentage of the aggregate Revolving Credit Commitments of all Revolving Credit Lenders represented by such Revolving Credit Lender’s
Revolving Credit Commitment and (b) if, on the date of such increase, there are any Revolving Credit Loans outstanding, each Revolving Commitment Increase Lender shall purchase at par such portions of each other Revolving Credit Lender’s
Revolving Credit Loans as the Administrative Agent may specify so that the Revolving Credit Loans are held by each Revolving Credit Lender (including each Revolving Commitment Increase Lender) on a pro rata basis in accordance with their respective
Applicable Percentages. 
 SECTION 2.02. LOANS AND BORROWINGS. 

(a) Obligations Several. Each Loan of a particular Class shall be made as part of a Borrowing consisting of Loans of such Class made by
the Lenders ratably in accordance with their respective Commitments of such Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the
Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

(b) Type of Loans. Subject to Section 2.12, each Borrowing shall be comprised entirely of Base Rate Loans or, Eurodollar Loans or Term Benchmark Loans as the relevant Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar
Loan or any Term Benchmark Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of such Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) Minimum Amounts. At the commencement of each Interest Period for a Eurodollar Borrowing or Term Benchmark Borrowing, such Borrowing shall be in an aggregate
amount at least equal to $2,000,000 or any greater multiple of $1,000,000. At the time that each Base Rate Borrowing is made, such Borrowing shall be in an aggregate amount that is at least equal to $500,000 or any greater multiple of $500,000;
provided that (i) a Base Rate Borrowing of Loans of any Class may be in an aggregate amount that is equal to the entire unused balance of the total Commitments of such Class (or, in the case of an Incremental Term Loan Commitment of any
Series, in an aggregate amount that is equal to the entire unused balance of the total Commitments of such Series) and (ii) a Base Rate Revolving Credit Loan Borrowing may be in an amount that is required to finance the reimbursement of an LC
Disbursement as contemplated by Section 2.04(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of ten Eurodollar Borrowings or Term Benchmark Borrowings outstanding in the aggregate. 

SECTION 2.03. REQUESTS FOR BORROWINGS. To request a Borrowing, the relevant Borrower shall notify the Administrative Agent of such request by
telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing
or (b, (b) in the case of a Term Benchmark Borrowing, not later than 11:00 a.m., New York City
time, three U.S. Government Securities Business Days before the date of the proposed Borrowing or (c) in the case of a Base Rate Borrowing, not later than 11:00 a.m., New York City time, one
Business Day before the date of the proposed Borrowing; provided that any such notice of a Base Rate Revolving Credit Loan Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.04(e) may be given not
later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed 

promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by
the Company. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

  
 -53- 












 (i) whether the requested Borrowing is to be a Revolving Credit Loan
Borrowing, a Term A Loan Borrowing, a Term B Loan Borrowing or a
Borrowing of Incremental Term Loans of a specified Series; 
 (ii) the aggregate amount of such Borrowing; 

(iii) the date of such Borrowing, which shall be a Business Day; 

(iv) whether such Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing; 

(v) in the case of a Eurodollar Borrowing,
the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the
term “Interest Period”; 
 (vi) in the case of a Term Benchmark Borrowing, the initial Interest
Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and 

(vii)
 (vi) the identity of the Borrower and the location and number of such Borrower’s account to
which funds are to be disbursed, which shall comply with the requirements of Section 2.05. 
 If no election as to the Type of Borrowing is
specified, then the requested Borrowing shall be a Base Rate Borrowing. If no Interest Period is specified with respect to any requested Eurodollar
Borrowing or any requested Term Benchmark Borrowing, then the
relevant Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each applicable
Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 SECTION
2.04. LETTERS OF CREDIT. 
 (a) General. Subject to the terms and conditions set forth herein, in addition to the Revolving Credit
Loans provided for in Section 2.01(a), the Company may request the issuance of Letters of Credit in Dollars for its own account by an Issuing Lender, in a form reasonably acceptable to such Issuing Lender (it being understood that Deutsche Bank
AG New York Branch shall not be required to issue any Letters of Credit other than standby Letters of Credit), at any time and from time to time during the Revolving Credit Availability Period on any date falling more than five Business Days prior
to the Revolving Credit Termination Date. Letters of Credit issued hereunder shall constitute utilization of the Revolving Credit Commitments. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and
conditions of any form of letter of credit application or other agreement submitted by the Company to, or entered into by the Company with, an Issuing Lender relating to any Letter of Credit, the terms and conditions of this Agreement shall control.


  
 -54- 












 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request
the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Company shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by
the respective Issuing Lender) to an Issuing Lender selected by it and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or
identifying the Letter of Credit to be amended, renewed or extended, the date of issuance, amendment, renewal or extension, the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section 2.04),
the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the respective Issuing Lender, the
Company also shall submit a letter of credit application on such Issuing Lender’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance,
amendment, renewal or extension of each Letter of Credit the Company shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC Exposure shall not exceed
$75,000,000 and, unless otherwise agreed by the applicable Issuing Lender in its sole discretion, the aggregate LC Exposure in respect of Letters of Credit issued by such Issuing Lender shall not exceed such Issuing Lender’s Letter of Credit
Commitment and (ii) the total Revolving Credit Exposure shall not exceed the total Revolving Credit Commitments. 
 (c) Expiration
Date. Each Letter of Credit shall expire (without giving effect to any extension thereof by reason of an interruption of business) at or prior to the close of business on the earlier of (i) the date two years after the date of the issuance
of such Letter of Credit (or, in the case of any renewal or extension thereof, two years after such renewal or extension) and (ii) the date that is five Business Days prior to the Revolving Credit Termination Date, provided that any such
Letter of Credit may provide for automatic extensions thereof to a date not later than one year beyond the current expiration date, so long as such extended expiration date is not later than the date five Business Days prior to the Revolving Credit
Termination Date. 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof) by any Issuing Lender, and without any further action on the part of such Issuing Lender, such Issuing Lender hereby grants to each Revolving Credit Lender, and each Revolving Credit Lender hereby acquires from such Issuing Lender, a
participation in such Letter of Credit equal to such Revolving Credit Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving
Credit Lender hereby agrees to pay to the Administrative Agent, for the account of the respective Issuing Lender, such Revolving Credit Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Lender and not reimbursed. Each
Revolving Credit Lender acknowledges and agrees that its obligation to make such payments pursuant to this paragraph (d) is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or
extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

(e) Reimbursement. If an Issuing Lender shall make any LC Disbursement in respect of a Letter of Credit, the Company shall reimburse
such Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day that the Company receives notice of such
LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the Company receives such notice, if such notice is not received prior to such time,
provided that, if such LC Disbursement is not less than $500,000, the Company may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Base Rate Revolving
Credit Loan Borrowing in an equivalent amount and, to the extent so financed, the Company’s obligation to make such payment shall be discharged and replaced by the resulting Base Rate Revolving Credit Loan Borrowing. 

  
 -55- 












 If the Company fails to make such payment when due, the Administrative Agent shall notify
each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Company in respect thereof and such Revolving Credit Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving
Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Company, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and
Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the respective Issuing Lender the amounts so received by it from the Revolving
Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to the respective Issuing Lender or, to the extent that the
Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse such Issuing Lender, then to such Lenders and such Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this
paragraph to reimburse an Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Company of its obligation to reimburse such LC Disbursement. 

(f) Obligations Absolute. The Company’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this
Section 2.04 shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or
enforceability of any Letter of Credit, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (iii) payment by the respective Issuing Lender under a Letter of Credit against presentation of a draft or other document that does not comply strictly with the terms of such Letter of Credit and (iv) any other
event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.04, constitute a legal or equitable discharge of the Company’s obligations hereunder. 

Neither the Administrative Agent, the Lenders nor any Issuing Lender, nor any of their Related Parties, shall have any liability or
responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by the respective Issuing Lender or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the
preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the respective Issuing Lender; provided that the foregoing shall not be construed to excuse an Issuing Lender from
liability to the Company to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Company to the extent permitted by applicable law) suffered by the Company that are caused by such
Issuing Lender’s gross negligence or willful misconduct when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that: 

(i) an Issuing Lender may accept documents that appear on their face to be in substantial compliance with the terms of a Letter
of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such
Letter of Credit; 

  
 -56- 












 (ii) an Issuing Lender shall have the right, in its sole discretion, to
decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and 

(iii) this sentence shall establish the standard of care to be exercised by an Issuing Lender when determining whether drafts
and other documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing). 

(g) Disbursement Procedures. The Issuing Lender for any Letter of Credit shall, within the period stipulated by the term and conditions
of such Letter of Credit, following its receipt thereof, examine all documents purporting to represent a demand for payment under any Letter of Credit. After such examination, such Issuing Lender shall promptly notify the Administrative Agent and
the Company by telephone (confirmed by telecopy) of such demand for payment and whether such Issuing Lender has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not
relieve the Company of its obligation to reimburse such Issuing Lender and the Revolving Credit Lenders with respect to any such LC Disbursement. 

(h) Interim Interest. If the Issuing Lender for any Letter of Credit shall make any LC Disbursement, then, unless the Company shall
reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Company
reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Revolving Credit Loans; provided that, if the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this
Section 2.04, then
Section 
2.11(cd) shall apply. Interest accrued pursuant to this paragraph shall be for the account of such Issuing Lender, except that interest accrued on and after the date of payment by any Revolving Credit Lender pursuant to
paragraph (e) of this Section 2.04 to reimburse such Issuing Lender shall be for the account of such Lender to the extent of such payment. 

(i) Cash Collateralization. If either (i) an Event of Default shall occur and be continuing and the Company receives notice from
the Administrative Agent or the Required Revolving Credit Lenders demanding the deposit of cash collateral pursuant to this paragraph, or (ii) the Company shall be required to provide cover for LC Exposure pursuant to Section 2.08, 2.09(b)
or
2.18,2.20, the Company shall immediately deposit into the Collateral Account under and as defined in the Pledge Agreement an amount in cash equal to, in the case of an Event of Default, the LC Exposure as of such date plus
any accrued and unpaid interest thereon and, in the case of cover pursuant to Section 2.08, 2.09(b) or 2.18,2.20, the amount required under Section 2.08, 2.09(b) or 2.18,2.20, as the case may be; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other
notice of any kind, upon the occurrence of any Event of Default with respect to any Credit Party described in clause (g) or (h) of Article VIII. Such deposit shall be held by the Administrative Agent as collateral in the first instance for
the LC Exposure under this Agreement and thereafter for the payment of any other obligations of the Obligors hereunder. 
 (j)
Existing Letters of Credit. Schedule 2.04 contains a schedule of certain Letters of Credit issued prior to the Restatement Effective Date by the financial institutions listed on such schedule for the account of the Company. On the Restatement
Effective Date (i) such Letters of Credit, to the extent outstanding, shall be deemed to be Letters of Credit issued pursuant to this Section 2.04 for the account of the Company, (ii) the face amount of such Letters of Credit shall be
included in the calculation of L/C Exposure and (iii) all liabilities of the Company with respect to such Letters of Credit shall constitute Guaranteed Obligations. 

  
 -57- 












 (k) An Issuing Lender shall not be under any obligation to issue any Letter of Credit if:

 (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or
restrain such Issuing Lender from issuing such Letter of Credit, or any law applicable to such Issuing Lender shall prohibit, or request that such Issuing Lender refrain from, the issuance of letters of credit generally or such Letter of Credit in
particular or shall impose upon such Issuing Lender with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Lender is not otherwise compensated hereunder) not in effect on the Restatement
Effective Date, or shall impose upon such Issuing Lender any unreimbursed loss, cost or expense that was not applicable on the Restatement Effective Date and that such Issuing Lender in good faith deems material to it; or 

(ii) the issuance of such Letter of Credit would violate one or more policies of such Issuing Lender applicable to letters of
credit generally. 
 SECTION 2.05. FUNDING OF BORROWINGS. 

(a) Manner of Funding. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the
relevant Borrower by promptly crediting the amounts so received, in like funds, to an account of such Borrower maintained with the Administrative Agent in New York City and designated by such Borrower in the applicable Borrowing Request;
provided that Base Rate Revolving Credit Loans made to finance the reimbursement of an LC Disbursement under any Letter of Credit as provided in Section 2.04(e) shall be remitted by the Administrative Agent to the respective Issuing
Lender. 
 (b) Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to
the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with paragraph (a) of this Section 2.05 and may, in reliance upon such assumption and in its sole discretion, make available to the relevant Borrower a corresponding amount. In such event, if a Lender has not in fact made its
share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the relevant Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for
each day from and including the date such amount is made available to the relevant Borrower to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate. If such Lender pays such amount to the Administrative
Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 
 SECTION 2.06. INTEREST ELECTIONS. 

(a) Elections by the Borrowers. Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the
case of a Eurodollar Borrowing or a Term Benchmark Borrowing,
shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the relevant Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing or a Term Benchmark Borrowing, may elect Interest Periods therefor, all
as provided in this
Section 
2.06.2.06;
provided the relevant Borrower may not elect to convert a Term Benchmark Borrowing to a Eurodollar Borrowing. The relevant Borrower may elect different options for continuations and conversions
with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a
separate Borrowing. 

  
 -58- 












 (b) Notification of Elections. To make an election pursuant to this
Section 2.06, a Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Borrowing of the Type resulting from
such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest
Election Request in a form approved by the Administrative Agent and signed by the relevant Borrower. 
 (c) Content of Notifications.
Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 

(i) the Borrowing to which such Interest Election Request applies and, if different options for continuations or conversions
are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for
each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which
shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be a Base Rate Borrowing or, a Eurodollar Borrowing or a Term Benchmark Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing or a Term Benchmark Borrowing, the Interest Period to be applicable
thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If
any such Interest Election Request requests a Eurodollar Borrowing or a Term Benchmark Borrowing but does not specify an Interest Period, then the relevant Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Notification by Administrative Agent to Lenders. Promptly following receipt of an Interest Election Request, the Administrative
Agent shall advise each affected Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e)
Conversions into Base Rate Borrowings. If a Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing
or a Term Benchmark Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a Base Rate Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default
has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Company, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a
Eurodollar Borrowing or a Term Benchmark Borrowing and
(ii) unless repaid, each Eurodollar Borrowing and each Term Benchmark Borrowing shall be converted to a Base Rate Borrowing at the end of the Interest Period applicable thereto. 

  
 -59- 












 SECTION 2.07. TERMINATION AND REDUCTION OF COMMITMENTS. 

(a) Mandatory Termination of Commitment. Unless previously terminated, (i) each Revolving Credit Commitment shall terminate at the
close of business on the Revolving Credit Termination Date, (ii) the Term B Loan Commitments shall terminate at the close of business on the Restatement Effective Date (or, if earlier, upon the funding of the Term B Loans) and (iii, (iii) the
Term A Loan Commitments shall terminate at the close of business on the Amendment No. 2 Effective Date (or, if earlier, upon the funding of the Term A Loans) and (iv) the commitments
with respect to each Series of Incremental Term Loans shall terminate at the close of business on the commitment termination date specified in the Incremental Amendment entered into with respect to such Series. 

(b) Voluntary Terminations and Reductions of Commitments. The Company may at any time terminate, or from time to time reduce, the
Commitments of any Class; provided that (i) each partial reduction of the Commitments of such Class shall be in an amount that is at least equal to $3,000,000 or any greater multiple of $1,000,000 and (ii) the Company shall not
terminate or reduce the Revolving Credit Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.09, the total Revolving Credit Exposures would exceed the total Revolving Credit Commitments.

 (c) Notification of Termination or Reduction. The Company shall notify the Administrative Agent of any election to terminate or
reduce Commitments under paragraph (b) of this Section 2.07 at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of
any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Company pursuant to this Section 2.07 shall be irrevocable; provided that a notice of termination of Commitments
delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified
effective date) if such condition is not satisfied. Any termination or reduction of Commitments shall be permanent. Each reduction of Commitments of any Class shall be made ratably among the Lenders in accordance with their respective Commitments of
such Class. 
 SECTION 2.08. REPAYMENT OF LOANS; EVIDENCE OF DEBT. 

(a) Revolving Credit Loans. The Company hereby unconditionally promises to pay to the Administrative Agent for the account of each
Revolving Credit Lender the then unpaid principal amount of such Lender’s Revolving Credit Loans on the Revolving Credit Termination Date. 

(b) Term Loans. The Company hereby unconditionally promises to pay to the Administrative Agent for the account of (i) the Term B Lenders on the Term B Loan Maturity Date, the
aggregate principal amount of all Term B Loans outstanding on such date and (ii) the Term A Lenders on the
Term A Loan Maturity Date, the aggregate principal amount of all Term A Loans outstanding on such date. 

(c) Incremental Term Loans. Each Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of the
Incremental Lenders of any Series the principal of the Incremental Term Loans of such Series made to such Borrower on such dates and in such amounts as shall be agreed upon between such Borrower and such Lenders at the time the Incremental Term
Loans of such Series are established. 

  
 -60- 












 (d) Maintenance of Records by Lenders. Each Lender shall maintain in accordance with
its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time
hereunder. 
 (e) Maintenance of Records by Administrative Agent. The Administrative Agent shall maintain accounts in which it shall
record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each
Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(f) Records Prima Facie Evidence. The entries made in the accounts maintained pursuant to paragraph (d) or (e) of this
Section 2.08 shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall
not in any manner affect the obligation of a Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (g) Promissory
Notes. Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, each Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender or its registered assigns and in a
form approved by the Administrative Agent. 
 (h) Existing Revolving Credit Commitments. On the Restatement Effective Date, all
Existing Revolving Credit Commitments shall be terminated. 
 (i) Existing Loans. The Company shall repay to the Administrative Agent
for the ratable account of each Lender with Existing Loans, the full amount of Existing Loans on the Restatement Effective Date. 
 SECTION
2.09. PREPAYMENT OF LOANS. 
 (a) Optional Prepayments. 

(i) The Borrowers shall have the right at any time and from time to time to prepay any Borrowing at par in whole or in part, subject to the
procedures of this Section. Subject to
Section 
2.19,2.20, prior to any optional prepayment of Borrowings pursuant to this Section 2.09(a)(i), the Company shall select the Borrowing or Borrowings (including the Class) to be prepaid and shall specify such selection
in the notice of such prepayment pursuant to paragraph (d) of this Section. Any prepayment of a Borrowing of any Class of Term Loans pursuant to this Section 2.09(a)(i) shall be applied to reduce the subsequent scheduled and outstanding
repayments of such Borrowings of such Class to be made pursuant to this Section as directed by the applicable Borrower (or, absent such direction, in direct order of maturity). Notwithstanding the foregoing, in the event that, on or prior to the
six-month anniversary of the Restatement Effective Date, the Borrowers (x) make any prepayment of Term B Loans in connection with any Repricing Transaction or (y) effect any amendment of this Agreement resulting in a Repricing Transaction,
the Borrowers shall pay to the Administrative Agent, for the ratable account of each applicable Term B Lender, (I) in the case of clause (x), a prepayment premium of 1% of the aggregate principal amount of the Term B Loans being prepaid and
(II) in the case of clause (y), a payment equal to 1% of the aggregate principal amount of the applicable Term B Loans outstanding immediately prior to such amendment. 

  
 -61- 












 (ii) Notwithstanding anything to the contrary in Section 2.09(a)(i), so long as no
Default has occurred and is continuing, and no proceeds of Revolving Credit Loans are used for such purpose, any Borrower may prepay, at a discount to the par value thereof (or at any other price established through the procedures described in this
Section 2.09(a)(ii)), Term Loans of any Class of Lenders who consent to such prepayment by offering to prepay such Term Loans from each Lender holding such Term Loans (any such payment, an “Offered Range Voluntary Prepayment”)
by providing written notice to the Administrative Agent substantially in the form of Exhibit H hereto that such Borrower is offering to prepay such Term Loans at a discount to par (or such other price as shall be established) (such notice, an
“Offered Range Prepayment Option Notice”) and specifying the Class or Classes of Term Loans to which such offer is being made; the aggregate amount of consideration to be utilized for such prepayment (such amount, to be no less than
$10,000,000, the “Proposed Offered Range Prepayment Amount”), specifying a price or price range, expressed as a percentage of par value (the “Proposed Range”), and specifying the date upon which the Lenders are
required to indicate their election with respect to the prepayment (such date, to be no less than five Business Days after the date upon which the applicable Borrower provides the Offered Range Prepayment Option Notice to the Administrative Agent,
the “Acceptance Date”). Upon receiving the Offered Range Prepayment Option Notice, the Administrative Agent shall promptly notify the applicable Lenders thereof, and any Lender wishing to have its Term Loans of the applicable Class
prepaid pursuant to such offer shall, on or prior to the Acceptance Date, specify by written notice substantially in the form of Exhibit I hereto (each, a “Lender Participation Notice”) to the Administrative Agent (A) the
lowest purchase price (the “Acceptable Purchase Price”) within the Proposed Range and (B) a maximum principal amount (subject to rounding requirements specified by the Administrative Agent) of Term Loans of the applicable Class
held by such Lender with respect to which such Lender is willing to permit an Offered Range Voluntary Prepayment at the Acceptable Purchase Price (“Offered Loans”). Based on the Acceptable Purchase Prices and principal amounts of
Term Loans of the applicable Class specified by the Lenders in the applicable Lender Participation Notices, the Administrative Agent, in consultation with the applicable Borrower, shall determine the applicable purchase price for Term Loans (the
“Applicable Purchase Price”), which Applicable Purchase Price shall be (A) the purchase price specified by the applicable Borrower if such Borrower has selected a single purchase price pursuant to this Section 2.09(a)(ii)
for the Proposed Range or (B) otherwise, the lowest Acceptable Purchase Price at which such Borrower may pay the Proposed Offered Range Prepayment Amount in full (determined by adding the principal amounts of Offered Loans commencing with the
Offered Loans with the lowest Acceptable Purchase Price); provided, however, that in the event that such Proposed Offered Range Prepayment Amount cannot be repaid in full at any Acceptable Purchase Price, the Applicable Purchase Price
shall be the highest Acceptable Purchase Price specified by the Lenders that is within the Proposed Range. The Applicable Purchase Price shall be applicable for all Lenders who have offered to participate in the Offered Range Voluntary Prepayment
and have Qualifying Loans (as defined below). Any Lender with outstanding Term Loans of the applicable Class whose Lender Participation Notice is not received by the Administrative Agent by the Acceptance Date shall be deemed to have declined to
accept an Offered Range Voluntary Prepayment of any of its Term Loans of the applicable Class at any price within the Proposed Range. 
 The
applicable Borrower shall make an Offered Range Voluntary Prepayment by prepaying those Term Loans (or the respective portions thereof) offered by the Lenders (“Qualifying Lenders”) that specify an Acceptable Purchase Price that is
equal to or less than the Applicable Purchase Price (“Qualifying Loans”) at the Applicable Purchase Price; provided that if the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at
such time) would exceed the amount of aggregate proceeds required to prepay the Proposed Offered Range Prepayment Amount, such amounts in each case calculated at the Applicable Purchase Price, such Borrower shall prepay such Qualifying Loans ratably
among the Qualifying Lenders based on their respective principal amounts of such Qualifying Loans (subject to rounding requirements specified by the Administrative Agent). If the aggregate proceeds required to prepay all Qualifying Loans
(disregarding any interest payable at such time) would be less than the amount of aggregate proceeds required to prepay the Proposed Offered Range Prepayment Amount, such amounts in each case calculated at the Applicable Purchase Price, the
applicable Borrower shall prepay all Qualifying Loans. 

  
 -62- 












 Each Offered Range Voluntary Prepayment shall be made within five Business Days of the
Acceptance Date (or such later date as the Administrative Agent shall reasonably agree, given the time required to calculate the Applicable Purchase Price and determine the amount and holders of Qualifying Loans), without premium or penalty (but
subject to
Section 
2.142.15), upon irrevocable notice substantially in the form of Exhibit J hereto (each an “Offered Range Voluntary Prepayment Notice”), delivered to the Administrative Agent no later than 1:00 p.m., New
York City time, three Business Days prior to the date of such Offered Range Voluntary Prepayment, which notice shall specify the date and amount of the Offered Range Voluntary Prepayment and the Applicable Purchase Price determined by the
Administrative Agent. Upon receipt of any Offered Range Voluntary Prepayment Notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any Offered Range Voluntary Prepayment Notice is given, the amount specified in such
notice shall be due and payable to the applicable Lenders, subject to the Applicable Purchase Price for the applicable Loans, on the date specified therein together with accrued interest (on the par principal amount) to but not including such date
on the amount prepaid. 
 Any prepayment of principal pursuant to this Section 2.09(a)(ii) shall be applied pro rata to reduce
the amortization payments of such Class of Loans. 
 (b) Mandatory Prepayments. The Borrowers shall make prepayments of the Loans
hereunder as follows: 
 (i) Casualty Events. Upon the date 270 days following the receipt by the Company or any of
its Subsidiaries of the proceeds of insurance, condemnation award or other compensation in respect of any Casualty Event affecting any property of such Borrower or any of its Restricted Subsidiaries, in each case, in excess of $5,000,000 (or upon
such earlier date as such Borrower or such Restricted Subsidiary, as the case may be, shall have determined not to reinvest such proceeds as provided below), such Borrower shall prepay the Loans of the Company in an aggregate amount, if any, equal
to 100% of the Net Available Proceeds of such Casualty Event not theretofore applied or committed to be applied to a reinvestment into assets reasonably related to the outdoor advertising, out of home media and logo signage business of such Borrower
and its Restricted Subsidiaries pursuant to one or more Capital Expenditures (disregarding the proviso of such definition for the purposes of this Section 2.09(b)(i)) or Acquisitions permitted hereunder (it being understood that if Net
Available Proceeds committed to be applied are not in fact applied within 365 days (or, if the Company or any of its Subsidiaries enters into a binding commitment to make Capital Expenditures or Acquisitions within such 365-day period, if later, six
months after the date such commitment is entered into) of the respective Casualty Event, then such Net Available Proceeds shall be applied to the prepayment of Loans as provided in this clause (i) at the expiration of such period), such
prepayment to be effected in each case in the manner and to the extent specified in clause (v) of this Section 2.09(b). 

(ii) Sale of Assets. Without limiting the obligation of the Borrowers to obtain the consent of the Required Lenders to
any Disposition not otherwise permitted hereunder, each Borrower agrees, on or prior to the occurrence of any Disposition permitted by Section 7.04(d) or otherwise not permitted hereunder, affecting property of such Borrower or any of its
Restricted Subsidiaries, to deliver to the Administrative Agent a statement certified by a Financial Officer, in form and detail reasonably satisfactory to the Administrative Agent, of the estimated amount of the Net Cash Payments of such
Disposition that will (on the date of such Disposition) be received by such Borrower or any of its Subsidiaries in cash and, unless such Borrower shall elect to reinvest such Net Cash Payments as provided below, such Borrower will prepay the Loans
of such Borrower hereunder as follows: 

  
 -63- 












 (x) upon the date of such Disposition, in an aggregate amount equal to 100%
of such estimated amount of the Net Cash Payments of such Disposition, to the extent received by such Borrower or any of its Subsidiaries in cash on the date of such Disposition; and 

(y) thereafter, quarterly, on the date of the delivery by such Borrower to the Administrative Agent pursuant to
Section 6.01 of the financial statements for any quarterly fiscal period or fiscal year, to the extent such Borrower or any of its Subsidiaries shall receive Net Cash Payments during the quarterly fiscal period ending on the date of such
financial statements in cash under deferred payment arrangements or Disposition Investments entered into or received in connection with any such Disposition, an amount equal to (A) 100% of the aggregate amount of such Net Cash Payments
minus (B) any transaction expenses associated with such Dispositions and not previously deducted in the determination of Net Cash Payments plus (or minus, as the case may be) (C) any other adjustment received or paid
by such Borrower or any of its Subsidiaries pursuant to the respective agreements giving rise to such Dispositions and not previously taken into account in the determination of the Net Cash Payments of such Dispositions, provided that if
prior to the date upon which such Borrower would otherwise be required to make a prepayment under this clause (y) with respect to any quarterly fiscal period the aggregate amount of such Net Cash Payments (after giving effect to the adjustments
provided for in this clause (y)) shall exceed $5,000,000, then such Borrower shall within three Business Days make (or cause to be made) a prepayment under this clause (y) in an amount equal to such required prepayment. 

Prepayments of Loans (and cover for LC Exposure) shall be effected in each case in the manner and to the extent specified in clause (v) of
this Section 2.09(b). 
 Notwithstanding the foregoing, a Borrower shall not be required to make a prepayment (or
provide cover) pursuant to this Section 2.09(b)(ii) with respect to the Net Cash Payments from any Disposition in the event that such Borrower advises the Administrative Agent at the time a prepayment is required to be made under the foregoing
clause (x) or (y) that it intends to reinvest such Net Cash Payments into assets reasonably related to the business of the Company and its Restricted Subsidiaries pursuant to one or more Capital Expenditures (disregarding the proviso of
such definition for purposes of this Section 2.09(b)(ii)) or Acquisitions permitted hereunder, so long as the Net Cash Payments from any such Disposition by such Borrower or any of its Restricted Subsidiaries are in fact so reinvested within
365 days (or, if the Company or any of its Subsidiaries enters into a binding commitment to make Capital Expenditures or Acquisitions within such 365 days, if later, six months after the date such commitment is entered into) of such Disposition (it
being understood that, in the event more than one such Disposition shall occur during any relevant permitted reinvestment period, the Net Cash Payments received in connection with such Dispositions shall be reinvested in the order in which such
Dispositions shall have occurred) and, accordingly, any such Net Cash Payments so held for more than the maximum reinvestment period permitted above shall be forthwith applied to the prepayment of Loans (and cover for LC Exposure) as provided in
clause (v) of this Section 2.09(b). 

  
 -64- 












 Anything herein to the contrary notwithstanding, the Borrowers shall not be
required to make any prepayment pursuant to this clause (ii) with respect to the first $20,000,000 of Net Cash Payments received by the Borrowers. 

(iii) [Reserved]. 

(iv) [Reserved]. 

(v) Application. Upon the occurrence of any of the events described in clauses (i) or (ii) of this
Section 2.09(b), the amount of the required prepayment shall be applied first, to the prepayment of the Term Loans (and to the extent provided in the applicable Incremental Amendment, to the Incremental Term Loans (if any) on a basis that is
not greater (on a proportionate basis) than the basis on which the other then outstanding Term Loans of such Borrower are entitled to participate in such prepayments), in each case ratably in accordance with the respective then-outstanding aggregate
amounts of such Loans, and second, in the case of the Company, after the prepayment in full of the Term Loans, to the repayment of the Revolving Credit Loans, without reduction of the Revolving Credit Commitments; provided that, at its option
exercised by notice to the Administrative Agent, in the case of any prepayment by the Company, the Company may elect to exclude the Incremental Term Loans of any Subsidiary Borrower from such prepayment, until all Incremental Term Loans of the
Company (other than the Incremental Term Loans of such Subsidiary Borrower) shall have been paid in full. Each prepayment of the Term Loans made pursuant to this Section 2.09(b) shall be applied ratably to the installments thereof in accordance
with the respective aggregate principal amounts of such installments outstanding on the date of such prepayment; provided that, at its option exercised by notice to the Administrative Agent, the relevant Borrower may elect to apply an amount
of such prepayment equal to the installments of such Loans due on the next four scheduled amortization dates in direct order of maturity (for the avoidance of doubt, such prepayments are to be applied (i) pro rata to all payments due on the
first subsequent amortization date, and (ii) pro rata to all payments due on each subsequent amortization date in order of maturity, with no payments being applied to payments due on subsequent amortization dates unless all payments due on
prior amortization dates have been paid in full). Notwithstanding the foregoing, in the event any Permitted First Lien Notes are outstanding, to the extent required by the indenture governing such Permitted First Lien Notes, a pro rata portion of
the Net Available Proceeds of any Casualty Event or Disposition (with such portion not to exceed the ratio of the aggregate principal amount of Term Loans outstanding to the aggregate principal amount of such Permitted First Lien Notes outstanding)
may be applied to repurchase or repay such Permitted First Lien Notes at a price not to exceed 100% of the principal amount thereof plus accrued and unpaid interest to the date of purchase or payment. 

(c) Mandatory Prepayments — Outstandings Exceeding Commitments. The Company shall prepay the Revolving Credit Loans (and/or provide
cover for the LC Exposure as specified in Section 2.04(i)) in the event that the aggregate amount of the Revolving Credit Exposure shall at any time exceed the aggregate amount of the Revolving Credit Commitments, such prepayment to be in the
amount of such excess. 
 (d) Notification of Prepayments. The Company shall notify the Administrative Agent by telephone (confirmed
by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or, (ii) in the case of prepayment of a Base Rate Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment or (iii) in the case of prepayment of a Term Benchmark Borrowing, not later than 11:00 a.m., New York City time, three
U.S. Government  

  
 -65- 












 
Securities Business Days. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment is given
in connection with a conditional notice of termination of Commitments as contemplated by Section 2.07, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.07. Promptly
following receipt of any such notice relating to a Borrowing of a particular Class, the Administrative Agent shall advise the Lenders holding Loans of such Class of the contents thereof. Each partial prepayment of any Borrowing under paragraph
(a)(i) of this Section 2.09 shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included
in the prepaid Borrowing. 
 (e) Prepayments Accompanied by Interest. Prepayments shall be accompanied by accrued interest to
the extent required by Section 2.11. 
 SECTION 2.10. FEES. 

(a) Commitment Fees. The Company agrees to pay to the Administrative Agent for the account of each Revolving Credit Lender a commitment
fee, which shall accrue at a rate per annum equal to the Applicable Rate, on the daily average unused amount of the Revolving Credit Commitment of such Lender during the period from and including the Restatement Effective Date to but excluding the
date on which such Revolving Credit Commitment terminates. Accrued commitment fees shall be payable in arrears on the third day following each Quarterly Date and, in respect of any Revolving Credit Commitments, on the date such Revolving Credit
Commitments terminate, commencing on the first such date to occur after the Restatement Effective Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). For the avoidance of doubt, accrued commitment fees in respect of the Existing Revolving Credit Commitments shall be payable on the Restatement Effective Date. 

(b) Letter of Credit Fees. The Company agrees to pay with respect to Letters of Credit outstanding hereunder the following fees: 

(i) to the Administrative Agent for the account of each Revolving Credit Lender a participation fee with respect to its
participations in Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Rate used in determining interest on Eurodollar Revolving Credit Loans on the average daily amount of such Lender’s LC Exposure (excluding any
portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Restatement Effective Date to but excluding the later of the date on which such Lender’s Revolving Credit Commitment terminates and the date
on which there shall no longer be any Letters of Credit outstanding hereunder, and 
 (ii) to the Issuing Lender of each
Letter of Credit (x) a fronting fee, which shall accrue at the rate of 1/8 of 1.0% per annum on the average daily stated amount of the Letters of Credit issued by such Issuing Lender during the period from and including the Restatement
Effective Date to but excluding the later of the date of termination of the Revolving Credit Commitments and the date on which there shall no longer be any Letters of Credit of such Issuing Lender outstanding hereunder, and (y) such Issuing
Lender’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. 

  
 -66- 












 Accrued participation fees and fronting fees shall be payable in arrears on the third day following each
Quarterly Date and on the date the Revolving Credit Commitments terminate in full and no Letters of Credit are outstanding hereunder, commencing on the first such date to occur after the Restatement Effective Date, provided that any such fees
accruing after the date on which the Revolving Credit Commitments terminate in full shall be payable on demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number
of days elapsed (including the first day but excluding the last day). Accrued participation and fronting fees that are unpaid as of the Restatement Effective Date shall be payable on the Restatement Effective Date. 

(c) Administrative Agency Fees. The Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts
and at the times separately agreed in writing between the Company and the Administrative Agent. 
 (d) Fees Nonrefundable. All fees
payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (except for the fronting fee, which shall be paid directly to the Issuing Lender) for distribution to the Lenders entitled thereto. Fees
paid shall not be refundable under any circumstances, absent manifest error in the determination thereof. 
 SECTION 2.11. INTEREST. 

(a) Base Rate Loans. The Loans comprising each Base Rate Borrowing shall bear interest at a rate per annum equal to the Adjusted Base
Rate plus the Applicable Rate. 
 (b) Eurodollar Loans. The Loans comprising each Eurodollar Borrowing shall bear interest at a
rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c) Term Benchmark Loans. The Loans comprising each Term Benchmark Borrowing shall bear interest in the case of a Term
Benchmark Loan, at the Adjusted Term SOFR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

(d)
(c) Default Interest. Notwithstanding the foregoing, if any principal of or interest
on any Loan of any Class or any fee or other amount payable by any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, the principal of all Loans of any Class shall bear interest, after as well as
before judgment, at a rate per annum equal to the Adjusted Base Rate plus the Applicable Rate for Base Rate Loans of such Class plus 2.0%. 

(e)
(d) Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears
on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to paragraph (cd) of this Section 2.11 shall be payable on demand, (ii) in
the event of any repayment or prepayment of any Eurodollar Loan (or the repayment or prepayment in
full of Term Loans of any Class), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (iii) in the event of any conversion of any Eurodollar Loan or any Term Benchmark Loan prior to the end of the current Interest
Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion, and (iv) all accrued interest on Revolving Credit Loans shall be
payable upon termination of the Revolving Credit Commitments. 
 (f) (e) Basis of Computation. All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Adjusted Base Rate at times when the Adjusted Base Rate
is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The
applicable Adjusted Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

  
 -67- 












 SECTION 2.12. ALTERNATE RATE OF INTEREST WITH RESPECT TO EURODOLLAR LOANS. 

(a) If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 

(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including because the LIBOR Screen Rate is not available or published on a current basis), for such Interest Period; provided that no
Benchmark Transition Event or Early Opt-In Election shall have occurred at such time or for such Interest Period; or 
 (ii)
the Administrative Agent is advised by the Required Lenders (or, in the case of a Eurodollar Loan, the Lender that is required to make such Loan) that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not
adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 

then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone, telecopy of electronic mail as promptly as practicable
thereafter and, until the Administrative Agent notifies the Company and such Lenders that the circumstances giving rise to such notice no longer exist, (A) any Interest Election Request that requests the conversion of any Revolving Credit Loan
Borrowing to, or continuation of any Revolving Credit Loan Borrowing as, a Eurodollar Borrowing shall be ineffective, (B) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as a Base Rate Borrowing and
(C) any request by the Company for a Eurodollar Borrowing shall be ineffective; provided that (x) if the circumstances giving rise to such notice do not affect all the Lenders, then requests by the Borrower for Eurodollar Borrowings
may be made to Lenders that are not affected thereby and (y) if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 

(b) Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an
Early Opt-in Election, as applicable, the Administrative Agent and the Company may amend this Agreement to replace the LIBO Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at
5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Company, so long as the Administrative Agent has not received, by such time, written notice of objection to such
proposed amendment from Lenders comprising the Required Lenders of each Class; provided that, with respect to any proposed amendment containing any SOFR-Based Rate, the Lenders shall be entitled to object only to the Benchmark Replacement
Adjustment contained therein. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders of each Class have delivered to the Administrative Agent written notice that
such Required Lenders accept such amendment. No replacement of LIBO Rate with a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start Date. 

(c) In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further
action or consent of any other party to this Agreement. 

  
 -68- 












 (d) The Administrative Agent will promptly notify the Company and the Lenders of
(i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and
(iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 2.12, including any determination with
respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its
or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.12. 

(e) Upon the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, (i) any Interest Election Request
that requests the conversion of any Revolving Credit Loan Borrowing to, or continuation of any Revolving Credit Loan Borrowing as, a Eurodollar Borrowing shall be ineffective, (ii) if any Borrowing Request requests a Eurodollar Revolving Credit
Loan Borrowing, such Borrowing shall be made as a Base Rate Borrowing and (iii) any request by the Company for a Eurodollar Borrowing shall be ineffective. 

SECTION
2.13. INABILITY TO DETERMINE RATE WITH RESPECT TO TERM BENCHMARK LOANS. 

(a) This
Section 2.13 shall not apply with respect to Term B Loans or Revolving Credit Loans. Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.13, if: 

(i)
 the Administrative Agent determines (which determination shall be conclusive absent manifest error) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining
the Adjusted Term SOFR Rate or the Term SOFR Rate (including because the Term SOFR Reference Rate is not available or published on a current basis), for such Interest Period; or 

(ii)
 the Administrative Agent is advised by the Required Lenders that prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost
to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; 

then the
Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that
the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new notice of continuation/conversion or a new Notice of Borrowing, (1) any notice of
continuation/conversion that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any Notice of Borrowing that requests a Term Benchmark Borrowing shall instead be deemed to be an notice of
continuation/conversion or a Notice of Borrowing, as applicable, for an Adjusted Base Rate Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings shall be
permitted. Furthermore, if any Term Benchmark Loan is outstanding on the date of the Borrower’s receipt of the notice from the Administrative Agent referred to in this 


  
 -69- 












 
Section 2.13(a) with respect to a Relevant Rate applicable
to such Term Benchmark Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower
delivers a new notice of continuation/conversion or a new Notice of Borrowing, (2) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business
Day), be converted by the Administrative Agent to, and shall constitute, an Base Rate Loan. 

(b)
Notwithstanding anything to the contrary herein or in any other Credit Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current
Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (b)(1) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for
all purposes hereunder and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document and
(y) if a Benchmark Replacement is determined in accordance with clause (b)(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes
hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any
amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders
comprising the Required Term A Lenders of each affected tranche. 
 (c) Notwithstanding anything to the contrary herein or in any other Credit Document, the Administrative Agent will have the
right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
effective without any further action or consent of any other party to this Agreement or any other Credit Document. 

(d) The
Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement
Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that
may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.13, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an
event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to
this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this Section 2.13. 

(e)
Notwithstanding anything to the contrary herein or in any other Credit Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR
Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the
regulatory supervisor for the administrator of such Benchmark has provided a public statement or  

  
 -70- 












 
publication of information announcing that any tenor for such
Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and
(ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to
an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such
time to reinstate such previously removed tenor. 
 (f) Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may
revoke any request for a Term Benchmark Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have
converted any request for a Term Benchmark Borrowing into a request for a Borrowing of or conversion to an Adjusted Base Rate Borrowing. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an
Available Tenor, the component of Adjusted Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Adjusted Base Rate. Furthermore, if any Term Benchmark Loan is
outstanding on the date of the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan, then until such time as a Benchmark Replacement is
implemented pursuant to this Section 2.13, any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative
Agent to, and shall constitute an Base Rate Loan. 
 SECTION 2.14. SECTION 2.13.
INCREASED COSTS. 
 (a) Increased Costs Generally. If
any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against
assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Lender; 

(ii) impose on any Lender or any Issuing Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; or 

(iii) increase any Tax of a Lender or Issuing Lender (other than any Indemnified Tax or Other Taxes indemnified under
Section 
2.152.16 or any Excluded Tax); 
 and the result of any of the foregoing shall be to increase the cost to such Lender of
making or maintaining any
Eurodollarsuch
 Loan (or, in the case of clause (iii), any Loan), or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender or such Issuing Lender of participating in, issuing or
maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or such Issuing Lender hereunder (whether of principal, interest or otherwise), then the relevant Borrower will pay to such Lender or such
Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Lender, as the case may be, for such additional costs incurred or reduction suffered. 

  
 -71- 












 (b) Capital Requirements. If any Lender or any Issuing Lender reasonably determines
that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Lender’s capital or on the capital of such Lender’s or such Issuing
Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued such Issuing Lender, to a level below that which such Lender
or such Issuing Lender or such Lender’s or such Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Lender’s policies and the policies of such
Lender’s or such Issuing Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the Company will pay to such Lender or such Issuing Lender, as the case may be, such additional amount or amounts as
will compensate such Lender or such Issuing Lender, or such Lender’s or such Issuing Lender’s holding company, for any such reduction suffered. 

(c) Certification by Lenders. A certificate of a Lender or an Issuing Lender setting forth the amount or amounts necessary to compensate
such Lender or such Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 2.132.14 shall be delivered to the Company and shall be conclusive so long
as it reflects a reasonable basis for the calculation of the amounts set forth therein and does not contain any manifest error. The relevant Borrower shall pay such Lender or such Issuing Lender the amount shown as due on any such certificate within
10 days after receipt thereof. 
 (d) Certain Limitations upon Compensation. Failure or delay on the part of any Lender or any
Issuing Lender to demand compensation pursuant to this
Section 
2.132.14 shall not constitute a waiver of such Lender’s or such Issuing Lender’s right to demand such compensation; provided that no Borrower shall be required to compensate a Lender or an Issuing Lender
pursuant to this
Section 
2.132.14
 for any increased costs or reductions incurred more than six months prior to the date that such Lender or such Issuing Lender, as the case may be, notifies the relevant Borrower of the Change in Law giving
rise to such increased costs or reductions and of such Lender’s or such Issuing Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof. 
 SECTION 2.15. SECTION 2.14.
BREAK FUNDING PAYMENTS. In 

(a) With
respect to any Eurodollar Loans, in the event of (a) the payment or prepayment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto
(including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date
specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable and is revoked in accordance herewith) or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest
Period applicable thereto as a result of a request by the Company pursuant to Section 2.17,2.18, then, in any such event, the relevant Borrower shall compensate
each Lender for the loss, cost and expense attributable to such event. 
 In the case of a Eurodollar Loan, the loss to any Lender
attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of 

(i) the amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan for the period
from the date of such payment, prepayment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that
would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the Adjusted LIBO Rate for such Interest Period (disregarding any “LIBOR floor” for such purpose), over 

  
 -72- 












 (ii) the amount of interest that such Lender would earn on such principal
amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for U.S. dollar deposits from other banks in the eurodollar market at
the commencement of such period. 
 A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section 
2.142.15 shall be delivered to the Company and shall be conclusive absent manifest error. The relevant Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.


(b) With
respect to any Term Benchmark Loans, (i) in the event of (1) the payment of any principal of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or an
optional or mandatory prepayment of Loans), (2) the conversion of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto, (3) the failure to borrow, convert, continue or prepay any Term Benchmark Loan
on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.09 and is revoked in accordance therewith) or (4) the assignment of any Term Benchmark Loan other than on the last
day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.18, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. A
certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the
amount shown as due on any such certificate within 10 days after receipt thereof. With respect to any Daily Simple SOFR Loan, in the event of (1) the payment of any principal of such Loan other than on the Interest Payment Date applicable
thereto (including as a result of an Event of Default or an optional or mandatory prepayment of Loans), (2) the failure to borrow or prepay any such Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such
notice may be revoked under Section 2.09 and is revoked in accordance therewith) or (3) the assignment of any such Loan other than on the Interest Payment Date applicable thereto as a result of a request by the Borrower pursuant to Section
2.18, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to
this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

SECTION
2.16. SECTION 2.15. TAXES. 

(a) Payments Free of Taxes; Obligation to Withhold Payments on Account of Taxes. (i) Any and all payments by or on account of any
obligation of any Credit Party hereunder or under any other Loan Document shall, to the extent permitted by applicable laws, be made free and clear of and without deduction or withholding of any Taxes. If, however, applicable laws require the
applicable withholding agent to withhold or deduct any Tax (as determined in the good faith discretion of the applicable withholding agent), such Tax shall be withheld or deducted in accordance with such laws. 

(i) If the applicable withholding agent shall be required to withhold or deduct any Taxes from any payment, then (A) the applicable
withholding agent shall withhold or make such deductions as are required, (B) the applicable withholding agent shall timely pay the full amount withheld 

  
 -73- 












 
or deducted to the relevant Governmental Authority in accordance with applicable laws and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other
Taxes, the sum payable by the applicable Credit Party shall be increased as necessary so that after any required withholding and deductions have been made (including withholding and deductions applicable to additional sums payable under this
Section 
2.152.16), the applicable Lender (or, in the case of an amount paid to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such
withholding or deduction been made. 
 (b) Payment of Other Taxes by the Borrowers. Without limiting the provisions of
subsection (a) above, the Borrowers shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable laws. 

(c) Indemnification. Without limiting the provisions of subsection (a) or (b) above, the Borrowers shall, jointly and
severally, indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 10 days after a written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or
Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.152.16) payable by the Administrative Agent or such Lender, as the case
may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided,
however, that any Additional Subsidiary Borrower that is a Foreign Subsidiary shall not be required to make any payment under this
Section 
2.152.16
(c) with respect to any Loan to a U.S. Borrower. A certificate setting forth the amount of any such payment or liability delivered to the Borrowers by a Lender (with a copy to the Administrative Agent), or
by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (d) Evidence
of Payments. As soon as practicable after any payment of any Indemnified Taxes or Other Taxes by any Credit Party to a Governmental Authority as provided in this Section 2.15,2.16, the Borrowers shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by applicable
laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Status of
Lenders; Tax Documentation. 
 (i) Each Lender shall deliver to the Borrowers and to the Administrative Agent, whenever reasonably
requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law and such other reasonably requested information as will permit the Borrowers or the Administrative Agent, as the
case may be, (A) to determine whether or not payments made hereunder or under any other Loan Document are subject to Taxes, (B) to determine, if applicable, the required rate of withholding or deduction and (C) to establish such
Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of any payments to be made to such Lender by the Borrowers pursuant to any Loan Document or otherwise to establish such Lender’s status for
withholding tax purposes in an applicable jurisdiction. 
 (ii) Without limiting the generality of the foregoing with respect to any Loan to
the Company or to an Additional Subsidiary Borrower that is a Domestic Subsidiary: 
 (A) any Lender that is a “United
States person” within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrowers and the Administrative Agent executed originals of IRS Form W-9 or such other documentation or information prescribed by applicable laws or
reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting
requirements; 

  
 -74- 












 (B) each Foreign Lender that is entitled under the Code or any applicable
treaty to an exemption from or reduction of U.S. federal withholding tax with respect to any payments hereunder or under any other Loan Document shall deliver to the Borrowers and the Administrative Agent (in such number of signed originals as shall
be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter (1) if any documentation previously delivered has expired or become obsolete or invalid
or (2) upon the request of the Borrowers or the Administrative Agent), whichever of the following is applicable: 
 (I)
IRS Form W-8BEN-E or W-8BEN (or any successor thereto) claiming eligibility for benefits of an income tax treaty to which the United States is a party, 

(II) IRS Form W-8ECI (or any successor thereto), 

(III) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Sections 881(c) or
871(h) of the Code (the “Portfolio Interest Exemption”), (x) a certificate, substantially in the form of Exhibit K-1, K-2, K-3 or K-4, as applicable (a “Tax Status Certificate”), to
the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Company or the Additional Subsidiary Borrower, as applicable,
within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code, and that no interest to be received is effectively connected with a U.S. trade
or business and (y) duly completed and executed original copies of IRS Form W-8BEN-E or W-8BEN (or any successor thereto), 

(IV) where such Lender is a partnership (for U.S. federal income tax purposes) or otherwise not a beneficial owner
(e.g., where such Lender has sold a typical participation), IRS Form W-8IMY (or any successor thereto) and all required supporting documentation (including, where one or more of the underlying beneficial owner(s) is claiming the benefits of
the Portfolio Interest Exemption, a Tax Status Certificate of such beneficial owner(s) (provided that, if the Foreign Lender is a partnership and not a participating Lender, the Tax Status Certificate from the beneficial owner(s) may be
provided by the Foreign Lender on the beneficial owner(s) behalf)), or 
 (V) any other form prescribed by applicable laws as
a basis for claiming exemption from or a reduction in United States federal withholding tax together with such supplementary documentation as may be prescribed by applicable law to permit the Borrowers or the Administrative Agent to determine the
withholding or deduction required to be made; and 
 (C) If a payment made to a Lender under any Loan Document would be
subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender
shall deliver to the Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by


  
 -75- 












 
applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be
necessary for the Borrowers and the Administrative Agent to comply with their FATCA obligations, to determine whether such Lender has or has not complied with such Lender’s FATCA obligations and, if necessary, to determine the amount to deduct
and withhold from such payment. Solely for purposes of the immediately preceding sentence, “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Each Lender shall promptly notify the Borrowers and the Administrative Agent of any change in circumstances which would modify or render
invalid any documentation previously provided. 
 Notwithstanding anything to the contrary in this subsection 2.152.16(e), no Lender shall be required to deliver any documentation that it is not legally eligible to deliver. 

Each Lender hereby authorizes the Administrative Agent to deliver to the Credit Parties and to any successor Administrative Agent any
documentation provided by such Lender to the Administrative Agent pursuant to this subsection 2.152.16(e). 

(f) Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in its sole discretion, that it has received a
refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Credit Party or with respect to which any Credit Party has paid additional amounts pursuant to this Section 2.15,2.16, it shall pay to the Borrowers an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Credit Party under this Section 2.152.16 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by the Administrative Agent or such Lender, as the case may be, and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrowers, upon the request of the Administrative Agent or such Lender agrees to repay the amount paid over
to any Credit Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, or such Lender, in the event the Administrative Agent or such Lender is required to repay such
amount to such Governmental Authority. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the
Borrowers or any other Person. 
 (g) Payment by Administrative Agent; Definition of Lender. For purposes of this Section 2.152.16 (including any definition utilized therein) (i) any payment made by the Administrative Agent to a Lender shall be deemed to be a payment made by the applicable Borrower to such Lender and (ii) the term
“Lender” shall include any Issuing Lender. 

SECTION
2.17. SECTION 2.16. PAYMENTS GENERALLY; PRO RATA TREATMENT; SHARING OF SET-OFFS. 

(a) Payments Generally. Each Borrower shall make each payment and prepayment required to be made by it hereunder (whether of principal,
interest, fees or reimbursement of LC Disbursements, or under Section 2.13, 2.142.14, 2.15 or 2.15,2.16, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the
discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments and prepayments shall be made to the Administrative Agent at such of its
offices in New York City as shall be notified to the relevant parties from time to time, except payments to be made directly to an Issuing Lender as expressly provided herein 

  
 -76- 












 
and except that payments pursuant to Sections 2.13,
2.14,
2.152.15,
2.16 and 10.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the
appropriate recipient promptly following receipt thereof, and no Borrower shall have any liability in the event timely or correct distribution of such payments is not so made. If any payment or prepayment hereunder shall be due on a day that is not
a Business Day, the date for payment or prepayment, as the case may be, shall be extended to the next succeeding Business Day, and, in the case of any payment or prepayment accruing interest, interest thereon shall be payable for the period of such
extension. All payments and prepayments hereunder shall be made in U.S. dollars. 
 (b) Application if Insufficient Funds. If
at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, to pay
interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay principal and unreimbursed LC Disbursements then due
hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 

(c) Ratable Treatment. Except to the extent otherwise provided herein (including pursuant to Section 2.09 and Section 10.04):
(i) each borrowing of Loans of a particular Class from the Lenders under Section 2.01 shall be made from the relevant Lenders, each payment of commitment fee under Section 2.10 in respect of Commitments of a particular Class shall be
made for account of the relevant Lenders, and each termination or reduction of the amount of the Commitments of a particular Class under Section 2.07 shall be applied to the respective Commitments of such Class of the relevant Lenders, pro rata
according to the amounts of their respective Commitments of such Class; (ii) Eurodollar Loans of any Class having the same Interest Period shall be allocated pro rata among the relevant Lenders according to the amounts of their Commitments of
such Class (in the case of the making of Loans) or their respective Loans of such Class (in the case of conversions and continuations of Loans); (iii) each payment or prepayment by a Borrower of principal of Loans of a particular Class shall be
made for account of the relevant Lenders pro rata in accordance with the respective unpaid principal amounts of the Loans of such Class held by them; (iv) each payment by a Borrower of interest on Loans of a particular Class shall be made for
account of the relevant Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders; and (v) each payment by the Company of participation fees in respect of Letters of Credit shall be
made for the account of the Revolving Credit Lenders pro rata in accordance with the amount of participation fees then due and payable to the Revolving Credit Lenders. 

(d) Right of Offset. If any Lender shall, by exercising any right of set-off or other remedy against a Credit Party or counterclaim,
obtain payment in respect of any principal of or interest on any of its Loans (or participations in LC Disbursements) of any Class resulting in such Lender receiving payment of a greater proportion of the aggregate principal amount of its Loans (and
participations in LC Disbursements) of such Class and accrued interest thereon than the proportion of such amounts received by any other Lender of any other Class, then the Lender receiving such greater proportion shall purchase (for cash at face
value) participations in the Loans (and LC Disbursements) of the other Lenders to the extent necessary so that the benefit of such payments shall be shared by all the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Loans (and participations in LC Disbursements); provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, unless the Lender from which such payment is received is required to pay interest thereon, in which case each Lender returning funds to such Lender
shall pay its pro rata share of such interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment obtained by a Lender (x) as consideration for the assignment of or


  
 -77- 












 
sale of a participation in any of its Loans (or participations in LC Disbursements) to any assignee or participant in accordance with this Agreement (including, without limitation, assignments to
any Borrower in accordance with Section 10.04) and (y) pursuant to any prepayment of Loans in accordance with Section 2.09 of this Agreement. Each Credit Party consents to the foregoing and agrees, to the extent it may effectively do
so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against a Credit Party rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a
direct creditor of such Credit Party in the amount of such participation. 
 (e) Presumption by Administrative Agent. Unless the
Administrative Agent shall have received notice from the relevant Borrower prior to the date on which any payment or prepayment is due to the Administrative Agent for the account of the Lenders or the Issuing Lenders entitled thereto (the
“Applicable Recipient”) hereunder that such Borrower will not make such payment or prepayment, the Administrative Agent may assume that such Borrower has made such payment or prepayment, as the case may be, on such date in
accordance herewith and may, in reliance upon such assumption and in its sole discretion, distribute to the Applicable Recipient the amount due. In such event, if such Borrower has not in fact made such payment or prepayment, then each Applicable
Recipient severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Applicable Recipient 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 Administrative Agent, at the Federal Funds Effective Rate. 
 (f) Failure by Lenders to Make
Payment. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(d), 2.04(e), 2.05(b) or 2.162.17(e), then the Administrative Agent may, in its discretion
(notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent under this Agreement for the account of such Lender to satisfy such Lender’s obligations under such Section until all such
unsatisfied obligations are fully paid. 

SECTION
2.18. SECTION 2.17. MITIGATION OBLIGATIONS; REPLACEMENT OF LENDERS. 

(a) Mitigation Obligations. If any Lender requests compensation under Section 2.13,2.14, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15,2.16, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations, hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 
2.132.14
 or
2.15,2.16,
 as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby agrees to pay
all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) Replacement
of Lenders. If any Lender requests compensation under
Section 
2.13,2.14, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15,2.16, or if any Lender defaults in its obligation to fund Loans hereunder or otherwise becomes a Defaulting Lender, or if any Lender becomes a Non-Consenting Lender, then the Company may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.04), all its interests, rights and
obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Company


  
 -78- 












 
shall have received the prior consent of the Administrative Agent (and, if a Revolving Credit Commitment is being assigned, the Issuing Lenders), which consents shall not unreasonably be withheld
or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans (and participations in LC Disbursements), accrued interest thereon, accrued fees and all other amounts payable to it
hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation
under
Section 
2.132.14 or payments required to be made pursuant to Section 2.15,2.16, such assignment will result in a reduction in such compensation or
payments; provided, however, the assignor hereunder shall not be liable to the Administrative Agent for any assignment fee provided in Section 10.04(b)(ii)(C). A Lender shall not be required to make any such assignment and
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 

SECTION
2.19. SECTION 2.18. DEFAULTING LENDER. Notwithstanding any provision of this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(a) commitment fees shall cease to accrue on the unfunded portion of the Revolving Credit Commitment of such Defaulting Lender
pursuant to Section 2.10(a); 
 (b) the Revolving Credit Commitment and Revolving Credit Exposure of such Defaulting
Lender shall not be included in determining whether all Lenders, all affected Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 10.02, other than
pursuant to Section 10.02(b)(i), 10.02(b)(ii) or 10.02(b)(iii) that directly affects such Lender), provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender which affects such
Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender; 
 (c) if any
LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 
 (i) all or any part of such LC Exposure shall
be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s LC
Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving Credit Commitments and (y) the conditions set forth in Section 5.02 are satisfied at such time; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Company shall
within one Business Day following notice by the Administrative Agent cash collateralize such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures
set forth in Section 2.04(i) for so long as such LC Exposure is outstanding; 
 (iii) if the Company cash collateralizes
any portion of such Defaulting Lender’s LC Exposure pursuant to this Section 2.182.20(c), the Company shall not be required to pay any fees to such
Defaulting Lender pursuant to Section 2.10(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 

  
 -79- 












 (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated
pursuant to this
Section 
2.182.20(c), then the fees payable to the Lenders pursuant to Sections 2.10(a) and 2.10(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; or 

(v) if any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to this Section 2.182.20(c), then, without prejudice to any rights or remedies of any Issuing Lender or any Lender hereunder, all commitment fees that otherwise would have been payable to such Defaulting Lender (solely with respect to
the portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.10(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the applicable
Issuing Lender(s) until such LC Exposure is cash collateralized and/or reallocated; 
 (d) so long as any Lender is a
Defaulting Lender, the Issuing Lenders shall not be required to issue, extend, amend or increase any Letter of Credit, unless the applicable Issuing Lender is satisfied that the related exposure will be 100% covered by the Revolving Credit
Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrowers in accordance with this Section 2.182.20(cd), and participating interests in any such newly issued, extended or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.182.20(c)(i) (and Defaulting Lenders shall not participate therein); and 
 (e) any
amount payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.162.17(d) but excluding
Section 
2.172.18
(b)) shall, in lieu of being distributed to such Defaulting Lender, be retained by the Administrative Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time
or times as may be determined by the Administrative Agent (i) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing by such
Defaulting Lender to any Issuing Lender, (iii) third, if so determined by the Administrative Agent or requested by an Issuing Lender, to be held in such account as cash collateral for future funding obligations of the Defaulting Lender of any
participating interest in any Letter of Credit, (iv) fourth, to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent,
(v) fifth, if so determined by the Administrative Agent and the Borrower Representative, held in
such account as cash collateral for future funding obligations of the Defaulting Lender of any Loans under this Agreement, (vi) sixth, to the payment of any amounts owing to the Lenders or an Issuing Lender as a result of any judgment of a
court of competent jurisdiction obtained by any Lender or such Issuing Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, (vii) seventh, to the payment of any
amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, and
(viii) eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is (x) a prepayment of the principal amount of any Loans or reimbursement obligations in respect
of LC Disbursements for which a Defaulting Lender has funded its participation obligations and (y) made at a time when the conditions set forth in Section 3.02 are satisfied, such payment shall be applied solely to prepay the Loans of, and
reimbursement obligations owed to, all non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or reimbursement obligations owed to, any Defaulting Lender. 

  
 -80- 












 In the event that the Administrative Agent, the Company and the Issuing Lenders agree that a Defaulting
Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Defaulting Lender’s Revolving Credit Commitment and on such
date such Defaulting Lender shall purchase at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Defaulting Lender to hold such Loans in accordance with its Applicable
Percentage. 

SECTION
2.20. SECTION 2.19. MATURITY EXTENSION.

 (a) Notwithstanding anything to the contrary herein, pursuant to one or more offers (each, an “Extension Offer”)
made from time to time by a Borrower to all Lenders of a Class of Term Loans or a Class of Revolving Credit Commitments or Extended Revolving Credit Commitments, in each case on a pro rata basis (based on the aggregate outstanding principal
amount of the respective Term Loans, Revolving Credit Commitments or Extended Revolving Credit Commitments) and on the same terms to each such Lender, such Borrower is hereby permitted to consummate from time to time transactions with individual
Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term Loans and/or Revolving Credit Commitments or Extended Revolving Credit Commitments and otherwise modify the terms of such
Term Loans and/or Revolving Credit Commitments or Extended Revolving Credit Commitments pursuant to the terms of the relevant Extension Offer (including, without limitation, by increasing or decreasing the interest rate or fees payable in respect of
such Term Loans and/or Revolving Credit Commitments or Extended Revolving Credit Commitments (and related outstandings) and/or modifying the amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”),
so long as the following terms are satisfied: (i) no Default or Event of Default shall have occurred and be continuing at the time the offering document in respect of an Extension Offer is delivered to the Lenders or after giving effect to such
Extension, (ii) except as to interest rates, fees and final maturity (which shall be determined by such Borrower and the Lenders providing the applicable Extended Revolving Credit Commitments and set forth in the relevant Extension Offer and
except for provisions relating to letters of credit which shall be as agreed between such parties and the Issuing Lender) and except for other terms which become applicable only when all then outstanding Loans have been repaid and Commitments
terminated, the Revolving Credit Commitment or Extended Revolving Credit Commitments of any Lender that agrees to an Extension with respect to such Revolving Credit Commitment or Extended Revolving Credit Commitment (an “Extending Revolving
Credit Lender”) extended pursuant to an Extension (an “Extended Revolving Credit Commitment”), and the related outstandings, shall have the same terms as the original Revolving Credit Commitments or Extended Revolving
Credit Commitments being extended (and related outstandings), (iii) except as to interest rates, fees, amortization, final maturity date, premium, required prepayment dates and participation in prepayments (which shall, subject to immediately
succeeding clauses (iv), (v) and (vi), be determined between such Borrower and the Extending Term Lenders and be set forth in the relevant Extension Offer) and other terms which become applicable only when all then outstanding Loans have been
repaid and Commitments terminated, the Term Loans of any Incremental Lender that agrees to an Extension with respect to such Term Loans (an “Extending Term Lender”) extended pursuant to any Extension (“Extended Term
Loans”) shall have the same terms as the tranche of Term Loans subject to such Extension Offer, (iv) the final maturity date of any Extended Term Loans shall be no earlier than the final maturity date of the Class of Term Loans being
extended, (v) the Weighted Average Life to Maturity of any Extended Term Loans shall be no shorter than the remaining Weighted Average Life to Maturity of the Term Loans extended thereby, (vi) any Extended Term Loans may participate on a
pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder, in each case as specified in the respective


  
 -81- 












 
Extension Offer, (vii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit Commitments or Extended Revolving Credit Commitments, as
the case may be, in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans, Revolving Credit Commitments or Extended Revolving Credit Commitments, as the case may
be, offered to be extended by the Borrower pursuant to such Extension Offer, then the Term Loans, Revolving Credit Commitments or Extended Revolving Credit Commitments, as the case may be, of such Lenders shall be extended ratably up to such maximum
amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Lenders have accepted such Extension Offer, (viii) all documentation in respect of such Extension shall be consistent with
the foregoing and (ix) any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrower. For the avoidance of doubt, no Lender shall be required to participate in any Extension. 

(b) With respect to all Extensions consummated by any Borrower pursuant to this Section, (i) such Extensions shall not constitute
voluntary or mandatory payments or prepayments for purposes of Section 2.09 and (ii) no Extension Offer is required to be in any minimum amount or any minimum increment; provided that such Borrower may at its election specify as a
condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the relevant Extension Offer in such Borrower’s sole discretion and may be waived by such
Borrower) of Term Loans, Revolving Credit Commitments or Extended Revolving Credit Commitments (as applicable) of any or all applicable Classes be tendered. The Administrative Agent and the Lenders hereby consent to the transactions contemplated by
this Section (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Term Loans and/or Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Offer) and
hereby waive the requirements of any provision of this Agreement or any other Loan Document that may otherwise prohibit any such Extension or any other transaction contemplated by this Section. 

(c) No consent of any Lender or the Administrative Agent shall be required to effectuate any Extension, other than (A) the consent of each
Lender agreeing to such Extension with respect to one or more of its Term Loans and/or Revolving Credit Commitments (or a portion thereof) and (B) with respect to any Extension of the Revolving Credit Commitments or Extended Revolving Credit
Commitments, the consent of the Issuing Lender. All Extended Term Loans, Extended Revolving Credit Commitments and all obligations in respect thereof shall be Guaranteed Obligations that are secured by the Collateral on a pari passu basis
with all other applicable Guaranteed Obligations. Each of the parties hereto hereby agrees that the Administrative Agent and the Company may, without the consent of any Lender, effect such amendments to this Agreement and the other Loan Documents as
may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Company, to effect the provisions of this Section and any Extension (including any amendments necessary to treat the Loans and Commitments subject thereto
as Extended Term Loans and/or Extended Revolving Credit Commitments and as a separate “Tranche” and “Class” hereunder of Loans and Commitments, as the case may be). In addition, if so provided in such amendment and with the
consent of each Issuing Lender participations in Letters of Credit expiring on or after the Revolving Credit Termination Date in respect of Revolving Credit Loans and Revolving Credit Commitments shall be re-allocated from Lenders holding Revolving
Credit Commitments to Lenders holding Extended Revolving Credit Commitments in accordance with the terms of such amendment; provided that such participation interests shall, upon receipt thereof by the relevant Lenders holding Revolving
Credit Commitments, be deemed to be participation interests in respect of such Revolving Credit Commitments and the terms of such participation interests (including, without limitation, the commission applicable thereto) shall be adjusted
accordingly. 

  
 -82- 












 (d) In connection with any Extension, the applicable Borrower shall provide the
Administrative Agent at least 10 Business Days (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including, without limitation, regarding timing, rounding and
other adjustments and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case acting reasonably to accomplish
the purposes of this Section. 
 ARTICLE III 

GUARANTEE BY GUARANTORS 
 SECTION
3.01. THE GUARANTEE. Each Guarantor hereby jointly and severally irrevocably guarantees to the Administrative Agent and the other Secured Parties and their respective successors and assigns the prompt payment in full when due (whether at stated
maturity, by acceleration, by prepayment or otherwise) of the Guaranteed Obligations of such Guarantor. Each Subsidiary Guarantor hereby further agrees that if any Borrower or Subsidiary of the Company (and the Company hereby further agrees that if
any Subsidiary Borrower or Subsidiary of the Company) shall fail to pay in full when due (whether at stated maturity, by acceleration, by prepayment or otherwise) any of such Guarantor’s Guaranteed Obligations, such Guarantor will promptly pay
the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of such Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by
acceleration or otherwise) in accordance with the terms of such extension or renewal. 
 SECTION 3.02. OBLIGATIONS UNCONDITIONAL. The
obligations of each Guarantor under Section 3.01 are absolute and unconditional irrespective of the value, genuineness, validity, regularity or enforceability of this Agreement, the other Loan Documents or any other agreement or instrument
referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance
whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 3.02 that the obligations of the Guarantors hereunder shall be absolute and unconditional under
any and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute and
unconditional as described above: 
 (i) at any time or from time to time, without notice to such Guarantors, the time for
any performance of or compliance with any of its Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

(ii) any of the acts mentioned in any of the provisions hereof or of the other Loan Documents or any other agreement or
instrument referred to herein or therein shall be done or omitted; 
 (iii) the maturity of any of the Guaranteed Obligations
shall be accelerated, or any of the Guaranteed Obligations shall be modified, supplemented or amended in any respect, or any right hereunder or under the other Loan Documents or any other agreement or instrument referred to herein or therein shall
be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; or 

  
 -83- 












 (iv) any lien or security interest granted to, or in favor of, the
Administrative Agent, any Issuing Lender or any Lender or Lenders as security for any of the Guaranteed Obligations shall fail to be perfected. 
 The
Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent, any Issuing Lender or any Lender (or Affiliate thereof) exhaust any right, power or
remedy or proceed against the respective Borrower hereunder or under the other Loan Documents or any other agreement or instrument referred to herein or therein, or against any other Person under any other guarantee of, or security for, any of the
Guaranteed Obligations. The obligations of each Guarantor under this Article III shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment (and not of collection) without regard to any right of offset with
respect to the Guaranteed Obligations at any time or from time to time held by Secured Parties, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by the Secured Parties or any
other Person at any time of any right or remedy against any Borrower or against any other Person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor or
right of offset with respect thereto. 
 SECTION 3.03. REINSTATEMENT. The obligations of each Guarantor under this Article III shall be
automatically reinstated if and to the extent that for any reason any payment by or on behalf of a Borrower or a Subsidiary of the Company in respect of its Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of
the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and each of the Guarantors agrees that it will indemnify the Administrative Agent, each Issuing Lender, each Lender, each Secured Cash
Management Bank and each Secured Swap Provider on demand for all reasonable costs and expenses (including fees of counsel) incurred by such Person in connection with such rescission or restoration, including any such costs and expenses incurred in
defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law. 

SECTION 3.04. SUBROGATION. Each Guarantor hereby waives all rights of subrogation or contribution, whether arising by contract or operation of
law (including, without limitation, any such right arising under the Federal Bankruptcy Code of 1978, as amended) or otherwise by reason of any payment by it pursuant to the provisions of this Article III and further agrees with the respective
Borrower for the benefit of each of its creditors (including, without limitation, each Issuing Lender, each Lender, each Affiliate thereof, the Administrative Agent, each Secured Cash Management Bank and each Secured Swap Provider) that any such
payment by it shall constitute a contribution of capital by such Guarantor to such Borrower. 
 SECTION 3.05. REMEDIES. Each Guarantor
agrees that, as between such Guarantor and the Lenders, the obligations of the respective Borrower hereunder may be declared to be forthwith due and payable as provided in Article VIII or Section 2.04(i), as applicable (and shall be deemed to
have become automatically due and payable in the circumstances provided in Article VIII or Section 2.04(i), as applicable) for purposes of Section 3.01 notwithstanding any stay, injunction or other prohibition preventing such declaration
(or such obligations from becoming automatically due and payable) as against such Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not
due and payable by such Borrower) shall forthwith become due and payable by such Guarantor for purposes of Section 3.01. 

  
 -84- 












 SECTION 3.06. INSTRUMENT FOR THE PAYMENT OF MONEY. Each Guarantor hereby acknowledges that
the guarantee in this Article III constitutes an instrument for the payment of money, and consents and agrees that any Issuing Lender, any Lender, any Secured Cash Management Bank, any Secured Swap Provider or the Administrative Agent, at its sole
option, in the event of a dispute by the Guarantors in the payment of any moneys due hereunder, shall have the right to bring motion action under New York CPLR Section 3213. 

SECTION 3.07. CONTINUING GUARANTEE. The guarantee in this Article III is a continuing guarantee, and shall apply to all Guaranteed Obligations
whenever arising. 
 SECTION 3.08. RIGHTS OF CONTRIBUTION. The Subsidiary Guarantors hereby agree, as between themselves, that if any
Subsidiary Guarantor shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Subsidiary Guarantor of any Guaranteed Obligations, each other Subsidiary Guarantor shall, on demand of such Excess Funding Guarantor
(but subject to the next sentence), pay to such Excess Funding Guarantor an amount equal to such Subsidiary Guarantor’s Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, debts and
liabilities of such Excess Funding Guarantor) of the Excess Payment (as defined below) in respect of such Guaranteed Obligations. The payment obligation of a Subsidiary Guarantor to any Excess Funding Guarantor under this Section 3.08 shall be
subordinate and subject in right of payment to the prior payment in full of the obligations of such Subsidiary Guarantor under the other provisions of this Article III and such Excess Funding Guarantor shall not exercise any right or remedy with
respect to such excess until payment and satisfaction in full of all of such obligations. 
 For purposes of this Section 3.08,
(i) “Excess Funding Guarantor” means, in respect of any Guaranteed Obligations, a Subsidiary Guarantor that has paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations, (ii) “Excess
Payment” means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of such Guaranteed Obligations and (iii) “Pro Rata Share” means, for any
Subsidiary Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate present fair saleable value of all properties of such Subsidiary Guarantor (excluding any shares of stock of, or ownership interest in, any
other Subsidiary Guarantor) exceeds the amount of all the debts and liabilities of such Subsidiary Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Subsidiary Guarantor
hereunder and any obligations of any other Subsidiary Guarantor that have been Guaranteed by such Subsidiary Guarantor) to (y) the amount by which the aggregate fair saleable value of all properties of all of the Guarantors exceeds the amount
of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Guarantors hereunder and under the other Loan Documents) of all of the Guarantors, determined
(A) with respect to any Subsidiary Guarantor that is a party hereto on the Restatement Effective Date, as of the Restatement Effective Date and (B) with respect to any other Subsidiary Guarantor, as of the date such Subsidiary Guarantor
becomes a Subsidiary Guarantor hereunder. 
 SECTION 3.09. GENERAL LIMITATION ON GUARANTEE OBLIGATIONS. In any action or proceeding
involving any state corporate law, or any state or Federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under Section 3.01 would otherwise,
taking into account the provisions of Section 3.08, be held or determined to be void, invalid or 

  
 -85- 












 
unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 3.01, then, notwithstanding any other provision hereof to the
contrary, the amount of such liability shall, without any further action by such Subsidiary Guarantor, any Lender, the Administrative Agent or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable
and not subordinated to the claims of other creditors as determined in such action or proceeding. 
 SECTION 3.10. KEEPWELL. Each Qualified
ECP Guarantor (including the Borrower) at the time this Agreement becomes effective with respect to any Swap Obligation, hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as
may be needed from time to time by each other Credit Party to honor all of each such Credit Party’s Swap Obligations (other than to the extent that such Credit Party is the primary obligor with respect to such Swap Obligation and each Qualified
ECP Guarantor shall only be liable under this Section 3.10 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 3.10, or otherwise under this Guarantee, as it relates to
such other Credit Party, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall remain in full force and
effect until the termination of this Agreement. Each Qualified ECP Guarantor intends that this Section 3.10 constitute, and this Section 3.10 shall be deemed to constitute, a “keepwell, support, or other agreement” for the
benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 SECTION 3.11.
EXCLUDED SWAP TRANSACTIONS. Notwithstanding anything to the contrary contained in this Agreement or any provision of any other Loan Document, the obligations guaranteed hereunder by any Guarantor shall not include obligations in respect of any
Excluded Swap Obligation with respect to that Guarantor. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

The Company and each Subsidiary Guarantor represents and warrants to the Lenders and the Administrative Agent, as to itself and each of its
Subsidiaries, that: 
 SECTION 4.01. ORGANIZATION; POWERS. The Company and each of its Restricted Subsidiaries is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization. The Company and each of its Restricted Subsidiaries has all requisite power and authority under its organizational documents to carry on its business as now
conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such
qualification is required. 
 SECTION 4.02. AUTHORIZATION; ENFORCEABILITY. The Transactions are within the corporate power of each Credit
Party and have been duly authorized by all necessary corporate and, if required, stockholder action on the part of such Credit Party. This Agreement has been duly executed and delivered by each Obligor and constitutes a legal, valid and binding
obligation of such Obligor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law. 

  
 -86- 












 SECTION 4.03. GOVERNMENTAL APPROVALS; NO CONFLICTS. The Transactions (a) do not require any
consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other Person, (b) will not violate any applicable law, policy or regulation or the charter, by-laws or other organizational documents
of any Credit Party or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Credit Party, or any of its assets, or give rise to a right
thereunder to require any payment to be made by any Credit Party, and (d) except for the Liens created by the Security Documents, will not result in the creation or imposition of any Lien on any asset of the Credit Parties. 

SECTION 4.04. FINANCIAL CONDITION; NO MATERIAL ADVERSE CHANGE. The Company has heretofore delivered to the Lenders the audited consolidated
balance sheet and statements of earnings (loss), stockholders’ deficit and cash flows of the Company and its Subsidiaries (and, separately stated, of the Company and its Restricted Subsidiaries) as of and for the fiscal year ended
December 31, 2018, reported on by KPMG LLP, independent public accountants. Such financial statements present fairly, in all material respects, the respective consolidated actual financial condition of the respective entities as at the dates
and the consolidated and unconsolidated results of their operations for the fiscal periods ended on the dates, all in accordance with generally accepted accounting principles and practices applied on a consistent basis. Except as disclosed in such
financial statements, none of such entities has on the date hereof any material contingent liabilities, liabilities for taxes, unusual forward or long term commitments or unrealized or anticipated losses from any unfavorable commitments. Since
December 31, 2018, there has been no material adverse change (or any event, development or circumstance that, individually or in the aggregate, could reasonably be expected to result in a material adverse change) in the business, assets,
operations or financial condition of the Company and its Restricted Subsidiaries taken as a whole. 
 SECTION 4.05. PROPERTIES. 

(a) Properties Generally. Each of the Company and its Restricted Subsidiaries has good title to, or valid leasehold interests in, all
its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 

(b) Intellectual Property. Each of the Company and its Restricted Subsidiaries owns, or is licensed to use, all trademarks, tradenames,
copyrights, patents and other intellectual property material to its business, and the use thereof by the Company and its Restricted Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 4.06. LITIGATION AND
ENVIRONMENTAL MATTERS. 
 (a) Litigation. There are no actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of any of the Credit Parties, threatened against or affecting the Company or any of its Restricted Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and
that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve any of the Basic Documents or the Transactions. 

  
 -87- 












 (b) Environmental Matters. Except for the Disclosed Matters and except with respect
to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, none of the Company nor any of its Restricted Subsidiaries (i) has failed to comply with any Environmental Law
or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any
Environmental Liability or any inquiry, allegation, notice or other communication from any Governmental Authority concerning its compliance with any Environmental Law or (iv) knows of any basis for any Environmental Liability. 

(c) No Change in Disclosed Matters. Since the date of this Agreement, there has been no change in the status of the Disclosed Matters
that, individually or in the aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
 SECTION
4.07.COMPLIANCE WITH LAWS AND AGREEMENTS. Each of the Company and its Restricted Subsidiaries is in compliance with all laws, regulations, policies and orders of any Governmental Authority applicable to it or its property and all indentures,
agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 4.08. INVESTMENT COMPANY STATUS. No Credit Party nor any of their respective subsidiaries is an “investment company” as
defined in, or subject to regulation under, the Investment Company Act of 1940, as amended. 
 SECTION 4.09. TAXES. Each Credit Party and
each of its respective Subsidiaries has timely filed all Tax returns and reports required to have been filed, and has timely paid all Taxes levied or imposed upon it or its property, income or assets or otherwise due and payable (whether or not
shown on any Tax return), including in its capacity as a withholding agent, except those Taxes which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance
with GAAP. There is no current, proposed or pending audit, assessment, deficiency or other claim relating to Taxes against any Credit Party or any of its Subsidiaries that would reasonably be expected, individually or in the aggregate, to result in
a Material Adverse Effect. Each Credit Party and each of its respective Subsidiaries has made adequate provisions in accordance with GAAP for all material Taxes not yet due and payable. None of the Credit Parties nor any of their respective
Subsidiaries has “participated” in a “listed transaction” within the meaning of Treas. Reg. Section 1.6011-4, except as would not be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect.

 SECTION 4.10. ERISA. Except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, (a) no ERISA Event has occurred or is reasonably expected to occur and (b) the Company and each of its ERISA Affiliates has complied with the applicable provisions of ERISA and the Code with respect to
each employee benefit plan, within the meaning of Section 3(3) of ERISA that is maintained or contributed to by the Company or an ERISA Affiliate. The present value of all accumulated benefit obligations under each Plan (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $1,000,000 the fair market value of the assets of
such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent
financial statements reflecting such amounts, exceed by more than $1,000,000 the fair market value of the assets of all such underfunded Plans. 

  
 -88- 












 SECTION 4.11. DISCLOSURE. 

(a) The Credit Parties have disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which any Credit Party
is subject, and all other matters known to any Credit Party, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. The information, reports, financial statements, exhibits and schedules
furnished in writing by or on behalf of the Credit Parties to the Administrative Agent or any Lender in connection with the negotiation, preparation or delivery of this Agreement and the other Basic Documents (including, without limitation, the
information set forth in Schedule 4.11) or delivered pursuant hereto or thereto, when taken as a whole do not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements herein or therein, in
light of the circumstances under which they were made, not misleading. All written information furnished after the date hereof by the Company and its Subsidiaries to the Administrative Agent and the Lenders in connection with this Agreement and the
other Basic Documents and the transactions contemplated hereby and thereby will be true, complete and accurate in all material respects, or (in the case of projections) based on reasonable estimates, on the date as of which such information is
stated or certified. There is no fact known to the Company that could reasonably be expected to have a Material Adverse Effect that has not been disclosed herein, in the other Basic Documents or in a report, financial statement, exhibit, schedule,
disclosure letter or other writing furnished to the Lenders for use in connection with the transactions contemplated hereby or thereby. 

(b) As of the Restatement Effective Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership
Certification provided on or prior to the Restatement Effective Date to any Lender in connection with this Agreement (to the extent that any such Beneficial Ownership Certification is required to be so delivered) is true and correct in all respects.

 SECTION 4.12. CAPITALIZATION. The authorized capital stock of the Company consists, on the Restatement Effective Date, of an aggregate of
3,000 shares of common stock, with par value of $0.01 per share, of which, as of the Restatement Effective Date, 100 shares are duly and validly issued and outstanding, each of which shares is fully paid and nonassessable and all of which are held
beneficially and of record by Holdings. As of the Restatement Effective Date, (x) there are no outstanding Equity Rights with respect to the Company and (y) there are no outstanding obligations of the Company or any of its Subsidiaries to
repurchase, redeem, or otherwise acquire any shares of capital stock of the Company nor are there any outstanding obligations of the Company or any of its Subsidiaries to make payments to any Person, such as “phantom stock” payments, where
the amount thereof is calculated with reference to the fair market value or equity value of the Company or any of its Subsidiaries. 

SECTION 4.13. MATERIAL AGREEMENTS AND LIENS. 

(a) Indebtedness. Schedule 4.13 is a complete and correct list, as of the Restatement Effective Date, of each credit agreement, loan
agreement, indenture, guarantee, letter of credit or other arrangement (other than this Agreement) providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any extension of credit) to, or guarantee by,
the Company or any of its Restricted Subsidiaries the aggregate principal or face amount of which equals or exceeds (or may equal or exceed) $1,000,000, and the aggregate principal or face amount outstanding or that may become outstanding under each
such arrangement is correctly described in Schedule 4.13. 
 (b) Liens. Schedule 4.13 is a complete and correct list, as of the
Restatement Effective Date, of each Lien securing Indebtedness of any Person the aggregate principal or face amount of which equals or exceeds (or may equal or exceed) $1,000,000 and covering any property of the Company or any of its Restricted
Subsidiaries, and the aggregate Indebtedness secured (or which may be secured) by each such Lien and the Property covered by each such Lien is correctly described in Schedule 4.13. 

  
 -89- 












 SECTION 4.14. SUBSIDIARIES, ETC. 

(a) Subsidiaries. Set forth in Schedule 4.14 is a complete and correct list of all of the Subsidiaries of the Credit Parties as of the
Restatement Effective Date together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding ownership interests in such Subsidiary, (iii) the nature of the ownership interests
held by each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests and (iv) whether such Subsidiary is a Restricted Subsidiary or Unrestricted Subsidiary. Except as disclosed in Schedule 4.14,
(i) each Credit Party and its respective Subsidiaries owns, free and clear of Liens (other than Liens created pursuant to the Security Documents), and has (and will have) the unencumbered right to vote, all outstanding ownership interests in
each Person shown to be held by it in Schedule 4.14, (y) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (z) there are no outstanding Equity
Rights with respect to such Person. Each Subsidiary identified on said Schedule 4.14 as an “Unrestricted Subsidiary” qualifies as an Unrestricted Subsidiary under the criteria therefor set forth in Section 1.05. 

(b) No Restrictions. Except as set forth in Schedule 4.14, as of the Restatement Effective Date, none of the Restricted Subsidiaries of
the Company is (or will be) subject to any indenture, agreement, instrument or other arrangement containing any provision of the type described in Section 7.08, other than any such provision the effect of which has been unconditionally,
irrevocably and permanently waived and other than the prohibition on the sale, transfer, assignment, mortgage, pledge, encumbrance or other disposition by MIL of its interest in the Missouri Partnership. 

SECTION 4.15. ANTI-TERRORISM LAWS. 

(a) No Credit Party, no Subsidiary of any Credit Party and, to the knowledge of each Credit Party, none of its Affiliates or any of the
respective officers or directors of such Credit Party, Subsidiary or Affiliate (i) has violated any Anti-Terrorism Laws or (ii) has engaged in any transaction, investment, undertaking or activity that conceals the identity, source or
destination of the proceeds from any category of offenses designated in the “Forty Recommendations” and “Nine Special Recommendations” published by the Organisation for Economic Co-operation and Development’s Financial
Action Task Force on Money Laundering. 
 (b) No Credit Party, no Subsidiary of any Credit Party and, to the knowledge of each Credit Party,
none of its Affiliates or any of the respective officers or directors of such Credit Party, Subsidiary or Affiliate, is an Embargoed Person. 

(c) To the knowledge of the Credit Parties, no Credit Party, no Subsidiary or Affiliate of any Credit Party, nor any director or officer of any
such Credit Party, Subsidiary or Affiliate, conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Embargoed Person. 

(d) No Credit Party, no Subsidiary of any Credit Party and, to the knowledge of each Credit Party, none of its Affiliates or any of the
respective officers or directors of such Credit Party, Subsidiary or Affiliate acting or benefiting in any capacity in connection with the Loans (i) deals in, or otherwise engages in any transaction related to, any property or interests in
property blocked pursuant to any Anti-Terrorism Law or (ii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding any of the prohibitions set forth in any Anti-Terrorism Law. 

  
 -90- 












 SECTION 4.16. ANTI-CORRUPTION AND SANCTIONS LAWS. The Borrowers have implemented and
maintains in effect policies and procedures designed to ensure compliance by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrowers,
their Subsidiaries and their respective officers and employees and to the knowledge of each Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) any
Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrowers, any agent of the Borrowers or any Subsidiary that will act in any capacity in connection with or benefit from the
credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by the Transactions will violate Anti-Corruption Laws or applicable Sanctions. 

SECTION 4.17. AFFECTED FINANCIAL INSTITUTIONS. No Obligor is an Affected Financial Institution. 

SECTION 4.18. MARGIN REGULATIONS. As of the Restatement Effective Date, none of the Collateral is Margin Stock. No Credit Party is engaged nor
will it engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System of the United States), or
extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Borrowings will be used for any purpose that violates Regulation U. 

ARTICLE 
 VCONDITIONS 

SECTION 5.01. RESTATEMENT EFFECTIVE DATE. The restatement of the Original Credit Agreement contemplated by this Agreement shall not become
effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02): 

(a) Restatement Counterparts. The Administrative Agent shall have executed this Agreement and shall have received
executed counterparts to this Agreement from each of the Company, the Guarantors, the Required Lenders and each Lender listed on Schedule 2.01. 

(b) Opinion of Counsel to Credit Parties. The Administrative Agent shall have received a written opinion (addressed to
the Administrative Agent and the Lenders and dated the Restatement Effective Date) of (i) Kean Miller LLP, counsel to the Credit Parties, in a form reasonably satisfactory to the Administrative Agent and (ii) Locke Lord LLP, New York
counsel to the Credit Parties, in a form reasonably satisfactory to the Administrative Agent and, in each case, covering such matters relating to the Credit Parties, this Agreement, the other Loan Documents or the Transactions as the Administrative
Agent shall request (and each Credit Party hereby requests such counsel to deliver such opinion). 
 (c) Corporate
Matters. The Administrative Agent shall have received such documents and certificates as the Administrative Agent may reasonably request relating to the organization, existence and good standing of each Credit Party, the authorization of the
Transactions and any other legal matters relating to the Credit Parties, this Agreement, the other Loan Documents or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent. 

  
 -91- 












 (d) Financial Officer Certificate. The Administrative Agent shall
have received a certificate, dated the Restatement Effective Date and signed by the President, a Vice President or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of
Section 5.02. 
 (e) Solvency Certificate. The Administrative Agent shall have received a certificate from a
Financial Officer of the Company to the effect that, as of the Restatement Effective Date, after giving effect to the initial Loans hereunder and to the other Transactions: 

(i) the aggregate value of all properties of the Company and its Subsidiaries at their present fair saleable value
(i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through collection or sale at the regular market value, conceiving the latter as the amount that could be obtained for the
property in question within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed the amount of all the debts and liabilities (including contingent,
subordinated, unmatured and unliquidated liabilities) of the Company and its Subsidiaries, 
 (ii) the Company and its
Subsidiaries will not, on a consolidated basis, have an unreasonably small amount of capital with which to conduct their business operations as heretofore conducted and 

(iii) the Company and its Subsidiaries will have, on a consolidated basis, sufficient cash flow to enable them to pay their
debts as they mature. 
 Such certificate shall include a statement to the effect that the financial projections and underlying assumptions
contained in such analysis are, fair and reasonable and accurately computed. 
 (f) Borrowing Request. If any Loans
are to be made on the Restatement Effective Date, the Administrative Agent shall have received a Borrowing Request in accordance with Section 2.03. 

(g) Other Documents. The Administrative Agent shall have received such other documents as the Administrative Agent or
any Lender shall have reasonably requested (including any information requested for purposes of complying with the Patriot Act or the Beneficial Ownership Regulation, as applicable). 

(h) Fees and Expenses. The Company shall have paid to the Lead Arrangers such fees as have been agreed, including
(i) pursuant to that Engagement Letter, dated January 23, 2020, among the Lead Arrangers and the Company, (ii) an upfront fee for the account of each Lender in an amount as previously agreed to with the JPMCB and (iii) all other
amounts due and payable, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company, in each case on or prior to the Restatement Effective Date. 

  
 -92- 












 (i) Repayment. Substantially concurrently with the initial funding of
the Term B Loans, the Borrower shall have repaid all Existing Loans and all accrued and unpaid interest and fees throughout the Restatement Effective Date under the Original Credit Agreement. 

The Administrative Agent shall notify the Company and the Lenders of the Restatement Effective Date, and such notice shall be conclusive and
binding. 
 SECTION 5.02. EACH EXTENSION OF CREDIT. The obligation of each Lender to make a Loan on the occasion of any Borrowing, and of an
Issuing Lender to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 

(a) Representations and Warranties. The representations and warranties of each Credit Party set forth in this Agreement
and the other Loan Documents shall be true and correct in all material respects on and as of the date of such Borrowing, or (as applicable) the date of issuance, amendment, renewal or extension of such Letter of Credit, both before and after giving
effect thereto and to the use of the proceeds thereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct in all material respects as of
such specific date); provided, that, to the extent that any such representations and warranties are qualified by materiality, material adverse effect or similar language, such representations and warranties shall be true and correct in all
respects. 
 (b) No Defaults. At the time of and immediately after giving effect to such Borrowing, or (as applicable)
the date of issuance, amendment, renewal or extension of such Letter of Credit, no Default shall have occurred and be continuing; provided that to the extent the proceeds of any such Borrowing are with respect to an Incremental Term Loan that
is used to finance an Acquisition permitted hereunder, then this clause (b) shall not be applicable so long as no Event of Default existed at the time the acquisition agreement relating to such Acquisition was entered into. 

Each Borrowing Request, or request for issuance, amendment, renewal or extension of a Letter of Credit, shall be deemed to constitute a representation and
warranty by the Company (both as of the date of such Borrowing Request, or request for issuance, amendment, renewal or extension, and as of the date of the related Borrowing or issuance, amendment, renewal or extension) as to the matters specified
in paragraphs (a) and (b) of this Section 5.02. 
 ARTICLE VI 

AFFIRMATIVE COVENANTS 
 Until the
Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have
been reimbursed, each Obligor covenants and agrees with the Lenders that: 
 SECTION 6.01. FINANCIAL STATEMENTS AND OTHER INFORMATION. The
Company will furnish to the Administrative Agent and each Lender: 
 (a) as soon as available, but in any event no later than
90 days after the end of each fiscal year of the Company: 

  
 -93- 












 (i) consolidated and consolidating statements of income, retained earnings
and cash flows of the Company and its Subsidiaries (and, if the Company then has any Unrestricted Subsidiaries, separately stated, of the Company and its Restricted Subsidiaries) for such fiscal year and the related consolidated and consolidating
balance sheets of the Company and its Subsidiaries (and, if the Company then has any Unrestricted Subsidiaries, separately stated, of the Company and its Restricted Subsidiaries) as at the end of such fiscal year, setting forth in each case in
comparative form the corresponding consolidated and consolidating figures for the preceding fiscal year; and 
 (ii) an
opinion of independent certified public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit, other than any
qualification with respect to or resulting from any upcoming maturity date of the Term Loans or of the Revolving Credit Commitments) stating that the consolidated financial statements referred to in the preceding clause (i) fairly present the
consolidated financial condition and results of operations of the Company and its Subsidiaries (and of the Company and its Restricted Subsidiaries, as the case may be) as at the end of, and for, such fiscal year in accordance with generally accepted
accounting principles; 
 (b) as soon as available, but in any event no later than 45 days after the end of each of the first
three fiscal quarters of the Company: 
 (i) consolidated and consolidating statements of income, retained earnings and cash
flows of the Company and its Subsidiaries (and, if the Company then has any Unrestricted Subsidiaries, separately stated, of the Company and its Restricted Subsidiaries) for such period and for the period from the beginning of the respective fiscal
year to the end of such period, and the related consolidated and consolidating balance sheets of the Company and its Subsidiaries (and, if the Company then has any Unrestricted Subsidiaries separately stated, of the Company and its Restricted
Subsidiaries) as at the end of such period, setting forth in each case in comparative form the corresponding consolidated and consolidating figures for the corresponding period in the preceding fiscal year (except that, in the case of balance
sheets, such comparison shall be to the last day of the prior fiscal year), 
 (ii) certifications of the chief financial
officer of the Company that the consolidated financial statements referred to in the preceding clause (i) fairly present in all material respects the financial condition, results of operations and cash flows of the Company and its Subsidiaries
on a consolidated basis as of and for the periods presented in accordance with GAAP consistently applied, subject to normal year end audit adjustments and the absence of certain footnotes; 

(c) notwithstanding that the financial statements are in fact delivered, on or prior to each date on which financial statements
are required to be delivered under clause (a) or (b) above, a certificate of a Financial Officer (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken
or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations (including, if applicable, to eliminate the financial position and results of operations of any Person whose accounts are consolidated with the
Company’s in the consolidated financial statements referred to above but that is not a Subsidiary of the Company) demonstrating compliance with Section 7.09, (iii) identifying in reasonable detail any Restricted Payments made by the
Company or any of its 

  
 -94- 












 
Restricted Subsidiaries during the period covered by the applicable financial statements to enable Holdings to pay Qualified Holdings Obligations, (iv) stating whether any change in GAAP or
in the application thereof has occurred since the date of the audited financial statements referred to in Section 4.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such
certificate and (v) a calculation of the Cumulative Credit (in reasonable detail) as of the last day of the period covered by such financial statements; 

(d) [Reserved]; 

(e) promptly after the same become publicly available, copies of all registration statements, regular periodic reports and
press releases filed by the Company or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of the Securities and Exchange Commission, or with any national securities
exchange; 
 (f) promptly upon the mailing thereof to the shareholders of the Company generally or to the holders of the
Senior Subordinated Notes, the New Senior Subordinated Notes or Senior Notes (or any Permitted First Lien Notes or Refunding Indebtedness) generally, copies of all financial statements, reports and proxy statements so mailed; and 

(g) promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of the Company or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request (including any information requested for purposes of complying with the Patriot Act or the
Beneficial Ownership Regulation, as applicable). 
 SECTION 6.02. NOTICES OF MATERIAL EVENTS. The Company will furnish to the Administrative
Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against
or affecting the Company or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in liability of the Company and its Subsidiaries in an aggregate amount exceeding $5,000,000; and 

(d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 

Each notice delivered under this Section 6.02 shall be accompanied by a statement of a Financial Officer or other executive officer of the Company
setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

SECTION 6.03. EXISTENCE; CONDUCT OF BUSINESS. The Company will, and will cause each of its Restricted Subsidiaries (other than any
Securitization Entity) to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business;
provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 7.04. 

  
 -95- 












 SECTION 6.04. PAYMENT OF OBLIGATIONS. The Company will, and will cause each of its
Subsidiaries to, (i) pay its obligations, including Tax liabilities upon it or its property, income or assets, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the
Company or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse
Effect and (ii) timely file all material Tax returns required to be filed by it. 
 SECTION 6.05. MAINTENANCE OF PROPERTIES; INSURANCE.
The Company will, and will cause each of its Restricted Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted and (b) maintain, with
financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

SECTION 6.06. BOOKS AND RECORDS; INSPECTION RIGHTS. The Company will, and will cause each of its Restricted Subsidiaries to, keep proper books
of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Company will, and will cause each of its Restricted Subsidiaries to, permit any representatives
designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers
and independent accountants, all at such reasonable times and as often as reasonably requested; provided, that (a) unless an Event of Default shall have occurred and be continuing, only the Administrative Agent on behalf of the Lenders
may exercise the rights under this Section 6.06 and the Administrative Agent shall not exercise such rights more than once during any fiscal year and (b) if any Event of Default shall have occurred and be continuing and an individual
Lender elects to exercise rights under this Section 6.06, (x) such Lender shall coordinate with the Administrative Agent and any other Lender electing to exercise such rights and shall share the results of such inspection with the
Administrative Agent on behalf of the Lenders and (y) the number of visits and expense associated with such individual Lender visits must be reasonable, and (c) the Company shall have the opportunity to participate in any discussions with
its independent public accountants. The Company, in consultation with the Administrative Agent, will arrange for a meeting to be held at least once every year with the Lenders hereunder at which the business and operations of the Company and its
Restricted Subsidiaries are discussed. 
 SECTION 6.07. FISCAL YEAR . To enable the ready and consistent determination of compliance with
the covenant set forth in Section 7.09 hereof, the Company and its Subsidiaries will not change the last day of their fiscal year from December 31 of each year, or the last day of the first three fiscal quarters in each of its fiscal years
from March 31, June 30 and September 30, respectively. 
 SECTION 6.08. COMPLIANCE WITH LAWS. The Company will, and will
cause each of its Restricted Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority (including Environmental Laws) applicable to it or its property, except where the failure to do so, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Each Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by each Borrower, each of their respective Subsidiaries
and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

  
 -96- 












 SECTION 6.09. USE OF PROCEEDS. The proceeds of the Term B Loans and Revolving Credit Loans will be used only to repay in full all
outstanding Existing Loans under the Original Credit Agreement, provide funds for Acquisitions and for the general corporate purposes of the Company and its Restricted Subsidiaries (including to make Restricted Payments). The proceeds of the Term A Loans will be used for the general corporate purposes of the Company and its Restricted
Subsidiaries (including to make Restricted Payments and the repayment of Indebtedness outstanding under the Revolving Credit Facility). No part of any Loan will be used, whether directly or
indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X. The Borrowers will not, and will not permit any of their Subsidiaries to, request any Borrowing or Letter of Credit, and the
Borrowers shall not use, and shall procure that their Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment,
promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or
transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 6.10. CERTAIN OBLIGATIONS RESPECTING RESTRICTED SUBSIDIARIES AND COLLATERAL SECURITY. 

(a) Subsidiary Guarantors. In the event that the Company shall form or cause to be formed or acquire any new Subsidiary (other than a
Securitization Entity, an Unrestricted Subsidiary, an Immaterial Subsidiary, a Foreign Subsidiary or a Subsidiary that is not a Wholly Owned Subsidiary), including, without limitation, upon the formation of any Subsidiary that is a Delaware Divided
LLC, after the date hereof then, subject to clause (c) below, the Company will, and will cause each of its Restricted Subsidiaries to, cause such new Subsidiary within ten Business Days of such formation or acquisition: 

(i) to execute and deliver to the Administrative Agent a Joinder Agreement (and thereby to become a party to this Agreement, as
a “Subsidiary Guarantor” hereunder, and to the Pledge Agreement, as a “Securing Party” thereunder) and to pledge and grant to the Administrative Agent for the benefit of the Administrative Agent, the Issuing Lenders, the Lenders,
the Secured Cash Management Banks and the Secured Swap Providers a security interest in any property owned by it that is of the type included in the definition of “Collateral” under the Pledge Agreement (it being understood that in the
case of (x) any equity interest in any Foreign Subsidiary owned directly by the Company or any Subsidiary Guarantor, such Obligors shall not be required to pledge to the Administrative Agent, for the benefit of the Lenders, more than 65% of the
voting capital stock of such Subsidiary, but shall be required to pledge 100% of any other capital stock of such Subsidiary not entitled to vote (within the meaning of Treas. Reg. Section 1.956(c)(2)) and (y) any equity interest in any
Foreign Subsidiary which is not directly owned by the Company or any Subsidiary Guarantor, no portion of the equity interests of such Foreign Subsidiary shall be required to be pledged); provided that, any equity interest in any Subsidiary
shall not be required to be pledged to the extent the pledge of such equity interest would result in material adverse tax consequences to the Company or any of its Subsidiaries, as jointly determined by the Company and the Administrative Agent; 


  
 -97- 












 (ii) to take such action (including delivering such shares of stock and
delivering such Uniform Commercial Code financing statements) as shall be necessary to create and perfect valid and enforceable first priority Liens consistent with the provisions of the Pledge Agreement on such Collateral under the Pledge
Agreement; and 
 (iii) to deliver such proof of corporate action, incumbency of officers and other documents as is
consistent with those delivered by each Subsidiary Guarantor pursuant to Section 5.01 upon the Restatement Effective Date or as the Administrative Agent shall have reasonably requested. 

Without limiting the generality of and notwithstanding the foregoing, prior to or concurrently with any Subsidiary becoming a guarantor in
respect of any Senior Subordinated Notes, Senior Notes, New Senior Subordinated Notes or New Senior Notes (or in respect of any Permitted First Lien Notes or Refunding Indebtedness), the Company shall cause such Subsidiary to become a Subsidiary
Guarantor hereunder in compliance with the provisions of the preceding paragraph, whether or not such Subsidiary is otherwise required to be a Subsidiary Guarantor hereunder. 

(b) Ownership of Restricted Subsidiaries. The Company will, and will cause each of its Restricted Subsidiaries to, take such action from
time to time as shall be necessary to ensure that the percentage of the equity capital of any class or character owned by it in any Restricted Subsidiary on the Restatement Effective Date (or, in the case of any newly formed or newly acquired
Subsidiary (other than a Securitization Entity), on the date of formation or acquisition) is not at any time decreased, other than by reason of transfers to the Company or another Restricted Subsidiary or sales or other transactions permitted by
Section 7.04. In the event that any additional shares of stock shall be issued by any Restricted Subsidiary (other than a Securitization Entity), the respective holder of such shares of stock shall forthwith deliver to the Administrative Agent
pursuant to the Pledge Agreement (but subject to the condition set forth in Section 6.10(a)(i) if such Subsidiary is a Foreign Subsidiary) the certificates evidencing such shares of stock, accompanied by undated stock powers executed in blank
and to take such other action as the Administrative Agent shall request to perfect the security interest created therein pursuant to the Pledge Agreement. 

(c) Further Assurances. The Company will, and will cause each of its Subsidiaries to, take such action from time to time as shall
reasonably be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement. 
 Without limiting the
generality of the foregoing, the Company will, and will cause each other Obligor to, take such action from time to time (including filing appropriate Uniform Commercial Code financing statements and continuation statements and executing and
delivering such assignments, security agreements, account control agreements and other instruments) as shall be reasonably necessary (or, if reasonably requested by the Administrative Agent, desirable) to create, in favor of the Administrative Agent
for the benefit of the Administrative Agent, the Issuing Lenders, the Lenders, the Secured Cash Management Banks and the Secured Swap Providers, perfected security interests and Liens in any property owned by it that is of the type included in the
definition of “Collateral” under the Pledge Agreement as collateral security for its obligations hereunder; provided that any such security interest or Lien shall be subject to the relevant requirements of the Security Documents.

 SECTION 6.11. CERTAIN REIT MATTERS. The Borrower shall at all times conduct its affairs, and shall cause its affiliates to conduct their
affairs, in a manner so as to allow Holdings (or its successor) to qualify as a REIT under all applicable laws, rules and regulations until such time as the board of directors of Holdings (or its successor) deems it in the best interests of the
Holdings (or its successor) and its stockholders for Holdings (or its successor) not to remain qualified as a REIT. 

  
 -98- 












 SECTION 6.12. POST CLOSING COVENANT. The Company or the applicable Obligors shall deliver to
the Administrative Agent within the time periods set forth on Schedule 6.12 those certificates, instruments and other documents set forth on Schedule 6.12. 

SECTION 6.13. MAINTENANCE OF RATINGS. As long as any Term B Loans remain outstanding, the Company shall use commercially reasonable efforts to
maintain a corporate rating and a rating of the Term B Loan by each of S&P and Moody’s; it being understood no minimum rating is required. 

ARTICLE VII 
 NEGATIVE COVENANTS

 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been
paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, each Obligor covenants and agrees with the Lenders that: 

SECTION 7.01. INDEBTEDNESS. The Company will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist
any Indebtedness, except: 
 (a) Indebtedness under this Agreement (including any Indebtedness incurred pursuant to
Section 2.01(c)); 
 (b) Indebtedness in respect of notes issued by the Company after the Restatement Effective Date
(and any Guarantees of Subsidiaries in respect of such Indebtedness) so long as (i) such Indebtedness (and any Guarantees of Subsidiaries in respect of such Indebtedness) is subordinated upon terms no less favorable (from the standpoint of the
holders of “Senior Indebtedness” under and as defined in the Senior Subordinated Notes Indentures) than the terms of subordination set forth in the Senior Subordinated Notes Indentures, (ii) no installments of principal of such notes
shall be payable (whether by sinking fund payments, mandatory redemptions or repurchases or otherwise) earlier than the date that is (A) twelve months after the Term B Loan Maturity Date and Revolving Credit Termination Date and (B) 91
days after the latest maturity date for any Loans (including the Term B Loans) outstanding at the time such notes are issued, (iii) the covenants, events of default and mandatory prepayment requirements (whether by sinking fund payments,
mandatory redemptions or repurchases or otherwise) of such Indebtedness are not materially more restrictive than the corresponding provisions of the Senior Subordinated Notes Indentures, (iv) after giving effect to the issuance of such notes
the Total Debt Ratio as of the last day of the Company’s most recently ended fiscal quarter would be less than 7.0 to 1.0 and (v) no Liens are created by the Company or any Subsidiary to secure such Indebtedness; 

(c) (A) Indebtedness in respect of Permitted First Lien Notes that are issued in lieu of Incremental Term Loans and/or
Revolving Commitment Increases pursuant to an indenture or note purchase agreement or otherwise; provided that on a pro forma basis, the Secured Debt Ratio (excluding the cash proceeds of the Permitted First Lien Notes from cash for purposes
of calculating the Secured Debt Ratio) would not exceed 4.50 to 1.0 and (B) any refinancing, 

  
 -99- 












 
refunding, renewal or extension of any Indebtedness specified in subclause (A) of this Section 7.01(c); provided that (x) the principal amount of any such Indebtedness is
not increased in excess of the principal amount thereof outstanding immediately prior to such refinancing, refunding, renewal or extension (except for any original issue discount thereon, accrued and unpaid interest and the amount of fees, expenses
and premium in connection with such refinancing) and (y) such refinancing, refunding, renewal or extension meets the requirements set forth in the definition of Permitted First Lien Notes; 

(d) Indebtedness existing on the Restatement Effective Date and set forth in Schedule 4.13, or existing on the Restatement
Effective Date and not required by Section 4.13 to be included in such Schedule; 
 (e) any extension, renewal,
refunding (it being understood that the term “refunding” as used herein shall apply to any proceeds from Indebtedness otherwise permitted to be incurred hereunder which are irrevocably deposited in a segregated account for the purpose of
retiring any Indebtedness covered by this paragraph (e)) or replacement of any Senior Unsecured Indebtedness or Subordinated Indebtedness referred to in any of
paragraphsparagraph
 (b), (d), (e) or (j) of this Section 7.01, including any Guarantees of Subsidiaries in respect of such Indebtedness so long as (x) in the case of all such Indebtedness, such
extension, renewal, refunding or replacement does not increase the principal amount of such Indebtedness other than an increase in the principal amount of such Indebtedness due to the payment of premiums, fees and costs associated with any such
extension, renewal, refunding or replacement, (y) in the case of any extension, renewal, refunding or replacement of Subordinated Indebtedness, such Subordinated Indebtedness, as so extended, renewed, refunded or replaced, would have been
permitted to be issued on the date of such extension, renewal, refunding or replacement under paragraph (b) above and (z) in the case of any extension, renewal, refunding or replacement of Senior Unsecured Indebtedness incurred under
paragraph (j) below, such Senior Unsecured Indebtedness, as so extended, renewed, refunded or replaced, would have been permitted to be issued on the date of such extension, renewal, refunding or replacement under paragraph (b) above or
(j) below (except that the requirements of clause
(j)(viv
) shall not apply to any such extension, renewal, refunding or replacement), as applicable; 

(f) Indebtedness of the Company to any Restricted Subsidiary and of any Restricted Subsidiary to the Company or any other
Restricted Subsidiary; 
 (g) Guarantees permitted under Section 7.03; 

(h) Indebtedness of the Company (and of Subsidiaries in respect of Guarantees thereof) under Equity Hedging Arrangements, so
long as the aggregate maximum contingent or potential liability thereunder shall not on any date exceed $12,000,000 minus the aggregate amount in fact paid by the Company under all Equity Hedging Arrangements during the period commencing on
the Restatement Effective Date and ending on such date; 
 (i) additional Indebtedness of the Company or any Restricted
Subsidiary (determined on a consolidated basis without duplication in accordance with GAAP) in an aggregate principal amount up to but not exceeding the greater of (x) $250,000,000 and (y) 6% of Total Assets (measured at the time of
incurrence) at any one time outstanding; 

  
 -100- 












 (j) Indebtedness in respect of notes issued by the Company after the
Restatement Effective Date so long as (i) no installments of principal of such notes shall be payable (whether by sinking fund payments, mandatory redemptions or repurchases or otherwise) earlier than the date that is (A) twelve months
after the Revolving Credit Termination Date and (B) 91 days after the latest maturity date for any Loans (including the Term B Loans) outstanding at the time such notes are issued, (ii) the covenants, events of default and mandatory
prepayment requirements (whether by sinking fund payments, mandatory redemptions or repurchases or otherwise) of such Indebtedness are not materially more restrictive than the corresponding provisions of the Senior Notes Indenture, (iii) after
giving effect to the issuance of such notes, the Total Debt Ratio as of the Company’s most recently ended fiscal quarter would be less than 7.00 to 1.00 and (iv) no Liens are created by the Company or any Subsidiary to secure such
Indebtedness; 
 (k) Indebtedness in respect of capitalized leases and purchase money debt in an aggregate principal amount
outstanding up to but not exceeding the greater of (x) $400,000,000 and (y) 10% of Total Assets (measured at the time of incurrence); and 

(l) Indebtedness pursuant to Permitted Securitization Financings. 

Notwithstanding the foregoing, on the date of any incurrence of Indebtedness permitted hereunder, the Company shall be permitted to divide
and/or classify such incurrence of Indebtedness among the baskets specified under this Section 7.01 and/ or incurrence tests described under this Section 7.01 and to subsequently reclassify all or a portion of such Indebtedness in any
manner that would be in compliance with this Agreement if such Indebtedness would have been incurred at the time of such reclassification. 

SECTION 7.02. LIENS. The Company will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien
on any Property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Liens created under the Security Documents; 

(b) any Lien on any property or asset of the Company or any Restricted Subsidiary existing on the Restatement Effective Date
and set forth in Schedule 7.02, provided that (i) such Lien shall not apply to any other property or asset of the Company or any Restricted Subsidiary and (ii) such Lien shall secure only those obligations which it secured on the
Restatement Effective Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 

(c) inchoate Liens imposed by any Governmental Authority for ad valorem taxes, assessments or charges not yet due or (in the
case of property taxes and assessments not exceeding $2,000,000 in the aggregate more than 90 days overdue) or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the
books of the Company or the affected Restricted Subsidiaries, as the case may be, in accordance with GAAP; 
 (d)
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens, and vendors’ Liens imposed by statute or common law not securing the repayment of Indebtedness, arising in the ordinary course of
business which are not overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings and Liens securing judgments (including, without limitation, pre-judgment attachments) but only to the extent
for an amount and for a period not resulting in an Event of Default under Section 8(j) hereof; 

  
 -101- 












 (e) pledges or deposits under worker’s compensation, unemployment insurance and other
social security legislation; 
 (f) deposits to secure the performance of bids, tenders, trade contracts (other than for borrowed money),
leases (other than capital leases), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(g) easements, rights of way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances
consisting of zoning restrictions, easements, licenses, restrictions on the use of Property or minor imperfections in title thereto which, in the aggregate, are not material in amount, and which do not, in the aggregate, materially detract from the
value of the Property of the Company and its Restricted Subsidiaries or interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 

(h) additional Liens upon real and/or personal Property created after the Restatement Effective Date, provided that the aggregate amount
of obligations secured thereby shall not exceed $40,000,000; 
 (i) Liens consisting of bankers’ liens and rights of setoff, in each
case, arising by operation of law, and Liens on documents presented in letters of credit drawings; 
 (j) Liens on fixed or capital assets
acquired, constructed or improved by the Company or any Restricted Subsidiary, provided that (i) such Liens secure Indebtedness permitted by Section 7.01(k), (ii) such Liens and the Indebtedness secured thereby are incurred
prior to or within 90 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and
(iv) such security interests shall not apply to any other property or assets of the Company or any Restricted Subsidiary; 
 (k) Liens
on the Collateral securing Indebtedness permitted pursuant to Section 7.01(c), so long as at the time of the incurrence of such Indebtedness the holders of such Indebtedness (or a representative thereof on behalf of such holders) shall have
entered into a First Lien Intercreditor Agreement with the Administrative Agent agreeing that such Liens are subject to the terms thereof; 

(l) Liens on any property or assets securing Indebtedness permitted pursuant to Section 7.01(f); and 

(m) Liens on assets of a Securitization Entity and Securitization Assets, in each case, in connection with a Permitted Securitization Financing
permitted pursuant to Section 7.01(l). 
 SECTION 7.03. CONTINGENT LIABILITIES. The Company will not, and will not permit any
Restricted Subsidiary to, Guarantee the Indebtedness or other obligations of any Person, or Guarantee the payment of dividends or other distributions upon the stock of, or the earnings of, any Person, except: 

(a) endorsements of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; 

  
 -102- 












 (b) Guarantees by the Company of Indebtedness or other obligations of any Subsidiary and by
any Restricted Subsidiary of Indebtedness or other obligations of the Company or any other Subsidiary, provided that, during any period when the Total Debt Ratio is greater than 5.00 to 1.00, the aggregate amount of such Guarantees by the
Company and its Restricted Subsidiaries of obligations of Unrestricted Subsidiaries shall be subject to the limitations set forth in Section 7.05(a)(i) upon Investments represented by such Guarantees; 

(c) Guarantees by the Company and any Restricted Subsidiary of Indebtedness or other obligations of Holdings permitted pursuant to the Holdings
Guaranty and Pledge Agreement; provided that (i) the aggregate principal amount of Guarantees under this Section 7.03(c) (other than Guarantees constituting Surety Bond Obligations) shall not exceed $80,000,000 at any time and
(ii) such Indebtedness or other obligation of Holdings guaranteed pursuant to this clause (iiic) consists either of (x) purchase money indebtedness for the
purchase or leasing of equipment used or to be used by the Company and its Restricted Subsidiaries or (y) obligations of Holdings in respect of surety bonds issued to support the business or operations of the Company and its Restricted
Subsidiaries; 
 (d) Guarantees in effect on the Restatement Effective Date which are disclosed in Schedule 7.03, any replacements
thereof in amounts not exceeding such Guarantees and any additions thereto, provided the additions thereto do not exceed $15,000,000 outstanding in the aggregate; 

(e) Surety Bond Obligations incurred in the ordinary course of business; 

(f) all transactions with or for the benefit of Affiliates that are expressly permitted under the proviso in Section 7.07; 

(g) obligations in respect of Letters of Credit; and 

(h) Guarantees of Indebtedness permitted under Section 7.01. 

SECTION 7.04. FUNDAMENTAL CHANGES. The Company will not, nor will it permit any of its Restricted Subsidiaries (other than any Securitization
Entity) to, enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution), including, in each case, pursuant to a Delaware LLC Division. The Company will
not, nor will it permit any of its Restricted Subsidiaries to, acquire any business or property from, or capital stock of, or be a party to any acquisition of, any Person except for purchases of inventory and other property to be sold or used in the
ordinary course of business, Investments permitted under Section 7.05 and Capital Expenditures. The Company will not, nor will it permit any of its Restricted Subsidiaries to, convey, sell, lease, transfer or otherwise dispose of, in one
transaction or a series of transactions, any part of its business or property, whether now owned or hereafter acquired (including, without limitation, receivables and leasehold interests, but excluding (w) the dissolution, liquidation or
winding up of any Restricted Subsidiary so long as the Company has determined such transaction is in the best interest of the Company and is not materially adverse to the interests of the Lenders, (x) transfers or dispositions of obsolete or
worn out property, tools or equipment, or other assets, in each case, no longer used or useful in its business, (y) transfers or dispositions of any inventory or other property sold or disposed of in the ordinary course of business and on
ordinary business terms and (z) transfers or dispositions of Securitization Assets pursuant to a Permitted Securitization Financing permitted by Section 7.01(l)), including, in each case, pursuant to a Delaware LLC Division. 

  
 -103- 












 Notwithstanding the foregoing provisions of this Section 7.04: 

(a) any Restricted Subsidiary may be merged or consolidated with or into the Company or any other Restricted Subsidiary; provided that
(i) if any such transaction shall be between a Restricted Subsidiary and a Wholly Owned Restricted Subsidiary of the Company, a Wholly Owned Restricted Subsidiary shall be the continuing or surviving corporation and (ii) if any such
transaction shall be between the Company and a Restricted Subsidiary, the Company shall be the continuing or surviving corporation; 
 (b)
any Restricted Subsidiary may sell, lease, transfer or otherwise dispose of any or all of its property (upon voluntary liquidation or otherwise) to the Company or any Wholly Owned Restricted Subsidiary of the Company; 

(c) the capital stock of any Restricted Subsidiary may be sold, transferred or otherwise disposed of to the Company or any Wholly Owned
Restricted Subsidiary of the Company; 
 (d) the Company or any of its Restricted Subsidiaries may sell assets (including, without
limitation, capital stock issued by any of their respective Subsidiaries) for fair market value provided that (i) the aggregate amount of Disposition Investments and other non-cash proceeds (valued at the fair market value thereof determined in
good faith by the Board of Directors of the Company) received by the seller in the sale of any asset shall not exceed 25% of the total sales price for such asset (including (A) the amount of liabilities, if any, assumed as a portion of the
sales price and (B) the amount of any repayment by the seller of the principal of Indebtedness to the extent that (X) such Indebtedness is secured by a Lien on such asset and (Y) the seller is required by the transferee of (or holder
of a Lien on) such assets to repay such principal as a condition to the purchase of such asset) and (ii) no more than 10% of EBITDA for any fiscal year of the Company shall be attributable to all such assets so sold in the following fiscal year
of the Company; 
 (e) the Company or any Restricted Subsidiary of the Company may acquire any business, and the related assets, of any other
Person including of an Unrestricted Subsidiary (whether by way of purchase of assets or stock, by merger or consolidation or otherwise), so long as: 

(i) such Acquisition (if by purchase of assets, merger or consolidation) shall be effected in such manner so that the acquired
business, and the related assets, are owned either by the Company or a Restricted Subsidiary of the Company and, if effected by merger or consolidation involving the Company, the Company shall be the continuing or surviving entity and, if effected
by merger or consolidation involving a Wholly Owned Restricted Subsidiary of the Company, such Wholly Owned Restricted Subsidiary shall be the continuing or surviving entity; 

(ii) such Acquisition (if by purchase of stock) shall be effected in such manner so that the acquired entity becomes a
Restricted Subsidiary of the Company; 
 (iii) at any time that the covenant set forth in Section 7.09 is in effect,
after giving effect to such Acquisition the Company shall be in compliance with Section 7.09 (the determination of such compliance to be calculated on a pro forma basis, as at the end of and for the period of four fiscal quarters most recently
ended prior to the date of such Acquisition for which financial statements of the Company and its Restricted 

  
 -104- 












 
Subsidiaries are available, under the assumption that such Acquisition shall have occurred, and any Indebtedness in connection therewith shall have been incurred, at the beginning of the
applicable period, and under the assumption that interest for such period had been equal to the actual weighted average interest rate in effect for the Loans hereunder on the date of such Acquisition) and, in the event that the aggregate amount of
expenditures in respect of such Acquisition shall exceed $100,000,000, the Company shall have delivered to the Administrative Agent a certificate of a Financial Officer showing calculations in reasonable detail to demonstrate compliance with this
subclause (iii); and 
 (iv) immediately prior to such Acquisition and after giving effect thereto, no Default shall have
occurred and be continuing; 
 (f) the Company and its Restricted Subsidiaries may dispose of any one or more outdoor properties in exchange
for one or more other outdoor properties (including logo signage businesses), so long as the percentage of the aggregate EBITDA attributable to the properties so disposed of during any single fiscal year does not exceed 15% of the aggregate EBITDA
of the Company and its Restricted Subsidiaries for the most recently-ended fiscal year (such EBITDA to be determined for these purposes without giving effect to the last paragraph of the definition of such term in Section 1.01); and 

(g) any sale, assignment, transfer or other disposition of property by the Company or any Restricted Subsidiary that would be permitted as an
Investment pursuant to Section 7.05(a) shall be permitted under this Section 7.04. 
 SECTION 7.05. INVESTMENTS, LOANS, ADVANCES,
GUARANTEES AND ACQUISITIONS; SWAP AGREEMENTS. 
 (a) Investments, Etc. The Company will not, and will not permit any of its Restricted
Subsidiaries to, make or permit to remain outstanding any Investment, except: 
 (i) Investments by the Company and its
Restricted Subsidiaries in Subsidiaries and joint ventures and by any Restricted Subsidiary in the Company (including Guarantees by the Company of Indebtedness of any Subsidiary and by any Restricted Subsidiary of Indebtedness of the Company or any
other Subsidiary), provided that the aggregate amount of any such Investments (including Guarantees) by the Company and its Restricted Subsidiaries in Unrestricted Subsidiaries and joint ventures after the Restatement Effective Date (net of
returns on such Investments after the Restatement Effective Date) shall not exceed the greater of (x) $200,000,000 and (y) 5% of Total Assets (measured at the time of the applicable Investment) and no such Investment may be made at any
time that a Default exists or if a Default would result therefrom; 
 (ii) Permitted Investments; 

(iii) operating deposit accounts with banks; 

(iv) Disposition Investments received in connection with any Disposition permitted under Section 7.04(d) or any
Disposition to which the Lenders shall have consented in accordance with Section 10.02; 

  
 -105- 












 (v) Investments consisting of (x) loans made by the Company to any
Special Acquisition Subsidiary, so long as (A) such loan is made to such Special Acquisition Subsidiary to enable the repayment of Indebtedness assumed in connection with the acquisition referred to in the definition of “Special
Acquisition Subsidiary”, (B) no such loan shall be outstanding for a period of more than five Business Days unless, prior to the expiration of such period, such Special Acquisition Subsidiary shall have been contributed to the Company or a
Restricted Subsidiary and become a Wholly Owned Subsidiary of the Company and (C) the aggregate principal amount of all such loans outstanding at any one time to all Special Acquisition Subsidiaries shall not exceed $100,000,000 and
(y) other Investments in Affiliates not exceeding $50,000,000 at any one time outstanding; 
 (vi) Investments in
Affiliates described in, and permitted by, Section 7.07 (other than clause (iii) of the proviso to Section 7.07); 

(vii) any purchase by the Company of securities in respect of Restricted Indebtedness to the extent such purchase is permitted
by Section 7.11, so long as the same are delivered for cancellation to the respective trustee within 3 Business Days of such purchase; 

(viii) Investments consisting of Guarantees permitted under Section 7.03; 

(ix) additional Investments in Persons that are not Affiliates up to but not exceeding the greater of (x) $500,000,000 and
(y) 8% of Total Assets (measured at the time of the applicable Investment) in the aggregate at any one time outstanding, provided that no such Investment may be made at any time that a Default exists or if a Default would result
therefrom; 
 (x) Investments from the Cumulative Credit, so long as no Default has occurred or is continuing and after
giving effect thereto the Company would be in compliance on a pro forma basis with Section 7.09 (at any time that the covenant set forth in Section 7.09 is in effect) and the Total Debt Ratio would be less than 7.00 to 1.0; and 

(xi) Investments in Securitization Entities in connection with Permitted Securitization Financings permitted by
Section 7.01(l). 
 (b) Swap Agreements. The Company will not, and will not permit any of its Restricted Subsidiaries to, enter
into any Swap Agreement, other than Swap Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Company or any Restricted Subsidiary is exposed in the conduct of its business or the management of its
liabilities. 
 SECTION 7.06. RESTRICTED PAYMENTS. The Company will not, nor will it permit any of its Restricted Subsidiaries to, declare
or make any Restricted Payment at any time; other than: (a) Restricted Payments may be made to Holdings in order to allow Holdings to pay dividends on its Series AA Preferred Stock in any single fiscal year in an aggregate amount up to $500,000
(and such dividend payments may be prefunded in an aggregate amount up to $2,000,000), so long as no Default (other than a Default under clause (c) or (d) of Article VIII) shall have occurred and be continuing; (b) Restricted Payments
consisting of the retirement of employee stock options and other Equity Rights upon the death, retirement or termination of employment of officers and employees in an aggregate amount in any fiscal year not exceeding $3,000,000, so long as at the
time thereof and after giving effect thereto, no Default shall have occurred and be continuing; (c) the entering into by the Company of Equity Hedging Arrangements, so long as the aggregate maximum contingent or potential liability thereunder
shall not on any date exceed $12,000,000 minus the aggregate amount in fact paid by the 

  
 -106- 












 
Company under all Equity Hedging Arrangements during the period commencing on the Restatement Effective Date and ending on such date; (d) Restricted Payments by the Company to enable
Holdings to make payments in respect of Qualified Holdings Obligations; (e) so long as no Default has occurred or is continuing and if after giving effect thereto the Company would be in compliance with Section 7.09 (at any time that the
covenant set forth in Section 7.09 is in effect) and the Total Debt Ratio would be less than 7.00 to 1.0, Restricted Payments by the Company from the Cumulative Credit, (f) with respect to any taxable year for which Holdings (or its
successor) is not intended to be treated as a REIT and so long as Holdings (or its direct or indirect parent) is the common parent of a consolidated, combined, unitary, affiliated or similar group (“Tax Group”) of which the Borrower
or any of its Subsidiaries is a member, Restricted Payments may be made to Holdings to pay the portion of the tax liability of such Tax Group that is attributable to the Borrower and/or its Subsidiaries (as applicable), to the extent the tax
liability does not exceed the amount of such taxes that would have been payable by the Borrower and/or its applicable Subsidiaries on a stand-alone basis, reduced by any such payments paid or to be paid directly by the Borrower or its Subsidiaries,
provided that to the extent any such Restricted Payment is attributable to a Unrestricted Subsidiary, the payment shall be limited to the actual tax payment made by such Unrestricted Subsidiary to the Borrower or any of its Restricted
Subsidiaries; (g) with respect to any taxable year for which Holdings (or its successor) is intended to be treated as a REIT, notwithstanding any other limitation hereunder (except as set forth in the following sentence), Restricted Payments in
an aggregate amount equal to (i) the taxable income of Holdings as determined for purposes of Section 857 of the Code (but without regard for any deduction for dividends paid) and (ii) any additional amounts as may be necessary for
Holdings to (A) qualify and remain qualified for taxation as a REIT, such as the minimum amount required to be distributed by Holdings to its shareholders to satisfy the requirement in Section 857(a)(2)(B) of the Code that Holdings
distribute all of its accumulated earnings and profits accumulated in any non-REIT taxable years and (B) avoid entity level income Tax under Section 857 of the Code or excise Tax under Section 4981 of the Code (provided, that
no Restricted Payment shall be permitted under this clause (g) if (x) any Event of Default under clause (a) of Article VIII shall have occurred and be continuing based on the failure of any Borrower to pay any principal of, or
interest on, any Loan or any reimbursement obligation in respect of any LC Disbursement, or any fee or other amount payable under this Agreement, when and as the same shall become due and payable and, in the case of payments of any interest,
reimbursement obligations or fees, such failure continues unremedied for a period of five (5) Business Days or (y) any Event of Default under clause (g) or (h) of Article VIII shall have occurred and be continuing); (h) any
consideration, payment, dividend, distribution or other transfer in connection with a Permitted Securitization Financing, and (i) additional Restricted Payments so long as at the time thereof and after giving effect thereto, (x) no Default
has occurred and is continuing and (y) the Total Debt Ratio would be less than 3.50 to 1.00. 
 Nothing herein shall be deemed to
prohibit the payment of any dividend or distribution by any Subsidiary of the Company so long as such dividends or distributions are declared and paid ratably to the shareholders, partners and other equity holders of such Subsidiary. 

SECTION 7.07. TRANSACTIONS WITH AFFILIATES. Except as expressly permitted by this Agreement, the Company will not, nor will it permit any of
its Restricted Subsidiaries to, directly or indirectly (a) make any Investment in an Affiliate; (b) transfer, sell, lease, assign or otherwise dispose of any property to an Affiliate unless such transaction is effected in the ordinary
course of business and the fair market value of such property transferred, sold, leased, assigned or otherwise disposed of in any transaction or series of related transactions is less than or equal to $5,000,000 per fiscal year; (c) merge into
or consolidate with an Affiliate, or purchase or acquire property from an Affiliate unless such 

  
 -107- 












 
purchase or acquisition is effected in the ordinary course of business, the fair market value of such property purchased or acquired in any transaction or series of related transactions is less
than or equal to $5,000,000 per fiscal year and the consideration paid in connection therewith does not exceed fair market value; or (d) enter into any other transaction directly or indirectly with or for the benefit of an Affiliate (including,
without limitation, guarantees and assumptions of obligations of an Affiliate) unless such transaction is effected in the ordinary course of business, the goods, services, obligations or other consideration that is the subject of such transaction
has a fair market value (or other appropriate value determined by reference to similar transactions conducted on an arms’ length basis) less than or equal to $5,000,000 per fiscal year and the consideration received (or paid) by the Company or
the relevant Restricted Subsidiary, as the case may be, is not less than (if received) or more than (if paid) the consideration that would be received or paid, as the case may be, in a comparable transaction effected on an arms’ length basis
with a Person that is not an Affiliate; provided that: 
 (i) any Affiliate who is an individual may serve as a director, officer,
employee or consultant of the Company or any of its Restricted Subsidiaries and receive reasonable compensation for his or her services in such capacity; 

(ii) the Company and its Restricted Subsidiaries may engage in and continue the transactions with or for the benefit of Affiliates which are
described in Schedule 7.07; 
 (iii) the Company and its Restricted Subsidiaries may make Acquisitions of Affiliates so long as (x) the
consideration paid in connection therewith does not exceed fair market value, as determined by the disinterested members of the board of directors of the Company, (y) in the case of Acquisitions involving consideration valued in excess of
$1,000,000, the Company or Restricted Subsidiary, as the case may be, shall have delivered a certificate of an independent appraiser to such effect and (z) the aggregate amount of consideration for all such Acquisitions after the Restatement
Effective Date, together with the aggregate amount of other Investments in Affiliates permitted under Section 7.05(a)(v)(y), does not exceed $50,000,000; 

(iv) the Company and its Restricted Subsidiaries may enter into and be obligated with respect to site leases (and renewals and extensions
thereof) entered into in the ordinary course of business, so long as the Affiliates benefiting from such site leases pay (or reimburse the Company or the Restricted Subsidiaries for) their fair share of the expenses thereunder and such site leases
are otherwise no less favorable to the Company and its Restricted Subsidiaries than a comparable transaction effected on an arms’ length basis with a Person that is not an Affiliate; 

(v) the Company and its Restricted Subsidiaries may enter into and continue agreements to provide management services to Affiliates, warehouse
leases and contracts for the sale of outdoor advertising services, in the form customarily entered into, and Surety Bond and insurance programs, in each case referred to in this clause (v) in the ordinary course of business and in which
Affiliates are co-obligors and co-beneficiaries, provided that all such Affiliates agree to reimburse the Company and each Restricted Subsidiary for their fair share of rent, premiums, deposits and other payments required to be made under any
such agreement or program; and 
 (vi) the Company and its Restricted Subsidiaries may enter into and continue transactions as part of a
Permitted Securitization Financing. 

  
 -108- 












 SECTION 7.08. RESTRICTIVE AGREEMENTS. The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Company or any Restricted Subsidiary to
create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Restricted Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or
advances to the Company or any other Restricted Subsidiary or to Guarantee Indebtedness of the Company or any other Restricted Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or
by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions imposed by the Senior Subordinated Notes Indentures, any New Senior Subordinated Notes Indenture, any New Senior Notes Indenture or the Senior Notes Indenture
(or any indenture governing Permitted First Lien Notes or any applicable governing agreement for any Refunding Indebtedness or Permitted Securitization Financing), (iii) the foregoing shall not apply to restrictions and conditions existing on
the Restatement Effective Date identified on Schedule 7.08 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iv) the foregoing shall not apply to
customary restrictions and conditions contained in agreements relating to the sale of a Restricted Subsidiary pending such sale, provided such restrictions and conditions apply only to the Restricted Subsidiary that is to be sold and such
sale is permitted hereunder, (v) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only
to the property or assets securing such Indebtedness, (vi) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof and (vii) the foregoing shall not apply to
restrictions created in connection with any Permitted Securitization Financing that, in the good faith determination of the Company are necessary or advisable to effect such Permitted Securitization Financing. 

SECTION 7.09. FINANCIAL COVENANT. For so long as any
Term A Loan Commitment, Term A Loan, Revolving Credit Commitment,
Revolving Loan, Letter of Credit or LC Disbursement remains outstanding, the Company will not permit the Secured Debt Ratio to exceed 4.50 to 1.00. 

SECTION 7.10. LINES OF BUSINESS. Neither the Company nor any of its Subsidiaries shall engage to any substantial extent in any line or lines
of business activity which would cause earnings from outdoor advertising, out of home media, logo signage and other activities reasonably ancillary thereto to constitute less than 60% of EBITDA for any period. 

SECTION 7.11. REPAYMENTS OF CERTAIN INDEBTEDNESS. Except as set forth in Section 7.01(c) and Section 7.01(e), the Company will not,
nor will it permit any of its Restricted Subsidiaries to, purchase, redeem, retire or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption, retirement or other acquisition
of, or make any voluntary payment or prepayment of the principal of or interest on, or any other amount owing in respect of, any Subordinated Indebtedness, any Senior Notes, any Indebtedness issued under Section 7.01(j), any Senior Unsecured
Indebtedness or any Refunding Indebtedness in respect of the foregoing (herein, “Restricted Indebtedness”), except for (i) regularly scheduled payments or prepayments of principal and interest in respect thereof required
pursuant to the instruments evidencing such Restricted Indebtedness, (ii) payments or prepayments made from the proceeds of Refunding Indebtedness so long as (x) notice of redemption, payment or prepayment of the Indebtedness to be paid
shall have been given to the holders thereof or shall be given substantially contemporaneously with the incurrence of such Refunding Indebtedness and (y) the proceeds of such Refunding Indebtedness shall have been deposited into escrow with
irrevocable instructions to the escrow agent to apply such proceeds to the redemption of, or repurchase of, such Indebtedness to be paid, (iii) payments or 

  
 -109- 












 
prepayments applied to the redemption (or repurchase and immediate cancellation) of the Senior Subordinated Notes, so long as at the time thereof and after giving effect thereto, (x) no
Default shall have occurred and be continuing and (y) the Senior Debt Ratio would be less than 4.50 to 1.0, and (iv) additional payments or prepayments applied to the redemption (or repurchase and immediate cancellation) of Restricted
Indebtedness, so long as at the time thereof and after giving effect thereto, (x) no Default shall have occurred and be continuing and (y) the Total Debt Ratio would be less than 3.50 to 1.0. 

SECTION 7.12. MODIFICATIONS OF CERTAIN DOCUMENTS. The Company will not, and will not permit any of its Restricted Subsidiaries to, consent to
any amendment or waiver of any of the documents or agreements evidencing or governing any Senior Subordinated Notes, any Senior Notes or, after the issuance thereof in accordance with the requirements of Section 7.01(b) or (c), as applicable,
any Refunding Indebtedness in a manner that is adverse in any material respect to the Lenders. Without limiting the generality of the foregoing, except for Guarantees by Restricted Subsidiaries of the Company required by the Senior Subordinated
Notes Indentures, any New Senior Subordinated Notes Indenture, any New Senior Notes Indenture or the Senior Notes Indentures, as the case may be, the Company will not permit any Restricted Subsidiary to Guarantee any other Subordinated Indebtedness
without the prior consent of the Required Lenders. 
 ARTICLE VIII 

EVENTS OF DEFAULT 
 If any of the
following events (“Events of Default”) shall occur: 
 (a) any Borrower shall fail to pay any principal of, or interest on,
any Loan or any reimbursement obligation in respect of any LC Disbursement, or any fee or other amount payable under this Agreement, when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment
thereof or otherwise; 
 (b) any representation or warranty made or deemed made by or on behalf of any Credit Party in or in connection with
this Agreement, any of the other Loan Documents or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement, any of the other
Loan Documents or any amendment or modification hereof or thereof shall prove to have been incorrect when made or deemed made in any material respect; 

(c) the Company shall fail to observe or perform any covenant, condition or agreement contained in Section 6.02, 6.03 (with respect to the
Company’s existence), 6.09 or 6.10 or in Article VII (other than Section 7.07 or 7.10); or Holdings shall fail to observe or perform any covenant set forth in Article V of the Holdings Guaranty and Pledge Agreement; provided that a
violation of Section 7.09 shall not constitute a Default or Event of Default with respect to any Term Loans unless and until the
Required Term A Lenders and Required Revolving Credit Lenders
have, respectively, terminated the Term A Loan Commitments and Revolving Credit Commitments as a result
thereof; 
 (d) any Borrower or any of its Subsidiaries shall fail to observe or perform any covenant, condition or agreement
contained in this Agreement (other than those specified in clause (a), (b) or (c) of this Article) or any other Loan Document, and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative
Agent (given at the request of any Lender) to the Company; 

  
 -110- 












 (e) Holdings, the Company or any of its Restricted Subsidiaries shall fail to make any
payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 

(f) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or
permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (f) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the
property or assets securing such Indebtedness; 
 (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) liquidation, reorganization or other relief in respect of the Company or any of its Restricted Subsidiaries or the debts of any of them, or of a substantial part of the assets of any of them, under any Federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any of its Restricted Subsidiaries or for
a substantial part of the assets of any of them, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(h) the Company or any of its Restricted Subsidiaries shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in clause (g) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any of its
Restricted Subsidiaries or for a substantial part of the assets of any of them, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of
creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (i) the Company or any of its Restricted
Subsidiaries shall become unable, admit its inability in writing or fail generally to pay its debts as they become due; 
 (j) a final
judgment or judgments for the payment of money in excess of $125,000,000 in the aggregate for the Company and its Restricted Subsidiaries (not covered by insurance) shall be rendered by one or more courts, administrative tribunals or other bodies
having jurisdiction against the Company or any of its Restricted Subsidiaries and the same shall not be discharged (or provision shall not be made for such discharge), or a stay of execution thereof shall not be procured, within 60 days from the
date of entry thereof and the Company or the relevant Restricted Subsidiary shall not, within said period of 60 days, or such longer period during which execution of the same shall have been stayed, appeal therefrom and cause the execution thereof
to be stayed during such appeal; 

  
 -111- 












 (k) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when
taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
 (l) a
reasonable basis shall exist for the assertion against the Company or any of its Subsidiaries of (or there shall have been asserted against the Company or any of its Subsidiaries) claims or liabilities, whether accrued, absolute or contingent, based
on or arising from the generation, storage, transport, handling or disposal of Hazardous Materials by the Company or any of its Subsidiaries or Affiliates, or any predecessor in interest of the Company or any of its Subsidiaries or Affiliates, or
relating to any site or facility owned, operated or leased by the Company or any of its Subsidiaries or Affiliates, which claims or liabilities (insofar as they are payable by the Company or any of its Subsidiaries but after deducting any portion
thereof which is reasonably expected to be paid by other creditworthy Persons jointly and severally liable therefor), in the judgment of the Required Lenders are reasonably likely to be determined adversely to the Company or any of its Subsidiaries,
and the amount thereof is, singly or in the aggregate, reasonably likely to have a Material Adverse Effect; 
 (m) any of the
following events shall occur and be continuing: 
 (i) the Company shall cease to be a Wholly Owned Subsidiary of Holdings;

 (ii) the capital stock of Holdings owned directly or indirectly by Charles W. Lamar, III or Kevin P. Reilly, Sr., either
of their wives, children, children’s spouses, grandchildren, trusts of which either of them, their wives, children, children’s spouses and grandchildren are the sole beneficiaries and for which one or more of such individuals are the sole
trustee(s) and any Qualified Reilly Partnership shall (on a fully diluted basis after giving effect to the exercise of any outstanding rights or options to acquire capital stock of the Company) cease to constitute at least such percentage of the
aggregate voting stock of Holdings as is sufficient at all times to elect a majority of the Board of Directors of Holdings; 

(iii) any Person or group (within the meaning of the Exchange Act and the rules of the Securities and Exchange Commission
thereunder as in effect on the Restatement Effective Date), other than Charles W. Lamar, III or Kevin P. Reilly, Sr. and any of the other permitted holders referred to in clause (ii) above, shall acquire or own, directly or indirectly,
beneficially or of record, shares representing more than 20% of the ordinary voting power represented by the issued and outstanding voting capital stock of Holdings, or (y) acquire direct or indirect Control of Holdings; 

(iv) a majority of the seats (other than vacant seats) on the board of directors of Holdings shall be occupied by Persons who
were neither (x) nominated by the board of directors of Holdings nor (y) appointed by directors so nominated; or 

(v) the occurrence of any “Change of Control” under and as defined in any Senior Subordinated Notes Indenture, any
New Senior Subordinated Notes Indenture, any New Senior Notes Indenture or any Senior Notes Indenture (or any indenture governing Permitted First Lien Notes or any similar provision in the applicable governing agreement for any Refunding
Indebtedness); 

  
 -112- 












 (n) any of the following shall occur: (i) the Liens created by any Security Document
shall at any time (other than by reason of the Administrative Agent relinquishing possession of certificates evidencing shares of stock of Subsidiaries pledged thereunder) cease to constitute valid and perfected Liens on the Collateral (as defined
therein) intended to be covered thereby; (ii) except for expiration in accordance with its terms, any Security Document shall for whatever reason be terminated or shall cease to be in full force and effect; or (iii) the enforceability of
any Security Document shall be contested by any Credit Party party thereto; or 
 (o) Holdings or any Obligor shall assert that its
obligations hereunder or under the Security Documents shall be invalid or unenforceable; 
 then, and in every such event (other than an event with respect
to any Borrower described in clause (g) or (h) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders (or, in the case of any violation of
Section 7.09 prior to any exercise of remedies by the Required Revolving Credit Lenders with respect to the Revolving Credit
Facility and the Required Term A Lenders with respect to the Term A Loans, the Required Revolving Credit Lenders and only with respect to the Revolving Credit
Facility and the Required Term A Lenders and only with respect to the Term A Loans) , may by notice to the Company, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately,
(ii) require cash collateralization of the Letters of Credit per Section 2.04(i) hereof and (iii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of each Borrower accrued hereunder,
shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Borrower; and in case of any event with respect to any Borrower described in clause (g) or
(h) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of each Borrower accrued hereunder, shall
automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Borrower, and the Letters of Credit shall be immediately required to be cash collateralized per
Section 2.04(i) hereof. 
 ARTICLE IX 

THE ADMINISTRATIVE AGENT 
 (a)
Each of the Lenders and each of the Issuing Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the
Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such actions and powers as are reasonably incidental thereto. 

(b) The Administrative Agent shall have the same rights and powers in its capacity as a Lender hereunder as any other Lender and may exercise
the same as though the Administrative Agent were not the Administrative Agent, and the Administrative Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with any Credit Party or any
Subsidiary or other Affiliate of any thereof as if it were not the Administrative Agent hereunder. 
 (c) The Administrative Agent shall not
have any duties or obligations except those expressly set forth in this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other
implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not 

  
 -113- 












 
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by this Agreement and the other Loan Documents
that the Administrative Agent is required to exercise as directed in writing by the Required Lenders, and (c) except as expressly set forth herein and in the other Loan Documents, the Administrative Agent shall not have any duty to disclose,
and shall not be liable for the failure to disclose, any information relating to any Credit Party or any of their respective Subsidiaries that is communicated to or obtained by the Administrative Agent or any of its Affiliates in any capacity. The
Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders or, if provided herein, with the consent or at the request of any other specified number of Lenders, or in
the absence of its own gross negligence or willful misconduct. The Administrative Agent shall not be deemed to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Company or a Lender, and
the Administrative 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 the other Loan Documents, (ii) the contents
of any certificate, report or other document delivered hereunder or under any of the other Loan Documents or in connection herewith of therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, the other Loan Documents or any other agreement, instrument or document, or (v) the satisfaction
of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

(d) The Administrative Agent shall not, except to the extent expressly instructed by the Required Lenders with respect to collateral security
under the Security Documents, be required to initiate or conduct any litigation or collection proceedings hereunder or under any other Loan Document. 

(e) The Administrative 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 believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for a 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. 

(f) The Administrative Agent may perform any and all of its duties, and exercise its rights and powers, by or through any one or more
sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through its Related Parties. The exculpatory provisions of the preceding
paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to its activities in connection with the syndication of the credit facilities provided for herein as well as
activities as the Administrative Agent. 
 (g) Subject to the appointment and acceptance of a successor Administrative Agent, as provided in
this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Lenders and the Company. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a
successor Administrative Agent. If no successor shall have been so appointed and shall have accepted such appointment within 30 days after such retiring Administrative Agent gives notice of its resignation, then such retiring Administrative Agent
may, on behalf of the Lenders and the Issuing Lenders, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative
Agent, by a successor, such successor shall succeed to and become vested 

  
 -114- 












 
with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and
under the other Loan Documents. The fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After an Administrative
Agent’s resignation hereunder, the provisions of this Article and Section 10.03 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative Agent. 

(h) Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, any Issuing Lender 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 Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent, any Issuing Lender or any other Lender 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 and the other Loan Documents, any related agreement or any document furnished hereunder or thereunder. 
 (i) The Administrative
Agent shall not be responsible for monitoring the existence or performance of any Secured Cash Management Agreement or Secured Swap Agreement. 

(j) No Person named as a Syndication Agent, Co-Documentation Agent,
Joint Lead Arranger or Joint Bookrunner in this Agreement shall have any rights (other than pursuant to
Section 10.03(b)) or obligations under this Agreement or any other Loan Document in its capacity as such. 
 (k) To the extent
required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equal to any applicable withholding tax. If the IRS or any Governmental Authority asserts a claim that the Administrative Agent did not
properly withhold tax from any amount paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered or was not properly executed, or because such Lender failed to notify the Administrative Agent of
a change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective), such Lender shall indemnify and hold harmless the Administrative Agent (to the extent that the Administrative Agent has not already been
reimbursed by the Borrowers and without limiting or expanding the obligation of the Borrowers to do so) for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including any penalties, additions to tax or
interest thereto, together with all expenses incurred, including legal expenses and any out-of-pocket expenses, whether or not such tax was correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to
such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this Article IX. The agreements in this Article IX shall survive the resignation and/or replacement of the Administrative Agent, any
assignment of rights by, or the replacement of, a Lender, the termination of the Loans and the repayment, satisfaction or discharge of all obligations under this Agreement. Unless required by applicable laws, at no time shall the Administrative
Agent have any obligation to file for or otherwise pursue on behalf of a Lender any refund of Taxes withheld or deducted from funds paid for the account of such Lender. For purposes of this paragraph (k), the term “Lender” includes any
Issuing Lender. 

  
 -115- 












 (l) Each Lender (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true: 
 (i) such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the
Loans, the Letters of Credit, the Commitments or this Agreement, 
 (ii) the transaction exemption set forth in one or more
PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a
class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain
transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and
this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of
PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the
Loans, the Letters of Credit, the Commitments and this Agreement, or 
 (iv) such other representation, warranty and covenant
as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 
 (m) In addition, unless either
(1) sub-clause (i) in the immediately preceding clause (l) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that the Administrative Agent is not a fiduciary with respect to the
assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise
of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 
 (n) The
Administrative Agent, and each Lead Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated
hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the
Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of


  
 -116- 












 
Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including
structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting
fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

ARTICLE X 
 MISCELLANEOUS 

SECTION 10.01. NOTICES. 
 (a)
Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (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 telecopy, as follows: 

(i) if to any Borrower, to it at: 5321 Corporate Boulevard, Baton Rouge, Louisiana, 70808, Attention of Jay L. Johnson, Chief
Financial Officer (Telecopy No. (225) 923-0658); 
 (ii) if to the Administrative Agent, to : 

JPMorgan Chase Bank, N.A., Loan and Agency Services Group,
 
 500 Stanton Christiana Road, Ops 2,Rd. 

NCC5 /
1st Floor 03  

Newark, Delaware,DE 19713-2107, United States, Attention of Dimple Patel (Telecopy No. (302)-634-3301), with a copy to JPMorgan Chase Bank, N.A., 383 Madison Avenue, 24th Floor, New York, New York
10179, Attention of Nicolas Gitron-Breer (Telecopy No. (212) 270-5631); and 

Attention:
Loan & Agency Services Group 
 Phone No: +1-302-634-1982 

Email:
marc-jonathan.seya@chase.com 
 Agency Withholding Tax Inquiries: 

Email:
agency.tax.reporting@jpmorgan.com 
 Agency Compliance/Financials/Intralinks: 

Email:
covenant.compliance@jpmchase.com 
 (iii) if to JPMCB, as an Issuing Lender, to: 

JPMorgan
Chase Bank, N.A. 
 10420 Highland Manor Dr. 4th Floor 

Tampa, FL
33610 

Attention:
Standby LC Unit 
 Tel: 800-364-1969 

Fax:
856-294-5267 
 Email: GTS.Client.Services@jpmchase.com  

  
 -117- 













With a copy
to: 

JPMorgan
Chase Bank, N.A. 
 500 Stanton Christiana Rd. 

NCC5 / 1st
Floor 

Newark, DE
19713 

Attention:
Loan & Agency Services Group 
 Phone No: +1-302-634-1982 

Email:
marc-jonathan.seya@chase.com 
 (iv) (iii) if to any Lender (including any Issuing Lender), to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 

(b) Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communications (including email and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the
Administrative Agent and the applicable Lender. The Administrative Agent or the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it;
provided that approval of such procedures may be limited to particular notices or communications. 
 (c) Changes to Notice
Information. Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the
provisions of this Agreement shall be deemed to have been given on the date of receipt if received during the recipient’s normal business hours, or, to the extent received after the recipient’s normal business hours, on the next Business
Day. 
 SECTION 10.02. WAIVERS; AMENDMENTS. 

(a) Waivers. No failure or delay by the Administrative Agent, any Issuing Lender or any Lender in exercising any right or power
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Lenders and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any
provision of this Agreement or consent to any departure by any Credit Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 10.02, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent, any Lender or any Issuing Lender may have had notice or knowledge of such Default at the time. 
 (b)
Amendments. Except as provided in Section 2.01(c) with respect to Incremental Term Loans and Revolving Commitment Increases, as provided in Section 2.12 with respect to the implementation of a Benchmark Replacement or Benchmark
Conforming Changes (as set forth therein), and as provided in
Section 
2.192.20 with respect to any Extension, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in


  
 -118- 












 
writing entered into by the Company and the Required Lenders or by the Company and the Administrative Agent with the consent of the Required Lenders (or, in the case of any amendment, waiver or
modification of Section 7.09, the Company, the Administrative Agent, the Required Term A Lenders and the Required Revolving Credit Lenders); provided that no such agreement shall: 

(i) increase the Commitment of any Lender without the consent of such Lender; 

(ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees
payable hereunder, without the consent of each Lender affected thereby; 
 (iii) postpone the scheduled date of payment of
the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration or reduction of any Commitment,
without the consent of each Lender affected thereby, provided that, with respect to postponing the payment of the principal amount of any Loan, each Term Lender of the applicable Class shall be offered the opportunity to extend the payment of
the principal amount with respect to such Term Lender’s Term Loans and each Revolving Credit Lender of the applicable Class shall be offered the opportunity to extend the payment of the principal amount with respect to such Revolving Credit
Lender’s Revolving Credit Loans, as applicable, in accordance with Section 2.192.20; 

(iv) change Section 2.162.17(b), (c) or (d) in a manner that would alter the pro rata
sharing of payments or prepayments required thereby, without in each case the consent of each Lender adversely affected thereby; 

(v) alter the manner in which payments or prepayments of principal, interest or other amounts hereunder shall be applied
between or among the Lenders or Classes of Loans without the consent of the Required Lenders of each Class affected thereby; 

(vi) change any of the provisions of this Section 10.02 or the percentage in the definition of “Required
Lenders” without the consent of each Lender; 
 (vii) except in connection with a transaction permitted under
Section 7.04, release all or substantially all of the value of the Guarantees provided by the Subsidiary Guarantors hereunder without the consent of each Lender; or 

(viii) except in connection with a transaction otherwise expressly permitted by this Agreement, release all or substantially
all of the Collateral from the Liens of the Security Documents without the consent of each Lender; 
 provided, further, that no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or any Issuing Lender hereunder without the prior consent of the Administrative Agent or such Issuing Lender, as the case may be. 

Anything in this Agreement to the contrary notwithstanding, no waiver or modification of any provision of this Agreement that has the effect
(either immediately or at some later time) of enabling the Company to satisfy a condition precedent to the making of Revolving Credit Loans shall be effective against the Revolving Credit Lenders unless the Required Revolving Credit Lenders shall
have concurred with such waiver or modification. 

  
 -119- 












 Notwithstanding the foregoing, if the Administrative Agent and the Company acting together
identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Company shall be permitted to amend, modify or supplement such
provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement. 

Notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Credit Parties and the
Lenders providing the relevant Replacement Term Loans (as defined below) to permit the refinancing or modification of all outstanding Term Loans of any Class (“Replaced Term Loans”) with a replacement term loan facility hereunder
(“Replacement Term Loans”), provided that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Replaced Term Loans, (b) no Class of Term Loans of
the Company shall be refinanced with any Replacement Term Loans of a Subsidiary Borrower, (c) the Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Replaced
Term Loans at the time of such refinancing, or solely with respect to any Replacement Term Loans which replace the Term B Loans, such Replacement Term Loans shall not have scheduled amortization prior to the final maturity thereof in excess of 1% of
the original principal amount thereof, and (d) all other terms applicable to such Replacement Term Loans (other than interest rates and fees) shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term
Loans than, those applicable to such Replaced Term Loans, except to the extent necessary to provide for covenants and other terms applicable to any period after the latest final maturity of the Term Loans in effect immediately prior to such
refinancing. 
 In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative
Agent, the Credit Parties and the Lenders providing the relevant Replacement Revolving Credit Commitments (as defined below) to permit the replacement or modification of all outstanding Revolving Credit Commitments (“Replaced Revolving
Credit Commitments”) or any previously established Class of Replacement Revolving Credit Commitments with a replacement revolving credit facility hereunder (“Replacement Revolving Credit Commitments”), provided that
(a) the aggregate amount of such Replacement Revolving Credit Commitments shall not exceed the aggregate amount of such Replaced Revolving Credit Commitments, (b) such Replacement Revolving Credit Commitments shall not have a scheduled
termination prior to the scheduled termination of the Replaced Revolving Credit Commitments and (c) all other terms applicable to such Replacement Revolving Credit Commitments (other than interest rates and fees) shall be substantially
identical to, or less favorable to the Lenders providing such Replacement Revolving Credit Commitments than, those applicable to such Replaced Revolving Credit Commitments, except to the extent necessary to provide for covenants and other terms
applicable to any period after the latest final maturity of the Term Loans. 
 For purposes of this Section 10.02, the
“scheduled date of payment” of any amount shall refer to the date of payment of such amount specified in this Agreement, and shall not refer to a date or other event specified for the mandatory or optional prepayment of such amount.
In addition, whenever a waiver, amendment or modification requires the consent of a Lender “adversely affected” thereby, such waiver, amendment or modification shall, upon consent of such Lender, become effective as to such Lender whether
or not it becomes effective as to any other Lender, so long as the Required Lenders consent to such waiver, amendment or modification as provided above. 

(c) Non-Consenting Lenders. If, in connection with any proposed amendment, modification, waiver or consent (a “Proposed
Change”) requiring the consent of all Lenders or all affected Lenders, the consent of the Required Lenders (and, to the extent any Proposed Change requires the consent of Lenders of any Class pursuant to clause (v) of paragraph
(b) of this Section 10.02, the consent 

  
 -120- 












 
of the Required Lenders of such Class) to such Proposed Change is obtained, but the consent of other Lenders whose consent is required is not obtained, any Lender whose consent is required but
has not been obtained shall be deemed a “Non-Consenting Lender” and shall be subject to replacement at the election of the Borrowers pursuant to
Section 
2.172.18(b). 
 (d) Pledge Agreements. Neither the Pledge Agreement nor the Holdings Guaranty and
Pledge Agreement, nor any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Credit Parties party thereto, and by the Administrative Agent with the consent of the
Required Lenders, provided that, without the prior consent of each Lender, the Administrative Agent shall not (except as provided herein or in the Pledge Agreement) release all or any substantial part of the collateral or otherwise terminate
all or any substantial part of the Liens under the Pledge Agreement or the Holdings Guaranty and Pledge Agreement or the Guarantee under the Holdings Guaranty and Pledge Agreement, agree to additional obligations being secured by all or any
substantial part of such collateral (unless the Lien for such additional obligations shall be junior to the Lien in favor of the other obligations secured by the Pledge Agreement or the Holdings Guaranty and Pledge Agreement, in which event the
Administrative Agent may consent to such junior Lien provided that it obtains the consent of the Required Lenders thereto), alter the relative priorities of the obligations entitled to the benefits of the Liens created under the Pledge Agreement or
the Holdings Guaranty and Pledge Agreement with respect to all or any substantial part of such collateral, except that no such consent shall be required, and the Administrative Agent is hereby authorized, (i) to release any Lien covering
property that is the subject of either a disposition of property permitted hereunder (other than to the Company or a Subsidiary Guarantor) or a disposition to which the Required Lenders have consented, (ii) to release any Lien on Securitization
Assets in connection with any sale, transfer or other disposition of Securitization Assets (and Securitization Assets subject to Liens permitted by Section 7.02(m)), pursuant to a Permitted Securitization Financing permitted by
Section 7.01(l) and to release any Lien on Securitization Entity Assets (as defined in the Pledge Agreement) and (iii) in the case of any equity interest in (x) any Foreign Subsidiary owned directly by the Company or any Subsidiary
Guarantor, to release any Lien in favor of the Administrative Agent pursuant to the Pledge Agreement to the extent covering more than 65% of the voting capital stock of such Foreign Subsidiary (it being understood that the Administrative Agent shall
not be required to release any other capital stock of a Foreign Subsidiary owned directly by the Company or any Subsidiary Guarantor), and (y) any Foreign Subsidiary which is not owned directly by the Company or any Subsidiary Guarantor, to
release any lien in favor of the Administrative Agent pursuant to the Pledge Agreement on any equity interests in such Foreign Subsidiary. Nothing in this Section 10.02(d) shall be deemed to limit the provisions of Section 10.12. The
parties hereto acknowledge and agree that the Administrative Agent may rely conclusively as to any of the matters described in this Section 10.02 and Section 10.12 (including as to whether a transaction is permitted hereunder or constitute
a Permitted Securitization Financing permitted by Section 7.01(l) and as to the Administrative Agent’s authority hereunder and thereunder) on a certificate or similar instrument provided to it by the Company or any Subsidiary Guarantor
without further inquiry or investigation, which certificate shall be delivered to the Administrative Agent by the Company and/or the Subsidiary Guarantors upon request. 

SECTION 10.03. EXPENSES; INDEMNITY; DAMAGE WAIVER. 

(a) Expenses. The Obligors jointly and severally agree to pay, or reimburse the Administrative Agent or Lenders for paying, (i) all
reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel, in connection with the syndication of the credit facilities provided for herein, the
preparation of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all out of
pocket expenses incurred by any Issuing Lender in connection with the 

  
 -121- 












 
issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Issuing
Lender or any Lender, including the fees, charges and disbursements of any counsel for such Administrative Agent, Issuing Lender or Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and the
other Loan Documents, including its rights under this Section 10.03, or in connection with the Loans made or Letters of Credit issued hereunder, including in connection with any workout, restructuring or negotiations in respect thereof;
provided, that the Lenders and the Issuing Lenders (but not the Administrative Agent) shall be limited to one counsel together for the Lenders and the Issuing Lenders as a group so long as any Lender or any Issuing Lender, as the case may be,
has not, in good faith (and based on advice of counsel for such Lender or such Issuing Lender, as the case may be), reasonably determined that its interests conflict sufficiently with those of the other Lenders to warrant the employment of separate
counsel for such Lender or such Issuing Lender, as the case may be, in which case such Lender or such Issuing Lender shall be paid, or reimbursed for payment of, the fees, charges and disbursements of such separate counsel, and (iv) all
transfer, stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in respect of this Agreement or any of the other Loan Documents or any other document referred to herein or therein and all
costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration, recording or perfection of any security interest contemplated by any Security Document or any other document referred to therein. 

(b) Indemnification by Credit Parties. The Obligors jointly and severally agree to indemnify the Administrative Agent, each Issuing
Lender and each Lender, each Lead Arranger and Joint Bookrunner, 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 fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of
(i) the execution or delivery of this Agreement, the other Loan Documents or any agreement or instrument contemplated hereby, the performance by the parties hereto and thereto of their respective obligations hereunder or thereunder or the
consummation of the Transactions or any other transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an Issuing Lender to honor a demand for payment under a
Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or
operated by any Credit Party or any of their subsidiaries, or any Environmental Liability related in any way to any Credit Party or any of their subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory 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 are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 

(c) Indemnification by Lenders. To the extent that the Obligors fail to pay any amount required to be paid by them to the Administrative
Agent under paragraph (a) or (b) of this Section 10.03, each Lender severally agrees to pay to the Administrative Agent such Lender’s Applicable 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 Administrative Agent in
its capacity as such. To the extent that the Obligors fail to pay any amount required to be paid by them to an Issuing Lender under paragraph (a) or (b) of this Section 10.03, each Revolving Credit Lender severally agrees to pay to
such Issuing Lender such Lender’s Applicable 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 such Issuing Lender in its capacity as such. 

  
 -122- 












 (d) Waiver of Indirect or Consequential Damages, Etc. To the extent permitted by
applicable law, none of the Obligors shall assert, and each Obligor hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, the other Loan Documents or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

(e) Payment upon Demand. All amounts due under this Section 10.03 shall be payable promptly after written demand therefor. 

SECTION 10.04. SUCCESSORS AND ASSIGNS. 

(a) Successors Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Lender that issues any Letter of Credit), except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder
without the prior consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in
accordance with this Section. Nothing in this Agreement, express or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of an Issuing
Lender that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Lenders and
the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. 

(i) Assignments Generally. Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent of: 

(A) the Company (such consent not to be unreasonably withheld or delayed), provided that no consent of the Company shall
be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; provided, further, that the Company shall be deemed to have consented
to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; 

(B) the Administrative Agent (such consent not to be unreasonably withheld), provided that no consent of the
Administrative Agent shall be required for an assignment of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and 

(C) in the case of any assignment of the Revolving Credit Commitments, each Issuing Lender. 

  
 -123- 












 (ii) Certain Conditions to Assignments. Assignments shall be subject to the following
additional conditions: 
 (A) except in the case of an assignment to a Lender or an Affiliate (or Approved Fund) of a Lender
or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or 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 Administrative Agent) shall not be less than $5,000,000 or, in the case of Term B Loans, $250,000, unless each of the Company and the Administrative Agent otherwise consent,
provided that no such consent of the Company shall be required if an Event of Default has occurred and is continuing; 

(B) 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, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or
Loans, 
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and
Assumption, together with a processing and recordation fee of $3,500, 
 (D) the assignee, if it shall not be a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire, 
 (E) no assignment shall be permitted to be made to
the Company or any of its Affiliates except that so long as (i) no Default has occurred and is continuing, and (ii) after giving effect to such assignment the Company would have Available Liquidity of at least $100,000,000, a Lender may
assign Term Loans to the Borrower which has borrowed such Term Loans; provided that, notwithstanding anything in this Agreement to the contrary, immediately upon acquisition by any Borrower of any of such Borrower’s Term Loans, such Term
Loans shall be deemed to have been prepaid and shall no longer be outstanding for purposes of this Agreement and any such prepayment shall effect a pro rata reduction of the remaining scheduled amortization payments in respect of the applicable
Class of Term Loans, and 
 (F) no such assignment shall be made (A) to any Defaulting Lender or any of its
Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (A), or (B) to a natural person or a holding company, investment vehicle or trust for, or owned and
operated for the primary benefit of a natural person. 
 (iii) Effectiveness of Assignments. Subject to acceptance and recording
thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement in addition to any rights and obligations theretofore held by it as a Lender, 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, 2.152.15, 2.16 and 10.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph (b) shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 

  
 -124- 












 (iv) Maintenance of Register. The Administrative Agent, acting for this purpose as an
agent of the Company, shall maintain at one of its offices 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 Commitment of, and principal and interest
amounts of the Loans and LC Disbursements 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 Company, the
Administrative Agent, the Issuing Lenders and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
The Register shall be available for inspection by any Borrower, any Issuing Lender and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(v) Acceptance of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an
assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b)(ii)(C) of this Section and any
written consent to such assignment required by paragraph (b)(i) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) Participations. 

(i) Participations Generally. Any Lender may, without the consent of the Company, the Administrative Agent or the Issuing Lenders, sell
participations to one or more banks or other entities (other than the Company and its Affiliates, a Defaulting Lender or any of its Subsidiaries, or a natural person or a holding company, investment vehicle or trust for, or owned and operated for
the primary benefit of a natural person, a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it);
provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the
Company, the Administrative Agent, the Issuing Lenders 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. 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 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, modification or waiver described in the first proviso to Section 10.02(b), or the first proviso to
Section 10.02(d), that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Company agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.142.14,
2.15 and
2.152.16
 (subject to the requirements and limitations of such Sections, including the documentation requirements of
Section 
2.152.16
(e) (which documentation shall be provided solely to the applicable Lender selling such participation) and
Section 
2.172.18
) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 10.08 as though it were a Lender, provided that such Participant agrees to be subject to
Section 
2.162.17
(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers (and such agency being solely for tax purposes),
maintain a register on which it enters the name and address of each Participant and the principal amounts (and interest amounts) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant
Register”). The entries in the Participant Register shall be conclusive absent manifest error and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation


  
 -125- 












 
for all purposes of this Agreement notwithstanding any notice to the contrary. Any such Participant Register shall be confidential, except to the extent the relevant parties, acting reasonably
and in good faith, determine that such disclosure is necessary to establish that such Commitment, Loan or other Guaranteed Obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations or disclosure is
otherwise required by applicable law or regulations. 
 (ii) Limitations on Rights of Participants. A Participant shall not be
entitled to receive any greater payment under
Section 
2.132.14 or
2.152.16
 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent such entitlement to a greater payment results from a Change in
Law occurring after the Participant becomes a Participant. 
 (d) 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 to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority, and this
Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto. 
 (e) Resignation as Issuing Lender after Assignment. Notwithstanding anything to the
contrary contained herein, if at any time any Issuing Lender assigns all of its Revolving Credit Commitment and Revolving Credit Loans pursuant to Section 10.04(b), such Issuing Lender may, subject to the remainder of this paragraph, upon
thirty (30) days’ notice to the Borrower and the Lenders, resign as an Issuing Lender. In the event of any such resignation as an Issuing Lender, the Borrower shall be entitled to appoint from among the Lenders a successor Issuing Lender
hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such Issuing Lender. If any Issuing Lender resigns as Issuing Lender, it shall retain its rights,
powers, privileges and duties of such Issuing Lender hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Issuing Lender and all the Guaranteed Obligations with respect thereto (including the
right to require the Lenders to make Base Rate Revolving Credit Loans or reimburse such Issuing Lender in respect of such LC Disbursement pursuant to Section 2.04(e)). Upon the appointment of a successor Issuing Lender, (a) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Lender and (b) the successor Issuing Lender shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or its satisfactory to the retiring Issuing Lender to effectively assume the obligations of such Issuing Lender with respect to such Letters of Credit. 

SECTION 10.05. SURVIVAL. All covenants, agreements, representations and warranties made by the Credit Parties herein and in the other Loan
Documents, and in the certificates or other instruments delivered in connection with or pursuant to this Agreement and the other Loan Documents, shall be considered to have been relied upon by the other parties hereto and shall survive the execution
and delivery of this Agreement and the other Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative
Agent, any Issuing Lender or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect so long as the principal of or
any accrued interest on any Loan or any fee or any other amount payable under this Agreement or the other Loan Documents is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated.
The provisions of Sections 2.13, 2.14, 2.152.15, 2.16 and 10.03 and Article VIII shall survive and remain in full force and effect regardless of the 
 consummation of
the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof. 

  
 -126- 












 SECTION 10.06. COUNTERPARTS; INTEGRATION; EFFECTIVENESS. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with
respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject
matter hereof. Except as provided in Section 5.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken
together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature
page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 10.07.
SEVERABILITY. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

SECTION 10.08. RIGHT OF SETOFF. If an Event of Default shall have occurred and be continuing, each Lender or an Affiliate of a Lender is
hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Indebtedness at any time
owing by such Lender or an Affiliate of such Lender to or for the credit or the account of any Borrower or any Subsidiary Guarantor against any of and all the obligations of any Borrower or any Subsidiary Guarantor now or hereafter existing under
this Agreement held by such Lender or an Affiliate of such Lender, irrespective of whether or not such Lender or an Affiliate of such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights
of each Lender and the Affiliates of each Lender under this Section 10.08 are in addition to any other rights and remedies (including other rights of setoff) which such Lender and Affiliates of such Lender may have. 

SECTION 10.09. GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS. 

(a) Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) Submission to Jurisdiction. Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of the United States District Court of the Southern District of New York (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court (or, to the extent permitted by law, in such 

  
 -127- 












 
Federal court). Each of the parties hereto agrees that a final 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 shall affect any right that the Administrative Agent, any Issuing Lender or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against any Obligor
or its properties in the courts of any jurisdiction. 
 (c) Waiver of Venue. Each party hereto hereby irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in
any court referred to in paragraph (b) of this Section 10.09. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
 (d) Service of Process. Each party to this Agreement irrevocably consents to service of process in
the manner provided for notices in Section 10.01(a). Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 10.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY 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 THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.10. 

SECTION 10.11. HEADINGS. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not
part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION
10.12. RELEASE OF COLLATERAL AND GUARANTEES. The Administrative Agent and the Lenders agree that: 
 (i) if all of the
capital stock of any Subsidiary that is owned by the Company and its Subsidiaries, or any other Collateral, is sold or transferred to any Person (other than the Company or a Subsidiary Guarantor) as permitted by the terms of this Agreement and the
Pledge Agreement (including, without limitation, any sale, transfer or other disposition of Securitization Assets, in each case, pursuant to a Permitted Securitization Financing permitted by Section 7.01(l)), 

(ii) if any Subsidiary is merged or consolidated with or into any other Person as permitted by the terms of this Agreement and
such Subsidiary (or the Company or another Subsidiary Guarantor) is not the continuing or surviving corporation, or 
 (iii)
if any Restricted Subsidiary is designated as an Unrestricted Subsidiary in accordance with the requirements of Section 1.05 or a Restricted Subsidiary is designated as a Securitization Entity, 

  
 -128- 












 then, and in any of such events, the Administrative Agent shall, upon request of the Company (and upon the
receipt by the Administrative Agent of such evidence as the Administrative Agent may reasonably request to establish that such sale, merger, consolidation or designation is permitted by the terms of this Agreement), (x) terminate the Guarantee
of such Subsidiary under Article III, release any Lien granted by such Subsidiary and authorize the Administrative Agent to release the Lien created by the Pledge Agreement on any capital stock or other properties or assets of such Subsidiary and
(y) release (and is hereby authorized to release) the Liens created by the Security Documents in the assets of the Company and the Subsidiary Guarantor that are sold, transferred or disposed of in the manner described in clause (i) above
(it being understood that, in the case of any release of the Guarantee and Liens on assets or capital stock of a Restricted Subsidiary that is to be designated as an Unrestricted Subsidiary, the Administrative Agent may condition the effectiveness
of such release upon the delivery to the respective trustees under the Senior Subordinated Notes Indentures (or any Permitted First Lien Notes indenture or any agreement relating to any Refunding Indebtedness) of the documents required pursuant
thereto to effect the release of such Restricted Subsidiary from its Guarantee thereunder). 
 SECTION 10.13. SUCCESSOR FACILITY. This
Agreement is intended to be a successor to the Original Credit Agreement and to constitute the “Senior Credit Facility” under and for all purposes of each of the Senior Subordinated Notes Indentures. 

SECTION 10.14. USA PATRIOT ACT. Each Lender hereby notifies the Company that pursuant to the requirements of the USA PATRIOT Act (Title III of
Pub. L. 107 56 (signed into law October 26, 2001)), such Lender may be required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the Borrowers and other information that
will allow such Lender to identify the Borrowers in accordance with said Act. 
 SECTION 10.15. 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 Company acknowledges and agrees, and acknowledges its
Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Lead Arrangers and the Lenders are arm’s-length commercial transactions between the
Company and its Affiliates, on the one hand, and the Administrative Agent, the Lead Arrangers and the Lenders, on the other hand, (B) the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate, and (C) the Company 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 Administrative Agent, each
Lead Arranger and the Lenders 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 for the Company or any
of its Affiliates, or any other Person and (B) neither the Administrative Agent, any Lead Arranger nor any Lender has any obligation to the Company 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 Administrative Agent, the Lead Arrangers, the Lenders, and their respective Affiliates may be engaged in a broad range of transactions that involve interests
that differ from those of the Company and its Affiliates, and neither the Administrative Agent, any Lead Arranger nor any Lender has any obligation to disclose any of such interests to the Company or its any of its Affiliates. The Company hereby
agrees not to assert any claim against the Administrative Agent, the Lead Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

  
 -129- 












 SECTION 10.16. ACKNOWLEDGMENT AND CONSENT TO BAIL-IN OF AFFECTED FINANCIAL INSTITUTIONS.
Solely to the extent an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down
and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable: 

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

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority. 
 SECTION 10.17.
ACKNOWLEDGEMENT REGARDING ANY SUPPORTED QFCS. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit
Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title
II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the
provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such
interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is
understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

[Signature Pages Intentionally Omitted] 

  
 -130-